SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K
  
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934

For the month of March 2019
 
G. Willi-Food International Ltd.
(Translation of registrant’s name into English)
  
4 Nahal Harif St., Yavne, Israel 81106
 (Address of principal executive offices)
 
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. 

Form 20-F S Form 40-F £
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____ 
 
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____ 
 
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. 
 
Yes ☐   No S
 
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- ________   

Attached hereto and incorporated by reference herein is a press release, dated March 27, 2019, titled:
 
"G. Willi-Food International reports improvements in major operational parameters in fiscal year 2018 compared to 2017".

 
Signatures
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. 
 
  G. Willi-Food International Ltd.  
       
Date: March 27, 2019
By:
/s/ Amir Kaplan  
    Name: Amir Kaplan  
    Title: Chief Financial Officer  
 
 
 
 
FOR IMMEDIATE RELEASE

G. WILLI-FOOD INTERNATIONAL REPORTS IMPROVEMENTS IN MAJOR
OPERATIONAL PARAMETERS IN FISCAL YEAR 2018 COMPARED TO 2017

THE RESULTS OF OPERATION SHOW A RECORD YEAR FOR THE COMPANY IN 2018:
RECORD YEAR IN SALES, RECORD YEAR IN GROSS PROFIT AND RECORD YEAR IN
OPERATING PROFIT

Sales growth in fiscal year 2018: 8.4% over fiscal year 2017 to NIS 338.2 million
Gross profit growth in fiscal year 2018: 32.1% over fiscal year 2017 to NIS 98.2 million
Operating profit growth in fiscal year 2018: 125.3% over fiscal year 2017 to NIS 37.8 million
 
YAVNE, Israel - March 27, 2019 - 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 financial results for the fiscal year ended December 31, 2018.

Fiscal Year 2018 Highlights

·
Sales increased by 8.4% from fiscal year 2017 to NIS 338.2 million (US$ 90.2 million)
·
Gross profit increased by 32.1% from fiscal year 2017 to NIS 98.2 million (US$ 26.2 million)
·
Operating profit increased by 125.3% from fiscal year 2017 to NIS 37.8 million (US$ 10.1 million), or 11.2% of sales
·
Net cash from operating activities increased by 87.3% from fiscal year 2017 to NIS 27.0 million (US$ 7.2 million)
·
Cash and securities balance of NIS 272.2 million (US$ 72.6 million) as of December 31, 2018

Willi-Food’s operating divisions include Willi-Food, a distributor of a broad variety of kosher foods, and its wholly owned Gold Frost, a designer, developer and distributor of branded kosher innovative dairy food products.
 
Management Comment

Zwi Williger & Joseph Williger, Co-Chairmen of Willi-Food, commented: "We are pleased to present the Company's fiscal year 2018 financial report. Since we have been appointed as Co-Chairmen and appointed the new senior management team which initiated the introduction of management systems, routines and procedures, the Company improved all its major operational parameters each quarter in 2018 compared to the respective quarter in 2017.

The results of operation show a record year for the company in 2018:
Record year in sales, record year in gross profit and record year in operating profit.
 
We are focusing on increasing the Company market share in the food sector in Israel and believe that these management changes and new management's initiatives allow for organizational stability and provide a solid basis for enhanced future growth.
 
 
Fiscal 2018 Summary
 
Sales for fiscal year 2018 increased by 8.4% to NIS 338.2 million (US$ 90.2 million) from NIS 312.0 million (US$ 83.2 million) in fiscal year 2017. Sales increased primarily due to a redirection of resources in favor of sales, increasing the range of the Company's products and proper inventory management.
 
Gross profit for fiscal year 2018 increased by 32.1% to NIS 98.2 million (US$ 26.2 million) compared to NIS 74.3 million (US$ 19.8 million) recorded in fiscal year 2017. Gross margins for fiscal year 2018 increased by 21.9% to 29.0% compared to gross margins of 23.8% for fiscal year 2017. The increase in gross profit in fiscal year 2018 compared to fiscal year 2017 was primary due to the sales and the gross margin increase resulting from the Company's strategy of selling a favorable mix of products which generate a higher gross margin.
 
Selling expenses in fiscal year 2018 increased by 4.1% compared to fiscal year 2017 primarily due to an increase of salary resulting from an increase in personnel in the sales department and increase of freight to customers' expenses. Selling expenses as a percentage of sales were 13.0%, compared to the selling expenses of 13.5% in fiscal year 2017.
 
General and administrative expenses increased by 5.3% from fiscal year 2017 to NIS 16.7 million (US$ 4.4 million) compared to NIS 15.8 million (US$ 4.2 million). The increase in general and administrative expenses was primarily due to an increase in the personnel and in the management's salaries.
 
As a result, operating profit for fiscal year 2018 increased by 125.3% to NIS 37.7 million (US$ 10.1 million) compared to NIS 16.8 million (US$ 4.5 million) recorded in fiscal year 2017.
 
Income before taxes for fiscal year 2018 increased by 6.1% to NIS 32.8 million (US$ 8.8 million) compared to NIS 30.9 million (US$ 8.3 million) in fiscal year 2017.
 
Net profit for fiscal year 2018 remains unchanged at NIS 25.0 million (US$ 6.7 million), or NIS 1.89 (US$ 0.50) per share..
 
Willi-Food ended fiscal year 2018 with NIS 272.2 million (US$ 72.6 million) in cash and securities with no short-term debt. Net cash from operating activities in fiscal year 2018 was NIS 27.0 million (US$ 7.2 million). Willi-Food's shareholders' equity at the end of December 2018 was NIS 440.9 million (US$ 117.6 million).
 
NOTE A: NIS to US$ exchange rate used for convenience only
 
The conversion from New Israeli Shekels (NIS) into U.S. dollars was made at the exchange rate as of December 31, 2018, on which U.S. $1.00 equaled NIS 3.748. The use of US$ is solely for the convenience of the reader.

NOTE B: IFRS
 
The Company’s consolidated financial results for fiscal year ended December 31, 2018 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 600 food products worldwide. As one of Israel's leading food importers, Willi-Food markets and sells its food products to over 1,250 customers and 2,500 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 Gold Frost, a wholly owned subsidiary who designs, develops and distributes branded kosher, dairy-food products.

The Company recently entered the non-bank credit field (“credit extension activity”), and provided its first loan of NIS 18 million in February 2019. The activity is carried out and managed through W.F.D (Import, Marketing and Trading) Ltd., a wholly-owned and controlled subsidiary of the Company. The activity is funded from the Group’s own resources and is carried out in parallel to the existing activity of importing, marketing and distributing 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 and expected sales, operating results, and earnings. 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: 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 economic conditions in Israel, including in particular economic conditions in the Company's core markets, 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, 2018, filed with the Securities and Exchange Commission on March 27, 2019. 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
 
   
December 31,
    
December 31,
  
   
2018
    
2017
    
2018
    
2017
  
   
NIS
    
US dollars (*)
  
   
(in thousands)
  
ASSETS
                        
Current assets
                        
Cash and cash equivalents
    
134,287
      
113,062
      
35,829
      
30,166
  
Financial assets at fair value through profit or loss
    
137,904
      
143,514
      
36,794
      
38,291
  
Trade receivables
    
98,017
      
85,943
      
26,152
      
22,930
  
Other receivables and prepaid expenses
    
3,744
      
5,996
      
999
      
1,600
  
Inventories
    
49,289
      
39,899
      
13,151
      
10,645
  
Current tax assets
    
862
      
6,760
      
230
      
1,804
  
Total current assets
    
424,103
      
395,174
      
113,155
      
105,436
  
                                 
Non-current assets
                                
Property, plant and equipment
    
79,611
      
78,598
      
21,241
      
20,971
  
Less -Accumulated depreciation
    
40,219
      
37,389
      
10,731
      
9,976
  
     
39,392
      
41,209
      
10,510
      
10,995
  
                                 
Goodwill
    
36
      
36
      
10
      
10
  
Deferred taxes
    
2,882
      
503
      
769
      
134
  
Total non-current assets
    
42,310
      
41,748
      
11,289
      
11,139
  
     
466,413
      
436,922
      
124,444
      
116,575
  
EQUITY AND LIABILITIES
                                
Current liabilities
                                
Trade payables
    
16,239
      
12,800
      
4,333
      
3,415
  
Employees Benefits
    
2,577
      
2,147
      
688
      
573
  
Other payables and accrued expenses
    
5,882
      
5,246
      
1,569
      
1,400
  
Total current liabilities
    
24,698
      
20,193
      
6,590
      
5,388
  
                                 
Non-current liabilities
                                
Retirement benefit obligation
    
836
      
1,148
      
223
      
307
  
Total non-current liabilities
    
836
      
1,148
      
223
      
307
  
                                 
Shareholders' equity
                                
Share capital NIS 0.1 par value (authorized - 50,000,000 shares, issued and outstanding – 13,240,913 shares at
 December 31, 2018 and December 31, 2017)
    
1,425
      
1,425
      
380
      
380
  
Additional paid in capital
    
128,354
      
128,354
      
34,246
      
34,246
  
Capital fund
    
247
      
247
      
66
      
66
  
Retained earnings
    
311,476
      
286,509
      
83,105
      
76,443
  
Capital Fund measurement of the net liability in respect of defined benefit
    
(623
)
    
(954
)
    
(166
)
    
(255
)
     
440,879
      
415,581
      
117,631
      
110,880
  
                                 
     
466,413
      
436,922
      
124,444
      
116,575
  
(*)
Convenience translation into U.S. dollars.

 
G. WILLI‑FOOD INTERNATIONAL LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 
   
For the year ended
December 31,
    
For the year ended
December 31,
  
   
2018
    
2017
    
2018
    
2017
  
   
NIS
    
US dollars (*)
  
   
In thousands (except per share and share data)
  
                         
Sales
    
338,245
      
311,978
      
90,247
      
83,239
  
Cost of sales
    
240,032
      
237,645
      
64,043
      
63,406
  
                                 
Gross profit
    
98,213
      
74,333
      
26,204
      
19,833
  
                                 
 Selling expenses
    
43,823
      
42,090
      
11,692
      
11,230
  
 General and administrative expenses
    
16,686
      
15,839
      
4,452
      
4,226
  
 Other income
    
(69
)
    
(361
)
    
(18
)
    
(96
)
     
60,440
      
57,568
      
16,126
      
15,360
  
                                 
Operating profit
    
37,773
      
16,765
      
10,078
      
4,473
  
                                 
Financial income
    
(7,212
)
    
17,937
      
(1,924
)
    
4,786
  
Financial expense
    
(2,256
)
    
3,769
      
(602
)
    
1,006
  
Finance Income (expense), net
    
(4,956
)
    
14,168
      
(1,322
)
    
3,780
  
                                 
 Profit before taxes on income
    
32,817
      
30,933
      
8,756
      
8,253
  
 Taxes on income
    
(7,850
)
    
(5,910
)
    
(2,094
)
    
(1,577
)
                                 
Net Income
    
24,967
      
25,023
      
6,662
      
6,676
  
                                 
Earnings per share:
                                
Basic earnings per share
    
1.89
      
1.89
      
0.50
      
0.50
  
                                 
Diluted earnings per share
    
1.89
      
1.89
      
0.50
      
0.50
  
                                 
Shares used in computation of basic EPS
    
13,240,913
      
13,240,913
      
13,240,913
      
13,240,913
  

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

 
G. WILLI‑FOOD INTERNATIONAL LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 
   
For the year ended
    
For the year ended
  
   
December 31,
    
December 31,
  
   
2018
    
2017
    
2018
    
2017
  
   
NIS
    
US dollars (*)
  
   
In thousands (except per share and share data)
  
CASH FLOWS - OPERATING ACTIVITIES
                        
Profit from continuing operations
    
24,967
      
25,023
      
6,662
      
6,676
  
Adjustments to reconcile net income to net cash from operating activities (Appendix A)
    
2,074
      
(10,584
)
    
552
      
(2,824
)
Net cash from continuing operating activities
                                
     
27,041
      
14,439
      
7,214
      
3,852
  
                                 
CASH FLOWS - INVESTING ACTIVITIES
                                
Acquisition of property plant and equipment
    
(2,143
)
    
(2,650
)
    
(572
)
    
(707
)
Proceeds from sale of property plant and Equipment
    
415
      
361
      
111
      
96
  
Redemption of non-current financial assets
    
3,970
      
2,168
      
1,060
      
578
  
Proceeds used in purchase of marketable securities, net
    
(8,058
)
    
(30,833
)
    
(2,150
)
    
(8,227
)
Net cash from (used in) continuing investing activities
    
(5,816
)
    
(30,954
)
    
(1,551
)
    
(8,260
)
                                 
Increase (decrease) in cash and cash equivalents
    
21,225
      
(16,515
)
    
5,663
      
(4,408
)
Cash and cash equivalents  at the beginning of the year
    
113,062
      
129,577
      
30,166
      
34,574
  
Cash and cash equivalents of the end of the year
    
134,287
      
113,062
      
35,829
      
30,166
  
 
(*)          Convenience Translation into U.S. Dollars.
 
 
G. WILLI-FOOD INTERNATIONAL LTD.
APPENDIX TO CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 
   
For the year ended
    
For the year ended
  
   
December 31,
    
December 31,
  
   
2018
    
2017
    
2018
    
2017
  
   
NIS
    
US dollars (*)
  
   
In thousands (except per share and share data)
  
                         
CASH FLOWS - OPERATING ACTIVITIES:
 
A.          Adjustments to reconcile net profit  to net cash from operating activities
 
                        
Decrease (Increase) in deferred income taxes
    
(2,379
)
    
1,851
      
(635
)
    
494
  
Unrealized loss (gain) on marketable securities
    
13,673
      
(7,760
)
    
3,647
      
(2,070
)
Depreciation and amortization
    
3,614
      
3,682
      
964
      
982
  
Capital gain on disposal of property plant and equipment
    
(69
)
    
(361
)
    
(18
)
    
(96
)
gain from non - tradable financial assets
    
-
      
(5,368
)
    
-
      
(1,432
)
                                 
Changes in assets and liabilities:
                                
Decrease in trade receivables and other receivables
    
(7,898
)
    
(5,034
)
    
(2,107
)
    
(1,343
)
Decrease (Increase) in inventories
    
(9,390
)
    
1,978
      
(2,505
)
    
528
  
Decrease in trade and other payables, and other current and non-current liabilities
    
4,523
      
428
      
1,206
      
113
  
     
2,074
      
(10,584
)
    
552
      
(2,824
)
 
B.          Significant non-cash transaction:
 
                                
Supplemental cash flow information:
                                
                                 
Income tax paid
    
7,711
      
5,926
      
1,906
      
1,581
  

(*)          Convenience Translation into U.S. Dollars.
 
Company Contact:
G. Willi - Food International Ltd.
Amir Kaplan, Chief Financial Officer
 (+972) 8-932-1000
amir.k@willi-food.co.il
 
SOURCE: G. Willi-Food International Ltd.