B.S.D. CROWN LTD: Company Update

B.S.D Crown Ltd (LSE:BSD)                            


                           ("BSD" or "the Company")                            
                                Company Update                                 
                    G. Willi-Food International H1 Reports                     

Tel Aviv, Israel, 12 August, 2014

G. Willi-Food International H1 Reports

The Company announces that G. Willi-Food International Ltd. (NASDAQ: WILC)
published its H1 results today, 12 August, 2014. These results can be accessed
on the NASDAQ website (www.nasdaq.com) through ticker code WILC and are copied
below in full.

The Company owns shares representing approximately 62.21 per cent. of
Willi-Food Investments Ltd.'s fully diluted issued share capital and Willi-Food
Investments Ltd. in turn owns 56.31 per cent. of G. Willi-Food International
Ltd.'s fully diluted issued share capital.

Further information about the Company

For more information about the Company, visit www.emblaze.com.

Enquiries:

Eyal Merdler, CFO: eyal.merdler@emblaze.com
                                                                               
                                                                               
                                                          FOR IMMEDIATE RELEASE

G. Willi-Food Reports H1 2014 sales down 0.5% FROM H1 2013 sales
         Net Cash from operating activities of US$ 6.1 million in Q2 2014       


YAVNE, Israel - August 12, 2014 - 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 unaudited financial results for the second quarter and the
six-months ended June 30, 2014. 
Second Quarter Fiscal 2014 Highlights (income statement highlights compared to
same period last year) 
* Sales decreased 6.2% to NIS 79.2 million (US$ 23.0 million); 


      * Gross profit decreased 5.8% to NIS 20.6 million (US$ 6.0 million), or 26.0%
    of sales;
      * Operating income decreased 32.8% to NIS 5.6 million (US$ 1.6 million), or
    7.0% of sales;
      * Net income decreased 43.9% to NIS 4.4 million (US$ 1.3 million), or 5.5% of
    sales;
      * Earning per share of NIS 0.34 (US$ 0.10);
      * Net cash from operating activities of NIS 20.9 million (US$ 6.1 million);
    and
      * Cash and securities balance of NIS 217.2 million (US$ 63.2 million) as of
    June 30, 2014.


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. 
Second Quarter Fiscal 2014 Summary 
Sales for the second quarter of 2014 decreased by 6.2% to NIS 79.2 million (US$
23.0 million) from NIS 84.4 million (US$ 24.5 million) recorded in the second
quarter of 2013. Sales decreased in the second quarter of 2014 primarily due to
a decline in consumption in food products by the Israeli consumer. 
Gross profit for the second quarter of 2014 decreased by 5.8% to NIS 20.6
million (US$ 6.0 million) compared to NIS 21.8 million (US$ 6.4 million)
recorded in the second quarter of 2013. Second quarter gross margin was 26.0%
compared to gross margin of 25.9% for the same period in 2013. The decrease in
gross margin in the second quarter of 2014 was primarily due to the decreased
sales. 
Willi-Food's operating income for the second quarter of 2014 decreased by 32.8%
to NIS 5.6 million (US$ 1.6 million) compared to NIS 8.3 million (US$ 2.4
million) recorded in the second quarter of 2013. Selling expenses increased by
15.7% from the comparable quarter of 2013, primarily due to an increase in
promotion expenses as well as vehicle and transport expenses. Selling expenses
as a percentage of sales increased in the second quarter of 2014 to 13.1%
compared to 10.6% in the second quarter of 2013. General and administrative
expenses remained the same as in the second quarter of 2013, although an
expense of NIS 0.5 million (US$ 0.14 million) related to options granted to the
Company's Chairman, President and CEO in November 2013, was recorded in the
second quarter of 2014. General and administrative expenses as a percentage of
sales increased in the second quarter of 2014 to 5.8% from 5.5% in the second
quarter of 2013. 
Willi-Food's income before taxes for the second quarter of 2014 decreased by
44.7% to NIS 5.7 million (US$ 1.7 million) compared to NIS 10.4 million (US$
3.0 million) recorded in the second quarter of 2013. 
Willi-Food's net income in the second quarter of 2014 decreased by 43.9% to NIS
4.4 million (US$ 1.3 million), or NIS 0.34 (US$ 0.10) per share, from NIS 7.8
million (US$ 2.3 million), or NIS 0.60 (US$ 0.17) per share, recorded in the
second quarter of 2013. 
Willi-Food ended the second quarter of 2014 with NIS 217.2 million (US$ 63.2
million) in cash and securities net from short-term debt. Net cash from
operating activities for 2014 second quarter was NIS 20.9 million (US$ 6.1
million). Willi-Food's shareholders' equity at the end of June 2014 was NIS
377.5 million (US$ 109.8 million). 
First Half Fiscal 2014 Highlights (compared to same period last year) 
* Sales decreased 0.5% to NIS 174.20 million (US$ 50.7 million); 


      * Gross profit decreased 2.9% to NIS 42.0 million (US$ 12.2 million), or
    24.1% of sales;
      * Operating income decreased 31.3% to NIS 12.0 million (US$ 3.5 million), or
    6.9% of sales;
      * Net income decreased 28.4% to NIS 11.5 million (US$ 3.3 million), or 6.6%
    of sales; and
      * Earning per share of NIS 0.88 (US$ 0.26).
    Six-Month Results

Willi-Food's sales for the six-month period ending June 30, 2014 decreased by
0.5% to NIS 174.2 million (US$ 50.7 million) compared to sales of NIS 175.0
million (US$ 50.9 million) in the first half of 2013. Gross profit for the
period decreased by 2.9% to NIS 42.0 million (US$ 12.2 million) compared to
gross profit of NIS 43.2 million (US$ 12.6 million) for the first half of 2013.
First half 2014 gross margins were 24.1% compared to gross margins of 24.7% in
the same period of 2013.

Operating income for the first half of 2014 decreased by 31.3% to NIS 12.0
million (US$ 3.5 million) from NIS 17.5 million (US$ 5.1 million) reported in
the comparable period of last year. First half 2014 income before taxes
decreased by 27.2% to NIS 15.5 million (US$ 4.5 million) compared to NIS 21.3
million (US$ 6.2 million) recorded in the first half of 2013. Net income for
the first half of 2014 decreased by 28.4% to NIS 11.5 million (US$ 3.3
million), or NIS 0.88 (US$ 0.26) per share, from NIS 16.0 million (US$ 4.7
million), or NIS 1.24 (US$ 0.34) per share, recorded in the first half of 2013.

Business Outlook

Mr. Zwi Williger, Chairman of Willi-Food, commented, "Although store visits
remained steady, consumption of food products by Israeli consumers continued to
decline sharply for the second quarter in a row, causing our second quarter
sales to decline by 6.2% from the second quarter in 2013. Despite this decline,
we were able to maintain gross margins of 26%. The Israeli economy has been
negatively impacted in the third quarter by Operation Protective Edge, a
military action launched by the State of Israel on July 8, 2014 in the
Hamas-controlled Gaza Strip. As a result, we expect economic uncertainty to
continue which, coupled with other changes in the Israeli market and ongoing
consumer pressure for price reductions, will likely negatively affect our
results in near future. As a result, we do not expect to meet our budget for
the third and fourth quarters of 2014."

Mr. Williger concluded, "While this period of consumer belt-tightening
continues, our challenge for the forseeable future will be to better manage our
expenses, in particular the cost of our products and selling expenses, in order
to provide consumers with the lower cost products they desire. In this way, we
hope to maintain our customer base both in the retail and wholesale markets
during these difficult times for the food industry."

Conference Call

The Company will host a conference call and live webcast on August 21, 2014 to
discuss the financial results beginning at 11:00 AM Eastern Time. Interested
parties may participate on the call by dialing 1-888-455-2296 (US), or
1-719-325-2454 (International), approximately 10 minutes prior to the scheduled
start time. Participants may also access a live listen only webcast at:

http://public.viavid.com/index.php?id=110538

Following the conclusion of the call, a telephonic replay will be available for
14 days beginning at 2:00 PM Eastern Time on August 21, 2014 through 11:59 PM
Eastern Time on September 4, 2014 and may be accessed by dialing 1-877-870-5176
(US), or 1-858-384-5517 (International), using access code 1375115. In
addition, an archived webcast will be available for one year at:

http://public.viavid.com/reports/eventparticipantreporttab.php?id=o5eipJqf

NOTE A: Convenience Translation to Dollars

The convenience translation of New Israeli Shekels (NIS) into U.S. dollars was
made at the rate of exchange prevailing on June 30, 2014, U.S. $1.00 equals NIS
3.438. The translation was made solely for the convenience of the reader.

NOTE B: IFRS

The Company's consolidated financial results for the three-month ended June 30,
2014 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 1,500 customers 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.

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, in particular Arla Foods, 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 and risks
associated with product liability claims. 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, 2013, filed with the Securities and Exchange Commission on April
30, 2014. 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.

{FINANCIAL TABLES TO FOLLOW}

G. WILLI-FOOD INTERNATIONAL LTD.
                     CONDENSED CONSOLIDATED BALANCE SHEETS                     
                                June 30,     December    June 30,     December
                                               31,                      31,   
                                                                              
                            2 0 1 4 2 0 1 3  2 0 1 3  2 0 1 4 2 0 1 3  2 0 1 3 
                                                                              
                                       NIS                 US dollars (*)     
                                                                              
                                              (in thousands)                  


                                                                          
ASSETS                                                                         
                                                                          
Current assets                                                                 
                                                                          
Cash and cash equivalents    58,559  76,038   36,197   17,033  22,117   10,529 
                                                                          
Financial assets carried at 158,654 133,065  112,864   46,147  38,704   32,828
fair value through profit                                                     
or loss                                                                        
                                                                          
Trade receivables            96,099  82,615   82,932   27,952  24,030   24,122 
                                                                          
Other receivables and         6,329   3,459    2,694    1,842  1,006       784
prepaid expenses                                                               
                                                                          
Inventories                  38,875  43,841   54,001   11,307  12,752   15,707 
                                                                          
Loan carried at fair value        -       -   65,300        -      -   18,994 
through profit or loss                                                         
                                                                          
Total current assets        358,516 339,018  353,988  104,281  98,609  102,964 
                                                                          
Non-current assets                                                             
                                                                          
Property, plant and          69,143  65,345   66,663   20,111  19,007   19,390
equipment                                                                      
                                                                          
Less -Accumulated            26,726  23,040   25,689    7,774  6,702     7,472
depreciation                                                                   


                                                                              
                             42,417  42,305   40,974   12,337  12,305   11,918


                                                                          
Other receivables and            51     475       50       15    138        14
prepaid expenses                                                               
                                                                          
Deferred taxes                  133       -        -       39      -         - 
                                                                          
Goodwill                         36      36       36       10     10       10  
                                                                          
Total non-current assets     42,637  42,816   41,060   12,401 12,453    11,942 


                                                                              
                            401,153 381,834  395,048  116,682 111,062  114,906


                                                                          
EQUITY AND LIABILITIES                                                         
                                                                          
Current liabilities                                                            
                                                                          
Short-term bank debt              -       -       18        -      -        5  
                                                                          
Trade payables               14,888  21,715   20,245    4,330  6,316     5,889 
                                                                          
Employees Benefits            2,135   1,726    1,880      621    502       547 
                                                                          
Current tax liabilities           9   2,364      637        3    688       185 
                                                                          
Other payables and accrued    5,992   5,291    5,282    1,743  1,539     1,536
expenses                                                                       
                                                                          
Total current liabilities    23,024  31,096   28,062    6,697   9,045    8,162 
                                                                          
Non-current liabilities                                                        
                                                                          
Deferred taxes                    -     283      499        -     82       145 
                                                                          
Retirement benefit              614     570      644      179    166       187
obligation                                                                     
                                                                          
Total non-current               614     853    1,143      179    248       332
liabilities                                                                    
                                                                          
Shareholders' equity                                                           
                                                                          
Share capital                 1,407   1,444    1,407      409     420      409 
                                                                          
Additional paid in capital  120,228 129,903  119,281   34,970  37,784   34,695 
                                                                          
Capital fund                    247     247      247       72     72        72 
                                                                          
Foreign currency                  -     705      786        -    205       229
translation reserve                                                            
                                                                          
Remeasurement of the net       (33)      11      (63)     -10      3      (18)
liability in respect of                                                       
defined benefit                                                                
                                                                          
Treasury shares                   - (10,843)        -       - (3,154)        - 
                                                                          
Retained earnings           255,666 228,418  244,185   74,365  66,439   71,025 
                                                                          
Equity attributable to      377,515 349,885  365,843  109,806 101,769  106,412
owners of the Company                                                          


                                                                              
                            401,153 381,834  395,048  116,682 111,062  114,906
                                                                              

(*) Convenience translation into U.S. dollars.
                       G. WILLI-FOOD INTERNATIONAL LTD.                        
                CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS                


                        Six months           Three months             Six 
months       
                      ended June 30,        ended June 30,          ended 
June 30,     


                                                                                
          


                   2 0 1 4    2 0 1 3    2 0 1 4     2 0 1 3    2 0 1 4     
2 0 1 3    


                                                                                
          


                                       NIS                         U.S. 
dollars (*)    


                                                                                
          
                                 In thousands (except per share and share data) 
          
                                                                                


      
Sales                     174,178    174,999     79,209     84,414      50,663   


    50,901
                                                                                


      
Cost of sales             132,209    131,770     58,644     62,574      38,455   


    38,328
                                                                                


      
Gross profit               41,969     43,229     20,565     21,840      12,208   


    12,573
                                                                                


      
Selling expenses           20,420     16,488     10,353      8,946       5,939   


     4,796
                                                                                


      
General and                 9,684      9,290      4,628      4,622       2,817   
 2,702
administrative                                                                   
      
expenses                                                                         


          
                                                                                


      
Other income                (147)       (34)          -        (34)       (43)   


      (11)
                                                                                


      
Total operating            29,957    25,744      14,981     13,534       8,713   
 7,487
expenses                                                                         


          
                                                                                


      
Operating income           12,012    17,485       5,584      8,306       3,495   


     5,086
                                                                                


      
Financial income            4,156      4,587        659       1,948      1,209   


     1,334
                                                                                


      
Financial expense             684        801        522        (97)        199   


       233
                                                                                


      
Total financial income      3,472      3,786        137       2,045      1,010   


     1,101
                                                                                


      
Income before taxes on     15,484    21,271       5,721      10,351      4,505   
 6,187
income                                                                           


          
                                                                                


      
Taxes on income             4,003     5,230       1,347      2,560       1,164   


     1,521
                                                                                


      
Profit for the period      11,481    16,041       4,374      7,791       3,341   


     4,666
                                                                                


      
Earnings per share:                                                              


          
                                                                                


      
Earnings per share                                                               


          
                                                                                


      
Basic earnings per           0.88       1.24       0.34        0.60       0.26   
  0.34
share                                                                            


          
                                                                                


      
Diluted earnings per         0.88       1.24       0.34        0.60       0.26   
  0.34
share                                                                            


          
                                                                                


      
Shares used in         12,974,245 12,974,245 12,974,245 12,974,245  12,974,245 
12,974,245  
                                                                             
      
computation of basic                                                             
      
EPS                                                                              


          
                                                                                
          

(*) Convenience translation into U.S. dollars
                       G. WILLI-FOOD INTERNATIONAL LTD.                        
                CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS                
                             Six months       Three months       Six months    
                           ended June 30,    ended June 30,    ended June 30,  
                                                                               
                          2 0 1 4  2 0 1 3  2 0 1 4  2 0 1 3  2 0 1 4  2 0 1 3 
                                                                               
                                          NIS                 U.S. dollars (*) 
                                                                               
                             In thousands (except per share and share data)    


                                                                           
Cash flows - operating                                                         
activities                                                                      
                                                                           
Profit from operations      11,481   16,041    4,374    7,791    3,341   4,666  
                                                                           
Adjustments to reconcile   (8,199) (10,525)   16,503    4,438  (2,387)  (3,062)
net income to net cash                                                         
from operating activities                                                      
(Appendix)                                                                      
                                                                           
Net cash from operating      3,282    5,516   20,877   12,229      954    1,604
activities                                                                      
                                                                           
Cash flows - investing                                                         
activities                                                                      
                                                                           
Acquisition of property    (4,004)  (5,560)  (2,175)  (1,165)  (1,165)  (1,617)
plant and equipment                                                             
                                                                           
Proceeds from sale of          970      29       225       29      282        8
property plant and                                                             
Equipment                                                                       
                                                                           
Additions to long term           -    (445)        -        -        -    (129)
other receivables                                                               
                                                                           
Proceeds from Loan          65,400        -        -        -   19,023        -
carried at fair value                                                          
through profit or loss                                                          
                                                                           
Proceeds from purchase    (43,268)  28,865  (11,104)    5,321 (12,585)    8,396
(sale) of marketable                                                           
securities, net                                                                 
                                                                           
Net cash from (used in)     19,098  22,889  (13,054)    4,185    5,555   6,658 
investing activities                                                            
                                                                           
Cash flows - financing                                                         
activities                                                                      
                                                                           
Short-term bank credit,       (18) (9,930)   (2,644)     (19)      (5) (2,888) 
net                                                                             
                                                                           
Net cash used in              (18)  (9,930)  (2,644)     (19)      (5)  (2,888)
financing activities                                                            
                                                                           
Increase in cash and cash   22,362  18,475     5,179   16,395    6,504   5,374 
equivalents                                                                     
                                                                           
Cash and cash equivalents   36,197  57,563    53,380   59,643   10,529   16,743
at the beginning of the                                                        
financial year                                                                  
                                                                           
Cash and cash equivalents   58,559  76,038    58,559   76,038   17,033   22,117
of the end of the                                                              
financial year                                                                  


                                                                               

(*) Convenience Translation into U.S. Dollars.
                       G. WILLI-FOOD INTERNATIONAL LTD.                        
          APPENDIX TO CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS          
                                  Six months      Three months     Six months   
                                ended june 30,   ended june 30,  Ended June 30, 
                                                                                


                           2 0 1 4  2 0 1 3  2 0 1 4 2 0 1 3 2 0 1 4 2 0 1 
3 


                                                                                
                                              NIS                 U.S. dollars  
                                                                       (*)      
                                                                                
                                In thousands (except per share and share data)  
                                                                                

Cash flows from operating                                                       

activities:                                                                     
                                                                                

A. Adjustments to reconcile                                                     

net profit to net cash from                                                     

operating activities                                                            
                                                                                

Deferred income taxes             (632)      303   (432)     528   (184)      
88
                                                                                

Unrealized loss (gain) on       (2,522)  (3,120)     486 (1,551)   (734)   
(908)
marketable securities                                                           
                                                                                

Depreciation and amortization     1,779    2,166     889   1,155     517     
630
                                                                                

Capital gain on disposal of       (188)     (29)       -    (29)    (55)     
(8)
property plant and equipment                                                    
                                                                                

Stock based compensation            947        6     471       1     275       
2
reserve                                                                         
                                                                                

Unrealized Gain of loan           (100)        -       -       -    (29)       -

carried at fair value through                                                   

profit or loss                                                                  
                                                                                

Net foreign exchange gain         (786)        -   (786)       -   (229)       -
                                                                                

Changes in assets and                                                           

liabilities:                                                                    
                                                                                

Decrease (increase) in trade   (16,803)  (9,474)   6,810      91 (4,887) 
(2,756)
receivables and other                                                           

receivables                                                                     
                                                                                

Decrease (increase) in           15,126    5,429  14,625    (49)   4,399   
1,579
inventories                                                                     
                                                                                

Increase (decrease) in trade    (5,020)  (5,806) (5,560)   4,292 (1,460) 
(1,689)
and other payables, and other                                                   

current liabilities                                                             
                                                                                


                            (8,199) (10,525)  16,503   4,438 (2,387) 
(3,062) 
                                                                             
B. Significant non-cash                                                          
transactions:                                                                    
                                                                             
Supplemental cash flow                                                           
information:                                                                     
                                                                             
Income tax paid                   4,667    4,466   2,220   2,301   1,357   
1,299 
                                                                             
(*) Convenience Translation into U.S. Dollars. 
This information is intended to be reviewed in conjunction with the Company's
filings with the Securities and Exchange Commission. 
Company Contact: 
G. Willi Food International Ltd.
Raviv Segal, CFO
(+972) 8-932-1000
raviv@willi-food.co.il 
                                  ###                                       
SOURCE: G. Willi-Food International Ltd. 
                        
END 
-0- Aug/12/2014 12:41 GMT
 
 
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