Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2023 shares | |
Statement [Line Items] | |
Entity Registrant Name | G. WILLI-FOOD INTERNATIONAL LTD. |
Entity Central Index Key | 0001030997 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2023 |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 000-29256 |
Entity Incorporation, State or Country Code | L3 |
Entity Address, Address Line One | 4 Nahal Harif St. |
Entity Address, Address Line Two | Northern Industrial Zone |
Entity Address, City or Town | Yavne |
Entity Address, Postal Zip Code | 81106 |
Entity Address Country | IL |
Title of 12(b) Security | Ordinary Shares, NIS 0.10 par value per share |
Trading Symbol | WILC |
Name of Exchange on which Security is Registered | NASDAQ |
Entity Common Stock, Shares Outstanding | 13,867,017 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | false |
Auditor Attestation Flag | false |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Auditor Name | Ziv Haft |
Auditor Location | Tel Aviv, Israel |
Auditor Firm Id | 1185 |
Document Financial Statement Error Correction [Flag] | false |
Business Contact [Member] | |
Statement [Line Items] | |
Contact Personnel Name | Yitschak Barabi |
Entity Address, Address Line One | 4 Nahal Harif St. |
Entity Address, Address Line Two | Northern Industrial Zone |
Entity Address, City or Town | Yavne |
Entity Address, Postal Zip Code | 81106 |
Entity Address Country | IL |
City Area Code | 972 |
Local Phone Number | 8-932-1000 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION ₪ in Thousands, $ in Thousands | Dec. 31, 2023 ILS (₪) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 ILS (₪) | |
Current assets | ||||
Cash and cash equivalents | ₪ 137,466 | $ 37,901 | [1] | ₪ 150,607 |
Financial assets at fair value through profit or loss | 102,163 | 28,167 | [1] | 116,762 |
Trade receivables, Net | 160,379 | 44,218 | [1] | 165,838 |
Other receivables and prepaid expenses | 10,164 | 2,802 | 4,956 | |
Inventories, Net | 62,475 | 17,225 | [1] | 71,929 |
Current tax assets | 9,497 | 2,618 | [1] | 3,117 |
Total current assets | 482,144 | 132,931 | [1] | 513,209 |
Non-current assets | ||||
Consolidated cost | 122,222 | 33,698 | [1] | 99,216 |
Less -accumulated depreciation | 55,636 | 15,339 | [1] | 51,533 |
Property, plant, and equipment | 66,586 | 18,359 | [1] | 47,683 |
Right of use assets, net | 2,124 | 586 | [1] | 3,391 |
Financial assets at fair value through profit or loss | 46,143 | 12,722 | [1] | 44,113 |
Goodwill | 36 | 10 | [1] | 36 |
Total non-current assets | 114,889 | 31,677 | [1] | 95,223 |
Total assets | 597,033 | 164,608 | [1] | 608,432 |
Current liabilities | ||||
Current maturities of lease liabilities | 1,512 | 417 | [1] | 2,194 |
Trade payables | 21,622 | 5,961 | [1] | 24,842 |
Employees Benefits | 4,193 | 1,156 | [1] | 3,756 |
Other payables and accrued expenses | 10,854 | 2,993 | [1] | 11,836 |
Total current liabilities | 38,181 | 10,527 | [1] | 42,628 |
Non-current liabilities | ||||
Lease liabilities | 694 | 191 | [1] | 1,284 |
Deferred taxes | 4,868 | 1,342 | [1] | 4,198 |
Retirement benefit obligation | 1,055 | 291 | 878 | |
Total non-current liabilities | 6,617 | 1,824 | [1] | 6,360 |
Shareholders' equity | ||||
Share capital | 1,490 | 411 | [1] | 1,490 |
Additional paid in capital | 172,589 | 47,585 | [1] | 171,550 |
Re-measurement of the net liability in respect of defined benefit | (154) | (42) | [1] | (195) |
Capital fund | 247 | 68 | [1] | 247 |
Retained earnings | 378,691 | 104,408 | [1] | 386,980 |
Treasury shares | (628) | (173) | [1] | (628) |
Equity attributable to Shareholders of the Company | 552,235 | 152,257 | [1] | 559,444 |
Total equity and liabilities | ₪ 597,033 | $ 164,608 | [1] | ₪ 608,432 |
[1]Convenience Translation into US Dollars. |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME ₪ in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2023 ILS (₪) ₪ / shares shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 ILS (₪) ₪ / shares shares | Dec. 31, 2021 ILS (₪) ₪ / shares shares | |||
Statement Line Items [Line Items] | ||||||
Revenues | ₪ 543,262 | $ 149,783 | ₪ 498,325 | ₪ 454,213 | ||
Cost of sales | 422,695 | 116,541 | [1] | 355,228 | 315,920 | |
Gross profit | 120,567 | 33,242 | [1] | 143,097 | 138,293 | |
Operating costs and expenses | ||||||
Selling expenses | 74,216 | 20,462 | 74,106 | 65,869 | ||
General and administrative expenses | 26,110 | 7,199 | [1] | 24,117 | 23,299 | |
Other Income | (109) | (30) | [1] | (222) | (230) | |
Operating costs and expenses | 100,217 | 27,631 | [1] | 98,001 | 88,938 | |
Operating profit | 20,350 | 5,611 | [1] | 45,096 | 49,355 | |
Finance Income | 20,363 | 5,614 | [1] | 25,657 | 28,957 | |
Finance expenses | 1,521 | 419 | [1] | 16,779 | 20,492 | |
Finance Income, net | 18,842 | 5,195 | [1] | 8,878 | 8,465 | |
Profit before taxes on Income | 39,192 | 10,806 | [1] | 53,974 | 57,820 | |
Taxes on Income | 7,536 | 2,078 | 12,410 | 12,719 | ||
Net Income | ₪ 31,656 | $ 8,728 | ₪ 41,564 | ₪ 45,101 | ||
Earnings per share: | ||||||
Basic earnings per share | (per share) | ₪ 2.28 | $ 0.63 | [1] | ₪ 3 | ₪ 3.25 | |
Diluted earnings per share | (per share) | ₪ 2.28 | $ 0.63 | [1] | ₪ 3 | ₪ 3.25 | |
Shares used in computation of basic/ diluted EPS | 13,867,017 | [1] | 13,867,017 | [1] | 13,867,017 | 13,867,017 |
Actual number of shares | 13,867,017 | [1] | 13,867,017 | [1] | 13,867,017 | 13,867,017 |
[1]Convenience Translation into US Dollars. |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME ₪ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 ILS (₪) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 ILS (₪) | Dec. 31, 2021 ILS (₪) | ||
Statement Line Items [Line Items] | |||||
Net Income | ₪ 31,656 | $ 8,728 | ₪ 41,564 | ₪ 45,101 | |
Other comprehensive Income (Expenses) | |||||
Re-measurement of net liabilities with respect to a defined benefit which will not be classified in the future as profit or loss, net of tax | 41 | 11 | [1] | 764 | 363 |
Other comprehensive Income (Expenses) for the year | 41 | 11 | [1] | 764 | 363 |
Total comprehensive Income for the year | ₪ 31,697 | $ 8,739 | [1] | ₪ 42,328 | ₪ 45,464 |
[1]Convenience Translation into US Dollars. |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY ₪ in Thousands, $ in Thousands | Share capital [Member] ILS (₪) | Additional paid in capital [Member] ILS (₪) | Measurement Of Net Liability In Respect Of Defined Benefit [Member] ILS (₪) | Capital fund [Member] ILS (₪) | Retained earnings [Member] ILS (₪) | Treasury Shares ILS (₪) | ILS (₪) | USD ($) | |
Balance at Dec. 31, 2020 | ₪ 1,490 | ₪ 170,760 | ₪ (1,322) | ₪ 247 | ₪ 415,196 | ₪ (628) | ₪ 585,743 | ||
Profit for the year | 0 | 0 | 0 | 0 | 45,101 | 0 | 45,101 | ||
Measurement of the net liability in respect of defined benefit | 0 | 0 | 363 | 0 | 0 | 0 | 363 | ||
Total comprehensive Income for the year | 0 | 0 | (363) | 0 | 45,101 | 0 | 45,464 | ||
Dividend distribution | 0 | 0 | 0 | 0 | (59,975) | 0 | (59,975) | ||
Balance at Dec. 31, 2021 | 1,490 | 170,760 | (959) | 247 | 400,322 | (628) | 571,232 | ||
Profit for the year | 0 | 0 | 0 | 0 | 41,564 | 0 | 41,564 | ||
Measurement of the net liability in respect of defined benefit | 0 | 0 | 764 | 0 | 0 | 0 | 764 | ||
Total comprehensive Income for the year | 0 | 0 | 764 | 0 | 41,564 | 0 | 42,328 | ||
Share based payment | 0 | 790 | 0 | 0 | 0 | 0 | 790 | ||
Dividend distribution | 0 | 0 | 0 | 0 | (54,906) | 0 | (54,906) | ||
Balance at Dec. 31, 2022 | 1,490 | 171,550 | (195) | 247 | 386,980 | (628) | 559,444 | ||
Profit for the year | 0 | 0 | 0 | 0 | 31,656 | 0 | 31,656 | $ 8,728 | |
Measurement of the net liability in respect of defined benefit | 0 | 0 | 41 | 0 | 0 | 0 | 41 | ||
Total comprehensive Income for the year | 0 | 0 | 41 | 0 | 31,656 | 0 | 31,697 | $ 8,739 | [1] |
Share based payment | 0 | 1,039 | 0 | 0 | 0 | 0 | 1,039 | ||
Dividend distribution | 0 | 0 | 0 | 0 | (39,945) | 0 | (39,945) | ||
Balance at Dec. 31, 2023 | ₪ 1,490 | ₪ 172,589 | ₪ (154) | ₪ 247 | ₪ 378,691 | ₪ (628) | ₪ 552,235 | ||
[1]Convenience Translation into US Dollars. |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS ₪ in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2023 ILS (₪) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 ILS (₪) | Dec. 31, 2021 ILS (₪) | |||
CASH FLOWS - OPERATING ACTIVITIES | ||||||
Profit from continuing operations | ₪ 31,656 | $ 8,728 | ₪ 41,564 | ₪ 45,101 | ||
Adjustments to reconcile net profit to net cash provided (used in) continuing operating activities (Appendix A) | 2,052 | 566 | [1] | (27,495) | 416 | |
Net cash from operating activities | 33,708 | 9,294 | [1] | 14,069 | 45,517 | |
Cash flows - investing activities | ||||||
Acquisition of property plant and equipment | (4,605) | (1,270) | [1] | (6,006) | [2] | (6,209) |
Acquisition of property plant and equipment under construction | (18,941) | (5,222) | [1] | (7,344) | [2] | 0 |
Proceeds from sale of property plant and Equipment | 208 | 57 | [1] | 351 | 230 | |
Proceeds from loans granted to others | 0 | 0 | [1] | 0 | 18,707 | |
Proceeds from sale (purchase) of marketable securities, net | 18,166 | 5,009 | [1] | 21,285 | 2,718 | |
Net cash used in (from) investing activities | (5,172) | (1,426) | [1] | 8,286 | 15,446 | |
Cash flows - financing activities | ||||||
Lease liability payments | (2,408) | (664) | [1] | (2,180) | (2,169) | |
Dividend distribution | (39,945) | (11,012) | [1] | (54,906) | (59,975) | |
Net cash used in financing activities | (42,353) | (11,676) | [1] | (57,086) | (62,144) | |
Decrease in cash and cash equivalents | (13,817) | (3,808) | [1] | (34,731) | (1,181) | |
Cash and cash equivalents at the beginning of the financial year | 150,607 | 41,523 | [1] | 195,718 | 201,822 | |
Exchange losses on cash and cash equivalents | 676 | 186 | [1] | (10,380) | (4,923) | |
Cash and cash equivalents of the end of the financial year | 137,466 | 37,901 | [1] | 150,607 | 195,718 | |
A. Adjustments to reconcile net profit to net cash from operating activities | ||||||
Decrease in deferred income taxes | 670 | 185 | [1] | 2,181 | 1,249 | |
Unrealized loss (gain) on marketable securities | (5,597) | (1,543) | [1] | 2,985 | (19,464) | |
Loss (gain) from financial liabilities at fair value through profit or loss | 0 | [1] | (13,960) | 13,960 | ||
Depreciation and amortization | 6,950 | 1,916 | [1] | 6,508 | 6,200 | |
Capital gain on disposal of property plant and equipment | (109) | (30) | [1] | (222) | (230) | |
Exchange losses on cash and cash equivalents | (676) | (186) | [1] | 10,380 | 4,923 | |
Share based payment | 1,039 | 286 | [1] | 790 | 0 | |
Changes in assets and liabilities : | ||||||
Decrease (increase) in trade receivables and other receivables | 7,527 | 2,075 | [1] | (17,151) | 10,190 | |
Decrease (Increase) in inventories | 9,454 | 2,607 | [1] | (12,401) | (14) | |
Increase (decrease) in trade payables, other payables and other current liabilities | (3,547) | (978) | [1] | 5,418 | (3,405) | |
Cash generated from operations | 15,711 | 4,332 | [1] | (15,472) | 13,409 | |
Supplemental Cash Flow Information : | ||||||
Income tax paid | (13,659) | (3,766) | [1] | (12,023) | (12,993) | |
Net cash provided by (used in) operating activities | ₪ 2,052 | $ 566 | ₪ (27,495) | ₪ 416 | ||
[1]Convenience Translation into US Dollars.[2]Reclassified |
Basis of preparation
Basis of preparation | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of basis of preparation [Abstract] | |
Basis of preparation | Note 1 – Basis of preparation The . The Company completed its IPO in the United States in May 1997, at which time its ordinary shares began trading on the Nasdaq Capital Market, where they currently trade under the symbol “WILC”. On June 15, 2020, our ordinary shares began trading on the Tel Aviv Stock Exchange under the symbol “WILC”. The Company is an Israeli-based company specializing in high-quality, great-tasting kosher food products. The Company is engaged, directly and through subsidiaries, in the design, import, marketing and distribution of a wide variety of over 650 food products world-wide. In the year ended December 31, 2023, substantially all of our revenue was generated in Israel, with less than 1% of our revenue resulting from exports outside Israel. The Company purchases food products from over 150 suppliers located in Israel and throughout the world, including from the Far East (China, India, the Philippines Thailand and Vietnam), Eastern Europe (Poland, Lithuania and Latvia), South America (Ecuador and Peru), Western and Central Europe (the Netherlands, Belgium, Germany, Sweden, Switzerland, Denmark, and France) and Southern Europe (Spain, Italy, Turkey and Greece) and more. The Company's products are marketed and sold to approximately 1,500 customers and 3,000 selling points in Israel, including to supermarket chains, wholesalers and institutional consumers. The Company markets most of its products under the brand name “Willi-Food,” and some of its chilled and frozen products under the brand name “Euro European Dairies”. Certain products are marketed under brand names of other manufacturers or under other brand names. In addition, the Company distributes some of its products on an exclusive basis, as described further below. Less than 1% of the Company’s sales come from product sales in countries other than Israel. Following changes in management in recent years, the Company continues to re-evaluate its strategic position and consider other business opportunities. As part of this re-evaluation, the Company is considering forming strategic alliances with or entering into different lines of business, expanding its product lines, and increasing product sales with existing customers while adding new customers. In addition, the Company is examining M&A opportunities to further increase its market presence. As of March, 21, 2024, the Company’s principal shareholder, Willi-Food, held approximately 59.14% of our ordinary shares. The principal accounting policies adopted in the preparation of the consolidated financial statements are set out in note 27. The policies have been consistently applied to all the years presented, unless otherwise stated. The consolidated financial statements are presented in New Israeli Shekels (NIS), which is also the Company functional currency. The conversion from New Israeli Shekels (NIS) into U.S. dollars was made at the exchange rate as of December 31, 2023, on which USD 1.00 equaled NIS 3.627 The use of USD is solely for the convenience of the reader. These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards and International Accounting Standards as issued by the International Accounting Standards Board (IASB) and Interpretations (collectively IFRSs). The preparation of financial statements in compliance with adopted IFRS requires the use of certain critical accounting estimates. It also requires Company management to exercise judgment in applying the Company's accounting policies. The areas where significant judgments and estimates have been made in preparing the consolidated financial statements and their effect are disclosed in note 2. Basis of measurement: The consolidated financial statements have been prepared on a historical cost basis, except for the following items (refer to individual accounting policies for details): - Financial instruments – fair value through profit or loss - Net defined benefit liability Changes in accounting policies A. New standards, interpretations and amendments adopted from 1 January, 2023: Definition of Accounting Estimates (Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors) The amendments to IAS 8, which added the definition of accounting estimates, clarify that the effects of a change in an input or measurement technique are changes in accounting estimates, unless resulting from the correction of prior period errors. These amendments clarify how entities make the distinction between changes in accounting estimate, changes in accounting policy and prior period errors. These amendments had no effect on the consolidated financial statements of the Group. B. New standards, interpretations and amendments not yet effective There are a number of standards, amendments to standards, and interpretations which have been issued by the IASB that are effective in future accounting periods that the Group has decided not to adopt early. The following amendments are effective for the period beginning 1 January 2024: - Classification of Liabilities as Current or Non-Current (Amendments to IAS 1 Presentation of Financial Statements); - Non-current Liabilities with Covenants (Amendments to IAS 1 Presentation of Financial Statements) The Group is currently assessing the impact of these new accounting standards and amendments. The Group does not believe that the amendments to IAS 1 will have a significant impact on the classification of its liabilities. The Group does not expect any other standards issued by the IASB, but are yet to be effective, to have a material impact on the Group. |
Critical accounting estimates a
Critical accounting estimates and assumptions | 12 Months Ended |
Dec. 31, 2023 | |
Critical accounting estimates and assumptions | Note 2 – Critical accounting estimates and assumptions The Company makes certain estimates and assumptions regarding the future. Estimates and judgements are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. Estimates and assumptions: - Revenue recognition – provision of rights to return goods - Defined benefit scheme – actuarial assumptions - The determination of the incremental borrowing rate used to measure lease liabilities - Legal proceedings – estimates of claims and legal processes - Inventory – provision of slow-moving inventory - Fair value measurement several assets included in the Company’s financial and non-financial assets utilizes market observables inputs and data as far as possible. Inputs used in determining fair value measurement are categorized into different levels based on how observable the inputs used in the valuation technique utilized are (the 'fair value hierarchy'): • Level 1: Quoted priced in active markets for identical items (unadjusted) • Level 2: Observable direct or indirect inputs other than level 1 inputs. • Level 3: Unobservable inputs (i.e., not derived from market data). The classification of an item into the above levels is based on the lowest level of the inputs used that has a significant effect on the fair value measurement of the item. Transfers of items between levels are recognized in the period they occur. The Company measures several items at fair value: - Current financial assets at fair value through profit or loss (see note 3) - Non-current financial assets at fair value through profit or loss (see note 3) |
Financial instruments risk mana
Financial instruments risk management | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about financial instruments [abstract] | |
Financial instruments risk management | Note 3 – Financial instruments risk management The Company is exposed through its operations to the following financial risks: - Credit risk - Other market price risk - Foreign exchange risk - Global changes in raw-material prices In common with all other businesses, the Company is exposed to risks that arise from its use of financial instruments. This note describes the Company's objectives, policies and processes for managing those risks and the methods used to measure them. Further quantitative information in respect of these risks is presented throughout these financial statements. There have been no substantive changes in the Company's exposure to financial instrument risks, its objectives, policies and processes for managing those risks or the methods used to measure them from previous periods unless otherwise stated in this note. (i) Principal financial instruments The principal financial instruments used by the Company, from which financial instrument risk arises, are as follows: - Cash and cash equivalents - Trade and other receivables - Financial assets at fair value through profit or loss - Lease liabilities - Trade payables (ii) Financial instruments by category Financial assets: Fair value through profit or loss Amortized cost 2023 2022 2023 2022 NIS in thousands Cash and cash equivalents - - 137,466 150,607 Financial assets at fair value through profit or loss 148,306 160,875 - - Trade and other receivables - - 170,543 170,794 Total financial assets 148,306 160,875 308,009 321,401 Financial liabilities: Amortized cost 2023 2022 NIS in thousands Trade payables 21,622 24,842 Lease liabilities 2,206 3,478 Total financial liabilities 23,828 28,320 (iii) Financial instruments not measured at fair value Financial instruments not measured at fair value includes cash and cash equivalents, loans to others, trade and other receivables and trade payables. Due to their short-term nature, the carrying value of cash and cash equivalents, loans to others, trade and other receivables, and trade payables approximates their fair value. (iv) Financial instruments measured at fair value The fair value hierarchy of financial instruments measured at fair value is provided below Level 1 Level 2 Level 3 2023 2022 2023 2022 2023 2022 NIS in thousands Financial assets at fair value through profit or loss 102,163 116,762 - - 46,143 44,113 There were no transfers between levels during the period. There were not any changes with the valuation techniques and significant unobservable inputs used in determining the fair value during the period. The fair value of the investment in non-tradable participation units is calculated using the asset value method. The reconciliation of the opening and closing fair value balance of financial instruments is provided below: Financial assets at fair value through profit or loss: Level 1 Level 3 NIS in thousands January 1, 2023 116,762 44,113 Purchases 18,054 - Disposals (36,220 ) - Gain (Loss) 3,567 2,030 December 31, 2023 102,163 46,143 General objectives, policies and processes Credit risk Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Company is mainly exposed to credit risk from credit sales. It is Company policy, implemented locally, to assess the credit risk of new customers before entering contracts. Such credit ratings are taken into account by local business practices. The Company has established a credit policy under which each new customer is analyzed individually for creditworthiness before the Company's standard payment and delivery terms and conditions are offered. The Company's review includes external ratings, when available, and in some cases bank references. Purchase limits are established for each customer, which represents the maximum open amount. Other market price risk The Company is exposed to price risks of shares, certificate of participation in mutual fund and bonds, which are classified as financial assets carried at fair value through profit or loss. The effect of a 10% increase in the value of the portfolio securities investment held at the reporting date would, if all other variables held constant, have resulted in an increase in the fair value through profit or loss and net assets of NIS 12,221 thousand (2022: NIS 11,672 thousand). A 10% decrease in their value would, on the same basis, have decreased the fair value through other profit or loss reserve and net assets by the same amount. Foreign exchange risk Foreign exchange risk arises when the Company enters into transactions denominated in a currency other than its functional currency. The Company buys its inventories mostly in USD and EURO and sells its products in NIS. Foreign exchange exposures are managed within utilizing forward foreign exchange contracts . As of December 31, the Company's net exposure to foreign exchange risk was as follows: 2023 2022 Net foreign currency financial assets/(liabilities) NIS in thousands US Dollars 20,363 26,939 EURO (2,507 ) (6,399 ) Total net exposure 17,856 20,540 The following table details the Company's sensitivity to a 10% increase and decrease in the NIS against the relevant foreign currencies. 10% is the sensitivity rate used when reporting foreign currency risk internally to key management personnel and represents management's assessment of the reasonably possible change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the period end for a 10% change in foreign currency rates. A positive number below indicates an increase in profit and other equity where the NIS strengthens 10% against the relevant currency. For a 10% weakening of the NIS against the relevant currency, there would be opposite impact on the profit and other equity, and the balances below would be negative. US Dollars EURO 2023 2022 2023 2022 NIS in thousands 10% increase 2,036 2,694 251 640 10% decrease (2,036 ) (2,694 ) (251 ) (640 ) Global changes in raw-material prices Raw material prices are mainly affected by extreme weather fluctuations affecting agricultural crops, crude oil prices, accelerated growth and growing demand in China and India affecting world consumption, rise in living standards mainly in developing countries and speculative transaction in the commodity market. A possible rise in the price of raw materials may lead to higher prices for products by suppliers. Sharp price increases in commodity prices may have a material adverse effect on the Company's operations and business results. |
Segment information
Segment information | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of operating segments [abstract] | |
Segment information | Note 4 – Segment information The Company has one reportable segment: - Import- export, marketing and distribution of food products. Factors that management used to identify the Company's reportable segments The Company's reportable segments are strategic business units that offer different products and services. They are managed separately because each business requires different marketing strategies. Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision maker has been identified as the management team including the Chief Executive Officer, and the co-chairman of the board of directors. The table below shows the Company's revenues from major groups of products that contributed 10% or more to the Company's total revenues in the years 2021 to 2023: Year ended December 31, 2 0 2 3 2 0 2 2 2 0 2 1 2 0 2 3 NIS NIS NIS US Dollars Dairy and Dairy Substitute Products 212,728 188,738 196,589 58,651 Canned Vegetables and Pickles 76,740 70,398 59,844 21,158 Canned Fish 74,750 62,270 56,064 20,609 Cereals, rice and pastas 61,573 61,350 62,712 16,977 Oils 43,058 44,241 (*) 23,025 11,872 Non-banking credit - - 276 - Other 74,413 71,328 (*) 55,703 20,516 543,262 498,325 454,213 149,783 (*) Reclassified Revenues by customer group Percentage of Total Sales Year ended December 31, 2 0 2 3 2 0 2 2 2 0 2 1 Large retail supermarket chains 54 % 54 % 50 % Other customers 46 % 46 % 50 % 100 % 100 % 100 % Revenues from main customers of the Import segment The Company has one customer who represented more than 10% of the total sales which amounted to NIS 60,431 thousand in 2023 (2022: NIS 64,950 thousand 2021: NIS 60,701 thousand). |
Cost of sales
Cost of sales | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of cost of sales [Abstract] | |
Cost of sales | Note 5 – Cost of sales Year ended December 31, 2 0 2 3 2 0 2 2 2 0 2 1 2 0 2 3 NIS NIS NIS US Dollars Purchases 377,013 310,324 269,888 103,947 Marine transportation 17,039 27,486 20,701 4,698 Maintenance 10,515 9,854 8,714 2,899 Outsourced packing 3,195 (*) 2,230 (*) 2,796 881 Transportation 3,120 2,972 3,063 860 Salaries and related expenses 2,800 1,206 - 772 Depreciation and amortization 2,562 2,421 2,180 706 Packing materials 1,746 (*) 1,075 - 481 Other costs and expenses 3,101 (*) 2,960 (*) 2,733 855 421,091 360,528 310,075 116,099 Changes in inventories of finished products 1,604 (5,300 ) 5,845 442 422,695 355,228 315,920 116,541 |
Selling expenses
Selling expenses | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of selling expenses [Abstract] | |
Selling expenses | Note 6 – Selling expenses Year ended December 31, 2 0 2 3 2 0 2 2 2 0 2 1 2 0 2 3 NIS NIS NIS US Dollars Salaries and related expenses 22,728 22,167 22,597 6,266 Transportation and maintenance 22,048 20,682 19,589 6,079 Advertising and promotion 11,923 14,919 9,225 3,287 Personnel services 4,388 3,344 (*) 1,890 1,210 Vehicles 3,793 3,898 3,165 1,046 Depreciation and amortization 2,923 2,713 2,899 806 Share based payment expense 435 436 - 120 Others 5,978 5,947 (*) 6,504 1,648 74,216 74,106 65,869 20,462 (*) Reclassified |
General and administrative expe
General and administrative expenses | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of general and administrative expenses [Abstract] | |
General and administrative expenses | Note 7 – General and administrative expenses Year ended December 31, 2 0 2 3 2 0 2 2 2 0 2 1 2 0 2 3 NIS NIS NIS US Dollars Salaries and related expenses 16,598 15,876 15,992 4,577 Professional services 2,471 2,366 2,658 681 Office maintenance 1,667 1,585 1,589 460 Depreciation and amortization 1,465 1,374 1,124 404 Share based payment expense 604 355 - 166 Vehicles 507 462 431 140 Communication 94 111 109 26 Bad and doubtful debts (46 ) 42 (599 ) (13 ) Other 2,750 1,946 1,995 758 26,110 24,117 23,299 7,199 |
Employee benefit expenses
Employee benefit expenses | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of employee benefit expenses [Abstract] | |
Employee benefit expenses | Note 8 – Employee benefit expenses Employee benefit expenses (not including directors' remuneration) comprise: Year ended December 31, 2 0 2 3 2 0 2 2 2 0 2 1 2 0 2 3 NIS NIS NIS US Dollars Salary 42,126 33,888 33,263 11,615 Bonus 3,061 4,946 5,326 844 45,187 38,834 38,589 12,459 Key management personnel compensation Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Company, including the directors of the company and other senior officers. Key management personnel expenses comprise: Year ended December 31, 2 0 2 3 2 0 2 2 2 0 2 1 2 0 2 3 NIS NIS NIS US Dollars Salary and management fees 6,021 5,268 5,039 1,660 Bonus 2,661 4,569 4,840 734 Share based payment expense 536 321 - 89 Directors' remuneration 228 332 345 63 9,446 10,490 10,224 2,546 |
Finance income and expenses
Finance income and expenses | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of finance income and expenses [Abstract] | |
Finance income and expenses | Note 9 – Finance income and expenses Year ended December 31, 2 0 2 3 2 0 2 2 2 0 2 1 2 0 2 3 Finance income: NIS NIS NIS US Dollars Interest from Short-term bank deposits 4,644 2,845 408 1,281 Dividends 5,201 3,537 5,207 1,433 Changes in fair value of financial assets at fair values 3,567 - 17,545 984 Income from revaluation of a long-term financial asset 2,030 13,058 1,919 560 Foreign currency differences 676 3,580 - 186 Interest Income of debentures held for trading 4,207 2,637 3,757 1,160 Other interest 38 - 121 10 Total finance income 20,363 25,657 28,957 5,614 Year ended December 31, 2 0 2 3 2 0 2 2 2 0 2 1 2 0 2 3 Finance expenses: NIS NIS NIS US Dollars Bank fees 535 420 409 148 Portfolio management fees 204 181 950 56 Foreign currency differences - - 1,174 - Expenses from forward transaction - - 17,867 - Changes in fair value of financial assets at fair values - 16,043 - - Other 782 135 92 215 Total finance expenses 1,521 16,779 20,492 419 |
Tax on income
Tax on income | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Tax Expenses [Abstract] | |
Tax on income | Note 10 – Tax on income Tax balances presented in the statement of financial position: December 31, 2023 2022 2023 NIS NIS US Dollars Current tax assets 9,497 3,117 2,618 Deferred tax liabilities (4,868 ) (4,198 ) (1,342 ) January December December 1, 2023 Change 31, 2023 31, 2023 NIS NIS NIS US Dollars Deferred taxes arise from the following: Financial assets carried at fair value through profit or loss (5,135 ) (710 ) (5,845 ) (1,612 ) Leases - 19 19 5 Employees benefits 421 80 501 139 Allowance of credit loss 326 (9 ) 317 87 Carry forward tax losses 190 (50 ) 140 39 (4,198 ) (670 ) (4,868 ) (1,342 ) January December December 1, 2022 Change 31, 2022 31, 2022 NIS NIS NIS US Dollars Deferred taxes arise from the following: Financial assets carried at fair value through profit or loss (6,511 ) 1,376 (5,135 ) (1,459 ) Financial liabilities carried at fair value through profit or loss 3,210 (3,210 ) - - Employees benefits 599 (178 ) 421 120 Allowance of credit loss 316 10 326 93 Carry forward tax losses 369 (179 ) 190 53 (2,017 ) (2,181 ) (4,198 ) (1,193 ) Taxes on income recognized in profit or loss : Year ended December 31, 2 0 2 3 2 0 2 2 2 0 2 1 2 0 2 3 NIS NIS NIS US Dollars Current taxes: Current taxes 6,866 9,866 11,470 1,893 6,866 9,866 11,470 1,893 Deferred taxes 670 2,544 1,249 185 7,536 12,410 12,719 2,078 Reconciliation of the statutory tax rate to the effective tax rate : Year ended December 31, 2 0 2 3 2 0 2 2 2 0 2 1 2 0 2 3 NIS NIS NIS US Dollars Income before Income taxes 39,192 53,974 57,820 10,806 Statutory tax rate 23 % 23 % 23 % 23 % Tax computed by statutory tax rate 9,014 12,414 13,299 2,485 Tax increments (savings) due to: Non-deductible expenses 541 147 97 150 Profit or loss for tax for which deferred taxes were not provided - (13 ) 12 - Temporary differences (19 ) - - (5 ) Taxes for previous years (268 ) 358 - (74 ) Tax exempt Income (1,224 ) (844 ) (1,202 ) (338 ) Other (508 ) 348 513 (140 ) 7,536 12,410 12,719 2,078 The tax rate applicable to the Company for the years 2021 – 2023 is 23%. |
Earning per share
Earning per share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings per share: | |
Earning per share | Note 11 – Earning per share Year ended December 31, 2 0 2 3 2 0 2 2 2 0 2 1 2 0 2 3 NIS NIS NIS US Dollars Basic and diluted earnings per share : Earnings used in the calculation of basic and diluted earnings per share 31,656 41,564 45,101 8,728 Weighted average number of shares used in computing basic and diluted earnings per share 13,867,017 13,867,017 13,867,017 13,867,017 |
Cash and cash equivalents
Cash and cash equivalents | 12 Months Ended |
Dec. 31, 2023 | |
Cash and cash equivalents [abstract] | |
Cash and cash Equivalents | Note 12 – Cash and cash equivalents December 31, 2 0 2 3 2 0 2 2 2 0 2 3 NIS NIS US Dollars Short-term bank deposits 126,873 132,061 34,980 Cash in bank 10,593 18,546 2,921 137,466 150,607 37,901 |
Trade receivables, Net
Trade receivables, Net | 12 Months Ended |
Dec. 31, 2023 | |
Trade and other current receivables [abstract] | |
Trade receivables, Net | Note 13 – Trade receivables, Net Composition: December 31, 2 0 2 3 2 0 2 2 2 0 2 3 NIS NIS US Dollars Open accounts 147,744 151,255 40,735 Checks receivables 17,692 19,780 4,878 Credit cards 397 230 109 Less – estimated credit loss (1,378 ) (1,419 ) (380 ) Less – provision for return of goods (4,076 ) (4,008 ) (1,124 ) 160,379 165,838 44,218 The table below shows the open accounts balance as of December 31, 2023 and 2022 segmented by the due date. Open accounts - days past due Nis in thousands As of: Not past due <30 31-60 61-90 >90 Total December 31, 2023 145,978 1,540 120 78 30 147,746 December 31, 2022 149,430 1,212 523 65 25 151,255 Changes in the allowance of credit loss December 31, 2 0 2 3 2 0 2 2 2 0 2 3 NIS NIS US Dollars Balance at beginning of the year 1,419 1,374 391 Changes in allowance for doubtful debts (41 ) 45 (11 ) Balance at end of the year 1,378 1,419 380 |
Other receivables and prepaid e
Other receivables and prepaid expenses | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of other receivables and prepaid expenses [Abstract] | |
Other receivables and prepaid expenses | Note 14 – Other receivables and prepaid expenses December 31, 2 0 2 3 2 0 2 2 2 0 2 3 NIS NIS US Dollars Advances to suppliers 8,002 2,563 2,206 Prepaid expenses 381 363 105 Other income receivables - 195 - Others 1,781 1,835 491 10,164 4,956 2,802 |
Inventories, Net
Inventories, Net | 12 Months Ended |
Dec. 31, 2023 | |
Classes of current inventories [abstract] | |
Inventories, Net | Note 15 – Inventories, Net December 31, 2 0 2 3 2 0 2 2 2 0 2 3 NIS NIS US Dollars Finished products 54,193 55,796 14,941 Inventory in transit 11,782 17,018 3,249 Less – Provision of slow-moving inventory (3,500 ) (885 ) (965 ) 62,475 71,929 17,225 The Company records a provision for slow moving inventory in respect of inventory items estimated by management not to be realized due to expiration date. The slow-moving inventory is based on the historic realization rate of the respective item as well as on management's estimate with respect to its future realization rate . |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Property, plant and equipment | Note 16 – Property, plant and equipment Land and Building New logistics Center Machinery and equipment Motor Vehicles Computers and equipment Office Furniture Total Consolidated Cost: Balance -January 1, 2022 (*) 56,924 (*) 541 9,177 11,457 7,182 1,964 87,245 Changes during 2022: Additions (*) 2,100 7,344 1,928 1,192 624 162 13,350 Dispositions - (*) - - (1,379 ) - - (1,379 ) Balance – December 31, 2022 (*) 59,024 (*) 7,885 11,105 11,270 7,806 2,126 99,216 Changes during 2023: Additions 414 18,941 1,968 332 1,692 199 23,546 Dispositions - - - (540 ) - - (540 ) Balance – December 31, 2023 59,438 26,826 13,073 11,062 9,498 2,325 122,222 Accumulated depreciation: Balance – January 1, 2022 26,372 - 5,522 10,099 5,327 1,111 48,431 Changes during 2022: Additions 2,151 - 482 1,031 659 29 4,352 Dispositions - - - (1,250 ) - - (1,250 ) Balance – December 31, 2022 28,523 - 6,004 9,880 5,986 1,140 51,533 Changes during 2023: Additions 2,336 - 476 915 778 41 4,546 Dispositions - - - (443 ) - - (443 ) Balance – December 31, 2023 30,859 - 6,480 10,352 6,764 1,181 55,636 Net book value: December 31, 2023 28,579 26,826 6,593 710 2,734 1,144 66,586 December 31, 2022 (*) 30,501 (*) 7,885 5,101 1,390 1,820 986 47,683 Net book value (US Dollars in thousands): December 31, 2023 7,880 7,396 1,789 215 754 325 18,359 December 31, 2022 (*) 8,409 (*) 2,174 1,406 383 502 272 13,546 Property, plant and equipment under construction (*) Reclassified (**) Under construction |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Presentation of leases for lessee [abstract] | |
Leases | Note 17 – Leases All leases are accounted for by recognizing a right-of-use asset and a lease liability except for leases for low value assets and leases with a duration of 12 months or less. Lease liabilities are measured at the present value of the contractual payments due to the lessor over the lease term, with the discount rate of borrowing rate on commencement of the lease is used. Right to use assets are initially measured at the amount of the lease liability. Subsequent to initial measurement lease liabilities increase as a result of interest charged at a constant rate on the balance outstanding and are reduced for lease payments made. Right-to-use assets are amortized on a straight-line basis over the shorter period of the remaining term of the lease or over the remaining economic life of the asset. Nature of leasing activities The Company enters into agreements for the lease of trucks and private vehicles for periods of 5 and 3 years respectively. The Company's lease payment liability is secured by the lessor’s legal ownership of the assets. Right of use assets, net December 31, 2 0 2 3 2 0 2 2 2 0 2 3 NIS NIS US Dollars Cost: Opening balance 6,612 7,333 1,823 Dispositions (2,408 ) (2,180 ) (664 ) Additions 1,137 1,459 314 Closing balance 5,341 6,612 1,473 Accumulated depreciation: Opening balance 3,221 3,245 888 Dispositions (2,408 ) (2,180 ) (664 ) Depreciation 2,404 2,156 663 Closing balance 3,217 3,221 887 Net book value 2,124 3,391 586 Leases liabilities December 31, 2 0 2 3 2 0 2 2 2 0 2 3 NIS NIS US Dollars Opening balance 3,478 4,198 959 Additions 1,137 1,460 313 Payments (2,408 ) (2,180 ) (664 ) Closing balance 2,207 3,478 608 Amounts recognized in Statement of income For the year ended December 31 2 0 2 3 2 0 2 2 2 0 2 3 NIS NIS US Dollars Depreciation expense on right-to-use assets 2,404 2,156 663 Interest expense on lease liabilities 75 126 21 Cancellation of rental expenses (2,483 ) (2,306 ) (685 ) (4 ) (24 ) (1 ) |
Subsidiaries
Subsidiaries | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of subsidiaries [abstract] | |
Subsidiaries | Note 18 – Subsidiaries The principal subsidiaries of G. Willi-Food International Ltd, all of which have been included in these consolidated financial statements, are as follows: Subsidiary Country of incorporation and principal place of business Proportion of ownership interest December 31, 2 0 2 3 2 0 2 2 Euro European Dairies (Goldfrost) Ltd. Israel 100 % 100 % W.F.D. (Import, Marketing and Trading) Ltd. Israel 100 % 100 % W. Capital Ltd. Israel 100 % 100 % |
Trade payables
Trade payables | 12 Months Ended |
Dec. 31, 2023 | |
Trade and other current payables [abstract] | |
Trade payables | Note 19 – Trade payables December 31, 2 0 2 3 2 0 2 2 2 0 2 3 NIS NIS US Dollars Open accounts 21,339 24,735 5,883 Checks payables 283 107 78 21,622 24,842 5,961 |
Employee benefit liabilities
Employee benefit liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Employee Benefit Liabilities [Abstract] | |
Employee benefit liabilities | Note 20 – Employee benefit liabilities Liabilities for employee benefits comprise: December 31, 2 0 2 3 2 0 2 2 2 0 2 3 NIS NIS US Dollars Employee benefit 3,068 2,804 846 Accrual for annual leave 1,125 952 310 Defined benefit schemes (note 23) 1,055 878 291 5,248 4,634 1,447 Estimates and assumptions The costs, assets and liabilities of the defined benefit schemes operating by the Company are determined using methods relying on actuarial estimates and assumptions. Details of the key assumptions are set out in note 24. The Company takes advice from independent actuaries relating to the appropriateness of the assumptions. Changes in the assumptions used may have a significant effect on the consolidated statement of comprehensive income and the consolidated statement of financial position. |
Other payables and accrued expe
Other payables and accrued expenses | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of Other payables and accrued expenses [Abstract] | |
Other payables and accrued expenses | Note 21 – Other payables and accrued expenses December 31, 2 0 2 3 2 0 2 2 2 0 2 3 NIS NIS US Dollars Accrued expenses 6,380 8,812 1,759 Customer advances 2,367 1,702 653 Other payables 2,107 1,322 581 10,854 11,836 2,993 |
Share capital
Share capital | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of classes of share capital [abstract] | |
Share capital | Note 22 – Share capital Composition December 31 2 0 2 3 2 0 2 2 Ordinary shares of NIS 0.1 each 50,000,000 50,000,000 Issued and outstanding 13,867,017 13,867,017 |
Defined benefit scheme
Defined benefit scheme | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of defined benefit plans [abstract] | |
Defined benefit scheme | Note 23 – Defined benefit scheme Defined benefit plans – General According to labor laws and the Severance Pay Law in Israel, the Company is required to pay compensation to an employee upon dismissal or retirement (including employees who quit their job under other specific circumstances). The computation of the employee benefit liability is made according to the current employment contract based on the employee's latest salary which, in the opinion of management, establishes the entitlement to receive the compensation and considering the employment term. The current legal retirement age is 64 for women, 65 for women was born after January 1960 and 67 for men. Therefore, according to the plan, an employee who has been employed by the Company for at least one consecutive year (and under circumstances defined by law) and is dismissed after this period, is entitled to severance pay. The rate of compensation stipulated in the Law is the employee's last salary for each year of employment. As part of the plan, the Company and its subsidiaries are obligated to deposit amounts, at a rate to be determined by law, in order to secure the accrual of severance pay. As stipulated in the Extension Order (Consolidated Version) of compulsory pension under the laws in Israel (hereinafter: "the Extension Order"). In the reporting year, the Company's rate of provisions for severance pay is 6.5%, to be deposited in a pension fund / insurance fund. The actuary is not employed by the Company and is not dependent thereon. The present value of the defined benefit obligation and the relating costs of current and past services is calculated as the present value (without deducting the plan’s assets) of the future payments expected to settle the liability, in consideration for the current and past services rendered by the employee. The plan detailed above exposes the Company to the following risks: "investment risk", i.e., the risk that the program assets will bear a negative yield and thus reduce the plan's assets in a way that does not suffice to cover the obligation. i.e., risk of actuarial assumptions regarding the expected increase in wages will be underestimated Compared with the actual wage increases, thereby exposing the Company to the risk that the obligation will increase accordingly. The current value of the Company's post-employment benefits obligation is based on an actuarial estimation. The actuarial estimation was performed by external actuary, member of Israel Association of Actuaries. The principal assumptions used for the purposes of the actuarial valuations were as follows: Valuation at 2 0 2 3 2 0 2 2 % % Discount rate 5.42 5.22 Expected return on the plan assets 5.42 5.22 Rate of increase in compensation 5 4 Expected rate of termination: 0-1 years 35 35 1-2 years 30 30 2-3 years 25 25 3-4 years 15 15 4-5 years 15 15 5 years and more 7.5 7.5 The assumptions regarding future mortality rates are based on mortality tables published and approved by the Ministry of Finance. The mortality rate of an active participant at retirement age (67 for men, 64 for women) is 0.6433% for men and 0.3574% for women. The provisions of Standard 19 stipulate that interest used to capitalize assets and liabilities should reflect risk free interest that is interest on highly rated corporate bonds with similar maturity periods and terms. Until November 2014, absent quality data and information about bonds of this type, what was utilized was the interest on long-term index linked government bonds (index linked Galil)/or long-term shackle government bonds (NIS Dawn - “Shachar”). Following a decision by the Securities Authority, according to which there is a deep market for corporate bonds, and according to the publication of Accounting Staff Position number 12-1, as of this report, the capitalization interest is that of high-quality corporate bonds. Use of a quality curve as stated above, is published by quoting companies which specialize in this field. The nominal interest rate for the capitalization appropriate for corporate bonds with high rankings as aforesaid, as of December 31, 2023, is 5.42% per year. Changes in the present value of the defined benefit obligation in the current period were as follows: December 31, 2 0 2 3 2 0 2 2 2 0 2 3 NIS NIS US Dollars Opening defined benefit obligation 5,481 6,441 1,511 Current service cost 474 467 131 Interest cost 269 129 74 Actuarial losses/(gains) arising from changes in financial assumptions 194 (1,201 ) 53 Actuarial losses arising from experience adjustments 24 20 7 Benefits paid (498 ) (375 ) (137 ) Closing defined benefit obligation 5,944 5,481 1,639 Changes in the fair value of the defined benefit assets in the current period were as follows: December 31, 2 0 2 3 2 0 2 2 2 0 2 3 NIS NIS US Dollars Opening defined benefit assets 4,653 4,826 1,283 Employer contribution 328 355 90 Expected return on the plan assets 233 95 64 Changes in financial assumptions 172 (367 ) 47 Interest losses on severance payment allocated to remuneration benefits (39 ) 6 (11 ) Benefits paid (410 ) (262 ) (113 ) Closing defined benefit assets 4,937 4,653 1,360 Adaption of the current value of defined benefit plan liability and the fair value of the plan's assets to the assets and liabilities recognized in the Balance Sheets: December 31, 2 0 2 3 2 0 2 2 2 0 2 3 NIS NIS US Dollars Present value of funded liability 5,944 5,481 1,639 Fair value of unrecognized asset 48 50 13 Fair value of plan assets - accumulated deposit in executive insurance (4,937 ) (4,653 ) (1,361 ) Net liability deriving from defined benefit obligation 1,055 878 291 Sensitivity analyzes principal actuarial assumptions: The sensitivity analyzes below have been determined based on reasonably possible changes in actuarial assumptions at the end of the reporting period. Sensitivity analysis does not account for any existing inter dependence between assumptions: If the discount rate were increased / decreased by 0.5%, the defined benefit obligation would have decreased / increased by NIS 216 thousand (USD 58 thousand ). If the rate hikes expected salaries would have increased / decreased by 0.5%, the defined benefit obligation would have increased / decreased by NIS 115 thousand (USD 32 thousand ). If the resignation rate would have increased / decreased by 10%, the defined benefit obligation would have increased / decreased by NIS 120 thousand (USD 33 thousand ). Short term employee benefits: Paid Annual Leave In accordance with the Annual Leave Law, 1951, Company employees are entitled to several leave days per each working year. According to the above law (and addendums determined in personal contracts between the Company and several employees), the leave days due to an employee during the year is established based on the number of years of employment of that employee. The employee may use leave days based on the employee's needs and with the Company's consent and to accumulate the remaining unused leave days based on the employee's personal employment contract. An employee who ceases employment before using the balance of leave days is entitled to payment for the above balance of leave days. The balance of the Company's vacation provision is in accordance with the leave entitlement of each individual employee, according to his individual agreement with the company to which the employee belongs and in accordance with the employee's salary. The balance of the Company's vacation provision for December 31, 2023, as NIS 922 thousand (NIS 795 thousand , as of December 31, 2022). Paid Sick Leave In accordance with the Sick Pay Law, 1976, the Company's employees are entitled to 18 sick days per year (1.5 sick days per month). Sick days may be used only with a medical confirmation of an employee's illness. Employee who ceases employment before using the sick days due to the employee is not entitled to payment for the above balance of sick days and, therefore, such provision is not recorded in the Company's books. |
Share based payment
Share based payment | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
Share based payment | Note 24 – Share based payment On July 2022, the Company granted to its employees 164,000 non-marketable options exercisable to up to 164,000 ordinary shares of the Company, which at the date of this report constitute approximately 1.18% of the Company's capital and voting rights before the grant and approximately 1.17% after the grant The fair value of all the options at the time of grant was approximately NIS 3 million. The fair value of the options was measured using the Black & Scholes model, using the following average indices: standard deviation in the range of approximately 39% to 44%, and the life of the option: 3 years for the first tranche, 4 years for the second tranche and 5 years for the 3rd tranche The standard deviation was calculated based on the historical daily standard deviation of the company's stock traded on the Tel Aviv Stock Exchange. The options will be exercisable in three equal annual rates starting on July 2023. An employee who was entitled to exercise the options will be able to exercise them in an additional period of 24 months since he first had the right to exercise the same number of options. Options that are not exercised by that date will expire. In the event of termination, the employee will be entitled to exercise the options whose exercise date has arrived during a period of 60 days from the date of termination. The other options will expire. 24.1 - Nature and scope of share-based payment plans during the period During the period that ended on December 31, 2022, the Company has two share-based payment plans, as described below: Stock options for senior management Stock options for other employees Total options Outstanding period July 2022 July 2022 July 2022 Granted during the year 75,000 89,000 164,000 Estimated lifespan 2-5 years 2-5 years 2-5 years Vesting conditions See note 24 above See note 24 above See note 24 above 24.2 - Details regarding the stock option plans 2023 2022 2023 Number Weighted average Exercise price (NIS) Number Weighted average Exercise price (NIS) Weighted average Exercise price (US Dollars) Opening balance 164,000 52.76 - - 14.55 Granted during the year - - 164,000 52.76 - Expired during the year (22,500 ) 49.88 - - 13.55 Closing balance 141,500 49.88 164,000 52.76 13.55 24.3 - Effect of share-based payment transactions on profit or loss for the period Year ended December 31, 2 0 2 3 2 0 2 2 2 0 2 3 NIS NIS US Dollars Expense arising from plans to grant shares and stock options 1,039 790 286 |
Contingent liabilities and comm
Contingent liabilities and commitments | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of contingent liabilities [abstract] | |
Contingent liabilities and commitments | Note 25 – Contingent liabilities and commitments - The Company has an obligation to pay incentives to several customers that are not subject to the Food Law, 5744-2014, which came into effect on January 15, 2015. Some of those incentives are payable as a rate of total annual sales to those customers, and some of those incentives are payable as a rate of acquisitions in excess of an agreed upon annual volume of activities. The incentives are calculated specifically for each customer. - On June 4, 2020, the General Meeting of the Shareholders of the Company update the terms of the management agreements of each of Zwi Williger and Yosef Williger in their position as chairman of the Board of Directors joint active ("the joint heads"). - On March 14, 2023, a General Meeting of the Shareholders of the Company approved a new management services agreements pursuant to which Messrs. Yosef Williger and Zwi Williger are to serve as CEO of the company and chairmen of the Board of Directors, respectively. The Company's shareholders also approved new terms of service for each of Mr. Zwi Williger and Mr. Joseph Williger, commencing as of January 1, 2023. - On April 1, 1997, the parent Company, Willi-Food Investments Ltd., and the Company entered into an agreement for the provision of management, administration, bookkeeping, secretarial and controllership services. Pursuant to the said agreement, the parent company shall pay the Company a monthly amount for the said services and for external services that are provided at the same time to the parent Company and to the subsidiary by the same third party, such as legal services, auditing services, etc., but excluding unique and specific services that are provided to the parent Company or to the company, a monthly payment of NIS 10,000 plus VAT. - on November 4, 2018 the Company filed a NIS 4,183,208 lawsuit against the Company’s former controlling shareholder – Mr. Gregory Gurtovoy and against five (former) Company directors and senior office holder - Israel Joseph Schneerson, Pavel Buber, Iram Ephraim Graiver. Ilan Menachem Admon and Zalman Vigler (hereafter jointly: the “Defendants”). According to the Company, the Defendants conspired to cause the use of millions of NIS of the Company funds as collaterals to loans extended to foreign private companies related to the Company’s controlling shareholders on dates which are relevant to the lawsuit without obtaining the required approvals from the Company’s directors and without issuing the required report to Company’s shareholders. The lawsuit is based on the claim that an agreement signed by the Company, whereunder it has allegedly invested in the bonds of a Czech company, is not a genuine agreement; rather, it is claimed, the purpose of the agreement was to assist the then controlling shareholders (Gregory Gurtovoy and others) to secure private loans extended by the Austrian bank Meinl, while using the company's funds for their concealed and inappropriate purposes. The Company demands that the Defendants compensate it for the funds that were not refunded to the Company (in NIS values) plus a compensation at the rate of the alternative yield and a compensation equal to the amounts paid by the Company to enable the refund of the funds. On January 24, 2019, the Defendants filed statements of defense, various motions (to dismiss in limine and/or delay the proceedings) and a counterclaim against Willi-food and against the Company as part of this proceeding. On December 25, 2019, the Court issued a resolution which approves an application to give a Court ruling status to a compromise agreement signed between G. Willi-Food and Mr. Ilan Admon; according to the said compromise agreement, the mutual claims lodged on behalf of the parties in this filed were rejected without issuing an order for court costs. On April 10, 2022, a judgment was issued confirming the agreements between G. Willi-food and Mr. Pavel Buber and according to which the mutual claims filed on behalf of the parties in the case were rejected. The proceedings relating to the other defendants shall continue as planned. - On July 23, 2017, Mr. Iram Graiver, former CEO of the Company and Willi-Food (hereinafter - “Mr. Graiver”) filed a lawsuit to the Regional Labor Court in Tel Aviv Jaffa (hereinafter - “the Labor Court”) claiming payment of social rights and different compensations at the total amount of NIS 2,377,305. On November 26, 2017, the Company filed a statement of defense. On July 27, 2017, the Company filed a lawsuit to the Labor Court against Mr. Graiver, demanding that he repays funds that he has taken unlawfully from the Company, amounting to NIS 1,694,325. According to the Company, throughout his term of employment as an office holder in the Company, the defendant has unlawfully taken from the Company salary, bonus in respect of 2016 and reimbursement of expenses. According to the Company, Mr. Graiver has done so while breaching his fiduciary duty and his duty of care towards the Company as well as the cogent provisions of the Companies Law, 5759-1999, whereby it is mandatory that payments of the type taken from the Company by Mr. Graiver are approved by the General Meeting of the Company’s shareholders; according to the Company, Mr. Graiver has not obtained such an approval. On November 2, 2017, a resolution was issued to join the hearings pertaining to the two proceedings described above. On November 26 2017 statements of defense were filed by the Company and Mr. Graiver and on March 7 2018 a preliminary hearing was held. The parties are in the process of document discovery and review. Proof hearing was held on January 15 2020. Second Proof hearing was held on June 7 2020.Third Proof hearing (and last) held on October 31 2021. On March 17, 2022, summaries were submitted on behalf of Mr. Graver, on July 7, 2022, summaries were submitted on behalf of the company. On August 14, 2022, response summaries were submitted on behalf of Mr. Graver. A judgment was given on November 27, 2022 and it was ruled that the company must pay an immaterial amount to Mr. Graver. Both, the company and Mr. Graver submitted requests to appeal the verdict and the company also filed a request for a temporary stay order against the payment of the stipulated amount received on December 29, 2022. A hearing was held before the National Labor Court on September 11, 2023. No judgment has yet been given. In light of the above, the company's management estimates that the registration, in the financial statements and in the notes to the financial statements regarding the procedure, is satisfactory. - On June 24, 2020, a lawsuit and request for approval as a representative was submitted to the Central District Court against the company, Euro Dairy Europe Ltd. and another respondent. According to the applicant, the company marketed a number of products with misleading labeling and contrary to the provisions of the law and the relevant standards. The Company reply to the request on January 22, 2024. Response summaries have been submitted, awaiting a decision on the approval request. At this stage, the Company and its legal advisors cannot assess the chances of the lawsuit. - A lawsuit and a motion to approve it as class action was filed on September 8, 2020, against Euro European Dairies to the Haifa district court. The applicant claimed that Euro European Dairies violated its obligations to import and market Gaude cheese in the quantities and prices it undertook as part of duty-free tenders. The applicant claims that he and the members of the group suffered damages in the amount of NIS 57 million. A mediation meeting was held on February 26, 2023. The parties reached an understanding without relinquishing or waving their respective claims. On July 24, 2023, a request was submitted to approve the settlement agreement reached by the parties. In accordance with the settlement agreement approved by the court on September 28, 2023, Euro Dairies of Europe undertook to provide an additional amount of 107 additional tons at controlled prices, to pay NIS 300,000 for the requesting and compensation to the lawyer in the amount of NIS 300,000, as well as to pay NIS 200,000 to the fund for class actions (according to S. 27A of the Law on Class Actions). The company included the contingent liability in its financial statements. - A lawsuit and a motion to approve it as class action was filed on August 2, 2021, against G. Willi-Food and another 5 respondents to the District Court. The applicant claimed that the Company marketed several products with misleading captions and contrary to the provisions of the law and the relevant regulations. The applicant claims that he and the members of the group suffered financial damages in amount of NIS 100 million and Non-financial damages in amount of NIS 378 million. A pre-trial hearing that was scheduled for January 22, 2024, cancelled and has not yet been rescheduled. At this early stage, the Company and/or its legal advisors are unable to assess the chances of the lawsuit. - A lawsuit and a motion to approve it as class action was filed on November 8, 2021, against the Company to the District Court. The applicant claimed that the Company marketed a product with misleading captions and contrary to the provisions of the law and the relevant regulations. The applicant claims that he and the members of the group suffered damages in amount of NIS 57 million. A response was submitted on February 9, 2022. On November 14, 2022, a pre-trial hearing was held, at the end of which it was decided that the parties must reach agreements by December 15, 2022. On January 24, 2023, an agreed notification was submitted according to which the parties were unable to reach an agreement. On September 14, 2023 another pre-trial hearing was held. Summaries on behalf of the applicant were submitted on December 27, 2023. Response summaries have been submitted, awaiting a decision on the approval request. At this preliminary stage, it is difficult to assess the chances of the application and the lawsuit. - On May 25, 2022, a request for a lawsuit and a request for approval as a representative was submitted to the Central District Court against the company. According to the applicant, the company marketed a product with a misleading label and contrary to the provisions of the law and the relevant standards. The applicant claims that he and the other members of the group suffered monetary and non-monetary damage in the amount of NIS 2.5 million. A request for outright dismissal was submitted. A hearing for the request was held on March 12, 2023. The court recommended to the parties an outline of a compensated withdrawal. On March 19, 2023, the parties announced their agreement to withdraw. - On February 20, 2023, the Euro European Dairies (the Company) received, from the Ashdod Customs House, a notice of a charge for a deficit of NIS 1.75 million, which includes interest and fine. In the letter of demand, it is claimed that the company imported soft cheeses in a salt water solution and paid duty only for the weight of the cheese without the weight of the salt water solution. According to the customs house, customs must also be paid for the salt water solution. After the customs house rejected the appeal that the company filed on the debit notices, The company paid the debt in the debit notices and submitted a lawsuit to the Magistrate's Court in Petah Tikva to cancel the notices and to recover the amounts paid by it plus interest and linkage. |
Events during and after the rep
Events during and after the reporting period | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Events during and after the reporting period | Note 26 – Events during and after the reporting period - On May 17, 2021, the Company announced that its Board of Directors had approved the appointment of Mr. Erez Winner as the Company’s active CEO. - On January 17, 2023, Mr. Erez Winner finished his position as the company CEO, but continues to provide management services to the company in the field of business development, building and manufacture. - On January 17, 2023, Mr. Yosef Williger was appointed as the company active CEO. - On September 16, 2021, the Company’s Board of Directors announced a dividend distribution in the amount of NIS 60 million (NIS 4.33 per share). - On March 15, 2022, the Company's Board of Directors announced a dividend distribution in the amount of NIS 20 million (a total of NIS 1.44 per share). - On August 31, 2022, the Company's Board of Directors announced a dividend distribution in the amount of NIS 20 million (a total of NIS 1.44 per share). - On November 24, 2022, the Company's Board of Directors announced a dividend distribution in the amount of NIS 15 million (a total of NIS 1.08 per share). - On March 24, 2023, the Company's Board of Directors announced a dividend distribution in the amount of NIS 30 million (a total of NIS 2.16 per share). - On August 30, 2023, the Company's Board of Directors announced a dividend distribution in the amount of NIS 10 million (a total of NIS 0.72 per share). - On April 25, 2022, investigators from the Competition Authority searched the Company's offices and took documents and computer equipment. In addition, the chairman of the Company's board of directors, Mr. Zvi Williger, was questioned at the Competition Authority's offices. In the search warrant issued to the Company, it was stated that the search was based on suspicion of a binding arrangement. - On February 14, 2024, the Company received a notification letter from the Competition Authority, according to which the authority is considering filing an indictment against the Company, subject to a hearing, on the grounds of the suspicions listed in the "Letter of Suspicions". In addition, A similar message was further delivered to the chairman of the board of directors of the Company, Mr. Zvi Williger, one of the controlling owners of the Company. The Company is currently reviewing the claims and will address them at the hearing which is yet to be scheduled. - During October 2023, the Israeli government declared a state of war due to the terror attack that was launched on the State of Israel on that day, and which still continues. At the same time, the Hezbollah organization has since been carrying out missile and rocket attacks on various areas in Israel’s northern regions, targeting both military and civilian locations ("the war"). The war has led to various consequences and restrictions on the Israeli economy, including, among other things, an extensive mobilization of reserves, the evacuation of many settlements, both in the area bordering the Gaza strip and near the northern border, as well as taking actions for maintaining public safety and security, such as, among other things, imposing restrictions on gatherings, depending on the proximity thereof to the combat zones, including at workplaces and in the education system. Taking such actions caused a decline and a slowdown in the activity of the Israeli economy. In addition, the ongoing operation of many companies has suffered by the reduction in workforce availability, including due to the departure of foreign workers, extensive recruitment of reserves and absence from work due to the restrictions on the activity of the education system. In addition, on February 9, 2024, the rating Company S&P lowered the credit rating forecast of the State of Israel from stable to negative and the international rating agency Moody's announced the lowering of the credit rating of the State of Israel to level A2 (from the level of A1) with a "negative forecast", and further lowered the credit rating of the five largest banks in Israel by one grade (to A3). The Company's activity is concentrated, among other things, in the supply of basic food products, the sale of which has not been significantly affected by the warfare and has even increased during the period following the outbreak of the war mainly by orders for products with a long shelf life. Due to repeated attacks by the Houthi forces on marine going vessels in the Red Sea, many shipping companies decided to stop sailing in the Red Sea, which is a major and significant sea trade route between the Far East and Israel, and to change the sailing routes to the bypass of Africa, or alternatively, to suspend or stop their arrival in Israel at all. As a result, the transport time from the Far East was extended by approximately 3-4 weeks, resulting in an increase in the costs of marine transportation and delays in receiving goods. About 35% of the Company's products are imported from the Far East. In the Company's estimation, a substantial increase in the cost of marine transportation could have a negative impact on the Company's results. To the Company’s estimation, in practice, from the start of the war until December 31, 2023, the war had no material effect on the Company’s financial situation and on the results of the Company's activities. Also, the Company had succeeded to maintain operational and functional continuity, including maintaining an effective staff volume and effective ongoing operations with its customers and suppliers. As of the date of the report, the war still goes on and there is uncertainty as to its duration, further development and scope. Given the above, the Company is unable to assess the scope of the war's impact on its business and financial results in the upcoming quarters. As long as the war continues, the arrival of goods shall be delayed due to the circumstances in the Red Sea and the economic situation in the Israeli economy will deteriorate. This may have a negative impact on the Company's financial results, which the Company is currently unable to estimate. |
Accounting policies
Accounting policies | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of accounting policies [Abstract] | |
Accounting policies | Note 27 – Accounting policies Revenue Performance obligations and timing of revenue recognition: The majority of the Company's revenue is derived from selling goods in the Israeli market with revenue recognized at a point in time when control of the goods has transferred to the customer. This is generally when the goods are delivered to the customer. However, for export sales, control might also be transferred when delivered either to the port of departure or port of arrival, depending on the specific terms of the contract with a customer. There is limited judgement needed in identifying the point control passes: once physical delivery of the products to the agreed location has occurred, the group no longer has physical possession, usually will have a present right to payment (as a single payment on delivery) and retains none of the significant risks and rewards of the goods in question. Determining the transaction price : Most of the Company's Historical experience enables the Company to estimate reliably the value of good that will be returned and restrict the amount of revenue that is recognized such that it is highly probable that there will not be a reversal of previously recognized revenue when goods are return. Allocating amounts to performance obligations: For most contracts, there is a fixed unit price for each product sold, with reductions given for bulk orders placed at a specific time. Therefore, there is no judgement involved in allocating the contract price to each unit ordered in such contracts (it is the total contract price divided by the number of units ordered). Where a customer orders more than one product line, the Company is able to determine the split of the total contract price between each product line by reference to each product’s standalone selling prices (all product lines are capable of being, and are, sold separately). Inventories Inventories are initially recognized at cost, and subsequently at the lower of cost and net realizable value. Cost comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. Weighted average cost is used to determine the cost of the inventories. The Company continuously reviews its inventory levels to identify slow-moving merchandise and markdowns necessary to clear slow-moving merchandise, which reduces the cost of inventories to its estimated net realizable value. Consideration is given to a number of quantitative and qualitative factors, including current pricing levels and the anticipated need for subsequent markdowns, aging of inventories, historical sales trends, and the impact of market trends and economic conditions. Estimates of markdown requirements may differ from actual results due to changes in quantity, quality and mix of products in inventory, as well as changes in consumer preferences, market and economic conditions. The Company’s historical estimates of these costs and its markdown provisions have not differed materially from actual results. Basis of consolidation Where the Company has control over an investee, it is classified as a subsidiary. The Company controls an investee if all three of the following elements are present: power over the investee, exposure to variable returns from the investee, and the ability of the investor to use its power to affect those variable returns. Control is reassessed whenever facts and circumstances indicate that there may be a change in any of these elements of control. The consolidated financial statements present the results of the Company and its subsidiaries as if they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. Cash and Cash equivalents Cash and cash equivalents include demand deposits and term deposits in banks that are not restricted as to usage, with an original period to maturity of not more than three months. Deposits that are restricted as to usage are classified as pledged deposits. Deposits with an original period to maturity exceeding three months, which as of the statement of financial position do not exceed one year, are classified as short-term investments Leases The majority of the Company's accounting policies for leases are set out in note 19. Identifying leases The Company accounts for a contract as a lease when it conveys the right to use an asset for a period of time in exchange for consideration. Leases are those contracts that satisfy the following criteria: - There is an identified asset; - The Company obtains substantially all the economic benefits from use of the asset; and - The company has the right to direct use of the asset The Company considers whether the lessor has substantive substitution rights. If the supplier does have those rights, the contract is not identified as giving rise to a lease. In determining whether the Company obtains substantially all the economic benefits from use of the asset, the Company considers only the economic benefits that arise from the use of the asset, not those incidental to legal ownership or other potential benefits. In determining whether the Company has the right to direct use of the asset, the Company considers whether it directs how and for what purpose the asset is used throughout the period of use. If there are no significant decisions to be made because they are pre-determined due to the nature of the asset, the Company considers whether it was involved in the design of the asset in a way that predetermines how and for what purpose the asset will be used throughout the period of use. If the contract or portion of a contract does not satisfy these criteria, the Company applies other applicable IFRSs rather than IFRS 16. Property, plant and equipment Property, plant and equipment are tangible items, which are held for use in the manufacture or supply of goods or services, or leased to others, which are predicted to be used for more than one period. The Company presents its property, plant and equipment items according to the cost model. Under the cost method - a property, plant and equipment are presented at the balance sheet at cost (net of any investment grants), less any accumulated depreciation and any accumulated impairment losses. The cost includes the cost of the assets acquisition as well as costs that can be directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is calculated using the straight-line method at rates considered adequate to depreciate the assets over their estimated useful lives. Amortization of leasehold improvements is computed over the shorter of the term of the lease, including any extension period, where the Company intends to exercise such option, or their useful life. Useful life (Years) % Building 50 2 Construction 25 4 Motor vehicles 5 15-20 (Mainly 20%) Office furniture and equipment 6 6-15 (Mainly 15%) Computers 3 20-33 (Mainly 33%) Machinery and equipment 10 10 The gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in the Income statement. Provisions Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, it carrying amount is the present value of those cash flows. When some or all of the economic benefits to settle a provision are expected to be recovered from a third party, the receivable is recognized as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably. Share-based payments Where equity settled share options are awarded to employees, the fair value of the options at the date of grant is charged to the consolidated statement of comprehensive income over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognized over the vesting period is based on the number of options that eventually vest. Non-vesting conditions and market vesting conditions are factored into the fair value of the options granted. As long as all other vesting conditions are satisfied, a charge is made irrespective of whether the market vesting conditions are satisfied. The cumulative expense is not adjusted for failure to achieve a market vesting condition or where a non-vesting condition is not satisfied. Deferred taxes Deferred tax assets and liabilities are recognized where the carrying amount of an asset or liability in the consolidated statement of financial position differs from its tax base . Recognition of deferred tax assets is restricted to those instances where it is probable that taxable profit will be available against which the difference can be utilized. The amount of the asset or liability is determined using tax rates that have been enacted or substantively enacted by the reporting date and are expected to apply when the deferred tax liabilities/(assets) are settled/(recovered). Defined benefit schemes Defined benefit scheme surpluses and deficits are measured at: - The fair value of plan assets at the reporting date; less - Plan liabilities calculated using the projected unit credit method discounted to its present value using yields available on high quality corporate bonds that have maturity dates approximating to the terms of the liabilities and are denominated in the same currency as the post-employment benefit obligations; less - The effect of minimum funding requirements agreed with scheme trustees. Remeasurements of the net defined obligation are recognized directly within equity. The remeasurements include: - Actuarial gains and losses. - Return on plan assets (interest exclusive). - Any asset ceiling effects. Service costs are recognized in profit or loss, and include current and past service costs as well as gains and losses on curtailments. Net interest expense (income) is recognized in profit or loss, and is calculated by applying the discount rate used to measure the defined benefit obligation (asset) at the beginning of the annual period to the balance of the net defined benefit obligation (asset), considering the effects of contributions and benefit payments during the period. Gains or losses arising from changes to scheme benefits or scheme curtailment are recognized immediately in profit or loss. Settlements of defined benefit schemes are recognized in the period in which the settlement occurs. Share capital Financial instruments issued by the Company are classified as equity only to the extent that they do not meet the definition of a financial liability or financial asset. The Company's ordinary shares are classified as equity instruments. Where it is not possible to estimate the recoverable amount of an individual asset, the impairment test is carried out on the smallest group of assets to which it belongs for which there are separately identifiable cash flows; its cash generating units ('CGUs'). Goodwill is allocated on initial recognition to each of the Company's CGUs that are expected to benefit from a business combination that gives rise to the goodwill. Impairment charges are included in profit or loss, except to the extent they reverse gains previously recognized in other comprehensive income. An impairment loss recognized for goodwill is not reversed. Financial assets and liabilities The Company classifies its financial assets and liabilities into one of the categories discussed below, the Company's accounting policy for each category is as follows: - Fair value through profit or loss Financial assets and liabilities at fair value through profit or loss are measured at fair value at the end of each reporting period They are carried in the statement of financial position at fair value with changes in fair value recognized in the consolidated statement of income in the finance income or expense line. Amortized cost The Company's financial assets (liabilities) measured at amortized cost comprise trade and other receivables, loans to others, cash and cash equivalents and trade payables in the consolidated statement of financial position. Impairment provisions for trade receivables are recognized based on the simplified approach within IFRS 9 using a provision matrix in the determination of the lifetime expected credit losses. During this process the probability of the non-payment of the trade receivables is assessed. This probability is then multiplied by the amount of the expected loss arising from default to determine the lifetime expected credit loss for the trade receivables. |
Accounting policies (Policies)
Accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of accounting policies [Abstract] | |
Revenue | Revenue Performance obligations and timing of revenue recognition: The majority of the Company's revenue is derived from selling goods in the Israeli market with revenue recognized at a point in time when control of the goods has transferred to the customer. This is generally when the goods are delivered to the customer. However, for export sales, control might also be transferred when delivered either to the port of departure or port of arrival, depending on the specific terms of the contract with a customer. There is limited judgement needed in identifying the point control passes: once physical delivery of the products to the agreed location has occurred, the group no longer has physical possession, usually will have a present right to payment (as a single payment on delivery) and retains none of the significant risks and rewards of the goods in question. Determining the transaction price : Most of the Company's Historical experience enables the Company to estimate reliably the value of good that will be returned and restrict the amount of revenue that is recognized such that it is highly probable that there will not be a reversal of previously recognized revenue when goods are return. Allocating amounts to performance obligations: For most contracts, there is a fixed unit price for each product sold, with reductions given for bulk orders placed at a specific time. Therefore, there is no judgement involved in allocating the contract price to each unit ordered in such contracts (it is the total contract price divided by the number of units ordered). Where a customer orders more than one product line, the Company is able to determine the split of the total contract price between each product line by reference to each product’s standalone selling prices (all product lines are capable of being, and are, sold separately). |
Inventories | Inventories Inventories are initially recognized at cost, and subsequently at the lower of cost and net realizable value. Cost comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. Weighted average cost is used to determine the cost of the inventories. The Company continuously reviews its inventory levels to identify slow-moving merchandise and markdowns necessary to clear slow-moving merchandise, which reduces the cost of inventories to its estimated net realizable value. Consideration is given to a number of quantitative and qualitative factors, including current pricing levels and the anticipated need for subsequent markdowns, aging of inventories, historical sales trends, and the impact of market trends and economic conditions. Estimates of markdown requirements may differ from actual results due to changes in quantity, quality and mix of products in inventory, as well as changes in consumer preferences, market and economic conditions. The Company’s historical estimates of these costs and its markdown provisions have not differed materially from actual results. |
Basis of consolidation | Basis of consolidation Where the Company has control over an investee, it is classified as a subsidiary. The Company controls an investee if all three of the following elements are present: power over the investee, exposure to variable returns from the investee, and the ability of the investor to use its power to affect those variable returns. Control is reassessed whenever facts and circumstances indicate that there may be a change in any of these elements of control. The consolidated financial statements present the results of the Company and its subsidiaries as if they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. |
Cash and Cash equivalents | Cash and Cash equivalents Cash and cash equivalents include demand deposits and term deposits in banks that are not restricted as to usage, with an original period to maturity of not more than three months. Deposits that are restricted as to usage are classified as pledged deposits. Deposits with an original period to maturity exceeding three months, which as of the statement of financial position do not exceed one year, are classified as short-term investments |
Leases | Leases The majority of the Company's accounting policies for leases are set out in note 19. Identifying leases The Company accounts for a contract as a lease when it conveys the right to use an asset for a period of time in exchange for consideration. Leases are those contracts that satisfy the following criteria: - There is an identified asset; - The Company obtains substantially all the economic benefits from use of the asset; and - The company has the right to direct use of the asset The Company considers whether the lessor has substantive substitution rights. If the supplier does have those rights, the contract is not identified as giving rise to a lease. In determining whether the Company obtains substantially all the economic benefits from use of the asset, the Company considers only the economic benefits that arise from the use of the asset, not those incidental to legal ownership or other potential benefits. In determining whether the Company has the right to direct use of the asset, the Company considers whether it directs how and for what purpose the asset is used throughout the period of use. If there are no significant decisions to be made because they are pre-determined due to the nature of the asset, the Company considers whether it was involved in the design of the asset in a way that predetermines how and for what purpose the asset will be used throughout the period of use. If the contract or portion of a contract does not satisfy these criteria, the Company applies other applicable IFRSs rather than IFRS 16. |
Property, plant and equipment | Property, plant and equipment Property, plant and equipment are tangible items, which are held for use in the manufacture or supply of goods or services, or leased to others, which are predicted to be used for more than one period. The Company presents its property, plant and equipment items according to the cost model. Under the cost method - a property, plant and equipment are presented at the balance sheet at cost (net of any investment grants), less any accumulated depreciation and any accumulated impairment losses. The cost includes the cost of the assets acquisition as well as costs that can be directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is calculated using the straight-line method at rates considered adequate to depreciate the assets over their estimated useful lives. Amortization of leasehold improvements is computed over the shorter of the term of the lease, including any extension period, where the Company intends to exercise such option, or their useful life. Useful life (Years) % Building 50 2 Construction 25 4 Motor vehicles 5 15-20 (Mainly 20%) Office furniture and equipment 6 6-15 (Mainly 15%) Computers 3 20-33 (Mainly 33%) Machinery and equipment 10 10 The gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in the Income statement. |
Provisions | Provisions Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, it carrying amount is the present value of those cash flows. When some or all of the economic benefits to settle a provision are expected to be recovered from a third party, the receivable is recognized as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably. |
Share-based payments | Share-based payments Where equity settled share options are awarded to employees, the fair value of the options at the date of grant is charged to the consolidated statement of comprehensive income over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognized over the vesting period is based on the number of options that eventually vest. Non-vesting conditions and market vesting conditions are factored into the fair value of the options granted. As long as all other vesting conditions are satisfied, a charge is made irrespective of whether the market vesting conditions are satisfied. The cumulative expense is not adjusted for failure to achieve a market vesting condition or where a non-vesting condition is not satisfied. |
Deferred taxes | Deferred taxes Deferred tax assets and liabilities are recognized where the carrying amount of an asset or liability in the consolidated statement of financial position differs from its tax base . Recognition of deferred tax assets is restricted to those instances where it is probable that taxable profit will be available against which the difference can be utilized. The amount of the asset or liability is determined using tax rates that have been enacted or substantively enacted by the reporting date and are expected to apply when the deferred tax liabilities/(assets) are settled/(recovered). |
Defined benefit schemes | Defined benefit schemes Defined benefit scheme surpluses and deficits are measured at: - The fair value of plan assets at the reporting date; less - Plan liabilities calculated using the projected unit credit method discounted to its present value using yields available on high quality corporate bonds that have maturity dates approximating to the terms of the liabilities and are denominated in the same currency as the post-employment benefit obligations; less - The effect of minimum funding requirements agreed with scheme trustees. Remeasurements of the net defined obligation are recognized directly within equity. The remeasurements include: - Actuarial gains and losses. - Return on plan assets (interest exclusive). - Any asset ceiling effects. Service costs are recognized in profit or loss, and include current and past service costs as well as gains and losses on curtailments. Net interest expense (income) is recognized in profit or loss, and is calculated by applying the discount rate used to measure the defined benefit obligation (asset) at the beginning of the annual period to the balance of the net defined benefit obligation (asset), considering the effects of contributions and benefit payments during the period. Gains or losses arising from changes to scheme benefits or scheme curtailment are recognized immediately in profit or loss. Settlements of defined benefit schemes are recognized in the period in which the settlement occurs. |
Share capital | Share capital Financial instruments issued by the Company are classified as equity only to the extent that they do not meet the definition of a financial liability or financial asset. The Company's ordinary shares are classified as equity instruments. Where it is not possible to estimate the recoverable amount of an individual asset, the impairment test is carried out on the smallest group of assets to which it belongs for which there are separately identifiable cash flows; its cash generating units ('CGUs'). Goodwill is allocated on initial recognition to each of the Company's CGUs that are expected to benefit from a business combination that gives rise to the goodwill. Impairment charges are included in profit or loss, except to the extent they reverse gains previously recognized in other comprehensive income. An impairment loss recognized for goodwill is not reversed. |
Financial assets and liabilities | Financial assets and liabilities The Company classifies its financial assets and liabilities into one of the categories discussed below, the Company's accounting policy for each category is as follows: - Fair value through profit or loss Financial assets and liabilities at fair value through profit or loss are measured at fair value at the end of each reporting period They are carried in the statement of financial position at fair value with changes in fair value recognized in the consolidated statement of income in the finance income or expense line. Amortized cost The Company's financial assets (liabilities) measured at amortized cost comprise trade and other receivables, loans to others, cash and cash equivalents and trade payables in the consolidated statement of financial position. Impairment provisions for trade receivables are recognized based on the simplified approach within IFRS 9 using a provision matrix in the determination of the lifetime expected credit losses. During this process the probability of the non-payment of the trade receivables is assessed. This probability is then multiplied by the amount of the expected loss arising from default to determine the lifetime expected credit loss for the trade receivables. |
Financial instruments risk ma_2
Financial instruments risk management (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about financial instruments [abstract] | |
Schedule of Classification of Financial Assets and Liabilities | Fair value through profit or loss Amortized cost 2023 2022 2023 2022 NIS in thousands Cash and cash equivalents - - 137,466 150,607 Financial assets at fair value through profit or loss 148,306 160,875 - - Trade and other receivables - - 170,543 170,794 Total financial assets 148,306 160,875 308,009 321,401 Financial liabilities: Amortized cost 2023 2022 NIS in thousands Trade payables 21,622 24,842 Lease liabilities 2,206 3,478 Total financial liabilities 23,828 28,320 |
Schedule of Classification of Financial Instruments by Fair Value Hierarchy | Level 1 Level 2 Level 3 2023 2022 2023 2022 2023 2022 NIS in thousands Financial assets at fair value through profit or loss 102,163 116,762 - - 46,143 44,113 |
Schedule of Reconciliation of Opening and Closing Fair Value | Financial assets at fair value through profit or loss: Level 1 Level 3 NIS in thousands January 1, 2023 116,762 44,113 Purchases 18,054 - Disposals (36,220 ) - Gain (Loss) 3,567 2,030 December 31, 2023 102,163 46,143 |
Schedule of Exchange rate risk | 2023 2022 Net foreign currency financial assets/(liabilities) NIS in thousands US Dollars 20,363 26,939 EURO (2,507 ) (6,399 ) Total net exposure 17,856 20,540 |
Schedule of Sensitivity Analysis | US Dollars EURO 2023 2022 2023 2022 NIS in thousands 10% increase 2,036 2,694 251 640 10% decrease (2,036 ) (2,694 ) (251 ) (640 ) |
Segment information (Tables)
Segment information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of operating segments [abstract] | |
Schedule of Information About Profit or Loss, Assets and Labilities | Year ended December 31, 2 0 2 3 2 0 2 2 2 0 2 1 2 0 2 3 NIS NIS NIS US Dollars Dairy and Dairy Substitute Products 212,728 188,738 196,589 58,651 Canned Vegetables and Pickles 76,740 70,398 59,844 21,158 Canned Fish 74,750 62,270 56,064 20,609 Cereals, rice and pastas 61,573 61,350 62,712 16,977 Oils 43,058 44,241 (*) 23,025 11,872 Non-banking credit - - 276 - Other 74,413 71,328 (*) 55,703 20,516 543,262 498,325 454,213 149,783 |
Schedule of Revenues from Principal Products | Percentage of Total Sales Year ended December 31, 2 0 2 3 2 0 2 2 2 0 2 1 Large retail supermarket chains 54 % 54 % 50 % Other customers 46 % 46 % 50 % 100 % 100 % 100 % |
Cost of sales (Tables)
Cost of sales (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of cost of sales [Abstract] | |
Schedule of Cost of Sales | Year ended December 31, 2 0 2 3 2 0 2 2 2 0 2 1 2 0 2 3 NIS NIS NIS US Dollars Purchases 377,013 310,324 269,888 103,947 Marine transportation 17,039 27,486 20,701 4,698 Maintenance 10,515 9,854 8,714 2,899 Outsourced packing 3,195 (*) 2,230 (*) 2,796 881 Transportation 3,120 2,972 3,063 860 Salaries and related expenses 2,800 1,206 - 772 Depreciation and amortization 2,562 2,421 2,180 706 Packing materials 1,746 (*) 1,075 - 481 Other costs and expenses 3,101 (*) 2,960 (*) 2,733 855 421,091 360,528 310,075 116,099 Changes in inventories of finished products 1,604 (5,300 ) 5,845 442 422,695 355,228 315,920 116,541 |
Selling expenses (Tables)
Selling expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of selling expenses [Abstract] | |
Schedule of Selling Expenses | Year ended December 31, 2 0 2 3 2 0 2 2 2 0 2 1 2 0 2 3 NIS NIS NIS US Dollars Salaries and related expenses 22,728 22,167 22,597 6,266 Transportation and maintenance 22,048 20,682 19,589 6,079 Advertising and promotion 11,923 14,919 9,225 3,287 Personnel services 4,388 3,344 (*) 1,890 1,210 Vehicles 3,793 3,898 3,165 1,046 Depreciation and amortization 2,923 2,713 2,899 806 Share based payment expense 435 436 - 120 Others 5,978 5,947 (*) 6,504 1,648 74,216 74,106 65,869 20,462 |
General and administrative ex_2
General and administrative expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of general and administrative expenses [Abstract] | |
Schedule of Selling, General and Administrative Expenses | Year ended December 31, 2 0 2 3 2 0 2 2 2 0 2 1 2 0 2 3 NIS NIS NIS US Dollars Salaries and related expenses 16,598 15,876 15,992 4,577 Professional services 2,471 2,366 2,658 681 Office maintenance 1,667 1,585 1,589 460 Depreciation and amortization 1,465 1,374 1,124 404 Share based payment expense 604 355 - 166 Vehicles 507 462 431 140 Communication 94 111 109 26 Bad and doubtful debts (46 ) 42 (599 ) (13 ) Other 2,750 1,946 1,995 758 26,110 24,117 23,299 7,199 |
Employee benefit expenses (Tabl
Employee benefit expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of employee benefit expenses [Abstract] | |
Schedule of Employee benefit expenses | Year ended December 31, 2 0 2 3 2 0 2 2 2 0 2 1 2 0 2 3 NIS NIS NIS US Dollars Salary 42,126 33,888 33,263 11,615 Bonus 3,061 4,946 5,326 844 45,187 38,834 38,589 12,459 |
Schedule of Key management personnel expenses | Year ended December 31, 2 0 2 3 2 0 2 2 2 0 2 1 2 0 2 3 NIS NIS NIS US Dollars Salary and management fees 6,021 5,268 5,039 1,660 Bonus 2,661 4,569 4,840 734 Share based payment expense 536 321 - 89 Directors' remuneration 228 332 345 63 9,446 10,490 10,224 2,546 |
Finance income and expenses (Ta
Finance income and expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of finance income and expenses [Abstract] | |
Schedule of Financing Income | Year ended December 31, 2 0 2 3 2 0 2 2 2 0 2 1 2 0 2 3 Finance income: NIS NIS NIS US Dollars Interest from Short-term bank deposits 4,644 2,845 408 1,281 Dividends 5,201 3,537 5,207 1,433 Changes in fair value of financial assets at fair values 3,567 - 17,545 984 Income from revaluation of a long-term financial asset 2,030 13,058 1,919 560 Foreign currency differences 676 3,580 - 186 Interest Income of debentures held for trading 4,207 2,637 3,757 1,160 Other interest 38 - 121 10 Total finance income 20,363 25,657 28,957 5,614 |
Schedule of Financing Expenses | Year ended December 31, 2 0 2 3 2 0 2 2 2 0 2 1 2 0 2 3 Finance expenses: NIS NIS NIS US Dollars Bank fees 535 420 409 148 Portfolio management fees 204 181 950 56 Foreign currency differences - - 1,174 - Expenses from forward transaction - - 17,867 - Changes in fair value of financial assets at fair values - 16,043 - - Other 782 135 92 215 Total finance expenses 1,521 16,779 20,492 419 |
Tax on income (Tables)
Tax on income (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Tax Expenses [Abstract] | |
Schedule of Tax Balances in Statement of Financial Position | December 31, 2023 2022 2023 NIS NIS US Dollars Current tax assets 9,497 3,117 2,618 Deferred tax liabilities (4,868 ) (4,198 ) (1,342 ) |
Schedule of Deferred Taxes | January December December 1, 2023 Change 31, 2023 31, 2023 NIS NIS NIS US Dollars Deferred taxes arise from the following: Financial assets carried at fair value through profit or loss (5,135 ) (710 ) (5,845 ) (1,612 ) Leases - 19 19 5 Employees benefits 421 80 501 139 Allowance of credit loss 326 (9 ) 317 87 Carry forward tax losses 190 (50 ) 140 39 (4,198 ) (670 ) (4,868 ) (1,342 ) January December December 1, 2022 Change 31, 2022 31, 2022 NIS NIS NIS US Dollars Deferred taxes arise from the following: Financial assets carried at fair value through profit or loss (6,511 ) 1,376 (5,135 ) (1,459 ) Financial liabilities carried at fair value through profit or loss 3,210 (3,210 ) - - Employees benefits 599 (178 ) 421 120 Allowance of credit loss 316 10 326 93 Carry forward tax losses 369 (179 ) 190 53 (2,017 ) (2,181 ) (4,198 ) (1,193 ) |
Schedule of Taxes on Income Recognized in Profit or Loss | Year ended December 31, 2 0 2 3 2 0 2 2 2 0 2 1 2 0 2 3 NIS NIS NIS US Dollars Current taxes: Current taxes 6,866 9,866 11,470 1,893 6,866 9,866 11,470 1,893 Deferred taxes 670 2,544 1,249 185 7,536 12,410 12,719 2,078 |
Schedule of Reconciliation of Statutory Tax Rate to Effective Tax Rate | Year ended December 31, 2 0 2 3 2 0 2 2 2 0 2 1 2 0 2 3 NIS NIS NIS US Dollars Income before Income taxes 39,192 53,974 57,820 10,806 Statutory tax rate 23 % 23 % 23 % 23 % Tax computed by statutory tax rate 9,014 12,414 13,299 2,485 Tax increments (savings) due to: Non-deductible expenses 541 147 97 150 Profit or loss for tax for which deferred taxes were not provided - (13 ) 12 - Temporary differences (19 ) - - (5 ) Taxes for previous years (268 ) 358 - (74 ) Tax exempt Income (1,224 ) (844 ) (1,202 ) (338 ) Other (508 ) 348 513 (140 ) 7,536 12,410 12,719 2,078 |
Earning per share (Tables)
Earning per share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings per share: | |
Schedule of Basic and Diluted Earning Per Share | Year ended December 31, 2 0 2 3 2 0 2 2 2 0 2 1 2 0 2 3 NIS NIS NIS US Dollars Basic and diluted earnings per share : Earnings used in the calculation of basic and diluted earnings per share 31,656 41,564 45,101 8,728 Weighted average number of shares used in computing basic and diluted earnings per share 13,867,017 13,867,017 13,867,017 13,867,017 |
Cash and cash equivalents (Tabl
Cash and cash equivalents (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Cash and cash equivalents [abstract] | |
Schedule of Cash and Cash Equivalents | December 31, 2 0 2 3 2 0 2 2 2 0 2 3 NIS NIS US Dollars Short-term bank deposits 126,873 132,061 34,980 Cash in bank 10,593 18,546 2,921 137,466 150,607 37,901 |
Trade receivables, Net (Tables)
Trade receivables, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Trade and other current receivables [abstract] | |
Schedule of Trade receivables | Composition: December 31, 2 0 2 3 2 0 2 2 2 0 2 3 NIS NIS US Dollars Open accounts 147,744 151,255 40,735 Checks receivables 17,692 19,780 4,878 Credit cards 397 230 109 Less – estimated credit loss (1,378 ) (1,419 ) (380 ) Less – provision for return of goods (4,076 ) (4,008 ) (1,124 ) 160,379 165,838 44,218 |
Schedule of Trade Receivables Balance | The table below shows the open accounts balance as of December 31, 2023 and 2022 segmented by the due date. Open accounts - days past due Nis in thousands As of: Not past due <30 31-60 61-90 >90 Total December 31, 2023 145,978 1,540 120 78 30 147,746 December 31, 2022 149,430 1,212 523 65 25 151,255 |
Schedule of Changes in the allowance of doubtful debts | Changes in the allowance of credit loss December 31, 2 0 2 3 2 0 2 2 2 0 2 3 NIS NIS US Dollars Balance at beginning of the year 1,419 1,374 391 Changes in allowance for doubtful debts (41 ) 45 (11 ) Balance at end of the year 1,378 1,419 380 |
Other receivables and prepaid_2
Other receivables and prepaid expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of other receivables and prepaid expenses [Abstract] | |
Schedule of Other receivables and prepaid expenses | December 31, 2 0 2 3 2 0 2 2 2 0 2 3 NIS NIS US Dollars Advances to suppliers 8,002 2,563 2,206 Prepaid expenses 381 363 105 Other income receivables - 195 - Others 1,781 1,835 491 10,164 4,956 2,802 |
Inventories, Net (Tables)
Inventories, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Classes of current inventories [abstract] | |
Schedule of Inventories | December 31, 2 0 2 3 2 0 2 2 2 0 2 3 NIS NIS US Dollars Finished products 54,193 55,796 14,941 Inventory in transit 11,782 17,018 3,249 Less – Provision of slow-moving inventory (3,500 ) (885 ) (965 ) 62,475 71,929 17,225 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Schedule of Property Plant and Equipment | Land and Building New logistics Center Machinery and equipment Motor Vehicles Computers and equipment Office Furniture Total Consolidated Cost: Balance -January 1, 2022 (*) 56,924 (*) 541 9,177 11,457 7,182 1,964 87,245 Changes during 2022: Additions (*) 2,100 7,344 1,928 1,192 624 162 13,350 Dispositions - (*) - - (1,379 ) - - (1,379 ) Balance – December 31, 2022 (*) 59,024 (*) 7,885 11,105 11,270 7,806 2,126 99,216 Changes during 2023: Additions 414 18,941 1,968 332 1,692 199 23,546 Dispositions - - - (540 ) - - (540 ) Balance – December 31, 2023 59,438 26,826 13,073 11,062 9,498 2,325 122,222 Accumulated depreciation: Balance – January 1, 2022 26,372 - 5,522 10,099 5,327 1,111 48,431 Changes during 2022: Additions 2,151 - 482 1,031 659 29 4,352 Dispositions - - - (1,250 ) - - (1,250 ) Balance – December 31, 2022 28,523 - 6,004 9,880 5,986 1,140 51,533 Changes during 2023: Additions 2,336 - 476 915 778 41 4,546 Dispositions - - - (443 ) - - (443 ) Balance – December 31, 2023 30,859 - 6,480 10,352 6,764 1,181 55,636 Net book value: December 31, 2023 28,579 26,826 6,593 710 2,734 1,144 66,586 December 31, 2022 (*) 30,501 (*) 7,885 5,101 1,390 1,820 986 47,683 Net book value (US Dollars in thousands): December 31, 2023 7,880 7,396 1,789 215 754 325 18,359 December 31, 2022 (*) 8,409 (*) 2,174 1,406 383 502 272 13,546 Property, plant and equipment under construction (*) Reclassified (**) Under construction |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Presentation of leases for lessee [abstract] | |
Schedule of Right to use asset | Right of use assets, net December 31, 2 0 2 3 2 0 2 2 2 0 2 3 NIS NIS US Dollars Cost: Opening balance 6,612 7,333 1,823 Dispositions (2,408 ) (2,180 ) (664 ) Additions 1,137 1,459 314 Closing balance 5,341 6,612 1,473 Accumulated depreciation: Opening balance 3,221 3,245 888 Dispositions (2,408 ) (2,180 ) (664 ) Depreciation 2,404 2,156 663 Closing balance 3,217 3,221 887 Net book value 2,124 3,391 586 |
Schedule of Leases liabilities | Leases liabilities December 31, 2 0 2 3 2 0 2 2 2 0 2 3 NIS NIS US Dollars Opening balance 3,478 4,198 959 Additions 1,137 1,460 313 Payments (2,408 ) (2,180 ) (664 ) Closing balance 2,207 3,478 608 |
Schedule of Amounts Recognized in Profit Or Loss | Amounts recognized in Statement of income For the year ended December 31 2 0 2 3 2 0 2 2 2 0 2 3 NIS NIS US Dollars Depreciation expense on right-to-use assets 2,404 2,156 663 Interest expense on lease liabilities 75 126 21 Cancellation of rental expenses (2,483 ) (2,306 ) (685 ) (4 ) (24 ) (1 ) |
Subsidiaries (Tables)
Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of subsidiaries [abstract] | |
Schedule of Financial Statement of Subsidiaries | Subsidiary Country of incorporation and principal place of business Proportion of ownership interest December 31, 2 0 2 3 2 0 2 2 Euro European Dairies (Goldfrost) Ltd. Israel 100 % 100 % W.F.D. (Import, Marketing and Trading) Ltd. Israel 100 % 100 % W. Capital Ltd. Israel 100 % 100 % |
Trade payables (Tables)
Trade payables (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Trade and other current payables [abstract] | |
Schedule of Trade Payables | December 31, 2 0 2 3 2 0 2 2 2 0 2 3 NIS NIS US Dollars Open accounts 21,339 24,735 5,883 Checks payables 283 107 78 21,622 24,842 5,961 |
Employee benefit liabilities (T
Employee benefit liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Employee Benefit Liabilities [Abstract] | |
Schedule of Liabilities for Employee Benefits | December 31, 2 0 2 3 2 0 2 2 2 0 2 3 NIS NIS US Dollars Employee benefit 3,068 2,804 846 Accrual for annual leave 1,125 952 310 Defined benefit schemes (note 23) 1,055 878 291 5,248 4,634 1,447 |
Other payables and accrued ex_2
Other payables and accrued expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of Other payables and accrued expenses [Abstract] | |
Summary Other Payables and Accrued Expenses | December 31, 2 0 2 3 2 0 2 2 2 0 2 3 NIS NIS US Dollars Accrued expenses 6,380 8,812 1,759 Customer advances 2,367 1,702 653 Other payables 2,107 1,322 581 10,854 11,836 2,993 |
Share capital (Tables)
Share capital (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of classes of share capital [abstract] | |
Schedule of Share Capital | Composition December 31 2 0 2 3 2 0 2 2 Ordinary shares of NIS 0.1 each 50,000,000 50,000,000 Issued and outstanding 13,867,017 13,867,017 |
Defined benefit scheme (Tables)
Defined benefit scheme (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of defined benefit plans [abstract] | |
Schedule of Principal Assumptions Used for Purposes of Actuarial Valuations | Valuation at 2 0 2 3 2 0 2 2 % % Discount rate 5.42 5.22 Expected return on the plan assets 5.42 5.22 Rate of increase in compensation 5 4 Expected rate of termination: 0-1 years 35 35 1-2 years 30 30 2-3 years 25 25 3-4 years 15 15 4-5 years 15 15 5 years and more 7.5 7.5 |
Schedule of Present Value of Defined Benefit Obligation in Current Period | December 31, 2 0 2 3 2 0 2 2 2 0 2 3 NIS NIS US Dollars Opening defined benefit obligation 5,481 6,441 1,511 Current service cost 474 467 131 Interest cost 269 129 74 Actuarial losses/(gains) arising from changes in financial assumptions 194 (1,201 ) 53 Actuarial losses arising from experience adjustments 24 20 7 Benefits paid (498 ) (375 ) (137 ) Closing defined benefit obligation 5,944 5,481 1,639 |
Schedule of Defined Benefit Assets in Current Period | December 31, 2 0 2 3 2 0 2 2 2 0 2 3 NIS NIS US Dollars Opening defined benefit assets 4,653 4,826 1,283 Employer contribution 328 355 90 Expected return on the plan assets 233 95 64 Changes in financial assumptions 172 (367 ) 47 Interest losses on severance payment allocated to remuneration benefits (39 ) 6 (11 ) Benefits paid (410 ) (262 ) (113 ) Closing defined benefit assets 4,937 4,653 1,360 |
Schedule of Assets and Liabilities Recognized in Balance Sheets | December 31, 2 0 2 3 2 0 2 2 2 0 2 3 NIS NIS US Dollars Present value of funded liability 5,944 5,481 1,639 Fair value of unrecognized asset 48 50 13 Fair value of plan assets - accumulated deposit in executive insurance (4,937 ) (4,653 ) (1,361 ) Net liability deriving from defined benefit obligation 1,055 878 291 |
Share based payment (Tables)
Share based payment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
Schedule of nature and scope of share-based payment plans during the period | Stock options for senior management Stock options for other employees Total options Outstanding period July 2022 July 2022 July 2022 Granted during the year 75,000 89,000 164,000 Estimated lifespan 2-5 years 2-5 years 2-5 years Vesting conditions See note 24 above See note 24 above See note 24 above |
Schedule of details regarding the stock option plans | 2023 2022 2023 Number Weighted average Exercise price (NIS) Number Weighted average Exercise price (NIS) Weighted average Exercise price (US Dollars) Opening balance 164,000 52.76 - - 14.55 Granted during the year - - 164,000 52.76 - Expired during the year (22,500 ) 49.88 - - 13.55 Closing balance 141,500 49.88 164,000 52.76 13.55 |
Schedule of effect of share-based payment transactions on profit or loss for the period | Year ended December 31, 2 0 2 3 2 0 2 2 2 0 2 3 NIS NIS US Dollars Expense arising from plans to grant shares and stock options 1,039 790 286 |
Accounting policies (Tables)
Accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of accounting policies [Abstract] | |
Schedule of Annual Depreciation and Amortization Rate | Useful life (Years) % Building 50 2 Construction 25 4 Motor vehicles 5 15-20 (Mainly 20%) Office furniture and equipment 6 6-15 (Mainly 15%) Computers 3 20-33 (Mainly 33%) Machinery and equipment 10 10 |
Basis of preparation (Narrative
Basis of preparation (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2023 | Mar. 21, 2024 | |
Statement Line Items [Line Items] | ||
Exchange rate | 3.627 | |
Principal Shareholder Ordinary Shares Percentage | 59.14% | |
US Dollars [Member] | ||
Statement Line Items [Line Items] | ||
Exchange rate | 1 |
Financial instruments risk ma_3
Financial instruments risk management (Narrative) (Details) - ILS (₪) ₪ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of detailed information about financial instruments [abstract] | ||
Carrying amount of investments | ₪ 12,221 | ₪ 11,672 |
Financial instruments risk ma_4
Financial instruments risk management (Schedule of Classification of Financial Assets and Liabilities) (Details) ₪ in Thousands, $ in Thousands | Dec. 31, 2023 ILS (₪) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 ILS (₪) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 ILS (₪) | Dec. 31, 2020 ILS (₪) | ||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Cash and cash equivalents | ₪ 137,466 | $ 37,901 | [1] | ₪ 150,607 | $ 41,523 | [1] | ₪ 195,718 | ₪ 201,822 |
Financial assets at fair value through profit or loss | 46,143 | 12,722 | [1] | 44,113 | ||||
Lease liabilities | 2,207 | $ 608 | 3,478 | $ 959 | ₪ 4,198 | |||
Fair value through profit or loss [Member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Cash and cash equivalents | 0 | 0 | ||||||
Financial assets at fair value through profit or loss | 148,306 | 160,875 | ||||||
Trade and other receivables | 0 | 0 | ||||||
Total financial assets | 148,306 | 160,875 | ||||||
Amortized cost [Member] | ||||||||
Disclosure of detailed information about financial instruments [line items] | ||||||||
Cash and cash equivalents | 137,466 | 150,607 | ||||||
Financial assets at fair value through profit or loss | 0 | 0 | ||||||
Trade and other receivables | 170,543 | 170,794 | ||||||
Total financial assets | 308,009 | 321,401 | ||||||
Trade payables | 21,622 | 24,842 | ||||||
Lease liabilities | 2,206 | 3,478 | ||||||
Total financial liabilities | ₪ 23,828 | ₪ 28,320 | ||||||
[1]Convenience Translation into US Dollars. |
Financial instruments risk ma_5
Financial instruments risk management (Schedule of Fair Value Hierarchy of Financial Instruments) (Details) ₪ in Thousands, $ in Thousands | Dec. 31, 2023 ILS (₪) | Dec. 31, 2023 USD ($) | [1] | Dec. 31, 2022 ILS (₪) |
Disclosure of detailed information about financial instruments [line items] | ||||
Financial assets at fair value through profit or loss | ₪ 46,143 | $ 12,722 | ₪ 44,113 | |
Level 1 [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Financial assets at fair value through profit or loss | 102,163 | 116,762 | ||
Level 2 [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Financial assets at fair value through profit or loss | 0 | 0 | ||
Level 3 [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Financial assets at fair value through profit or loss | ₪ 46,143 | ₪ 44,113 | ||
[1]Convenience Translation into US Dollars. |
Financial instruments risk ma_6
Financial instruments risk management (Schedule of Reconciliation of Opening and Closing Fair Value) (Details) - Financial assets at fair value through profit or loss [Member] ₪ in Thousands | 12 Months Ended |
Dec. 31, 2023 ILS (₪) | |
Level 1 [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
January 1, 2023 | ₪ 116,762 |
Purchases | 18,054 |
Disposals | (36,220) |
Gain (loss) | 3,567 |
December 31, 2023 | 102,163 |
Level 3 [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
January 1, 2023 | 44,113 |
Purchases | 0 |
Disposals | 0 |
Gain (loss) | 2,030 |
December 31, 2023 | ₪ 46,143 |
Financial instruments risk ma_7
Financial instruments risk management (Schedule of Exchange Rate Risk) (Details) - ILS (₪) ₪ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of detailed information about financial instruments [line items] | ||
Net foreign currency financial assets/(liabilities) | ₪ 17,856 | ₪ 20,540 |
US Dollars [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net foreign currency financial assets/(liabilities) | 20,363 | 26,939 |
Euro [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net foreign currency financial assets/(liabilities) | ₪ (2,507) | ₪ (6,399) |
Financial instruments risk ma_8
Financial instruments risk management (Schedule of Sensitivity Analysis) (Details) - ILS (₪) ₪ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
US Dollars [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
10% increase | ₪ 2,036 | ₪ 2,694 |
10% decrease | (2,036) | (2,694) |
Euro [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
10% increase | 251 | 640 |
10% decrease | ₪ (251) | ₪ (640) |
Segment information (Narrative)
Segment information (Narrative) (Details) ₪ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 ILS (₪) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 ILS (₪) | Dec. 31, 2021 ILS (₪) | |
Disclosure of operating segments [line items] | ||||
Revenue | ₪ 543,262 | $ 149,783 | ₪ 498,325 | ₪ 454,213 |
Customer One [Member] | ||||
Disclosure of operating segments [line items] | ||||
Revenue | ₪ 60,431 | ₪ 64,950 | ₪ 60,701 |
Segment information (Schedule o
Segment information (Schedule of Revenues from Principal Product of Imports Segments) (Details) ₪ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 ILS (₪) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 ILS (₪) | Dec. 31, 2021 ILS (₪) | ||
Disclosure of operating segments [line items] | |||||
Revenue | ₪ 543,262 | $ 149,783 | ₪ 498,325 | ₪ 454,213 | |
Dairy and Dairy Substitute Products [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 212,728 | 58,651 | 188,738 | 196,589 | |
Canned Vegetables and Pickles [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 76,740 | 21,158 | 70,398 | 59,844 | |
Canned Fish [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 74,750 | 20,609 | 62,270 | 56,064 | |
Cereals, rice and pastas [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 61,573 | 16,977 | 61,350 | 62,712 | |
Oil [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 43,058 | 11,872 | 44,241 | 23,025 | [1] |
Non-banking credit [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue | 0 | 0 | 0 | 276 | |
Other [Member] | |||||
Disclosure of operating segments [line items] | |||||
Revenue | ₪ 74,413 | $ 20,516 | ₪ 71,328 | ₪ 55,703 | [1] |
[1]Reclassified |
Segment information (Schedule_2
Segment information (Schedule of Revenues from Principal Products) (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of operating segments [abstract] | |||
Large retail supermarket chains | 54% | 54% | 50% |
Other customers | 46% | 46% | 50% |
Revenues by customer group | 100% | 100% | 100% |
Cost of sales (Schedule of Cost
Cost of sales (Schedule of Cost of Sales) (Details) ₪ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 ILS (₪) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 ILS (₪) | Dec. 31, 2021 ILS (₪) | ||
Disclosure Of Sleeted Consolidated Statements Of Operation Data [Line Items] | |||||
Purchases | ₪ 377,013 | $ 103,947 | ₪ 310,324 | ₪ 269,888 | |
Marine transportation | 17,039 | 4,698 | 27,486 | 20,701 | |
Maintenance | 10,515 | 2,899 | 9,854 | 8,714 | |
Outsourced packing | 3,195 | 881 | 2,230 | 2,796 | |
Transportation | 3,120 | 860 | 2,972 | 3,063 | |
Salaries and related expenses | 2,800 | 772 | 1,206 | 0 | |
Depreciation and amortization | 2,562 | 706 | 2,421 | 2,180 | |
Packing materials | 1,746 | 481 | 1,075 | 0 | |
Other costs and expenses | 3,101 | 855 | 2,960 | 2,733 | |
Cost of sales, gross | 421,091 | 116,099 | 360,528 | 310,075 | |
Changes in inventories of finished goods | 1,604 | 442 | (5,300) | 5,845 | |
Cost of sales | ₪ 422,695 | $ 116,541 | [1] | ₪ 355,228 | ₪ 315,920 |
[1]Convenience Translation into US Dollars. |
Selling expenses (Schedule of S
Selling expenses (Schedule of Selling Expenses) (Details) ₪ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 ILS (₪) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 ILS (₪) | Dec. 31, 2021 ILS (₪) | ||
Disclosure Of Sleeted Consolidated Statements Of Operation Data [Line Items] | |||||
Salaries and related expenses | ₪ 22,728 | $ 6,266 | ₪ 22,167 | ₪ 22,597 | |
Transportation and maintenance | 22,048 | 6,079 | 20,682 | 19,589 | |
Advertising and promotion | 11,923 | 3,287 | 14,919 | 9,225 | |
Personnel Services | 4,388 | 1,210 | 3,344 | 1,890 | [1] |
Vehicles | 3,793 | 1,046 | 3,898 | 3,165 | |
Depreciation and amortization | 2,923 | 806 | 2,713 | 2,899 | |
Share based payment expense | 435 | 120 | 436 | 0 | |
Others | 5,978 | 1,648 | 5,947 | 6,504 | [1] |
Selling expenses | ₪ 74,216 | $ 20,462 | ₪ 74,106 | ₪ 65,869 | |
[1]Reclassified |
General and administrative ex_3
General and administrative expenses (Schedule of General and Administrative Expenses) (Details) ₪ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 ILS (₪) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 ILS (₪) | Dec. 31, 2021 ILS (₪) | ||
Disclosure Of Seleted Consolidated Statements Of Operation Data Line Items [Line Items] | |||||
Salaries and related expenses | ₪ 16,598 | $ 4,577 | ₪ 15,876 | ₪ 15,992 | |
Professional services | 2,471 | 681 | 2,366 | 2,658 | |
Office maintenance | 1,667 | 460 | 1,585 | 1,589 | |
Depreciation and amortization | 1,465 | 404 | 1,374 | 1,124 | |
Share based payment expense | 604 | 166 | 355 | 0 | |
Vehicles | 507 | 140 | 462 | 431 | |
Communication | 94 | 26 | 111 | 109 | |
Bad and doubtful debts | (46) | (13) | 42 | (599) | |
Other | 2,750 | 758 | 1,946 | 1,995 | |
General and administrative expenses | ₪ 26,110 | $ 7,199 | [1] | ₪ 24,117 | ₪ 23,299 |
[1]Convenience Translation into US Dollars. |
Employee benefit expenses (Sche
Employee benefit expenses (Schedule of Employee Benefit Expenses) (Details) ₪ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 ILS (₪) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 ILS (₪) | Dec. 31, 2021 ILS (₪) | |
Disclosure of defined benefit plans [line items] | ||||
Salary Expenses | ₪ 42,126 | $ 11,615 | ₪ 33,888 | ₪ 33,263 |
Bonus | 3,061 | 844 | 4,946 | 5,326 |
Employee benefit expenses | ₪ 45,187 | $ 12,459 | ₪ 38,834 | ₪ 38,589 |
Employee benefit expenses (Sc_2
Employee benefit expenses (Schedule of Key Management Personnel Compensation) (Details) ₪ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 ILS (₪) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 ILS (₪) | Dec. 31, 2021 ILS (₪) | |
Disclosure of defined benefit plans [line items] | ||||
Salary and management fees | ₪ 6,021 | $ 1,660 | ₪ 5,268 | ₪ 5,039 |
Bonus | 2,661 | 734 | 4,569 | 4,840 |
Share based payment expense | 536 | 89 | 321 | 0 |
Directors remuneration | 228 | 63 | 332 | 345 |
Key management personnel compensation | ₪ 9,446 | $ 2,546 | ₪ 10,490 | ₪ 10,224 |
Finance income and expenses (Sc
Finance income and expenses (Schedule of finance income) (Details) ₪ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 ILS (₪) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 ILS (₪) | Dec. 31, 2021 ILS (₪) | ||
Finance income: | |||||
Interest from Short-term bank deposits | ₪ 4,644 | $ 1,281 | ₪ 2,845 | ₪ 408 | |
Dividends | 5,201 | 1,433 | 3,537 | 5,207 | |
Changes in fair value of financial assets at fair values | 3,567 | 984 | 0 | 17,545 | |
Income from revaluation of a long-term financial asset | 2,030 | 560 | 13,058 | 1,919 | |
Foreign currency differences | 676 | 186 | 3,580 | 0 | |
Interest Income of debentures held for trading | 4,207 | 1,160 | 2,637 | 3,757 | |
Other interest | 38 | 10 | 0 | 121 | |
Total finance income | ₪ 20,363 | $ 5,614 | [1] | ₪ 25,657 | ₪ 28,957 |
[1]Convenience Translation into US Dollars. |
Finance income and expenses (_2
Finance income and expenses (Schedule of finance expenses) (Details) ₪ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 ILS (₪) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 ILS (₪) | Dec. 31, 2021 ILS (₪) | ||
Finance expenses: | |||||
Bank fees | ₪ 535 | $ 148 | ₪ 420 | ₪ 409 | |
Portfolio management fees | 204 | 56 | 181 | 950 | |
Foreign currency differences | 0 | 0 | 0 | 1,174 | |
Expenses from forward transaction | 0 | 0 | 0 | 17,867 | |
Changes in fair value of financial assets at fair values | 0 | 0 | 16,043 | 0 | |
Other | 782 | 215 | 135 | 92 | |
Total finance expenses | ₪ 1,521 | $ 419 | [1] | ₪ 16,779 | ₪ 20,492 |
[1]Convenience Translation into US Dollars. |
Tax on income (Narrative) (Deta
Tax on income (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Tax Expenses [Abstract] | |||
Corporate tax rate | 23% | 23% | 23% |
Tax on income (schedule of tax
Tax on income (schedule of tax balances) (Details) ₪ in Thousands, $ in Thousands | Dec. 31, 2023 ILS (₪) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 ILS (₪) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 ILS (₪) |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Current tax assets | ₪ 9,497 | $ 2,618 | ₪ 3,117 | ||
Deferred tax assets/liabilities | ₪ (4,868) | $ (1,342) | ₪ (4,198) | $ (1,193) | ₪ (2,017) |
Tax on income (schedule of defe
Tax on income (schedule of deferred taxes) (Details) (ils) ₪ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 ILS (₪) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 ILS (₪) | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Begining Balance | ₪ (4,198) | $ (1,193) | ₪ (2,017) |
Recognized in profit or loss | (670) | (2,181) | |
Ending Balance | (4,868) | (1,342) | (4,198) |
Financial assets carried at fair value through profit or loss [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Begining Balance | (5,135) | (1,459) | (6,511) |
Recognized in profit or loss | 710 | (1,376) | |
Ending Balance | (5,845) | (1,612) | (5,135) |
Financial liabilities carried at fair value through profit or loss [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Begining Balance | 0 | 0 | 3,210 |
Recognized in profit or loss | (3,210) | ||
Ending Balance | 0 | ||
Leases [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Begining Balance | 0 | ||
Recognized in profit or loss | 19 | ||
Ending Balance | 19 | 5 | 0 |
Employees benefits [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Begining Balance | 421 | 120 | 599 |
Recognized in profit or loss | 80 | (178) | |
Ending Balance | 501 | 139 | 421 |
Allowance of credit loss [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Begining Balance | 326 | 93 | 316 |
Recognized in profit or loss | (9) | (10) | |
Ending Balance | 317 | 87 | 326 |
Carry forward tax losses [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Begining Balance | 190 | 53 | 369 |
Recognized in profit or loss | (50) | (179) | |
Ending Balance | ₪ 140 | $ 39 | ₪ 190 |
Tax on income (schedule of comp
Tax on income (schedule of composition) (Details) ₪ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 ILS (₪) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 ILS (₪) | Dec. 31, 2021 ILS (₪) | |
Current taxes: | ||||
Current taxes | ₪ 6,866 | $ 1,893 | ₪ 9,866 | ₪ 11,470 |
Total Current taxes | 6,866 | 1,893 | 9,866 | 11,470 |
Deferred taxes | 670 | 185 | 2,544 | 1,249 |
Total Reconciliation of the statutory tax rate to the effective tax rate | ₪ 7,536 | $ 2,078 | ₪ 12,410 | ₪ 12,719 |
Tax on income (schedule of reco
Tax on income (schedule of reconciliation of statutory tax rate to effective tax rate) (Details) ₪ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 ILS (₪) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 ILS (₪) | Dec. 31, 2021 ILS (₪) | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Income before Income taxes | ₪ 39,192 | $ 10,806 | ₪ 53,974 | ₪ 57,820 |
Statutory tax rate | 23% | 23% | 23% | 23% |
Tax computed by statutory tax rate | ₪ 9,014 | $ 2,485 | ₪ 12,414 | ₪ 13,299 |
Tax increments (savings) due to: | ||||
Non-deductible expenses | 541 | 150 | 147 | 97 |
Profit or loss for tax for which deferred taxes were not provided | 0 | 0 | (13) | 12 |
Temporary differences | (19) | (5) | 0 | 0 |
Taxes for previous years | (268) | (74) | 358 | 0 |
Tax exempt Income | (1,224) | (338) | (844) | (1,202) |
Other | (508) | (140) | 348 | 513 |
Total Reconciliation of the statutory tax rate to the effective tax rate | ₪ 7,536 | $ 2,078 | ₪ 12,410 | ₪ 12,719 |
Earning per share (Schedule of
Earning per share (Schedule of Basic and Diluted Earning Per Share) (Details) ₪ in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2023 ILS (₪) shares | Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 ILS (₪) shares | Dec. 31, 2021 ILS (₪) shares | |||
Basic and diluted earnings per share: | ||||||
Earnings used in the calculation of basic and diluted earnings per share | ₪ 31,656 | $ 8,728 | ₪ 41,564 | ₪ 45,101 | ||
Weighted average number of shares used in computing basic and diluted earnings per share | 13,867,017 | [1] | 13,867,017 | [1] | 13,867,017 | 13,867,017 |
[1]Convenience Translation into US Dollars. |
Cash and cash equivalents (Sche
Cash and cash equivalents (Schedule of Cash and Cash Equivalents) (Details) ₪ in Thousands, $ in Thousands | Dec. 31, 2023 ILS (₪) | Dec. 31, 2023 USD ($) | [1] | Dec. 31, 2022 ILS (₪) | Dec. 31, 2022 USD ($) | [1] | Dec. 31, 2021 ILS (₪) | Dec. 31, 2020 ILS (₪) |
Disclosure of financial assets [line items] | ||||||||
Cash in bank | ₪ 10,593 | $ 2,921 | ₪ 18,546 | |||||
Short-term bank deposits | 126,873 | 34,980 | 132,061 | |||||
Cash and cash equivalents | ₪ 137,466 | $ 37,901 | ₪ 150,607 | $ 41,523 | ₪ 195,718 | ₪ 201,822 | ||
[1]Convenience Translation into US Dollars. |
Trade receivables, Net (Schedu
Trade receivables, Net (Schedule of Trade Receivables Composition) (Details) ₪ in Thousands, $ in Thousands | Dec. 31, 2023 ILS (₪) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 ILS (₪) | |
Disclosure of financial assets [line items] | ||||
Open accounts | ₪ 147,744 | $ 40,735 | ₪ 151,255 | |
Checks receivables | 17,692 | 4,878 | 19,780 | |
Credit cards | 397 | 109 | 230 | |
Less - estimated credit loss | (1,378) | (380) | (1,419) | |
Less - provision for return of goods | (4,076) | (1,124) | (4,008) | |
Total Trade receivables | ₪ 160,379 | $ 44,218 | [1] | ₪ 165,838 |
[1]Convenience Translation into US Dollars. |
Trade receivables, Net (Sche_2
Trade receivables, Net (Schedule of Trade Receivables Days Past Due) (Details) - Trade receivables [member] - ILS (₪) ₪ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of financial assets [line items] | ||
Financial Assets | ₪ 147,746 | ₪ 151,255 |
Not past due [member] | ||
Disclosure of financial assets [line items] | ||
Financial Assets | 145,978 | 149,430 |
Less than 30 [member] | ||
Disclosure of financial assets [line items] | ||
Financial Assets | 1,540 | 1,212 |
31-60 [member] | ||
Disclosure of financial assets [line items] | ||
Financial Assets | 120 | 523 |
61-90 [member] | ||
Disclosure of financial assets [line items] | ||
Financial Assets | 78 | 65 |
Greater than 90 [member] | ||
Disclosure of financial assets [line items] | ||
Financial Assets | ₪ 30 | ₪ 25 |
Trade receivables, Net (Schedul
Trade receivables, Net (Schedule of Changes in Allowance for Doubtful Debts) (Details) ₪ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 ILS (₪) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 ILS (₪) | |
Disclosure of financial assets [line items] | |||
Balance at beginning of the year | ₪ 1,419 | $ 391 | ₪ 1,374 |
Change in allowance doubtful debts | (41) | (11) | 45 |
Balance at end of the year | ₪ 1,378 | $ 380 | ₪ 1,419 |
Other receivables and prepaid_3
Other receivables and prepaid expenses (Schedule of Other Receivables and Prepaid Expenses) (Details) ₪ in Thousands, $ in Thousands | Dec. 31, 2023 ILS (₪) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 ILS (₪) |
Disclosure of financial assets [line items] | |||
Advances to suppliers | ₪ 8,002 | $ 2,206 | ₪ 2,563 |
Prepaid expenses | 381 | 105 | 363 |
Other income receivables | 0 | 0 | 195 |
Others | 1,781 | 491 | 1,835 |
Total Other receivables and prepaid expenses | ₪ 10,164 | $ 2,802 | ₪ 4,956 |
Inventories, Net (Schedule of I
Inventories, Net (Schedule of Inventories) (Details) ₪ in Thousands, $ in Thousands | Dec. 31, 2023 ILS (₪) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 ILS (₪) | |
Disclosure of financial assets [line items] | ||||
Finished products | ₪ 54,193 | $ 14,941 | ₪ 55,796 | |
Inventory in transit | 11,782 | 3,249 | 17,018 | |
Less - Provision of slow-moving inventory | (3,500) | (965) | (885) | |
Total Inventories | ₪ 62,475 | $ 17,225 | [1] | ₪ 71,929 |
[1]Convenience Translation into US Dollars. |
Property, plant and equipment_2
Property, plant and equipment (Schedule of Property Plant and Equipment) (Details) ₪ in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2023 ILS (₪) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 ILS (₪) | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Beginning Balance | ₪ 47,683 | |||||
Changes during | ||||||
Ending Balance | 66,586 | $ 18,359 | [1] | ₪ 47,683 | ||
Consolidated Cost [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Beginning Balance | 99,216 | 87,245 | ||||
Changes during | ||||||
Additions | 23,546 | 13,350 | ||||
Dispositions | (540) | (1,379) | ||||
Ending Balance | 122,222 | 99,216 | ||||
Net book value [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Beginning Balance | 47,683 | 13,546 | ||||
Changes during | ||||||
Ending Balance | 66,586 | 18,359 | 47,683 | |||
Accumulated Depreciation [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Beginning Balance | 51,533 | 48,431 | ||||
Changes during | ||||||
Additions | 4,546 | 4,352 | ||||
Dispositions | (443) | (1,250) | ||||
Ending Balance | 55,636 | 51,533 | ||||
Land and buildings [Member] | Consolidated Cost [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Beginning Balance | [2] | 59,024 | 56,924 | |||
Changes during | ||||||
Additions | 414 | 2,100 | [2] | |||
Dispositions | 0 | 0 | ||||
Ending Balance | 59,438 | 59,024 | [2] | |||
Land and buildings [Member] | Net book value [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Beginning Balance | [2] | 30,501 | 8,409 | |||
Changes during | ||||||
Ending Balance | 28,579 | 7,880 | 30,501 | [2] | ||
Land and buildings [Member] | Accumulated Depreciation [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Beginning Balance | 28,523 | 26,372 | ||||
Changes during | ||||||
Additions | 2,336 | 2,151 | ||||
Dispositions | 0 | 0 | ||||
Ending Balance | 30,859 | 28,523 | ||||
New Logistics Center [Member] | Consolidated Cost [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Beginning Balance | [2],[3] | 7,885 | 541 | |||
Changes during | ||||||
Additions | [3] | 18,941 | 7,344 | |||
Dispositions | [3] | 0 | 0 | [2] | ||
Ending Balance | [3] | 26,826 | 7,885 | [2] | ||
New Logistics Center [Member] | Net book value [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Beginning Balance | [2],[3] | 7,885 | 2,174 | |||
Changes during | ||||||
Ending Balance | [3] | 26,826 | 7,396 | 7,885 | [2] | |
New Logistics Center [Member] | Accumulated Depreciation [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Beginning Balance | [3] | 0 | 0 | |||
Changes during | ||||||
Additions | [3] | 0 | 0 | |||
Dispositions | [3] | 0 | 0 | |||
Ending Balance | [3] | 0 | 0 | |||
Machinery and equipment [Member] | Consolidated Cost [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Beginning Balance | 11,105 | 9,177 | ||||
Changes during | ||||||
Additions | 1,968 | 1,928 | ||||
Dispositions | 0 | 0 | ||||
Ending Balance | 13,073 | 11,105 | ||||
Machinery and equipment [Member] | Net book value [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Beginning Balance | 5,101 | 1,406 | ||||
Changes during | ||||||
Ending Balance | 6,593 | 1,789 | 5,101 | |||
Machinery and equipment [Member] | Accumulated Depreciation [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Beginning Balance | 6,004 | 5,522 | ||||
Changes during | ||||||
Additions | 476 | 482 | ||||
Dispositions | 0 | 0 | ||||
Ending Balance | 6,480 | 6,004 | ||||
Motor vehicles [Member] | Consolidated Cost [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Beginning Balance | 11,270 | 11,457 | ||||
Changes during | ||||||
Additions | 332 | 1,192 | ||||
Dispositions | (540) | (1,379) | ||||
Ending Balance | 11,062 | 11,270 | ||||
Motor vehicles [Member] | Net book value [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Beginning Balance | 1,390 | 383 | ||||
Changes during | ||||||
Ending Balance | 710 | 215 | 1,390 | |||
Motor vehicles [Member] | Accumulated Depreciation [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Beginning Balance | 9,880 | 10,099 | ||||
Changes during | ||||||
Additions | 915 | 1,031 | ||||
Dispositions | (443) | (1,250) | ||||
Ending Balance | 10,352 | 9,880 | ||||
Computers [Member] | Consolidated Cost [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Beginning Balance | 7,806 | 7,182 | ||||
Changes during | ||||||
Additions | 1,692 | 624 | ||||
Dispositions | 0 | 0 | ||||
Ending Balance | 9,498 | 7,806 | ||||
Computers [Member] | Net book value [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Beginning Balance | 1,820 | 502 | ||||
Changes during | ||||||
Ending Balance | 2,734 | 754 | 1,820 | |||
Computers [Member] | Accumulated Depreciation [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Beginning Balance | 5,986 | 5,327 | ||||
Changes during | ||||||
Additions | 778 | 659 | ||||
Dispositions | 0 | 0 | ||||
Ending Balance | 6,764 | 5,986 | ||||
Office furniture and equipment [Member] | Consolidated Cost [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Beginning Balance | 2,126 | 1,964 | ||||
Changes during | ||||||
Additions | 199 | 162 | ||||
Dispositions | 0 | 0 | ||||
Ending Balance | 2,325 | 2,126 | ||||
Office furniture and equipment [Member] | Net book value [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Beginning Balance | 986 | 272 | ||||
Changes during | ||||||
Ending Balance | 1,144 | $ 325 | 986 | |||
Office furniture and equipment [Member] | Accumulated Depreciation [Member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Beginning Balance | 1,140 | 1,111 | ||||
Changes during | ||||||
Additions | 41 | 29 | ||||
Dispositions | 0 | 0 | ||||
Ending Balance | ₪ 1,181 | ₪ 1,140 | ||||
[1]Convenience Translation into US Dollars.[2]Reclassified[3]Under construction |
Leases (Narrative) (Details)
Leases (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Truck [Member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Lease term | 5 years |
Vehicles [Member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Lease term | 3 years |
Leases (Schedule of Right to us
Leases (Schedule of Right to use asset) (Details) ₪ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 ILS (₪) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 ILS (₪) | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Opening balance | ₪ 3,391 | |||
Depreciation | 2,404 | $ 663 | ₪ 2,156 | |
Closing balance | 2,124 | 586 | [1] | 3,391 |
Consolidated Cost [Member] | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Opening balance | 6,612 | 1,823 | 7,333 | |
Dispositions | (2,408) | (664) | (2,180) | |
Additions | 1,137 | 314 | 1,459 | |
Closing balance | 5,341 | 1,473 | 6,612 | |
Accumulated Depreciation [Member] | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Opening balance | 3,221 | 888 | 3,245 | |
Dispositions | (2,408) | (664) | (2,180) | |
Depreciation | 2,404 | 663 | 2,156 | |
Closing balance | 3,217 | 887 | 3,221 | |
Net Book Value [Member] | ||||
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Opening balance | 3,391 | |||
Closing balance | ₪ 2,124 | $ 586 | ₪ 3,391 | |
[1]Convenience Translation into US Dollars. |
Leases (Schedule of Leases Liab
Leases (Schedule of Leases Liabilities) (Details) ₪ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 ILS (₪) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 ILS (₪) | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Opening balance | ₪ 3,478 | $ 959 | ₪ 4,198 |
Additions | 1,137 | 313 | 1,460 |
Payments | (2,408) | (664) | (2,180) |
Closing balance | ₪ 2,207 | $ 608 | ₪ 3,478 |
Leases (Schedule of Amounts Rec
Leases (Schedule of Amounts Recognized in Profit and Loss) (Details) ₪ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 ILS (₪) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 ILS (₪) | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Depreciation expense on right-of-use assets | ₪ 2,404 | $ 663 | ₪ 2,156 |
Interest expense on lease liabilities | 75 | 21 | 126 |
Cancellation of rental expenses | (2,483) | (685) | (2,306) |
Amounts recognized in profit and loss | ₪ (4) | $ (1) | ₪ (24) |
Subsidiaries (Schedule of Finan
Subsidiaries (Schedule of Financial Statement of Subsidiaries) (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Euro European Dairies Ltd [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Ownership Interest | 100% | 100% |
W F D Ltd Member | ||
Disclosure of transactions between related parties [line items] | ||
Ownership Interest | 100% | 100% |
W Capital Ltd [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Ownership Interest | 100% | 100% |
Trade payables (Schedule of Tra
Trade payables (Schedule of Trade Payables) (Details) ₪ in Thousands, $ in Thousands | Dec. 31, 2023 ILS (₪) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 ILS (₪) | |
Disclosure of offsetting of financial liabilities [line items] | ||||
Open accounts | ₪ 21,339 | $ 5,883 | ₪ 24,735 | |
Checks payables | 283 | 78 | 107 | |
Total Trade payables | ₪ 21,622 | $ 5,961 | [1] | ₪ 24,842 |
[1]Convenience Translation into US Dollars. |
Employee benefit liabilities (S
Employee benefit liabilities (Schedule of Liabilities for Employee Benefits) (Details) ₪ in Thousands, $ in Thousands | Dec. 31, 2023 ILS (₪) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 ILS (₪) |
Disclosure of defined benefit plans [line items] | |||
Employee benefit | ₪ 3,068 | $ 846 | ₪ 2,804 |
Accrual for annual leave | 1,125 | 310 | 952 |
Defined benefit schemes | 1,055 | 291 | 878 |
Liabilities for employee benefits | ₪ 5,248 | $ 1,447 | ₪ 4,634 |
Other payables and accrued ex_3
Other payables and accrued expenses (Summary Other Payables and Accrued Expenses) (Details) (ILS) ₪ in Thousands, $ in Thousands | Dec. 31, 2023 ILS (₪) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 ILS (₪) | |
Disclosure of offsetting of financial liabilities [line items] | ||||
Accrued expenses | ₪ 6,380 | $ 1,759 | ₪ 8,812 | |
Customer advances | 2,367 | 653 | 1,702 | |
Other payables | 2,107 | 581 | 1,322 | |
Total other payables and accrued expenses | ₪ 10,854 | $ 2,993 | [1] | ₪ 11,836 |
[1]Convenience Translation into US Dollars. |
Share capital (Schedule of Shar
Share capital (Schedule of Share Capital) (Details) - shares | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of classes of share capital [abstract] | ||
Ordinary shares of NIS 0.1 each | 50,000,000 | 50,000,000 |
Issued and outstanding | 13,867,017 | 13,867,017 |
Defined benefit scheme (Narrati
Defined benefit scheme (Narrative) (Details) ₪ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 ILS (₪) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 ILS (₪) | |
Disclosure of defined benefit plans [line items] | |||
Mortality rate description | The assumptions regarding future mortality rates are based on mortality tables published and approved by the Ministry of Finance. The mortality rate of an active participant at retirement age (67 for men, 64 for women) is 0.6433% for men and 0.3574% for women. | The assumptions regarding future mortality rates are based on mortality tables published and approved by the Ministry of Finance. The mortality rate of an active participant at retirement age (67 for men, 64 for women) is 0.6433% for men and 0.3574% for women. | |
Provision rate for severance pay | 6.50% | ||
Nominal interest rate | 5.42% | 5.42% | |
Increase (decrease) discount rate | 0.50% | 0.50% | |
Rate hike expced salaries increased | 0.50% | 0.50% | |
Increase (decrease) resignation rate | 10% | 10% | |
Vacation provision | ₪ 922 | ₪ 795 | |
Defined Benefit Obligation [Member] | Discount rate were increased / decreased by 0.5% [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Increase (decrease) defined benefit obligation | 216 | $ 58 | |
Defined Benefit Obligation [Member] | Salaries increased / decreased by 0.5% [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Increase (decrease) defined benefit obligation | 115 | 32 | |
Defined Benefit Obligation [Member] | Resignation rate increased / decreased by 10% [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Increase (decrease) defined benefit obligation | ₪ 120 | $ 33 |
Defined benefit scheme (Schedul
Defined benefit scheme (Schedule of Principal Assumptions Used for Purposes of Actuarial Valuations) (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of defined benefit plans [line items] | ||
Discount rate | 5.42% | 5.22% |
Expected return on the plan assets | 5.42% | 5.22% |
Rate of increase in compensation | 5% | 4% |
0-1 years [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Actuarial Assumption Of Expected Rates Of Termination | 35% | 35% |
1-2 years [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Actuarial Assumption Of Expected Rates Of Termination | 30% | 30% |
2-3 years [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Actuarial Assumption Of Expected Rates Of Termination | 25% | 25% |
3-4 years [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Actuarial Assumption Of Expected Rates Of Termination | 15% | 15% |
4-5 years [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Actuarial Assumption Of Expected Rates Of Termination | 15% | 15% |
5 years and more [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Actuarial Assumption Of Expected Rates Of Termination | 7.50% | 7.50% |
Defined benefit scheme (Sched_2
Defined benefit scheme (Schedule of Present Value of Defined Benefit Obligation in Current Period) (Details) - Defined Benefit Obligation [Member] ₪ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 ILS (₪) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 ILS (₪) | |
Disclosure of defined benefit plans [line items] | |||
Opening defined benefit obligation | ₪ 5,481 | $ 1,511 | ₪ 6,441 |
Current service cost | 474 | 131 | 467 |
Interest cost | 269 | 74 | 129 |
Actuarial losses/(gains) arising from changes in financial assumptions | 194 | 53 | (1,201) |
Actuarial losses arising from experience adjustments | 24 | 7 | 20 |
Benefits paid | (498) | (137) | (375) |
Closing defined benefit obligation | ₪ 5,944 | $ 1,639 | ₪ 5,481 |
Defined benefit scheme (Sched_3
Defined benefit scheme (Schedule of Defined Benefit Assets in Current Period) (Details) ₪ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 ILS (₪) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 ILS (₪) | |
Disclosure of defined benefit plans [line items] | |||
Opening defined benefit assets | ₪ 4,653 | ||
Closing defined benefit assets | 4,937 | $ 1,361 | ₪ 4,653 |
Plan assets [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Opening defined benefit assets | 4,653 | 1,283 | 4,826 |
Employer contribution | 328 | 90 | 355 |
Expected return on the plan assets | 233 | 64 | 95 |
Changes in financial assumptions | 172 | 47 | (367) |
Interest losses on severance payment allocated to remuneration benefits | (39) | (11) | 6 |
Benefits paid | (410) | (113) | (262) |
Closing defined benefit assets | ₪ 4,937 | $ 1,360 | ₪ 4,653 |
Defined benefit scheme (Sched_4
Defined benefit scheme (Schedule of Assets and Liabilities Recognized in Balance Sheets ) (Details) ₪ in Thousands, $ in Thousands | Dec. 31, 2023 ILS (₪) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 ILS (₪) |
Disclosure of defined benefit plans [line items] | |||
Present value of funded liability | ₪ 5,944 | $ 1,639 | ₪ 5,481 |
Fair value of unrecognized asset | 48 | 13 | 50 |
Fair value of plan assets - accumulated deposit in executive insurance | (4,937) | (1,361) | (4,653) |
Net liability deriving from defined benefit obligation | ₪ 1,055 | $ 291 | ₪ 878 |
Share based payment (Narrative)
Share based payment (Narrative) (Details) ₪ / shares in Units, ₪ in Millions | 1 Months Ended | 12 Months Ended | |
Jul. 31, 2022 ILS (₪) Share ₪ / shares | Dec. 31, 2023 Share | Dec. 31, 2022 Share | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Options grated to employees | Share | 164,000 | 0 | 164,000 |
Number of share options exercisable | Share | 164,000 | ||
Percentage of capital and voting rights before grant | 1.18% | ||
Percentage of capital and voting rights after grant | 1.17% | ||
Purchase one ordinary share | ₪ 1 | ||
Exercise price of options to purchase ordinary shares | ₪ 55.3 | ||
Fair value of options at the time of grant | ₪ | ₪ 3 | ||
Weighted average share price | ₪ 51.69 | ||
First Tranche [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Terms of stock option life | 3 years | ||
Second Tranche [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Terms of stock option life | 4 years | ||
Third Tranche [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Terms of stock option life | 5 years | ||
Bottom of range [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Stock option standard deviation percentage | 39% | ||
Top of range [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Stock option standard deviation percentage | 44% |
Share based payment (Schedule o
Share based payment (Schedule of nature and scope of share-based payment plans during the period) (Details) - Share | 1 Months Ended | 12 Months Ended | |
Jul. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Outstanding period | July 2022 | ||
Granted during the year | 164,000 | 0 | 164,000 |
Bottom of range [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Estimated lifespan | 2 years | ||
Top of range [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Estimated lifespan | 5 years | ||
Stock options for senior management [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Outstanding period | July 2022 | ||
Granted during the year | 75,000 | ||
Stock options for senior management [Member] | Bottom of range [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Estimated lifespan | 2 years | ||
Stock options for senior management [Member] | Top of range [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Estimated lifespan | 5 years | ||
Stock options for other employees [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Outstanding period | July 2022 | ||
Granted during the year | 89,000 | ||
Stock options for other employees [Member] | Bottom of range [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Estimated lifespan | 2 years | ||
Stock options for other employees [Member] | Top of range [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Estimated lifespan | 5 years |
Share based payment (Schedule_2
Share based payment (Schedule of details regarding the stock option plans) (Details) | 1 Months Ended | 12 Months Ended | |||
Jul. 31, 2022 Share | Dec. 31, 2023 Share ₪ / shares | Dec. 31, 2023 Share $ / shares | Dec. 31, 2022 Share ₪ / shares | Dec. 31, 2022 Share $ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |||||
Number of options, opening balance | 164,000 | 164,000 | 0 | 0 | |
Granted during the year | 164,000 | 0 | 0 | 164,000 | 164,000 |
Expired during the year | (22,500) | (22,500) | 0 | 0 | |
Number of options, closing balance | 141,500 | 141,500 | 164,000 | 164,000 | |
Weighted average exercise price, opening balance | (per share) | ₪ 52.76 | $ 14.55 | ₪ 0 | ||
Granted during the year | (per share) | 0 | 0 | 52.76 | ||
Expired during the year | (per share) | 49.88 | 13.55 | 0 | ||
Weighted average exercise price, closing balance | (per share) | ₪ 49.88 | $ 13.55 | ₪ 52.76 | $ 14.55 |
Share based payment (Schedule_3
Share based payment (Schedule of effect of share-based payment transactions on profit or loss for the period) (Details) ₪ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 ILS (₪) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 ILS (₪) | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |||
Expense arising from plans to grant shares and stock options | ₪ 1,039 | $ 286 | ₪ 790 |
Contingent liabilities and co_2
Contingent liabilities and commitments (Narrative) (Details) ₪ in Thousands | 1 Months Ended | |||||||||
Nov. 04, 2018 ILS (₪) | Apr. 01, 1997 ILS (₪) | Sep. 28, 2023 ILS (₪) T | Feb. 20, 2023 ILS (₪) | Jul. 27, 2017 ILS (₪) | Jul. 23, 2017 ILS (₪) | May 25, 2022 ILS (₪) | Nov. 08, 2021 ILS (₪) | Aug. 02, 2021 ILS (₪) | Sep. 08, 2020 ILS (₪) | |
Disclosure of contingent liabilities [line items] | ||||||||||
Monthly amount payment | ₪ 10,000 | |||||||||
Claim alleges in damages | ₪ 2,500 | ₪ 57,000 | ₪ 100,000 | ₪ 57,000 | ||||||
Amount of non-financial damages | ₪ 378,000 | |||||||||
Gregory Gurtovoy and against five (former) Company directors and senior office holder [Member] | Lawsuit [Member] | ||||||||||
Disclosure of contingent liabilities [line items] | ||||||||||
Amount of lawsuits | ₪ 4,183,208 | |||||||||
Mr. Iram Graiver [Member] | ||||||||||
Disclosure of contingent liabilities [line items] | ||||||||||
Claiming payment of social rights and compensation | ₪ 2,377,305 | |||||||||
Repayment of funds | ₪ 1,694,325 | |||||||||
Euro Dairy Europe Ltd [Member] | ||||||||||
Disclosure of contingent liabilities [line items] | ||||||||||
Provision of additional tons at controlled prices | T | 107 | |||||||||
Additional amount of payment | ₪ 300,000 | |||||||||
Payment of compensation value | 300,000 | |||||||||
Repayment of funds | ₪ 200,000 | |||||||||
Amount of charge for a deficit | ₪ 1,750 |
Events during and after the r_2
Events during and after the reporting period (Details) - ILS (₪) ₪ / shares in Units, ₪ in Thousands | 1 Months Ended | 12 Months Ended | |||||||
Mar. 15, 2022 | Aug. 30, 2023 | Mar. 24, 2023 | Nov. 24, 2022 | Aug. 31, 2022 | Sep. 16, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of non-adjusting events after reporting period [line items] | |||||||||
Dividend distribution | ₪ 39,945 | ₪ 54,906 | ₪ 59,975 | ||||||
Board of Directors [Member] | |||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||
Dividend distribution | ₪ 20,000 | ₪ 10,000 | ₪ 30,000 | ₪ 15,000 | ₪ 20,000 | ₪ 60,000 | |||
Dividend distribution per share | ₪ 1.44 | ₪ 0.72 | ₪ 2.16 | ₪ 1.08 | ₪ 1.44 | ₪ 4.33 |
Accounting policies (Schedule o
Accounting policies (Schedule of Annual Depreciation and Amortization Rates) (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Buildings [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of assets (in years) | 50 |
Annual depreciation and amortization rates % | 2 |
Construction [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of assets (in years) | 25 |
Annual depreciation and amortization rates % | 4 |
Motor vehicles [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of assets (in years) | 5 |
Annual depreciation and amortization rates % | 15-20 |
Office furniture and equipment [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of assets (in years) | 6 |
Annual depreciation and amortization rates % | 6-15 |
Computers [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of assets (in years) | 3 |
Annual depreciation and amortization rates % | 20-33 |
Machinery and equipment [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of assets (in years) | 10 |
Annual depreciation and amortization rates % | 10 |