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B.S.D Crown Ltd (LSE:BSD) ("BSD" or "the Company") G. Willi-Food International Ltd 2014 Results Tel Aviv, Israel, 26 March, 2015 The Company refers to an announcement made earlier today by Willi-FoodInvestments Ltd (TASE:WLFD)("WFI"), an Israeli company in which the Companyholds a 62% interest. As announced by WFI, G. Willi-Food International Ltd (NASDAQ:WILC), an Israelicompany in which WFI holds a 59% interest ("WFINT"), announced today itsfinancial results for the year ending on 31 December, 2014. Attached is WFINT's announcement. Further information about the Company For more information about the Company, visit www.bsd-c.com. Enquiries: Eyal Merdler, CFO: eyal.merdler@bsd-c.com FOR IMMEDIATE RELEASE G. Willi-Food Reports fiscal 2014 year end financial results Sales down 2.2% from fiscal 2013 sales and Net Cash from operating activities of NIS 19.7 million (US$ 5.1 million) in fiscal 2014 YAVNE, Israel - March 26, 2015 - G. Willi-Food International Ltd.(NASDAQ: WILC) (the "Company" or "Willi-Food"), a global company thatspecializes in the development, marketing and international distribution ofkosher foods, today announced its financial results for the fiscal year endedDecember 31, 2014. Fiscal 2014 Highlights - Sales decreased by 2.2% from fiscal 2013 to NIS 328.7 million(US$ 84.5 million) - Gross profit decreased 4.9% from fiscal 2013 to NIS 79.6 million(US$ 20.5 million), or 24.2% of sales - Operating income decreased 19.1% from fiscal 2013 to NIS 23.6million (US$ 6.1 million), or 7.2% of sales - Net income decreased 40.7% from fiscal 2013 to NIS 18.9 million(US$ 4.8 million), or 5.7% of sales - Earning per share of NIS 1.45 (US$ 0.37) - Net cash from operating activities increased by 426.9% fromfiscal 2013 to NIS 19.7 million (US$ 5.1 million - Cash and securities balance of NIS 225.1 million (US$ 57.9million) as of December 31, 2014 Willi-Food's operating divisions include Willi-Food, a distributorof a broad variety of kosher foods, and its wholly-owned Gold Frost, adesigner, developer and distributor of branded kosher innovative dairy foodproducts. Fiscal 2014 Summary Sales for fiscal 2014 decreased by 2.2% to NIS 328.7 million (US$84.5 million) from NIS 336.0 million (US$ 86.4 million) in fiscal 2013.Willi-Food achieved these sales figures in the fiscal year of 2014 despiteOperation Protective Edge, an almost two month military operation launched bythe State of Israel on July 8, 2014 in the Hamas-controlled Gaza Strip, whichadversely affected Willi-Food sales in July-August 2014, as well as theoverall market decline in food product consumption by the Israeli consumer. Gross profit for fiscal 2014 decreased by 4.9% to NIS 79.6 million(US$ 20.5 million) compared to NIS 83.7 million (US$ 21.5 million) recorded infiscal 2013. Fiscal 2014 gross margin was 24.2% compared to gross margin of24.9% for fiscal 2013. The decrease in gross margin in fiscal 2014 wasprimarily due to reductions in the prices of certain of our products as aresult of continued expectations from our customers for us to reduce prices.The decrease in gross margin was also less significantly caused by thestrengthening of the U.S. dollar versus the NIS commencing from the thirdquarter of 2014. Willi-Food's operating income for fiscal 2014 decreased by 19.1% toNIS 23.6 million (US$ 6.1 million) compared to NIS 29.2 million (US$ 7.5million) recorded in fiscal 2013. Selling expenses increased by 13.0% from2013, primarily due to an increase in promotional expenses as well as vehiclesand transport expenses. Selling expenses as a percentage of sales increased to13.0% compared to 12.1% in fiscal 2013. General and administrative expensesdecreased by 0.9% from fiscal 2013, primarily due to decrease of NIS 1.7million (US$ 0.4 million) in management profit-related bonuses compared to2013 offset by an expense of NIS 2.1 million (US$ 0.5 million) related tooptions granted to the Company's Chairman, President and CEO in November 2013,which was recorded in fiscal 2014. General and administrative expenses as apercentage of sales in fiscal 2014 were 5.8%, approximately the samepercentage as in fiscal 2013. Willi-Food's income before taxes for fiscal 2014 decreased by 37.0%to NIS 26.0 million (US$ 6.7 million) compared to NIS 41.3 million (US$ 10.6million) recorded in fiscal 2013. Willi-Food's net income for fiscal 2014 decreased by 40.7% to NIS18.9 million (US$ 4.8 million), or NIS 1.45 (US$ 0.37) per share, from NIS31.8 million (US$ 8.2 million), or NIS 2.45 (US$ 0.63) per share, recorded infiscal 2013. Willi-Food ended 2014 with NIS 225.1 million (US$ 57.9 million) incash and securities with no short-term debt. Net cash from operatingactivities fiscal 2014 was NIS 19.7 million (US$ 5.1 million).Willi-Food'sshareholders' equity at the end of December 2014 was NIS 386.1 million (US$99.3 million). Business Outlook Mr. Zwi Williger, Chairman of Willi-Food, commented, "Our resultsin fiscal 2014 were negatively affected by the noticeable decline inconsumption by the Israeli consumer in 2014, which, although didn't reduce thenumber of visits to supermarkets per consumer, decreased the basket ofconsumer goods. Our results were also impacted by Operation Protective Edgethat lasted almost two thirds of the third quarter. Despite this, we were ableto sustain our level of sales and maintain gross margins of over 24%. In lightof the anticipated continued downward pressure on prices and decreasingprivate consumption, our foreseeable challenges ahead will be in managing ourexpenses in order to offer our products at the low prices our customersexpect. This expense management will be needed in order to maintain ourcustomer base both in the retail and wholesale markets during these difficulttimes for the food industry". "We believe we are well positioned to continue our expansion,"concluded Mr. Williger. "We are constantly focused on looking to meet thedemands of consumers for new kosher products, and we have the infrastructurein place and development expertise to develop and deliver these products. Atthe same time, we remain focused on maximizing long-term profitability andcreating additional value for our shareholders." Conference Call The Company will host a conference call and live webcast onThursday, March 26, 2015 to discuss the financial results beginning at 11:00AM Eastern Time. Interested parties may participate on the call by dialing1-888-505-4368 (US), or 1-719-325-2452 (International), approximately 10minutes prior to the scheduled start time. Participants may also access a livelisten only webcast at: http://public.viavid.com/index.php?id=113674 Following the conclusion of the call, a telephonic replay will beavailable for 14 days beginning at 2:00 PM Eastern Time on March 26, 2015through 11:59 PM Eastern Time on April 9, 2015 and may be accessed by dialing1-877-870-5176 (US), or 1-858-384-5517 (International), using Pin Number:7375168. In addition, an archived webcast will be available for one year at: http://public.viavid.com/reports/eventparticipantreporttab.php?id=o5elpZ6b NOTE A: Convenience Translation to Dollars The convenience translation of New Israeli Shekels (NIS) into U.S.dollars was made at the rate of exchange prevailing on December 31, 2014, U.S.$1.00 equals NIS 3.889. The translation was made solely for the convenience ofthe reader. NOTE B: IFRS The Company's consolidated financial results for fiscal year endedDecember 31, 2014 are presented in accordance with International FinancialReporting Standards ("IFRS"). About G. Willi-Food International Ltd. G. Willi-Food International Ltd. (http://www.willi-food.com) is anIsraeli-based company specializing in high-quality, great-tasting kosher foodproducts. Willi-Food is engaged directly and through its subsidiaries in thedesign, import, marketing and distribution of over 600 food productsworldwide. As one of Israel's leading food importers, Willi-Food markets andsells its food products to over 1,500 customers in Israel and around the worldincluding large retail and private supermarket chains, wholesalers andinstitutional consumers. The Company's operating divisions include Willi-Foodin Israel and Gold Frost, a wholly owned subsidiary who designs, develops anddistributes branded kosher, dairy-food products. FORWARD LOOKING STATEMENT This press release contains forward-looking statements within themeaning of safe harbor provisions of the Private Securities Litigation ReformAct of 1995 relating to future events or our future performance, such asstatements regarding trends, demand for our products and expected sales,operating results, and earnings. Forward-looking statements involve known andunknown risks, uncertainties and other factors that may cause our actualresults, levels of activity, performance or achievements to be materiallydifferent from any future results, levels of activity, performance orachievements expressed or implied in those forward-looking statements. Theserisks and other factors include but are not limited to: monetary risksincluding changes in marketable securities or changes in currency exchangerates- especially the NIS/U.S. Dollar exchange rate, payment default by any ofour major clients, the loss of one of more of our key personnel, changes inlaws and regulations, including those relating to the food distributionindustry, and inability to meet and maintain regulatory qualifications andapprovals for our products, termination of arrangements with our suppliers, inparticular Arla Foods, loss of one or more of our principal clients, increaseor decrease in global purchase prices of food products, increasing levels ofcompetition in Israel and other markets in which we do business, changes ineconomic conditions in Israel, including in particular economic conditions inthe Company's core markets, our inability to accurately predict consumption ofour products and changes in consumer preferences, our inability to protect ourintellectual property rights, our inability to successfully integrate ourrecent acquisitions, insurance coverage not sufficient enough to cover lossesof product liability claims and risks associated with product liabilityclaims. We cannot guarantee future results, levels of activity, performance orachievements. The matters discussed in this press release also involve risksand uncertainties summarized under the heading "Risk Factors" in the Company'sAnnual Report on Form 20-F for the year ended December 31, 2013, filed withthe Securities and Exchange Commission on April 30, 2014. These factors areupdated from time to time through the filing of reports and registrationstatements with the Securities and Exchange Commission. We do not assume anyobligation to update the forward-looking information contained in this pressrelease. G. WILLI-FOOD INTERNATIONAL LTD. CONDENSED CONSOLIDATED BALANCE SHEETS December 31, December 31, 2014 2013 2014 2013 NIS US dollars (*) (in thousands)ASSETSCurrent assetsCash and cash equivalents 82,902 36,197 21,317 9,308Financial assets carried at fair value throughprofit or loss 122,733 112,864 31,559 29,021Short term deposit 19,445 - 5,000 -Trade receivables 86,690 82,932 22,291 21,325Other receivables and prepaid expenses 3,763 2,694 968 692Inventories 48,586 54,001 12,493 13,886Current tax assets 1,372 - 353 -Loan carried at fair value through profit orloss - 65,300 - 16,791Total current assets 365,491 353,988 93,981 91,023 Non-current assetsProperty, plant and equipment 73,826 66,663 18,984 17,142Less -Accumulated depreciation 28,579 25,689 7,349 6,606 45,247 40,974 11,635 10,536 Prepaid expenses 133 50 34 13Goodwill 36 36 9 9Deferred taxes 505 - 130 -Total non-current assets 45,921 41,060 11,808 10,558 411,412 395,048 105,789 101,581EQUITY AND LIABILITIESCurrent liabilitiesShort-term bank debt - 18 - 5Trade payables 15,518 20,245 3,990 5,206Employees Benefits 2,120 1,880 545 483Current tax liabilities - 637 - 164Other payables and accrued expenses 7,010 5,282 1,803 1,358Total current liabilities 24,648 28,062 6,338 7,216 Non-current liabilitiesRetirement benefit obligation 635 644 162 166Deferred taxes - 499 - 128Total non-current liabilities 635 1,143 162 294 Shareholders' equityShare capital 1,407 1,407 362 362Additional paid in capital 121,430 119,281 31,223 30,670Capital fund 247 247 64 64Foreign currency translation reserve - 786 - 202Retained earnings 263,039 244,185 67,637 62,789Remeasurement of the net liability in respectof defined benefit 6 (63) 2 (16) 386,129 365,843 99,288 94,071 411,412 395,048 105,788 101,581 (*) Convenience translation into U.S. dollars. G. WILLI-FOOD INTERNATIONAL LTD. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS For the year ended For the year ended December 31, December 31, 2014 2013 2014 2013 NIS US dollars (*) In thousands (except per share and share data) Sales 328,741 336,032 84,531 86,406 Cost of sales 249,136 252,355 64,062 64,890 Gross profit 79,605 83,677 20,469 21,516 Selling expenses 39,696 35,130 10,207 9,033 General and administrative expenses 19,231 19,408 4,945 4,991 Other income (2,943) (54) (757) (14) Total operating expenses 55,984 54,484 14,395 14,010 Operating income 23,621 29,193 6,074 7,506 Financial income 2,794 13,008 718 3,345 Financial expense 375 876 96 225 Total financial income 2,419 12,132 622 3,120 Income before taxes on income 26,040 41,325 6,696 10,626 Taxes on income (7,186) (9,517) (1,848) (2,447) Net income 18,854 31,808 4,848 8,179 Earnings per share: Basic earnings per share 1.45 2.45 0.37 0.63 Diluted earnings per share 1.45 2.45 0.37 0.63 Shares used in computation of basic EPS 12,974,245 12,974,245 12,974,245 12,974,245 (*) Convenience translation into U.S. dollars. G. WILLI-FOOD INTERNATIONAL LTD. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the year ended For the year ended December 31, December 31, 2014 2013 2014 2013 NIS US dollars (*) In thousands (except per share and share data)CASH FLOWS - OPERATING ACTIVITIESProfit from continuing operations 18,854 31,808 4,848 8,179Adjustments to reconcile net income to net cash from operatingactivities (Appendix) 799 (28,078) 205 (7,219)Net cash from continuing operating activities 19,653 3,730 5,053 960 CASH FLOWS - INVESTING ACTIVITIESAcquisition of property plant and equipment (8,077) (6,077) (2,077) (1,563)Proceeds from sale of property plant and Equipment 969 29 249 7Additions to long term other receivables - (445) - (114)Proceeds from (used in) purchase of marketable securities, net (11,777) 56,309 (3,028) 14,479Proceeds from (used in) purchase of loan carried at fair valuethrough profit or loss 65,400 (65,000) 16,817 (16,714)Proceeds used in purchase of Short term deposit (19,445) - (5,000) -Net cash from (used in) continuing investing activities 27,070 (15,184) 6,961 (3,905) CASH FLOWS - FINANCING ACTIVITIESShort-term bank debt, net (18) (9,912) (5) (2,549)Net cash from used in continuing financing activities (18) (9,912) (5) (2,549) Increase (decrease) in cash and cash equivalents 46,705 (21,366) 12,009 (5,494)Cash and cash equivalents at the beginning of the year 36,197 57,563 9,308 14,802Cash and cash equivalents of the end of the year 82,902 36,197 21,317 9,308 (*) Convenience Translation into U.S. Dollars. G. WILLI-FOOD INTERNATIONAL LTD. APPENDIX TO CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the year ended For the year ended December 31, December 31, 2014 2013 2014 2013 NIS US dollars (*) In thousands (except per share and share data) CASH FLOWS - OPERATING ACTIVITIES: A. Adjustments to reconcile net profit to netcash from operating activities Depreciation and amortization 3,634 4,459 934 1,147Unrealized Gain of loan carried at fair valuethrough profit or loss (100) (300) (26) (77)Decrease in deferred income taxes (1,004) 519 (258) 133Capital Gain on disposal of property plant andequipment (188) (29) (48) (7)Unrealized Loss (Gain) on marketablesecurities 1,908 (10,363) 491 (2,665)Stock based compensation reserve 2,126 190 547 50Net foreign exchange gain (786) - (202) - Changes in assets and liabilities:Increase in trade receivables and otherreceivables (6,282) (9,046) (1,616) (2,326)Increase in inventories 5,415 (4,731) 1,392 (1,217)Increase (decrease) in payables and othercurrent liabilities (3,924) (8,777) (1,009) (2,257) 799 (28,078) 205 (7,219) B. Significant non-cash transactions: (*) Convenience Translation into U.S. Dollars. This information is intended to be reviewed in conjunction with the Company's filings withthe Securities and Exchange Commission. Company Contact: G. Willi - Food International Ltd.Itai Loewenstein, CFO (+972) 8-932-1000itai@willi-food.co.il ###

SOURCE: G. Willi-Food International Ltd.