\nDelta Galil Industries, Ltd. (DELT\/Tel Aviv Stock Exchange, DELTY.PK), the global manufacturer and marketer of branded and private label apparel products for men, women and children, as well as leisurewear, activewear and denim, today reported its financial results for the fourth quarter and full year ended December 31, 2020.\n<\/p>\n
Highlights<\/span><\/b><\/p>\n \nIsaac Dabah, CEO of Delta Galil, stated: \u201cWithout a doubt, 2020 represented an unprecedented year for Delta Galil, as COVID-19 forced us to rethink ways in which we conduct business. I am pleased with our agility to respond to the pandemic and implement the necessary initiatives to reduce costs and improve our operational and financial flexibility. Consequently, we saw record gross and EBIT margins in the fourth quarter, and record operating cash flow for the year, demonstrating a strong combination of Delta\u2019s rapid online expansion, coupled with the strength of our brands, loyal customer base, and the effects of our strategic efficiency measures, which we foresee continuing in the future.\n<\/p>\n \nThroughout the year, we remained committed to pursuing growth online both on our own site and through our Internet customers. As we previously announced, Delta acquired online intimates retailer Bare Necessities, which enhances our presence in the digital world. We ended the year with strong online sales, and we will continue to look for new ways to excel digitally.\n<\/p>\n \nIn addition, we are pleased to update on the successful IPO completion of Delta Israel Brands (ticker symbol DLTI.TA), our Israeli subsidiary, which raised $80 million in a post money valuation of $400 million from leading Israeli institutional investors. With a strong management team in place, and a solid financial performance this past year, this IPO represents an important achievement and a natural step in the evolution of Delta Israel Brands as a leading brand in Israel for underwear, pajamas, and leisure wear for the entire family.\u201d\n<\/p>\n Sales<\/span><\/b><\/p>\n \nThe Company reported sales of $459.7 million for the fourth quarter of 2020, compared to $504.8 million for the fourth quarter of 2019, a 9% decrease. The decrease in sales was primarily due to reduced volume in Delta Galil Premium Brands, Delta USA and Global Upper Market business segments following the outbreak of COVID-19. Sales for the 2020 full year were $1,446.2 million, compared to $1,690.2 million for the same period last year, representing a 14% decrease.\n<\/p>\n Online Sales<\/span><\/b><\/p>\n \nE-commerce own website sales rose 183% for the fourth quarter of 2020 to $76.1 million, compared to $26.9 million for the fourth quarter of 2019. E-commerce own website sales increased 130% for the full year 2020 to $152.5 million.\n<\/p>\n Operating Profit<\/span><\/b><\/p>\n \nOperating profit for the fourth quarter was $43.4 million, compared to $52.2 million in the fourth quarter last year. Before one-time items, operating profit was $47.7 million, compared to $51.2 million in the fourth quarter of 2019, a 6.8% decrease.\n<\/p>\n \nFor the 2020 full year, operating loss was $7.1 million, compared to operating profit of $103.7 million for 2019. Before one-time items, operating profit for the 2020 full year was $49.3 million, compared to $106.0 million for the comparable period last year.\n<\/p>\n Net Income (Loss)<\/span><\/b><\/p>\n \nNet income for the fourth quarter of 2020 was $23.7 million, compared to $35.6 million in the fourth quarter last year. Excluding one-time items, net income was $27.3 million for the fourth quarter of 2020, compared to $34.8 million in the fourth quarter of 2019.\n<\/p>\n \nFor the 2020 full year, net loss was $40.5 million, compared to net income of $57.7 million for the same period last year. Excluding one-time items, net income was $3.8 million for the 2020 full year, compared to $60.2 million for the same period last year.\n<\/p>\n Diluted Earnings Per Share<\/span><\/b><\/p>\n \nDiluted earnings per share for the fourth quarter of 2020 were $0.94, compared to $1.39 in the fourth quarter of 2019. Excluding one-time items, diluted earnings per share were $1.08 for the fourth quarter of 2020, compared to $1.37 for the comparable quarter last year.\n<\/p>\n \nFor the 2020 full year, diluted loss per share amounted to $1.56, compared to earnings per share of $2.26 for the 2019 full year. Excluding one-time items, diluted earnings per share amounted to $0.18 for the 2020 full year, compared to earnings per share of $2.36 for the comparable period last year.\n<\/p>\n EBITDA, Cash Flow, Net Debt and Equity<\/span><\/b><\/p>\n \nEBITDA was $71.9 million in the fourth quarter of 2020, compared to $76.1 million in the fourth quarter of 2019. Excluding IFRS 16, EBITDA for the fourth quarter of 2020 $55.6 million, compared to $60.7 million for the comparable fourth quarter of 2019.\n<\/p>\n \nEBITDA for the 2020 full year was $144.0 million, compared to $195.6 million for 2019. Excluding IFRS 16, EBITDA for the 2020 full year was $81.1 million, compared to $137.7 million in 2019.\n<\/p>\n \nOperating cash flow excluding IFRS 16 for the twelve months ended December 31, 2020 was $161.6 million, compared to $97.1 million for the twelve months ended December 31, 2019, a $64.5 million increase.\n<\/p>\n \nNet financial debt as of December 31, 2020 was $236.3 million, a decrease of $98.2 million compared to $334.5 million as of December 31, 2019.\n<\/p>\n \nDelta increased the Company\u2019s committed and uncommitted credit facilities to a total of $248 million, of which $237 million was un-utilized as of December 31, 2020.\n<\/p>\n \nEquity on December 31, 2020 was $476.4 million, compared with $506.9 million a year earlier.\n<\/p>\n About Delta Galil Industries<\/span><\/b><\/p>\n \nDelta Galil Industries is a global manufacturer and marketer of branded and private label apparel products for men, women and children. Since its inception in 1975, the Company has continually strived to create products that follow a body-before-fabric philosophy, placing equal emphasis on comfort, aesthetics and quality. Delta Galil develops innovative seamless apparel including bras, shapewear and socks; intimate apparel for women; extensive lines of underwear for men and branded Men\u2019s underwear including the brands Schiesser, Eminence, Athena & Liabel; babywear, activewear, sleepwear such as the PJ Salvage brand, and leisurewear. Delta Galil also designs, develops markets and sells branded denim and apparel under the brand 7 For All Mankind\u00ae,<\/b> and ladies apparel under the brands Splendid\u00ae <\/b>and others. In addition, it sells its products under brand names licensed to the company, including Wilson, Spalding, Columbia, Tommy Hilfiger and others. For more information, visit www.deltagalil.com.\n<\/p>\n Safe Harbor Statement<\/span><\/b><\/p>\n \nMatters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words “anticipate,” “believe,” “estimate,” “may” “intend,” “expect” and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein, and while expected, there is no guarantee that we will attain the aforementioned anticipated developmental milestones. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company.\n<\/p>\n DELTA GALIL INDUSTRIES LTD. December 31<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2019<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n (audited)<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n Thousands of Dollars<\/b><\/p>\n<\/td>\n<\/tr>\n Assets<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Current assets:<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCash and cash equivalents\n<\/p>\n<\/td>\n 230,843<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n108,294\n<\/p>\n<\/td>\n<\/tr>\n \nRestricted Cash\n<\/p>\n<\/td>\n 898<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n933\n<\/p>\n<\/td>\n<\/tr>\n \nOther accounts receivable:\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTrade receivables\n<\/p>\n<\/td>\n 200,201<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n212,311\n<\/p>\n<\/td>\n<\/tr>\n \nTaxes on income receivable\n<\/p>\n<\/td>\n 18,305<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,867\n<\/p>\n<\/td>\n<\/tr>\n \nOthers\n<\/p>\n<\/td>\n 38,255<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n35,200\n<\/p>\n<\/td>\n<\/tr>\n \nFinancial derivative\n<\/p>\n<\/td>\n 2,020<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n971\n<\/p>\n<\/td>\n<\/tr>\n \nInventory\n<\/p>\n<\/td>\n 291,703<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n328,108\n<\/p>\n<\/td>\n<\/tr>\n Total current assets<\/b><\/p>\n<\/td>\n 782,225<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n688,684\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Non-current assets:<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nInvestments in associated companies accounted 14,668<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n14,367\n<\/p>\n<\/td>\n<\/tr>\n \nInvestment property\n<\/p>\n<\/td>\n 3,389<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,228\n<\/p>\n<\/td>\n<\/tr>\n \nFixed assets, net of accumulated depreciation\n<\/p>\n<\/td>\n 209,465<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n213,210\n<\/p>\n<\/td>\n<\/tr>\n \nGoodwill\n<\/p>\n<\/td>\n 150,657<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n148,001\n<\/p>\n<\/td>\n<\/tr>\n \nIntangible assets, net of accumulated amortization\n<\/p>\n<\/td>\n 266,967<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n273,318\n<\/p>\n<\/td>\n<\/tr>\n \nAssets in respect of usage rights\n<\/p>\n<\/td>\n 217,777<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n207,651\n<\/p>\n<\/td>\n<\/tr>\n \nDeferred tax assets\n<\/p>\n<\/td>\n 15,590<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n19,678\n<\/p>\n<\/td>\n<\/tr>\n \nFinancial derivative\n<\/p>\n<\/td>\n 31,593<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n19,677\n<\/p>\n<\/td>\n<\/tr>\n Total non-current assets<\/b><\/p>\n<\/td>\n 910,106<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n899,130\n<\/p>\n<\/td>\n<\/tr>\n Total assets<\/b><\/p>\n<\/td>\n 1,692,331<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,587,814\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n DELTA GALIL INDUSTRIES LTD. December 31<\/b><\/p>\n<\/td>\n<\/tr>\n 2020<\/b><\/p>\n<\/td>\n 2019<\/b><\/p>\n<\/td>\n<\/tr>\n (audited)<\/b><\/p>\n<\/td>\n<\/tr>\n Thousands of Dollars<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Current liabilities:<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nShort-term bank loans\n<\/p>\n<\/td>\n 11,013<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,868\n<\/p>\n<\/td>\n<\/tr>\n \nCurrent maturities of bank loans\n<\/p>\n<\/td>\n 20,295<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n10,588\n<\/p>\n<\/td>\n<\/tr>\n \nCurrent maturities of debentures\n<\/p>\n<\/td>\n 39,029<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n36,802\n<\/p>\n<\/td>\n<\/tr>\n \nFinancial derivative\n<\/p>\n<\/td>\n 170<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,070\n<\/p>\n<\/td>\n<\/tr>\n \nCurrent maturities of leases liabilities\n<\/p>\n<\/td>\n 60,363<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n53,401\n<\/p>\n<\/td>\n<\/tr>\n \nOther accounts payable:\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTrade payables\n<\/p>\n<\/td>\n 186,903<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n140,475\n<\/p>\n<\/td>\n<\/tr>\n \nTaxes on income payable\n<\/p>\n<\/td>\n 26,294<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n16,392\n<\/p>\n<\/td>\n<\/tr>\n \nProvision for restructuring plan\n<\/p>\n<\/td>\n 26,825<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,435\n<\/p>\n<\/td>\n<\/tr>\n \nOthers\n<\/p>\n<\/td>\n 150,737<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n138,802\n<\/p>\n<\/td>\n<\/tr>\n Total current liabilities<\/b><\/p>\n<\/td>\n 521,629<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n401,833\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Non-current liabilities:<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nBank loan\n<\/p>\n<\/td>\n 104,096<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n68,337\n<\/p>\n<\/td>\n<\/tr>\n \nSeverance pay liabilities less plan assets\n<\/p>\n<\/td>\n 9,499<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n10,155\n<\/p>\n<\/td>\n<\/tr>\n \nLiabilities in respect of leases\n<\/p>\n<\/td>\n 182,408<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n172,903\n<\/p>\n<\/td>\n<\/tr>\n \nOther non-current liabilities\n<\/p>\n<\/td>\n 43,030<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n47,899\n<\/p>\n<\/td>\n<\/tr>\n \nDebentures\n<\/p>\n<\/td>\n 316,764<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n340,376\n<\/p>\n<\/td>\n<\/tr>\n \nDeferred taxes liabilities\n<\/p>\n<\/td>\n 38,513<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n39,368\n<\/p>\n<\/td>\n<\/tr>\n \nTotal non-current liabilities\n<\/p>\n<\/td>\n 694,310<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n679,038\n<\/p>\n<\/td>\n<\/tr>\n Total liabilities<\/b><\/p>\n<\/td>\n 1,215,939<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,080,871\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Equity:<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nEquity attributable to equity holders of the parent\n<\/p>\n \ncompany:\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nShare capital\n<\/p>\n<\/td>\n 23,714<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n23,714\n<\/p>\n<\/td>\n<\/tr>\n \nShare premium\n<\/p>\n<\/td>\n 130,260<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n130,237\n<\/p>\n<\/td>\n<\/tr>\n \nOther capital reserves\n<\/p>\n<\/td>\n 6,604<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(7,962)\n<\/p>\n<\/td>\n<\/tr>\n \nRetained earning\n<\/p>\n<\/td>\n 332,268<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n376,763\n<\/p>\n<\/td>\n<\/tr>\n \nTreasury shares\n<\/p>\n<\/td>\n (16,067)<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(16,093)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n 476,779<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n506,659\n<\/p>\n<\/td>\n<\/tr>\n \nMinority interests\n<\/p>\n<\/td>\n (387)<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n284\n<\/p>\n<\/td>\n<\/tr>\n Total equity <\/b><\/p>\n<\/td>\n 476,392<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n506,943\n<\/p>\n<\/td>\n<\/tr>\n Total liabilities and equity<\/b><\/p>\n<\/td>\n 1,692,331<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,587,814\n<\/p>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n DELTA GALIL INDUSTRIES LTD. \n\u00a0\n<\/p>\n<\/td>\n Year ended December 31<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n % \n\u00a0\n<\/p>\n<\/td>\n Three months ended December 31<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n % \n\u00a0\n<\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2019<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2019<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n (audited)<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n Thousands of Dollars<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n Except for Earnings per Share Data<\/b><\/p>\n<\/td>\n<\/tr>\n Sales<\/b><\/p>\n<\/td>\n 1,446,187<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,690,164\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n (14%)<\/i><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 459,679<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n504,764\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n (9%)<\/i><\/p>\n<\/td>\n<\/tr>\n \nCost of sales\n<\/p>\n<\/td>\n 922,502<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,086,005\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 275,252<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n317,468\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Gross profit<\/b><\/p>\n<\/td>\n 523,685<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n604,159\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n (13%)<\/i><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 184,427<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n187,296\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n (2%)<\/i><\/p>\n<\/td>\n<\/tr>\n \n% of sales\n<\/p>\n<\/td>\n 36.2%<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n35.7%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 40.1%<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n37.1%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nSelling and marketing expenses\n<\/p>\n<\/td>\n 385,507<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n429,705\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n (10%)<\/i><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 113,796<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n117,196\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n (3%)<\/i><\/p>\n<\/td>\n<\/tr>\n \n% of sales\n<\/p>\n<\/td>\n 26.7%<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n25.4%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 24.8%<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n23.2%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nGeneral and administrative expenses\n<\/p>\n<\/td>\n 77,011<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n74,042\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 4%<\/i><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 21,035<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n21,568\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n (2%)<\/i><\/p>\n<\/td>\n<\/tr>\n \n% of sales\n<\/p>\n<\/td>\n 5.3%<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n4.4%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 4.6%<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n4.3%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTrade receivable credit loss\n<\/p>\n<\/td>\n 9,671<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(865)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 927<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(1,405)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOther Expenses (income), net\n<\/p>\n<\/td>\n 2,634<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(3,739)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 1,129<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(972)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nShare in profits of associated company accounted for using the\n<\/p>\n \nequity method\n<\/p>\n<\/td>\n (397)<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(950)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n (194)<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(316)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Operating income excluding non-recurring items<\/b><\/p>\n<\/td>\n 49,259<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n105,966\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n (54%)<\/i><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 47,734<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n51,225\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n (7%)<\/i><\/p>\n<\/td>\n<\/tr>\n \n% of sales\n<\/p>\n<\/td>\n 3.4%<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n6.3%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 10.4%<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n10.1%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nRestructuring expenses\n<\/p>\n<\/td>\n 39,154<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(987)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n –<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(987)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNon-monetary assets impairment\n<\/p>\n<\/td>\n 16,811<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 4,031<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nDeal cost\n<\/p>\n<\/td>\n 435<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,273\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 309<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Operating income (loss)<\/b><\/p>\n<\/td>\n (7,141)<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n103,680\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 43,394<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n52,212\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n (17%)<\/i><\/p>\n<\/td>\n<\/tr>\n \nFinance expenses, net\n<\/p>\n<\/td>\n 37,475<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n36,065\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 9,762<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n10,630\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nIncome (loss) before tax on income\n<\/p>\n<\/td>\n (44,616)<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n67,615\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 33,632<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n41,582\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTaxes on income (Tax savings)\n<\/p>\n<\/td>\n (4,095)<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n9,915\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 9,892<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n6,013\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Net income (loss) for the period<\/b><\/p>\n<\/td>\n (40,521)<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n57,700\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n –<\/i><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 23,740<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n35,569\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n (33%)<\/i><\/p>\n<\/td>\n<\/tr>\n Net income (loss) for the period excluding one-time items, net <\/b><\/p>\n of tax<\/b><\/p>\n<\/td>\n 3,811<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n60,213\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 27,270<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n34,809\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Attribution of net earnings (loss) for the period:<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Attributed to company’s shareholders<\/b><\/p>\n<\/td>\n (39,850)<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n57,898\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 24,068<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n35,721\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Attributed to non-controlling interests<\/b><\/p>\n<\/td>\n (671)<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(198)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n (328)<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(152)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n (40,521)<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n57,700\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 23,740<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n35,569\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Net diluted earnings (loss) per share attributed to company’s <\/b><\/p>\n shareholders<\/b><\/p>\n<\/td>\n (1.56)<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2.26\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n –<\/i><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 0.94<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1.39\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n (32%)<\/i><\/p>\n<\/td>\n<\/tr>\n Net diluted earnings per share, before non-recurring items,<\/b><\/p>\n net of tax attributable to Company’s shareholders<\/b><\/p>\n<\/td>\n 0.18<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2.36\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n (92%)<\/i><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 1.08<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1.37\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n (21%)<\/i><\/p>\n<\/td>\n<\/tr>\n<\/table>\n DELTA GALIL INDUSTRIES LTD. Year ended \n\u00a0\n<\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2019<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n (audited)<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n Thousands of Dollars<\/b><\/p>\n<\/td>\n<\/tr>\n Cash flows from operating activities:<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNet income (loss) for the period\n<\/p>\n<\/td>\n (40,521)<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n57,700\n<\/p>\n<\/td>\n<\/tr>\n \nAdjustments required to reflect cash flows deriving\n<\/p>\n \nfrom operating activities\n<\/p>\n<\/td>\n 282,916<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n127,228\n<\/p>\n<\/td>\n<\/tr>\n \nInterest paid in cash\n<\/p>\n<\/td>\n (23,185)<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(22,161)\n<\/p>\n<\/td>\n<\/tr>\n \nInterest received in cash\n<\/p>\n<\/td>\n 1,062<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n440\n<\/p>\n<\/td>\n<\/tr>\n \nTaxes on income paid in cash, net\n<\/p>\n<\/td>\n (1,867)<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(8,159)\n<\/p>\n<\/td>\n<\/tr>\n \nNet cash generated from operating activities\n<\/p>\n<\/td>\n 218,405<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n155,048\n<\/p>\n<\/td>\n<\/tr>\n Cash flows from investment activities:<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAcquisition of fixed assets and intangible assets\n<\/p>\n<\/td>\n (21,448)<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(30,069)\n<\/p>\n<\/td>\n<\/tr>\n \nPayments under subsidiaries purchase transaction, net of cash\n<\/p>\n \nof the acquired subsidiaries\n<\/p>\n<\/td>\n (13,469)<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(26,811)\n<\/p>\n<\/td>\n<\/tr>\n \nRestricted cash release (deposit)\n<\/p>\n<\/td>\n – <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,561\n<\/p>\n<\/td>\n<\/tr>\n \nBank deposit with respect to SWAP transaction\n<\/p>\n<\/td>\n 1,770<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n<\/tr>\n \nProviding long term loans\n<\/p>\n<\/td>\n –<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(18,102)\n<\/p>\n<\/td>\n<\/tr>\n \nProviding a loan to a business partner\n<\/p>\n<\/td>\n (2,500)<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n<\/tr>\n \nProceeds from selling fixed asset\n<\/p>\n<\/td>\n 568<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n479\n<\/p>\n<\/td>\n<\/tr>\n \nOthers\n<\/p>\n<\/td>\n 305<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n979\n<\/p>\n<\/td>\n<\/tr>\n \nNet cash used in Investing activities\n<\/p>\n<\/td>\n (34,774)<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(70,963)\n<\/p>\n<\/td>\n<\/tr>\n Cash flows from financing activities:<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nDividends paid to non-controlling interest holders in\n<\/p>\n \nconsolidated subsidiary\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n – <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(346)\n<\/p>\n<\/td>\n<\/tr>\n \nLong term payables credit for fixed assets purchase\n<\/p>\n<\/td>\n (3,787)<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(3,503)\n<\/p>\n<\/td>\n<\/tr>\n \nLease principle repayment\n<\/p>\n<\/td>\n (56,858)<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(57,912)\n<\/p>\n<\/td>\n<\/tr>\n \nDebentures principle repayment\n<\/p>\n<\/td>\n (37,568)<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(29,748)\n<\/p>\n<\/td>\n<\/tr>\n \nDividend paid\n<\/p>\n<\/td>\n (6,506)<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(11,084)\n<\/p>\n<\/td>\n<\/tr>\n \nLong term loan received (repayment of long-term loans)\n<\/p>\n \nfrom bank, net\n<\/p>\n<\/td>\n 34,686<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(8,944)\n<\/p>\n<\/td>\n<\/tr>\n \nShort-term credit from banking corporations, net\n<\/p>\n<\/td>\n 11,013<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(82,907)\n<\/p>\n<\/td>\n<\/tr>\n \nProceed from Debentures Issuance, net of Issuance expenses\n<\/p>\n<\/td>\n – <\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n150,137\n<\/p>\n<\/td>\n<\/tr>\n \nRepayment of long-term loans from suppliers\n<\/p>\n<\/td>\n (8,855)<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(3,350)\n<\/p>\n<\/td>\n<\/tr>\n \nNet cash generated from ( used in) financing activities\n<\/p>\n<\/td>\n (67,875)<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(47,657)\n<\/p>\n<\/td>\n<\/tr>\n Net increase (decrease) in cash and cash equivalents<\/b><\/p>\n<\/td>\n 115,756<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n36,428\n<\/p>\n<\/td>\n<\/tr>\n Exchange rate differences and revaluation of cash <\/b><\/p>\n and cash equivalents, net<\/b><\/p>\n<\/td>\n 8,661<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(536)\n<\/p>\n<\/td>\n<\/tr>\n Balance of cash and cash equivalents less bank overdraft at<\/b><\/p>\n the beginning of the period, net<\/b><\/p>\n<\/td>\n 106,426<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n70,534\n<\/p>\n<\/td>\n<\/tr>\n Balance of cash and cash equivalents less bank overdraft at<\/b><\/p>\n the end of the Period, net<\/b><\/p>\n<\/td>\n 230,843<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n106,426\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n Year ended 2020<\/b><\/p>\n<\/td>\n 2019<\/b><\/p>\n<\/td>\n<\/tr>\n (audited)<\/b><\/p>\n<\/td>\n<\/tr>\n Thousands of Dollars<\/b><\/p>\n<\/td>\n<\/tr>\n Adjustments required to reflect cash flows \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nRevenues and expenses not involving cash flow:\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nDepreciation\n<\/p>\n<\/td>\n 36,353<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n30,631\n<\/p>\n<\/td>\n<\/tr>\n \nAmortization\n<\/p>\n<\/td>\n 62,063<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n59,193\n<\/p>\n<\/td>\n<\/tr>\n \nNon-monetary assets impairment\n<\/p>\n<\/td>\n 16,811<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n<\/tr>\n \nCash erosion, net\n<\/p>\n<\/td>\n 1,082<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(219)\n<\/p>\n<\/td>\n<\/tr>\n \nInterest paid in cash\n<\/p>\n<\/td>\n 23,185<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n22,161\n<\/p>\n<\/td>\n<\/tr>\n \nInterest received in cash\n<\/p>\n<\/td>\n (1,062)<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(440)\n<\/p>\n<\/td>\n<\/tr>\n \nTaxes on income paid in cash, net\n<\/p>\n<\/td>\n 1,867<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n8,159\n<\/p>\n<\/td>\n<\/tr>\n \nDeferred taxes on income, net\n<\/p>\n<\/td>\n 522<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n58\n<\/p>\n<\/td>\n<\/tr>\n \nDiscount component for lease agreements\n<\/p>\n<\/td>\n 9,836<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n8,474\n<\/p>\n<\/td>\n<\/tr>\n \nSeverance pay liability, net\n<\/p>\n<\/td>\n (579)<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(250)\n<\/p>\n<\/td>\n<\/tr>\n \nRestructuring expenses ,net\n<\/p>\n<\/td>\n 25,390<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(987)\n<\/p>\n<\/td>\n<\/tr>\n \nDecrease in leases liabilities due to rent reliefs\n<\/p>\n<\/td>\n (6,026)<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n<\/tr>\n \nCapital loss (gain) from sale of fixed assets and\n<\/p>\n \nasset held for sale\n<\/p>\n<\/td>\n (263)<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(86)\n<\/p>\n<\/td>\n<\/tr>\n \nBenefit component of options and RSU granted to employees\n<\/p>\n<\/td>\n 1,291<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,200\n<\/p>\n<\/td>\n<\/tr>\n \nProvision for credit losses and other\n<\/p>\n \nreceivables update\n<\/p>\n<\/td>\n 12,586<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(865)\n<\/p>\n<\/td>\n<\/tr>\n \nShare in profits of associated company accounted\n<\/p>\n \nfor using the equity method\n<\/p>\n<\/td>\n (397)<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(950)\n<\/p>\n<\/td>\n<\/tr>\n \nOthers\n<\/p>\n<\/td>\n 2,651<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n397\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n 185,310<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n126,476\n<\/p>\n<\/td>\n<\/tr>\n \nChanges to operating assets and liabilities:\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nDecrease (increase) in trade receivables\n<\/p>\n<\/td>\n 6,408<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n31,923\n<\/p>\n<\/td>\n<\/tr>\n \nDecrease in other receivable and balances\n<\/p>\n<\/td>\n (18,882)<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(5,875)\n<\/p>\n<\/td>\n<\/tr>\n \nIncrease (decrease) in trade payables\n<\/p>\n<\/td>\n 39,024<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(40,726)\n<\/p>\n<\/td>\n<\/tr>\n \nIncrease (decrease) in other payables\n<\/p>\n<\/td>\n 7,405<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,972\n<\/p>\n<\/td>\n<\/tr>\n \nDecrease (increase) in inventory\n<\/p>\n<\/td>\n 63,651<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n12,458\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n 97,606<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n752\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n 282,916<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n127,228\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\u00a0\n<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20210310005262\/en\/<\/a><\/span><\/p>\n \nNissim Douek U.S. Media Contact: KEYWORDS:<\/b> New York United States North America Israel Middle East<\/p>\n INDUSTRY KEYWORDS:<\/b> Luxury Textiles Department Stores Other Retail Specialty Manufacturing Fashion Supply Chain Management Retail Online Retail<\/p>\n\n
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<\/b>Concise Consolidated Balance Sheets
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As of December 31, 2020\n<\/p>\n<\/td>\n<\/tr>\n\n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
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using the equity method and long-term receivables\n<\/p>\n<\/td>\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
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<\/b>Concise Consolidated Balance Sheets
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As of December31, 2020\n<\/p>\n<\/td>\n<\/tr>\n\n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Liabilities and Equity<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
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<\/b>Consolidated Statement of Comprehensive Income
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For the 3- month and year ending December 31, 2020\n<\/p>\n<\/td>\n<\/tr>\n\n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n
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Increase\/(Decrease)<\/i><\/p>\n<\/td>\n\n \n \n \n
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Increase\/(Decrease)<\/i><\/p>\n<\/td>\n<\/tr>\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
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<\/b>Consolidated Cash Flow Reports\n<\/p>\n<\/td>\n<\/tr>\n\n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n
\n<\/b>
December 31<\/b><\/p>\n<\/td>\n<\/tr>\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n DELTA GALIL INDUSTRIES LTD.
<\/b>Consolidated Cash Flow Reports<\/td>\n<\/tr>\n\n \n \n \n
\n<\/b>
December 31<\/b><\/p>\n<\/td>\n<\/tr>\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n<\/b>
from operating activities:<\/b><\/p>\n<\/td>\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n <\/p>\n
\n
+972-54-5201178
\n
Nissim@unik.co.il<\/a><\/p>\n
\n<\/b>
Stacy Berns
\n
Berns Communications Group
\n
+1-212-994-4660
\n
sberns@bcg-pr.com<\/a><\/p>\n
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