Hili Properties plc - Full-Year Results

On 29 April 2024, Hili Properties plc published its Annual Report and Financial Statements for the year ended 31 December 2023.

Performance Overview

Total revenue, inclusive of other operating income, surged by 29.9% to a record of €16.3 million (2022: €12.5 million), largely reflecting the full-year contributions of the MIRO Office in Romania and the Stirnu Shopping Centre in Latvia which were acquired in 2022.

On the expenditure side, operating costs remained relatively unchanged at €4.20 million. Consequently, the operating profit (EBIT) rose by 43.7% to €12.1 million with the EBIT margin climbing to 74.2% (2022: 67.1%).

The financial performance was also boosted by net fair value movements on property assets of €2.46 million (2022: €3.04 million).

Meanwhile, net finance costs surged by 49.3% to €6.93 million from €4.64 million in the previous year reflecting the interest on additional debt taken towards the end of 2022.

After accounting for a tax charge of €1.17 million, and a profit attributable to non-controlling interests of €0.83 million, the net profit attributable to shareholders amounted to €5.60 million, which translates into a return on average equity of 5.10% (2022: 5.07%).

The Statement of Financial Position as of 31 December 2023 shows that total assets remained relatively unchanged at €255.6 million. Meanwhile, total liabilities decreased by 2.3% to €128.4 million reflecting a decrease in bank borrowings (-€2.78 million to €78.9 million). Shareholders’ funds rose by 1.2% (or €1.36 million) to €117.6 million which translates into a net asset value per share of €0.2933 (2022: €0.2899).


The board will be meeting on 6 May 2024 to consider the recommendation of a dividend.


The Company noted that as at 31 December 2023, 99% of its available-for-lease properties were fully occupied and the weighted average lease term for the property portfolio was 8.3 years.

Looking ahead to 2024, the Company’s strategy will remain unchanged as it will continue to prioritize sustainable growth and value creation for all stakeholders whilst navigating the challenges of the commercial real estate industry through its stable portfolio of properties. Furthermore, given the stabilisation of interest rates, the Company expects renewed interest in real estate transactions and will continue to monitor the market to identify opportunities for sales or potential acquisitions in an agile manner.