Hili Properties plc - Full-Year Results

On 28 April 2025, Hili Properties plc published its Annual Report and Financial Statements for the year ended 31 December 2024.

Total revenue, inclusive of other operating income, increased by 4.7% to a record of €17.0 million (2023: €16.3 million) despite the disposal of a retail complex in Latvia in February 2024. The Group reported that its largest asset, namely the MIRO office building in Romania reached full occupancy during 2024 following the successful completion of four new fitouts. The Company noted that as at the end of 2024, 99% of its available-for-lease properties were fully occupied and the weighted average lease term for the property portfolio stood at 7.8 years.

On the expenditure side, operating costs decreased by 4.4% to €4.01 million. Consequently, the operating profit (EBIT) surged by 8.4% to €13.2 million from €12.1 million in the previous year. The EBIT margin climbed to 76.8% (2023: 74.2%).

However, the financial performance was negatively impacted by a net fair value decrease on property assets of €0.42 million (2023: gain of €2.46 million).

Meanwhile, net finance costs decreased by 5.7% to €6.54 million from €6.93 million in the previous year.

The profit before tax dropped by 19.3% to €6.13 million. After accounting for a tax charge of €1.36 million, and a profit attributable to non-controlling interests of €0.40 million, the net profit attributable to shareholders amounted to €4.37 million, which translates into a return on average equity of 3.68% (2023: 4.79%).

The Statement of Financial Position as of 31 December 2024 shows that total assets decreased by 1.0% (or €2.6 million) to €252.9 million. The Group classified €194.2 million of its assets as investment property, with a further €42.9 million as assets held for sale, namely three Latvian property holding companies. Meanwhile, total liabilities increased by 3.4% (or €4.3 million) to €132.8 million. Shareholders’ funds increased by 2.2% (or €2.6 million) to €120.2 million, which translates into a net asset value of €0.2998 (2023: €0.2933) per share.

Dividend

The Board of Directors announced that in view of the upcoming redemption of the €37 million 4.5% unsecured bonds maturing on 16 October 2025, no dividends will be distributed for the reporting period.