Lower sales activity led to a cascading effect on profitability
Principal activities
Hili Finance Company plc was incorporated on 6 April 2018 with the objective of raising funds to support and finance the subsidiaries of Hili Ventures Ltd.
Business review
The main business activity of the company has been the issue in July 2018 of €40,000,000 and that of August 2019 of €80,000,000 worth of bonds to the public that were fully subscribed. The bonds are guaranteed by Hili Ventures Limited, being the parent company of Hili Finance Company plc.
During the six-month period that ended 30 June, the company registered a profit before tax of €384,360 (2019: profit of €140,641). The net assets of the company at the end for the period amounted to €2,537,088 compared to €2,139,499 as at 31 December 2019.
The published figures have been extracted from the unaudited management financial statements for the six-month period ending 30 June and the audited accounts for the period ending 31 December 2019.
During the period under review, Hili Ventures Ltd registered a profit before tax of €1,035,472 (June 2019: €7,032,804) on investment income of €5,000,016 (June 2019: €10,333,335). The Group’s loss before tax for the same period amounted to €1,025,941 (June 2019: profit €6,522,112) on revenues of €215,102,090 (June 2019: €221,007,389).
Following the outbreak of the COVID-19 pandemic, the lower sales activity has led to a cascading effect on profitability leading to the results for the current period being lower than the comparative period. The end for the period amounted to €2,537,088 compared to €2,139,499 as at 31 December 2019.
The published figures have been extracted from the unaudited management financial statements for the six-month period ending 30 June and the audited accounts for the period ending 31 December 2019.
During the period under review, Hili Ventures Ltd registered a profit before tax of €1,035,472 (June 2019: €7,032,804) on investment income of €5,000,016 (June 2019: €10,333,335). The Group’s loss before tax for the same period amounted to €1,025,941 (June 2019: profit €6,522,112) on revenues of
€215,102,090 (June €221,007,389).
Following the outbreak of the COVID-19 pandemic, the lower sales activity has led to a cascading effect on profitability leading to the results for the current period being lower than the comparative period.
The company is mainly dependent on the business prospects of Hili Ventures Ltd and consequently the operating results of its subsidiaries have a direct effect on the company’s financial position and performance, including the ability of the company to meet its obligations under the issued bonds.
2019: