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COMMERCIAL 16 maltatoday | SUNDAY • 27 MAY 2018 FIMBank invests in USD services Hili Properties steps up development activity following revenue growth in 2017 An authentic riding experience: the VITPILEN 701 FIMBANK is strongly posi- tioned to deliver an enhanced banking service to corporate customers to support their international settlements, for- eign exchange transactions, and fixed term deposits. As a trade finance special- ist, FIMBank has invested significantly in its USD offer- ing, since it is the mostly used currency in international transactions and global trade. The services provided by FIMBank are also facilitated by its secure digital banking platform FIMBank Direct, a system designed for the cash management needs of cor- porate customers, to process international and foreign ex- change transactions, being direct, same day or spot. "The extensive repertoire of digital banking services is complemented by the recent interest rate increase on USD term deposits where corpo- rate customers can benefit from a 3.5% interest rate at the yearly tenor they select, be it either one year, two year or three year" said Chris Tra- pani, Head of Cash Manage- ment and Central Customer Services. The same USD interest rates are applied on FIMBank's re- tail flagship product Easisave, where clients have a choice of tying their funds on a one , two or three year basis, with a minimum deposit of USD 1,000, including the option of receiving interest on a quar- terly basis. Commenting on this com- petitive interest rate for USD deposits, Chris Trapani said that, "Easisave is geared to provide our clients with com- petitive interest rates. A retail account can be opened online in a few minutes and clients can benefit from an easy to use, reliable and secure plat- form, guided by a readily available Helpdesk team, if needed." All Easisave deposits are covered under the depositor compensation scheme estab- lished under the laws of Mal- ta. The scheme covers depos- its in all currencies without distinction. THE wait is over – fans of the Husqvarna brand, can get their hands on the much an- ticipated Vitpilen 701. Form- ing part of the 'Real Street' model range, the Vitpilen 701 has been crafted to suit the progressive lifestyle of mod- ern motorcycling, allowing riders to enjoy a unique and exhilarating experience. The Vitpilen family is the new embodiment within the "simple and progressive" mindset. Stripped from any- thing unnecessary, the design of the bike is a mix of classic thinking and modern design – an idea which is synony- mous to the Swedish heritage of Husqvarna Motorcycles. The brand simply moves away from traditional motorcycle stereotypes, to come up with better, cleaner, and smarter ways to create a motorcycle. The Vitpilen 701's engine is a modern 692.7cc liquid cooled, single-cylinder engine, deliv- ering high-level performance, whilst also being efficient and reliable for everyday use. With its horsepower of 55kW and 72Nm of torque at 6750 rpm, no one can doubt this motorcycle's potential. Addi- tionally, this model features class-leading components such as WP suspension, LED lights, a Bosch ABS system, and its lightweight 17" cast al- loy wheels. The latter are con- sidered to be a highlight of the Vitpilen 701, as they provide a sense of style and high levels of strength and durability with minimal weight. The Vitpilen range is de- signed for the people. It is pure in its design, and it is there to allow people to break away from convention and to make way for a new era of mo- torcycles. HILI Properties plc has reg- istered an operating profit of €4.4 million for the year ended December 31, 2017, up from €3 million the previous year, fol- lowing a 31% increase in rev- enue. Hili Properties, part of Hili Ventures, holds and manages a strategic collection of commer- cial property for lease in Latvia, Lithuania, Estonia, Malta and Romania. Its diverse portfo- lio, valued at €100 million, in- cludes four dedicated business blocks, nine shopping centres, and nine properties housing McDonald's restaurants. The restaurants are part of Premier Capital plc, also a part of Hili Ventures. Since late last year, the group embarked on development ac- tivity in Latvia and Romania as it pursues a strategy to diversify its revenue pipeline. In 2017, revenue growth was primarily achieved as a result of the income generated from the acquisition of the ART Busi- ness Centre in Bucharest in May 2017. The Romanian ac- quisition also contributed sig- nificantly to net asset growth from €28.2 million in 2016 to €38.4 million last year. Earn- ings for the year amounted to €4.5 million, up 48% from 2016. The group closed the year with a pre-tax profit of €2 mil- lion (2016: €2.8 million). In 2017, property occupancy remained stable at 95%. The weighted average lease term for the group's entire portfolio rose to 9.2 years from 7.6 years in 2016. "We succeeded in meeting our objective to increase rev- enue and net asset growth in 2017," Hili Properties Manag- ing Director Sandra Murniece said. "We will continue our ef- forts to enhance these further this year. We have embarked on a strategy to upgrade some of our existing properties, re- view our portfolio and focus on effective cost management. Additionally, we are examining a pipeline of potential acquisi- tions to identify opportunities to grow our portfolio. This year, we will also support our sister company Premier Capi- tal with its development plans for the Romanian and Latvian markets." Through a new company Pre- mier Assets SRL, Hili Proper- ties will develop customised property for the McDonald's operator which plans to open two new restaurants annu- ally for the next three years in Romania. A total investment of €10 million has been ear- marked for these projects. Hili Properties will also undertake to develop the property to house Latvia's newest €1.5 mil- lion McDonald's restaurant. Meanwhile, Hili Properties has demolished the shopping centre it owns on Dzelzevas Street in Latvia's capital Riga in order to reconstruct the property and triple leasable area to 3,700 square metres and increase annual income to €470,000. Agreements for 10-year-plus leases have been secured for 89% of the new building's leasable area. The shopping centre is expected to re-open in December. The ART Business Centre in Bucharest positively impacted Hili Properties' revenue and net asset growth in 2017