VBL plc – Full-Year Results

Jonathan Falzon

April 25, 2025

Market News
25 April, 2025
3 min read
Market News
25 April, 2025
3 min read

Following last week's article detailing the performance of the S&P 500 index in 2025, it is worth devoting time to review the developments across the European equity markers in my last article of the year.

Financial Performance

On 24 April 2025, VBL plc published its Annual Report and Financial Statements for the year ended 31 December 2024.

Revenue surged by 25.3% to €4.07 million (2023: €3.25 million) principally reflecting the growth in rental income from its property portfolio.

Operating costs (net of other income) increased by 11.3% to €3.37 million (2023: €3.02 million) due to higher cost of sales and administrative expenses in line with the growth in business. Excluding depreciation and amortisation charges, EBITDA more than doubled to €1.16 million compared to €0.53 million in the previous year. Meanwhile, operating profit amounted to €0.70 million compared to €0.53 million in 2023.

The financial performance was boosted by the increase in fair value of investment property of €2.56 million, which higher than the increase of €2.04 million recorded in the previous year.

After accounting for net finance costs of €0.31 million and a tax expense of €0.46 million, the net profit for the year amounted to €2.48 million compared to €1.70 million in 2023.

The Statement of Financial Position as at 31 December 2024 shows that total assets increased by 20% (or €15.9 million) to €95.4 million, mostly consisting of investment property (€83.4 million) as well as financial investments (€9.1 million). Meanwhile, total liabilities doubled to €27.7 million reflecting the issuance of a €10 million bond in October 2024. Consequently, total debt rose to €21.3 million when including lease liabilities of €1.6 million. Nonetheless, net debt stood at €11.1 million when accounting for the cash balance of €1.1 million and financial investments of €9.1 million. Total equity increased by 3.5% (or 2.28 million) to €67.7 million. The net asset value as at 31 December 2024 amounted to €0.2718 per share.

Dividend

The Directors stated their intention to propose a dividend at the upcoming Annual General Meeting.

Outlook

The Directors explained that the Group is committed to continue implementing its property renovation and regeneration programme and that the projects are on schedule.

The article contains public information only and is published solely for informational purposes. It should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in this article. Rizzo, Farrugia & Co. (Stockbrokers) Ltd (“Rizzo Farrugia”) is under no obligation to update or keep current the information contained herein. Since the buying and selling of securities by any person is dependent on that person’s financial situation and an assessment of the suitability and appropriateness of the proposed transaction, no person should act upon any recommendation in this article without first obtaining investment advice. Rizzo Farrugia, its directors, the author of this article, other employees or clients may have or have had interests in the securities referred to herein and may at any time make purchases and/or sales in them as principal or agent. Furthermore, Rizzo Farrugia may have or have had a relationship with or may provide or has provided other services of a corporate nature to companies herein mentioned. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security mentioned in this article. Neither Rizzo Farrugia, nor any of its directors or employees accepts any liability for any loss or damage arising out of the use of all or any part of this article. Additional information can be made available upon request from Rizzo, Farrugia & Co. (Stockbrokers) Ltd., Airways House, Fourth Floor, High Street, Sliema SLM 1551. Telephone: +356 2258 3000; Email: info@rizzofarrugia.com; Website: www.rizzofarrugia.com © 2021 Rizzo, Farrugia & Co. (Stockbrokers) Ltd. All rights reserved. This article may not be reproduced or redistributed, in whole or in part, without the written permission of Rizzo Farrugia. Moreover, Rizzo Farrugia accepts no liability whatsoever for the actions of third parties in this respect.

This article was produced by Edward Rizzo, Director at Rizzo Farrugia, which is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange. The company’s registered address is at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.

The article contains public information only and is published solely for informational purposes. It should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in this article. Rizzo, Farrugia & Co. (Stockbrokers) Ltd (“Rizzo Farrugia”) is under no obligation to update or keep current the information contained herein. Since the buying and selling of securities by any person is dependent on that person’s financial situation and an assessment of the suitability and appropriateness of the proposed transaction, no person should act upon any recommendation in this article without first obtaining investment advice. Rizzo Farrugia, its directors, the author of this article, other employees or clients may have or have had interests in the securities referred to herein and may at any time make purchases and/or sales in them as principal or agent. Furthermore, Rizzo Farrugia may have or have had a relationship with or may provide or has provided other services of a corporate nature to companies herein mentioned. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security mentioned in this article. Neither Rizzo Farrugia, nor any of its directors or employees accepts any liability for any loss or damage arising out of the use of all or any part of this article. Additional information can be made available upon request from Rizzo, Farrugia & Co. (Stockbrokers) Ltd., Airways House, Fourth Floor, High Street, Sliema SLM 1551. Telephone: +356 2258 3000; Email: info@rizzofarrugia.com; Website: www.rizzofarrugia.com © 2021 Rizzo, Farrugia & Co. (Stockbrokers) Ltd. All rights reserved. This article may not be reproduced or redistributed, in whole or in part, without the written permission of Rizzo Farrugia. Moreover, Rizzo Farrugia accepts no liability whatsoever for the actions of third parties in this respect.

This article was produced by Edward Rizzo, Director at Rizzo Farrugia, which is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange. The company’s registered address is at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.

On 24 April 2025, VBL plc published its Annual Report and Financial Statements for the year ended 31 December 2024.

Revenue surged by 25.3% to €4.07 million (2023: €3.25 million) principally reflecting the growth in rental income from its property portfolio.

Operating costs (net of other income) increased by 11.3% to €3.37 million (2023: €3.02 million) due to higher cost of sales and administrative expenses in line with the growth in business. Excluding depreciation and amortisation charges, EBITDA more than doubled to €1.16 million compared to €0.53 million in the previous year. Meanwhile, operating profit amounted to €0.70 million compared to €0.53 million in 2023.

The financial performance was boosted by the increase in fair value of investment property of €2.56 million, which higher than the increase of €2.04 million recorded in the previous year.

After accounting for net finance costs of €0.31 million and a tax expense of €0.46 million, the net profit for the year amounted to €2.48 million compared to €1.70 million in 2023.

The Statement of Financial Position as at 31 December 2024 shows that total assets increased by 20% (or €15.9 million) to €95.4 million, mostly consisting of investment property (€83.4 million) as well as financial investments (€9.1 million). Meanwhile, total liabilities doubled to €27.7 million reflecting the issuance of a €10 million bond in October 2024. Consequently, total debt rose to €21.3 million when including lease liabilities of €1.6 million. Nonetheless, net debt stood at €11.1 million when accounting for the cash balance of €1.1 million and financial investments of €9.1 million. Total equity increased by 3.5% (or 2.28 million) to €67.7 million. The net asset value as at 31 December 2024 amounted to €0.2718 per share.

Dividend

The Directors stated their intention to propose a dividend at the upcoming Annual General Meeting.

Outlook

The Directors explained that the Group is committed to continue implementing its property renovation and regeneration programme and that the projects are on schedule.