VBL plc - Full-Year Results

On 25 March 2022, VBL plc published its Annual Report and Financial Statements for the year ended 31 December 2021. These are the first set of financial statements published by VBL following the Initial Public Offering which took place in the second half of 2021.

Performance Overview

During 2021, revenues increased considerably to €1.06 million compared to €0.55 million recorded in 2020 and the forecasted figure of €0.64 million, as despite the adverse operating environment due to the pandemic, the Group continued with its market consolidation efforts which also resulted in a significant increase in the management of properties that are owned by third parties including boutique hotels.

On the expenditure side, total operating costs (net of other income) amounted to €1.19 million. However, these included a number of one-off charges amounting to €0.1 million which principally related to the IPO process and the pandemic. Excluding depreciation and amortisation charges as well as one-off non-recurring expenses, adjusted EBITDA surged by 44.5% to €0.27 million compared to €0.19 million in 2020. Meanwhile, the reported EBITDA of €0.18 million is also considerably higher than the anticipated amount of €0.04 million as provided in the IPO Prospectus.

The financial performance of VBL was boosted by a €6.34 million positive fair value gain on investment properties compared to the negative adjustment of €0.21 million recorded in 2020. In this respect, the Group explained that the revised valuation of its stock of investment property reflect several different factors and adjustments to the individual property values. These include the downward adjustment to certain property categories resulting from the developments of the past two years, as well as the improvements and additions to the portfolio during 2021 resulting from the acquisition and development activity of the Group.

After accounting for net finance costs of €0.14 million, VBL reported a profit before tax of €6.08 million. The tax charge for the year amounted to €0.29 million, thus leading to a net profit of €5.79 million compared to the loss of €0.36 million reported in the 2020 financial year.

The Statement of Financial Position as at 31 December 2021 shows that total assets increased by 14.3% to €64.9 million largely due to the gain in the value of investment property. On the other hand, total liabilities contracted by 12% to €8.44 million reflecting a 31.6% reduction in total debt to €3.63 million (31 December 2020: €5.3 million). As a result, total equity grew by 19.7% to €56.4 million which, in turn, translates into a net asset value per share of €0.2308 (or €0.2467 per share when adjusted for deferred tax liabilities amounting to €3.89 million).


The Directors of VBL are recommending the payment of a net dividend of €0.00065 per share to all shareholders as at close of trading on 17 March 2022.


Commenting of the outlook of the Group, the Directors noted that the pandemic will continue to have an impact on business in 2022. However, for the future, VBL plans to extend its dynamic growth by maintaining a focused approach on its core business areas, develop its assets on which a full development permit has already been obtained, as well as improve further the utilisation of developed assets in line with the Group’s long-term business strategy and financial plans.