VBL plc - Interim Results

On 22 August 2022, VBL plc published its interim financial statements covering the six-month period ended 30 June 2022. Revenues increased markedly to €0.89 million compared to €0.2 million in the first half of 2021 reflecting the overall recovery in tourism and demand for leisure in line with global trends. Nonetheless, VBL still recorded an operating loss of €0.1 million which, however, represents an improvement compared to the operating loss of €0.34 million recorded in H1 2021 as operating costs climbed to €0.99 million from €0.54 million in the previous corresponding period. Excluding depreciation and amortisation charges of €0.15 million (H1 2021: €0.13 million), EBITDA amounted to €0.05 million compared to the negative EBITDA of €0.21 million registered in the same period in 2021.

After accounting for net finance costs of €0.03 million (H1 2021: €0.08 million), VBL recorded a net loss of €0.13 million compared to the net loss of €0.42 million incurred in the first half of 2021.

The Statement of Financial Position as at 30 June 2022, when compared to the corresponding figures as at 31 December 2021, shows that net assets eased by 0.5% to €56.1 million which, in turn, translates into a net asset value per share of €0.2296. Total assets increased minimally to €65 million whilst total liabilities grew by 5% to €8.86 million mostly due to the higher level of current trade and other payables.


In their commentary, the Directors explained that the company’s main investment and development projects are being executed according to the plans as stated at the time of the IPO. Moreover, in the context of the improved business conditions, VBL has also continued its negotiations with various financial institutions to ensure competitive financial facilities are available and in place for the full financing of its long-term development plans.

For the future, VBL plans to continue its dynamic growth and maintain its clear strategy on its core market. In addition, the company will keep its focus on the development of underutilised properties as well as improve the capacity utilisation and financial performance of operational assets.