VBL plc - Full-Year Results

On 21 April 2023, VBL plc published its Annual Report and Financial Statements for the year ended 31 December 2022.

Performance Overview

Revenue more than doubled to €2.32 million (2021: €1.06 million) reflecting the growth in rental income from its property portfolio as well as 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 €2.34 million compared to €1.19 million in the previous year, as VBL incurred higher cost of sales and administrative expenses. Excluding depreciation and amortisation charges, operational EBITDA surged by 47.5% to €0.26 million compared to €0.18 million in 2021.

The financial performance was once again boosted by the net increase in fair value of investment property of €6.87 million (2021: €6.34 million).

After accounting for net finance costs of €0.19 million and an impairment on inventory of €0.07 million, VBL reported a profit before tax of €6.60 million. The tax charge for the year amounted to €0.28 million, leading to a net profit of €6.32 million compared to €5.79 million in 2021.

The Statement of Financial Position as at 31 December 2022 shows that total assets increased by 19.5% to €77.5 million largely due to the additions and gains in the value of investment property. On the other hand, total liabilities increased by 65% to €13.9 million reflecting the increase in borrowings to €8.22 million (31 December 2021: €3.63 million). Total equity grew by 12.7% to €63.6 million, partly reflecting the additional issued share capital during the financial year. Net asset value per share as at 31 December 2022 amounted to €0.2564 compared to €0.2308 as at the end of 2021. 


The Directors of VBL are recommending the payment of a net dividend of €0.000726 per share (2021: €0.000654) to all shareholders as at close of trading on 2 June 2023, subject to approval at the upcoming Annual General Meeting scheduled for 6 July 2023.


The Directors noted that during 2022, the Group obtained ownership of the Coliseum Shopping Arcade together with overlaying property. During the last quarter of 2022, VBL also obtained a long-term bank financing facility, allowing the Group to enter its most intense development phase since inception. VBL plans to continue growing by implementing its announced development programme of its owned assets that have full development permits in hand, as well as improve further the utilisation of developed assets in line with its long-term business strategy and financial plans.