VBL plc - Full-Year Results

On 24 April 2024, VBL plc published its Annual Report and Financial Statements for the year ended 31 December 2023.

Performance Overview

Revenue surged by 40.1% to €3.25 million (2022: €2.32 million) principally reflecting the growth in rental income from its property portfolio.

Operating costs (net of other income) increased by 29.4% to €3.03 million (2022: €2.34 million) as VBL incurred higher cost of sales and administrative expenses. Excluding depreciation and amortisation charges, operational EBITDA more than doubled to €0.53 million compared to €0.26 million.

The financial performance was once again boosted by the net increase in fair value of investment property of €2.04 million, which however was lower than the increase of €6.87 million recorded in the previous year.

After accounting for net finance costs of €0.22 million and a tax expense of €0.32 million, the net profit for the year amounted to €1.70 million compared to €6.32 million in 2022.

The Statement of Financial Position as at 31 December 2023 shows that total assets increased by 2.5% to €79.5 million largely due to the additions and gains in the value of investment property. On the other hand, total liabilities increased by 1% to €14.1 million as total debt remained virtually unchanged at €8.27 million. Total equity grew by 2.9% to €65.4 million, partly reflecting the additional issued share capital during the financial year. Net asset value per share as at 31 December 2023 amounted to €0.2626 compared to €0.2564 as at the end of 2022.


The Directors explained that VBL plans to continue growing by implementing its development programme. The current development cycle includes approximately 7,000 square metres on a number of projects, with the largest ongoing project being the Silver Horse Block.