VBL plc - Full-Year Results

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.