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Interim report first semester financial year 2017 - A robust basis for sustainable growth
Download pdf 08/03/2017

Highlights

  • This interim report covers the first semester (per 31 December 2016) of the financial year ending on 30 June 2017;

  • The net profit over the reporting period amounts to € 5,4 million; i.e. excluding the capital increase costs of December 2016 which are directly deducted from the equity;

  • In November 2016, TINC acquired an onshore windfarm, located in Ireland for a total investment amount of € 30,2 million.On 31 December 2016, € 12,3 million hereof was effectively invested. In total TINC has invested, during the reporting period, € 13,8 million both in existing and new participations. Furthermore, TINC committed to acquire an additional participation in Princess Beatrix lock for an amount of approximately € 5 million, by entering in a Forward Purchase Agreement.

  • On 19 December 2016, TINC carried out a capital increase by contribution in cash on the basis of non-statutory preferential rights for a gross amount of € 76.704.547,50, by issuing new shares with an issue price of € 11,25 per share;

  • Net Asset Value (NAV) is at € 233,3 million or € 11,41 per share (vs € 157,7 million or € 11,57 per share on 30 June 2016) after payment of a final dividend of € 4,7 million or € 0,3475 per share on 26 October 2016 and after issuing 6.818.182 new shares at € 11,25;

  • The Fair Market Value (FMV) of the portfolio, holding 14 participations, increases to € 143,1 million;

  • The cash position amounts to € 88,7 million, mainly as a result of the capital increase in December. TINC has no financial indebtedness;

  • Confirmation of the dividend target of € 0,4675 per share over the full financial year ending 30 June 2017. The new shares issued by the capital increase entitle the holders to receive a dividend for the current financial year equal to the pro rata temporis part for the period starting on the issue date , 19 December 2016, until 30 June 2017, end of the financial year.

 

Statement CEO

Manu Vandenbulcke, CEO TINC: “TINC can look back at a successful first half year. The capital increase in December strengthens the financial capacity to further grow the investment portfolio. This portfolio currently includes 14 participations in infrastructure in Belgium, the Netherlands and since November also with a participation located in Ireland. This Irish investment of approximately € 30 million in windfarm Meenwaun, which is currently in realisation and shall generate revenues as of end 2017, contributes to the geographical diversification of the portfolio. Furthermore, TINC committed itself to acquire an additional stake in the public private partnership for the realization of the Beatrix lock in Nieuwegein (NL) at a later stage, an investment of approximately € 5 million. Based on this interim result, TINC is well on track to meet the full year projections, including the distribution of the forecasted dividend.”