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Interim report first semester financial year 2018-2019
Download pdf 06/03/2019

Highlights

  • This interim report covers the first semester (per December 31, 2018) of the financial year ending on June 30, 2019;

  • The net profit over the reporting period amounts to € 8,7 million or € 0,32 per share;

  • The Fair Market Value (FMV) of the portfolio grows to € 258,2 million, a 6,1% increase since June 30, 2018. The portfolio includes 18 participations located in Belgium, the Netherlands and Ireland;

  • The Net Asset Value (NAV) increases to € 320,0 million or € 11,73 per share, from € 311,7 million or € 11,43 per share on June 30, 2018, after deduction of a distribution to shareholders of € 13,4 million or € 0,49 per share;

  • During the reporting period, TINC has agreed to invest an amount of € 20 million. This includes a new participation in the leisure complex De Haan (‘DHV’) for an amount of € 5 million, and an extension of the investment program for the realisation of wind farms within Storm Flanders (B) for an amount of € 15 million;

  • During the reporting period, TINC has made cash investments in De Haan Vakantiehuizen (DHV), Storm Flanders and Glasdraad, for an amount of € 10,9 million;

  • The cash position of TINC stands at € 58,3 million. The outstanding contractual off-balance investment commitments of TINC to both existing and additional portfolio companies amount to € 50,9 million;

  • TINC confirms its distribution policy and aims for a gross distribution of € 0,50 per share for the current financial year;

  • Mrs. Elvira Haezendonck was appointed as independent director.

 

Statement CEO

Manu Vandenbulcke, CEO TINC: “TINC looks back at a successful first half year with a financial result completely in line with expectations. This result builds on the strong operational and financial performance of our portfolio, which again demonstrates robustness. The fair market value of the portfolio, currently comprising 18 participations in Belgium, the Netherlands and Ireland, increased to circa € 300 million through new investments and including already contracted investment commitments. TINC continues to focus on achieving growth and diversification of the portfolio and has the cash to respond to attractive opportunities. Based on this interim result, TINC aims for a gross distribution of € 0,50 per share for the current financial year.”