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TINC publishes its annual report 2018-2019 - Portfolio increase underpins the growth of TINC
Download pdf 11/09/2019

 

HIGHLIGHTS

  • The portfolio result for the financial year 2018-2019 amounts to € 24,8 million (or € 0,91 per share), an increase of 22,4% compared to the previous financial year. This translates into a net profit of € 20,3 million (or € 0,74 per share), an increase of 4,8% compared to the previous financial year;
  • The Net Asset Value (NAV) amounts to € 331,3 million or € 12,15 per share (vs € 325,1 million or € 11,92 per share on June 30, 2018;
  • The investment portfolio includes 18 participations located in Belgium, the Netherlands and Ireland with a fair market value of € 267,1 million, an increase of 9,7% compared to the previous financial year. The valuation of the portfolio is based on a weighted average discount rate of 7,94% (8,26% per 30 June 2018) with individual discount rates within a range of 6,79% to 9,50%;
  • TINC increased over the financial year its investment commitment in Storm Flanders (B) by € 15 million for the realization of new wind farms (ca. 45 MW) and acquired a participation in a portfolio of holiday cottages in leisure park De Haan (B), which together amount to € 20 million of investment commitments. At the end of the financial year TINC has € 42,5 million in contractual investment commitments outstanding, relating to both existing and new participations;
  • Following the end of the financial year, TINC increased, in July 2019, its investment commitment to its portfolio company Glasdraad by € 20 million for the further roll-out of glass-fiber networks (FttH) in the Netherlands. Also, TINC entered in August 2019 into an agreement for the acquisition of a majority interest in Wind farm Kroningswind (the Neth.), that will be realized on the island Goeree-Overflakkee (ca. 80 MW) as soon as all conditions and formalities are fulfilled. This implies for TINC an investment commitment which, upon full completion of the project, may amount up to € 40 million;
  • Through the combination of the existing portfolio and the outstanding contractual investment commitments (including the investment commitments which date from after the end of the financial year), the portfolio of TINC will grow over time to circa 370 million;
  • At the end of the financial year, TINC has € 61,7 million cash available;
  • In October, a distribution will be proposed for approval by the shareholders of € 0,50 per share (or in total 13,6 million), of which € 0,45 per share will be distributed under the form of a capital reduction and € 0,05 per share under the form of a dividend;
  • The annual report for the financial year 2018-2019 is available on the website of TINC (www.tincinvest.com) as well as, as from 16 September, the documents for the annual and extraordinary shareholders meeting of 16 October 2019.

 

Manu Vandenbulcke, CEO: “TINC has again taken a firm step forward in growing its investment portfolio. The participation in De Haan Leisure Parc adds to the further diversification of the portfolio. And the new investments in Storm Flanders and Wind farm Kroningswind underscore TINC’s ambition as an actor in the energy transition. TINC is also pleased to contribute to the digitalization of the underserved areas in the Netherlands with the increase of its investment commitment to portfolio company Glasdraad. Against this background, and in combination with an excellent portfolio return, TINC is confident to propose a gross distribution to the shareholders of € 0,50 per share.”