Highlights
- The portfolio result for the first half of the year amounts to € 12,9 million. This results in a net profit of € 10,5 million or € 0,29 per share;
- The Net Asset value (NAV) amounts to € 437,4 million or € 12,03 per share (€ 445,7 million or € 12,26 per share as per June 30, 2020), and this after deduction of a distribution to shareholders of € 18,5 million or € 0,51 per share in October 2020;
- The investment portfolio includes 22 participations in Belgium, the Netherlands and Ireland with a Fair Value (FV) of € 372,3 million. This portfolio is valued based on a weighted average discount rate of 7,83 %;
- During the reporting period, TINC invested a total of € 26,3 million, of which € 22,7 million in participations under outstanding contracted investment commitments. This includes investments in the windfarm Kroningswind (NL), additional investments in the windfarms of Storm Flanders, investments in additional care facilities of the network for people with mental disabilities Réseau Abilis and investments in the fiber network company GlasDraad. Also, TINC has acquired an additional stake in the Dutch public-private partnership A15 Maasvlakte-Vaanplein for an amount of € 3,6 million;
- The cash position amounts to € 62.9 million at the end of the reporting period. The use of this cash position for purposes of funding the outstanding contracted investment commitments of TINC (amounting to € 41,6 million at the end of the reporting period) will positively contribute to the results of TINC;
- Through the combination of the existing portfolio and the outstanding contracted investment commitments, the portfolio of TINC will grow over time to circa € 414 million;
- The participations showed overall strong operational and financial resilience under the new and/or extended Covid-19 measures during the reporting period, and continued to operate without material disruptions or significant issues;
- TINC has adapted its articles of association to the new Code of Companies and Associations and was transformed on October 21, 2020 into a limited liability company with TINC Manager NV as its statutory director;
- The previous board of directors was reformed into a supervisory board with the following changes to its composition. Ms Katja Willems was appointed as director in replacement of Mr Bart Fransis on the nomination of Belfius with effect from January 1, 2021. Furthermore, Ms Kathleen Defreyn (with effect from January 1, 2021), Mr Philip Maeyaert and Ms Helga Van Peer (both as of February 22, 2021) were appointed as independent directors. Mr Maeyaert is, in succession of Mr Jean-Pierre Blumberg, appointed as chairman. The supervisory board now has 9 members, including 4 women and 5 men, of which 5 independent members;
- TINC confirms its distribution policy and aims for a gross distribution of € 0,52 per share for the current financial year.
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