TINC publishes its annual report 2020- 2021- Excellent annual results

Philip Maeyaert, Chairman of the Supervisory Board:

"Social relevance and sustainability are important considerations for TINC as an outspoken long-term investor in infrastructure that shapes the world of tomorrow. Through its investment policy and its participations, TINC aims to contribute to a low-carbon, healthy, connected, safe and prosperous society. TINC will continue to incorporate this ambition in its sustainability strategy when identifying opportunities and managing its participations."

Manu Vandenbulcke, CEO:

"We are pleased to present you the annual results of TINC after a year full of activity and growth against the background of the strict and prolonged measures in the fight against Covid-19. The spread of our activities over several diversified focus areas each with their own dynamics has limited the impact of the health crisis on the portfolio of TINC. As a result, TINC can present excellent annual results with, for the fifth year in a row, an increase in the distribution to shareholders to € 0,52 per share."

HIGHLIGHTS 2020-2021

• The portfolio result for the past financial year amounts to € 36,5 million (+ 62,1% compared to the previous financial year). This translates into a net profit of € 31,1 million (+ 74,1% compared to the previous financial year). The growth of the portfolio result is the result of the growth of the portfolio and new investments, the overall performance of the participations and increasing valuations for infrastructure asset;
• The Net Asset Value (NAV) increases to € 457,9 million or € 12,59 per share (+ 2,7% compared to the previous financial year) and this after deduction of the distribution to the shareholders of € 18,5 million or € 0,51 per share in October 2020;
• A distribution of € 0,52 per share is proposed to the shareholders, an increase of 2,0% compared to the previous financial year;
• The investment portfolio contains 22 participations in Belgium, the Netherlands and Ireland with a fair value of € 396,9 million (+16,6% compared to the previous financial year). This portfolio is valued based on a weighted average discount rate of 7,59% (7,82% at June 30, 2020);
• TINC invested € 47,9 million during the past financial year under both existing and new contractual investment commitments;
• The outstanding contractual investment commitments amount to € 25,0 million at the end of the past financial year. Through the combination of the current participations and the outstanding contractual investment commitments, the portfolio of TINC will grow over time to approximately € 420 million;
• The cash position amounts to € 60,3 million at the end of the financial year. These cash funds are available to meet ongoing investment commitments and to respond to new opportunities;
• The annual report for the 2020-2021 financial year is available on the website of TINC (www.tincinvest.com), together with, as from September 18, the documents for the ordinary and extraordinary general meeting of October 20, 2021.