TINC publishes its annual report 2021-2022 Once again, a strong performance of a further diversified portfolio

Key points

• The portfolio result for the past financial year was € 30.4 million, a return on the portfolio of 7.67%. This results in a net profit of € 25.0 million or € 0.69 per share;
• The Net Asset Value (NAV) increases to € 463.6 million or € 12.75 per share and this after deduction of the distribution to shareholders of € 18.9 million or € 0.52 per share in October 2021;
• On June 30, 2022, the investment portfolio contains 25 participations in Belgium, the Netherlands and Ireland with a fair value of € 415.4 million. This portfolio is valued based on a weighted average discount rate of 7.81% (7.59% at June 30, 2021);
• During the financial year, TINC made new investment commitments of € 62.3 million and actual investments of € 24.0 million in existing and new participations under contracted investment commitments. These new investment commitments relate to onshore wind farms in Belgium with Storm (B), a portfolio of operational solar power installations (B), the acquisition by Datacenter United of three data centers of DC Star (B), an additional stake in the PPP project Prinses Beatrixsluis (NL), the partnership with Zelfstroom for solar power installations via a rental model (NL) and the partnership with GaragePark regarding innovative storage and workspaces (NL);
• The outstanding contracted investment commitments amounted to € 63.3 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 € 480 million;
• The cash position amounts to € 48.4 million at the end of the financial year;
• After the end of the financial year, TINC sold its stake in Bioversneller, realizing a capital gain of € 4.04 million with respect to the fair value of the portfolio at the end of the financial year; 
• A distribution of € 0.54 per share is proposed to shareholders, an increase of 3.85% compared to the previous financial year;
• The annual report for financial year 2021-2022 is available on the website of TINC (www.tincinvest.com), together with, as of September 16, the documents for the ordinary and extraordinary general meeting of October 19, 2022.

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 aspires to contribute to a low-carbon, healthy, connected, safe and prosperous society. With €62.3 million in new investment commitments across 6 participations, TINC remains committed to growing and diversifying its portfolio of participations that shape infrastructure for the world of tomorrow."

Manu Vandenbulcke, CEO:

"Against a backdrop of a health crisis, geopolitical tensions and economic turbulence, our diversified portfolio again performed strongly. The divestment at the end of August of the participation Bioversneller, the business center in Ghent for life sciences companies, demonstrates the value of the participations in the portfolio. The participation is also an example of the social value created by TINC. This allows us to increase the proposed dividend to the shareholders for the sixth consecutive year, this time by approximately 4% to € 0.54 per share. With today about € 65 million cash at hand, TINC is well armed for new investments."