Manu Vandenbulcke, CEO:
"With a net result of € 50.9 million or € 1.40 per share for the past extended 18-month financial year, TINC is once again achieving outstanding results. This reflects the strong performance of our 4 investment segments. The realised gains on the sale of the stake in the business service center Bioversneller and on the partnership of Dutch fiber company GlasDraad BV with Glaspoort are illustrative of the value creation potential within our diversified portfolio. With € 171.5 million in new commitments and € 117.4 million effectively invested, this is our strongest investment year ever. Based on this excellent result, TINC proposes a gross distribution to its shareholders of € 0.84 per share."
Philip Maeyaert, Chairman Supervisory Board:
"These results validate our motto "creating sustainable value by investing in the infrastructure for the world of tomorrow" Indeed, our investments in future-oriented infrastructure create tangible and sustainable value - for society as well as for our shareholders. For the seventh year in a row, TINC succeeds in increasing its distribution to shareholders. This underlines our ability to achieve financial success with a positive impact on the future through thoughtful investments."
Highlights
- The portfolio result for the extended 18-month financial year (from July 1, 2022 to December 31, 2023) is € 61.5 million (or a portfolio return of 9.88% on an annualized basis). This includes the € 9.5 million realised gain on the sale of participations. This results in a net profit of € 50.9 million or € 1.40 per share;
- Total cash receipts from the portfolio over the past financial year amount to € 126.0 million (including the € 60.1 million proceeds from the sale of participations);
- Shareholders' equity amounts to € 494.6 million or € 13.60 per share (€ 463.6 million or € 12.75 per share at June 30, 2022), and this after deducting the distribution to shareholders (€ 19.6 million or € 0.54 per share) in October 2022;
- The investment portfolio includes 28 participations in Belgium, France, Ireland and the Netherlands with a fair value (FV) of € 468.4 million (+ 12.7% compared to June 30, 2022). This portfolio is valued using a weighted average discount rate of 8.10% (7.81% at June 30, 2022);
- TINC realised two divestments during the financial year (full sale of the stake in Bioversneller NV (B) and partial sale of the stake in GlasDraad BV (NL)), and invested in four new participations: Yally (B), active in the energy efficiency renovation and rental of residential real estate, the Obelisc business center (B), 2 operational fiber networks of NGE Fibre (FR) and a public-private partnership (PPP) for 6 higher education buildings (IRE);
- During the financial year, TINC committed € 171.5 million for investments in new and existing participations;
- TINC further effectively invested € 117.4 million under both current and new investment commitments. This concerns investments in the new participations Yally (B), Obelisc (B), Higher Education Buildings (IRE), NGE Fibre (FR) and in the existing participations Storm (B), Windfarm Kroningswind (NL), Zelfstroom (NL), Social Housing Ireland (IRE), Garage Park (NL), GlasDraad (NL) and Datacenter United (B);
- The outstanding contractual investment commitments amount to €112.2 million at the end of the financial year. The combination of the current participations and the outstanding contractual investment commitments allows the portfolio of TINC to grow over time to approximately € 580 million;
- The net cash position amounts to € 27.4 million at the end of the financial year. TINC also has € 150 million of contractual credit lines. In addition, TINC has developed a framework for attracting sustainable debt financing under various forms (Sustainable Finance Framework);
- Shortly after year-end, TINC committed € 30 million to participate in a financing provided to Storm Group (B), a developer and operator of renewable energy. This amount will be invested during 2024;
- TINC proposes a gross distribution of € 0.84 per share for the current extended financial year. The distribution, subject to approval by the general meeting, will take place in May 2024;
- In June 2023, the Supervisory Board welcomed Mrs. Martine De Rouck as a director nominated by Belfius to replace Mrs. Katja Willems;
- The annual report as of December 31, 2023 is available on the website of TINC (www.tincinvest.com) along with the documents for the extraordinary general meeting of April 11, 2024 (as of March 8 a.m.).
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