Manu Vandenbulcke, CEO:
"Our portfolio shows also in economical volatile times a strong performance. This translates into an excellent interim net result of € 21,5 million or € 0,59 per share over the first 6 months of the current extended financial year. On top of this, we committed close to € 50 million to new investments to enlarge and further diversify our portfolio. This will grow the fair value of the portfolio to circa € 500 million. Based on this interim result, TINC targets a gross distribution of minimum € 0,84 per share for the current extended 18-month financial year."
Philip Maeyaert, chairman of the Supervisory Board:
"This interim result is a confirmation of the quality of the investment portfolio of TINC. With a solid balance sheet and the prospect of strong cash flows, TINC is well armed to continue investing enthusiastically in the infrastructure for the world of tomorrow.”
Key points
- The portfolio result for the first six months of the extended 18-month financial year (from July 1, 2022 to December 31, 2023) amounts to €24,8 million (an annualised portfolio return of 12%). This includes the €4,2 million capital gain realised on the sale of Bioversneller NV. This results in a net profit of €21,5 million or €0,59 per share;
- Total cash receipts from the portfolio for the reporting period amount to €33,4 million (including the proceeds from the sale of Bioversneller NV;
- Shareholders' equity amounts to €465,4 million or €12,80 per share (€463,6 million or €12,75 per share on 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 contains 25 participations in Belgium, the Netherlands and Ireland with a fair value (FV) of €431,3 million (+3,8% compared to June 30, 2022). This portfolio is valued on the basis of a weighted average discount rate of 8,22% (7,81% on June 30, 2022);
- During the reporting period, TINC made new contractual investment commitments of €35,4 million in respect of new and existing participations;
- TINC effectively invested €24,4 million under both existing and new contractual investment commitments. This includes investments in the new participation Yally (B) and in the existing participations Storm (B), Zelfstroom (NL), Social Housing Ireland (IER) and Garagepark (NL);
- The outstanding contractual investment commitments amount to €69,0 million at the end of the reporting period. Through the combination of current participations and outstanding contractual investment commitments, the portfolio of TINC will grow over time to approximately €500 million;
- The cash position amounts to €33,5 million at the end of the reporting period. TINC has a Sustainable Finance Framework that allows it to raise various forms of sustainable debt financing;
- The General Meeting of TINC decided on October 19, 2022 to extend the current financial year by 6 months until 31 December 2023. This means that the current financial year has 18 months;
- Shortly after the end of the reporting period, TINC committed an additional € 12 million to its existing participation Zelfstroom. This investment commitment will be effectively invested in the period 2023-2024;
- TINC targets a gross distribution of minimum €0,84 per share for the current extended financial year. The distribution would take place in May 2024.
| Nom | Date | Télécharger |
| Annex |