from TINC (EBR:TINC)
Strong interim results and new investments for TINC
Strong interim results and new investments for TINC
Antwerp, September 11, 2024, 7h00 CET Regulated information
Manu Vandenbulcke, CEO:
“We are pleased with the achievements of the first half year. Not only does TINC achieve once again strong results with a net result of €18.0 million or €0.50 per share for the first six months, but with €50 million of new investment commitments we contribute further to the much needed infrastructure of tomorrow’s world. Based on this interim result, TINC intends to distribute to its shareholders a gross distribution of €0.58 per share for the current financial year and this after approval by the general meeting in May 2025. This is, annualised, an increase of 3.6% compared to the distribution relating to the previous financial year.”
Philip Maeyaert, Chairman of the Supervisory Board:
“The societal need for quality infrastructure remains high, and this offers opportunities for a specialised investor like TINC. TINC is looking forward to further implementing its stated growth ambition, as already shown and realised in the first half year. This is possible thanks to its experienced team and strong balance sheet.”
Key points
▪ The portfolio result for the first six months of the current financial year (ending 31 December 2024) amounts to €21.9 million (or an annualised portfolio return of 9.4%). This results in a net profit of €18.0 million or €0.50 per share;
▪ Total cash receipts from the portfolio during the reporting period amount to €23.1 million;
▪ Shareholders’ equity amounts to €482.0 million or €13.26 per share (€494.6 million or €13.60 per share on 31 December 2023), and this after deducting the distribution to shareholders (€30.5 million or €0.84 per share) in May 2024;
▪ The investment portfolio includes 31 participations in Belgium, France, Ireland and the Netherlands with a fair value (FV) of €489.0 million (+ 4.4% compared to 31 December 2023). This portfolio is valued using a weighted average discount rate of 8.09 % (8.10 % at 31 December 2023);
▪ During the reporting period, TINC committed €50.2 million for investments in 3 new participations. This includes a €30 million funding commitment to Storm Group (B), a €7.4 million commitment for a 33% stake in the water company Azulatis (B) and a €12.8 million commitment for a 50% stake in the PPP project "Hortus Conclusus" (B), a new prison in Antwerp;
▪ TINC further effectively invested €21.8 million under both existing and new investment commitments. This includes investments in the new participation Storm Group (B) and in the existing participations NGE Fibre (FR), Garagepark (NL), GlasDraad (NL) and Yally (B);
▪ The outstanding contractual investment commitments amount to €133.6 million at the end of the reporting period. The combination of the current participations and the outstanding contractual investment commitments allows the portfolio of TINC to grow over time to approximately €625 million;
▪ The net debt position amounts to €7.6 million at the end of the reporting period. TINC has € 150 million of contracted bank credit lines of which € 8.0 million are drawn down at 30 June 2024. In addition, TINC has a framework for attracting sustainable debt financing under various forms (Sustainable Finance Framework);
▪ TINC intends to propose a gross distribution of €0.58 per share for the current financial year ending 31
December 2024. The distribution, subject to approval by the general meeting, will take place in May 2025;
▪ In June, the mandate as director of Mr Philip Maeyaert and Ms Helga van Peer ended at TINC Manager NV, statutory director of TINC NV. Mr Maeyaert was reappointed as independent director and chairman of the supervisory board until 2027. The supervisory board now has 7 members of which 3 are independent directors;
▪ After balance sheet date (1) TINC received full repayment of the outstanding financing to Northwind NV as a result of which this participation is no longer part of TINC's investment portfolio, and (2) the investment in the PPP Hortus Conclusus was formally completed after obtaining all necessary approvals;
▪ The interim report as at 30 June 2024 is available on the website of TINC (www.tincinvest.com).
Key figures
1. Interim Consolidated Income Statement
Period ending at: | June 30, 2024 | 30 juni 2023 | ||||
(€) | Notes | 6 months | 6 months | |||
unaudited | unaudited | |||||
Operating income | 11 | 34.694.289 25.241.924 | ||||
Interest income | 3.807.851 3.822.641 | |||||
Dividend income | 19.136.056 11.421.718 | |||||
Gain on disposal of investments | - 5.320.054 | |||||
Unrealised gains on investments | 11.455.212 4.357.230 | |||||
Revenue | 295.171 320.282 | |||||
Operating expenses (-) 11 (16.481.257) (10.217.124)
Unrealised losses on investments | (12.796.909) (6.122.505) | ||
Selling, General & Administrative Expenses | (3.528.903) (3.925.966) | ||
Depreciations and amortizations | (1.853) (1.848) | ||
Other operating expenses | (153.592) (166.805) | ||
Operating result, profit (loss) | 18.213.032 15.024.801 | ||
Finance income | 12 | 435.769 238.620 | |
Finance costs (-) | 12 | (516.057) (126.579) | |
Result before tax, profit (loss) | 18.132.744 15.136.841 | ||
Tax expenses (-) | 13 | (122.748) (2.550) | |
Total Consolidated income | 18.009.996 15.134.291 | ||
Total other comprensive income | - - | ||
Total comprehensive income | 18.009.996 15.134.291 | ||
Earnings per share (€) | |||
1. Basic earnings per share (*) | 14 | 0,50 0,42 | |
Weighted average number of ordinary shares | 36.363.637 36.363.637 |
(*) Calculated on the basis of the weighted average number of ordinary shares: 36.363.637 (31/12/2023) en 36.363.637 (30/06/2022). The Company has no options / warrants outstanding throughout the reporting period.
2. Interim Consolidated Balance Sheet
Period ending at: | June 30, 2024 | December 31, 2023 | ||||
(€) | Notes | unaudited | audited | |||
I. NON-CURRENT ASSETS | 489.061.146 | 468.483.322 | ||||
Intangbible assets | 5.580 | 7.434 | ||||
Investments at fair value through profit and loss | 10 | 488.966.152 | 468.356.669 |
Deferred taxes | 89.414 | 119.219 |
Trade and other receivables | 1.607.285 | 1.558.508 | |
Cash and short-term deposits | 4 | 428.966 | 27.364.570 |
II. CURRENT ASSETS 2.036.251 28.923.078
Other current assets - -
TOTAL ASSETS | 491.097.397 | 497.406.399 | ||
Period ending at: | June 30, 2024 | December 31, 2023 | ||
(€) | Notes | unaudited | audited | |
I. EQUITY | 3 | 482.030.590 | 494.595.854 | |
Issued capital | 113.268.771 | 135.450.590 | ||
Share premium | 174.688.537 | 174.688.537 | ||
Reserves | 100.082.312 | 86.194.900 | ||
Retained earnings | 93.990.970 | 98.261.827 | ||
II. LIABILITIES | 9.066.807 | 2.810.546 | ||
A. Non-current liabilities | - - | |||
B. Current liabilities | 9.066.807 2.810.546 | |||
Financial liabilities | 11 | 8.000.000 - | ||
Trade and other payables | 911.629 2.776.098 | |||
Income tax payables | - - | |||
Other liabilities | 155.178 34.448 | |||
TOTAL EQUITY AND LIABILITIES | 491.097.397 497.406.399 |
3. Interim Consolidated Statement of Changes in Equity
June 30, 2024
December 31, 2023 (audited) Total comprehensive income Capital Increase Distribution towards shareholders Other changes June 30, 2024 (unaudited) | 2 1 15 | 135.450.590 174.688.537 86.194.900 98.261.827 494.595.854 - - - 18.009.996 18.009.996 - - - - - (22.181.819) - (8.363.637) - (30.545.455) - - 22.251.049 (22.280.853) (29.805) 113.268.771 174.688.537 100.082.312 93.990.970 482.030.590 |
Notes | Issued capital | Share premium | Reserves | Retained earnings | Equity |
The following table shows the changes in equity from the previous financial year for comparison purposes.
Financial year 2022 - 2023
Notes | Issued capital | Share premium | Reserves | Retained earnings | Equity |
June 30, 2022 (audited) 2 151.814.227 174.688.537 30.424.719 106.696.933 463.624.416
Total comprehensive income 1 - - - 50.899.013 50.899.013
Capital Increase - - - - - Distribution towards shareholders 15 (16.363.637) - (3.272.727) - (19.636.364)
Other changes | - - 59.042.908 (59.334.119) (291.211) |
December 31, 2023 (audited) | 135.450.590 174.688.537 86.194.900 98.261.827 494.595.854 |
4. Interim Consolidated Statement of Cash Flows
Period ending at: | June 30, 2024 | 30 juni 2023 | ||||
(€) | Notes | 6 months | 6 months | |||
unaudited | unaudited | |||||
Cash at beginning of period | 27.364.570 33.544.780 | |||||
Cash Flow from Financing Activities | (22.652.246) - | |||||
Proceeds from capital increase | - - | |||||
Proceeds from borrowings | 28.000.000 - | |||||
Repayment of borrowings | (20.000.000) - | |||||
Interest paid | (106.791) - | |||||
Distribution to shareholders | (30.545.455) - | |||||
Other cash flow from financing activities | - - | |||||
Cash Flow from Investing Activities | 1.299.963 8.054.481 | |||||
Investments | (21.794.345) (50.182.679) | |||||
Repayment of investments | 1.414.432 47.438.089 | |||||
Interest received | 5.114.525 3.347.051 | |||||
Dividend received | 16.487.709 7.239.561 | |||||
Other cash flow from investing activities | 77.641 212.459 | |||||
Cash Flow from Operational Activities | (5.583.321) (2.704.408) | |||||
Management Fee | (5.823.332) (2.348.357) | |||||
Operational expenses | (448.772) (1.050.227) | |||||
Recovered VAT | 688.784 694.177 | |||||
Taxes paid | - - | |||||
Cash at end of period 428.966 38.894.854
Contact:
Manu Vandenbulcke, CEO TINC
T +32 3 290 21 73 – manu.vandenbulcke@tincinvest.com
Filip Audenaert, CFO TINC
T +32 3 290 21 73 – filip.audenaert@tincinvest.com
About TINC
TINC is a listed investment company that seeks to create sustainable value by investing in the infrastructure for the world of tomorrow. TINC participates in companies that are active in the realization and operation of infrastructure and holds a diversified portfolio of participations in focus areas such as public infrastructure, energy infrastructure, digital infrastructure and selective real estate in Belgium, France, Ireland and the Netherlands.
For more information, please visit www.tincinvest.com.