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TINC N.V.
Interim / Quarterly Report • Sep 11, 2024
4013_ir_2024-09-11_d663652e-a9c6-4f05-acbb-f7f75f8ec18e.pdf
Interim / Quarterly Report
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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
- 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 | |
| II. CURRENT ASSETS | 2.036.251 | 28.923.078 | |
| Trade and other receivables | 1.607.285 | 1.558.508 | |
| Cash and short-term deposits | 4 | 428.966 | 27.364.570 |
| 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
| Notes | Issued capital | Share premium |
Reserves | Retained earnings |
Equity | |
|---|---|---|---|---|---|---|
| December 31, 2023 (audited) | 2 | 135.450.590 | 174.688.537 | 86.194.900 | 98.261.827 | 494.595.854 |
| Total comprehensive income | 1 | - | - | - | 18.009.996 | 18.009.996 |
| Capital Increase | - | - | - | - | - | |
| Distribution towards shareholders | 15 | (22.181.819) | - | (8.363.637) | - | (30.545.455) |
| Other changes | - | - | 22.251.049 | (22.280.853) | (29.805) | |
| June 30, 2024 (unaudited) | 113.268.771 | 174.688.537 | 100.082.312 | 93.990.970 | 482.030.590 |
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 – [email protected]
Filip Audenaert, CFO TINC T +32 3 290 21 73 – [email protected]
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.