Interim report first semester financial year 2020-2021

Financial result in line with expectations

Regulated information

Antwerp, under embargo until March 3, 2021, 7h30 CET

Highlights

  • ▪ The portfolio result for the first half of the year amounts to € 12,9 million. This results in a net profit of € 10,5 million or € 0,29 per share;

  • ▪ The Net Asset value (NAV) amounts to € 437,4 million or € 12,03 per share (€ 445,7 million or € 12,26 per share as per June 30, 2020), and this after deduction of a distribution to shareholders of € 18,5 million or € 0,51 per share in October 2020;

  • ▪ The investment portfolio includes 22 participations in Belgium, the Netherlands and Ireland with a Fair Value (FV) of € 372,3 million. This portfolio is valued based on a weighted average discount rate of 7,83 %;

  • ▪ During the reporting period, TINC invested a total of € 26,3 million, of which € 22,7 million in participations under outstanding contracted investment commitments. This includes investments in the windfarm Kroningswind (NL), additional investments in the windfarms of Storm Flanders, investments in additional care facilities of the network for people with mental disabilities Réseau Abilis and investments in the fiber network company GlasDraad. Also, TINC has acquired an additional stake in the Dutch public-private partnership A15

    Maasvlakte-Vaanplein for an amount of € 3,6 million;

  • ▪ The cash position amounts to € 62.9 million at the end of the reporting period. The use of this cash position for purposes of funding the outstanding contracted investment commitments of TINC (amounting to € 41,6

    million at the end of the reporting period) will positively contribute to the results of TINC;

  • ▪ Through the combination of the existing portfolio and the outstanding contracted investment commitments, the portfolio of TINC will grow over time to circa € 414 million;

  • ▪ The participations showed overall strong operational and financial resilience under the new and/or extended Covid-19 measures during the reporting period, and continued to operate without material disruptions or significant issues;

  • ▪ TINC has adapted its articles of association to the new Code of Companies and Associations and was transformed on October 21, 2020 into a limited liability company with TINC Manager NV as its statutory director;

  • ▪ The previous board of directors was reformed into a supervisory board with the following changes to its composition. Ms Katja Willems was appointed as director in replacement of Mr Bart Fransis on the nomination of Belfius with effect from January 1, 2021. Furthermore, Ms Kathleen Defreyn (with effect from January 1, 2021), Mr Philip Maeyaert and Ms Helga Van Peer (both as of February 22, 2021) were appointed as independent directors. Mr Maeyaert is, in succession of Mr Jean-Pierre Blumberg, appointed as chairman. The supervisory board now has 9 members, including 4 women and 5 men, of which 5 independent members;

  • ▪ TINC confirms its distribution policy and aims for a gross distribution of € 0,52 per share for the current financial year.

CEO Statement

Manu Vandenbulcke, CEO TINC: "The first half of the year occurred against the backdrop of strict and extended Covid-19 health measures. Our portfolio companies continued to operate substantially without material disruptions or significant issues. Furthermore, investing in crucial societal transformations (such as the energy- and digital transition) remains an important source of growth potential as illustrated by the development of the portfolio of TINC. With the receipt of all permits and the start of construction work, the Dutch windfarm Kroningswind has reached an important milestone. Once fully operational, this large-scale windfarm (80 MW) will contribute to the cash flows to TINC. TINC also invested further in the windfarm portfolio of Storm Flanders. This translates in good interim results fully in line with expectations. On the basis of this interim result, TINC anticipates a gross distribution to shareholders of € 0,52 per share for the current financial year.

I.

Interim annual report

1.

TINC at a glance

TINC is an investment company participating in companies that realise and operate infrastructure. The diversified investment portfolio of TINC includes participations in Public Infrastructure (PPP), Energy Transition Infrastructure and Demand Based Infrastructure in Belgium, the Netherlands and Ireland. These companies typically have a good and long-term visibility on both income and costs, as they often rely on long-term contracts, a strategic market position or a regulated framework. The portfolio generates cash flows of a long-term sustainable nature, which form the basis for TINC's distribution policy.

TINC aims at further developing its activities in the geographical markets where it is already present (Belgium, the Netherlands and Ireland) and will seek further expansion in neighboring countries.

2.

Corporate governanceAt the extraordinary general meeting of October 21, 2020, the articles of association of TINC were adapted to the new Code of Companies and Associations. TINC, a limited partnership by shares, was converted into a limited liability company with TINC Manager NV as statutory director (formerly statutory manager), a company with a dual board consisting of a supervisory board and a management board.

The former board of directors was reformed into a supervisory board with the following changes in its composition. Ms Katja Willems was appointed as director in replacement of Mr Bart Fransis on the nomination of Belfius witheffect from January 1, 2021. Furthermore, Ms Kathleen Defreyn (with effect from January 1, 2021), Mr Philip Maeyaert and Ms Helga Van Peer (both as of February 22, 2021) were appointed as independent directors. Mr Maeyaert is, in succession of Mr Jean-Pierre Blumberg, appointed as chairman. The supervisory board now has 9 members, including 4 women and 5 men, of which 5 independent members.

3.

Portfolio

3.1.

ParticipationsThe portfolio includes 22 participations in Belgium, the Netherlands and Ireland and consists of investments in

Public Infrastructure (PPP), in Energy Transition infrastructure and in Demand Based Infrastructure. The participations have a Fair Value (FV) of € 372,3 million as per December 31, 2020.

Portfolio

Activity

Geography

Voting Rights

Type

A15 Maasvlakte-Vaanplein

Road Infrastructure

the Netherlands

24,00%

Public Infrastructure

Bioversneller

Business Service Centre

Belgium

50,00%Demand Based

Datacenter United

Datacenters

Belgium

75,00%Demand Based

Eemplein

Car Park Facility

the Netherlands

100,00%Demand Based

Kreekraksluis

Onshore Wind

the Netherlands

43,65%Energy Transition

L'Hourgnette

Detention Facility

Belgium

81,00%Public Infrastructure

Nobelwind

Offshore Wind

Belgium

n/a*Energy Transition

Prinses Beatrixs lock

Lock Complex

the Netherlands

37,50%Public Infrastructure

Social Housing Ireland

Social Housing

Ireland

47,50%Public Infrastructure

Storm Ireland

Onshore Wind

Ireland

95,60%Energy Transition

Via A11

Road Infrastructure

Belgium

39,06%Public Infrastructure

Berlare Wind

Onshore Wind

Belgium

49,00%

Energy Transition

Brabo I

Light Rail Infrastructure

Belgium

52,00%

Public Infrastructure

De Haan Vakantiehuizen

Leisurecomplex

Belgium

12,50%

Demand Based

GlasDraad

Fiber Networks

the Netherlands

100,00%

Demand Based

Kroningswind

Onshore Wind

the Netherlands

72,73%

Energy Transition

Lowtide

Solar Energy

Belgium

99,99%

Energy Transition

Northwind

Offshore Wind

Belgium

n/a*

Energy Transition

Réseau Abilis

Care Facilities

Belgium

54,00%

Demand Based

Solar Finance

Solar Energy

Belgium

87,43%

Energy Transition

Storm Flanders

Onshore Wind

Belgium

39,47%

Energy Transition

Via R4 Ghent

Road Infrastructure

Belgium

74,99%

Public Infrastructure

A breakdown of the portfolio according to a number of criteria and indicators is presented below: the type of infrastructure, the size of the participations, the geographical location, and a break-down of the Demand Based infrastructure per subsector.

The break-down is based on the fair value (FV) of the portfolio as per December 31, 2020 both without (left) and including (right) the € 41,6 million of outstanding contracted investment commitments.

Type:

PPPEnergy TransitionDemand Based

Type:

PPPEnergy TransitionDemand Based

Demand Based:

DigitalCareOther

Demand Based:

DigitalCareOther

Weight:

Weight:

top 1 - 5

top 6 - 12

top 13 - 22

top 1 - 5

top 6 - 12

top 13 - 22

Geography:

Belgiumthe Netherlands

Geography:

Ireland

Belgiumthe NetherlandsIreland

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TINC Comm. VA published this content on 03 March 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 March 2021 00:47:02 UTC.