Interxion Holding NV (NYSE: INXN), a leading European provider
of carrier and cloud neutral colocation data centre services, today
announced its results for the three months ended 30 June 2013.
Financial Highlights
- Revenue increased by 13% to €76.5
million (Q2 2012: €68.0 million)
- Big 4 reporting segment recurring
revenue increased by 18% to €45.2 million (Q2 2012: €38.4
million)
- Adjusted EBITDA increased by 18% to
€32.7 million (Q2 2012: €27.8 million)
- Adjusted EBITDA margin increased to
42.8% (Q2 2012: 40.8%)
- Net profit decreased by 24% to €6.6
million (Q2 2012: €8.7 million)
- Capital expenditure, including
intangible assets, was €28.8 million
- Debt structure refinanced subsequent to
quarter end to reduce interest costs and extend maturities
Operating Highlights
- Expansion projects in Copenhagen and
Stockholm completed
- Equipped Space increased by 800 square
metres in Q2 2013 to 78,900 square metres
- Revenue Generating Space increased by
1,200 square metres in Q2 2013 to 58,200 square metres
- Utilisation Rate at the end of the
quarter increased to 74%
- New expansion projects in Stockholm,
Vienna, and Zurich announced today
“Interxion’s second quarter results reflect solid execution
against our market segmentation strategy, which has delivered
sustained, profitable growth despite the effects of a continued
unfavourable macroeconomic environment,” said Interxion Chief
Executive Officer, David Ruberg. “Growth in our communities of
interest and structural drivers, such as the onset of migration to
cloud computing, are underpinning continued demand for Interxion’s
highly connected data centres.”
Quarterly Review
Revenue in the second quarter of 2013 was €76.5 million, a 13%
increase over the second quarter of 2012 and 3% up on the first
quarter of 2013. Recurring revenue, which was 94% of total revenue,
was €72.2 million, a 15% increase over the second quarter of 2012
and 2% up on the first quarter of 2013. Recurring revenue in the
Big 4 markets was €45.2 million, an 18% increase over the second
quarter of 2012 and 2% up on the first quarter of 2013.
Cost of sales in the second quarter of 2013 was €31.3 million,
an 11% increase over the second quarter of 2012 and 6% up on the
first quarter of 2013.
Gross profit was €45.2 million in the second quarter 2013, a 14%
increase over the second quarter of 2012 and 1% up on the first
quarter of 2013. Gross profit margin in the second quarter of 2013
was 59.1%, compared with 58.5% in the same quarter of 2012 and
60.2% in the first quarter of 2013.
Sales and marketing costs in the second quarter 2013 were €5.5
million, an 18% increase over the second quarter of 2012 but 0.1%
lower than the first quarter of 2013.
General and administrative costs1 in the second quarter 2013
were €7.0 million, a decrease of 5% compared with the second
quarter of 2012 and 8% lower than the first quarter of 2013.
Depreciation and amortisation in the second quarter 2013 was €14.9
million, a 46% increase over the second quarter of 2012 and 6% up
on the first quarter of 2013.
Net financing costs in the second quarter of 2013 were €7.3
million, an increase of 89% compared with the second quarter of
2012, and 14% up on the first quarter of 2013, and was primarily
the result of a reduction in capitalized interest in the
quarter.
Net profit was €6.6 million in the second quarter 2013, a
decrease of 24% compared with the second quarter of 2012, while
earnings per share were €0.10 on a weighted average of 69.4 million
diluted shares, compared with €0.13 on a weighted average of 68.0
million diluted shares in the second quarter of 2012.
Adjusted EBITDA in the second quarter of 2013 was €32.7 million,
up 18% year-on-year. Adjusted EBITDA margin increased to 42.8%,
compared with 40.8% in the second quarter of 2012.
Cash generated from operations, defined as cash generated from
operating activities before interest and corporate income tax
payments and receipts, was €24.1 million in the second quarter 2013
compared to €29.4 million in the second quarter 2012. Capital
expenditure, including intangible assets, was €28.8 million in the
second quarter of 2013, compared to €42.6 million in the second
quarter 2012.
Cash and cash equivalents were €59.8 million at 30 June 2013,
down from €68.7 million at year-end 2012. Total borrowings were
€304.0 million at the end of the second quarter 2013 compared with
€288.1 million at the end of 2012. During the quarter, the company
entered into a €6 million mortgage in connection with one of its
data centres in Amsterdam.
In July 2013, after the quarter ended, Interxion closed a
refinancing transaction that replaced its €260 million 9.50% Senior
Secured Notes with €325 million 6.00% Senior Secured Notes and
replaced its €60.0 million revolving credit facility with a €100.0
million revolving credit facility.
Equipped Space at the end of the second quarter 2013 was 78,900
square metres, compared with 65,300 square metres at the end of the
second quarter of 2012 and 78,100 square metres at the end of the
first quarter of 2013. Revenue Generating Space at the end of the
second quarter 2013 was 58,200 square metres, compared with 48,600
square metres at the end of the second quarter of 2012 and 57,000
square metres at the end of the first quarter of 2013. Utilisation
rate, the ratio of Revenue Generating Space to Equipped Space, was
74% at the end of the quarter, the same as the second quarter of
2012 and up from 73% at the end of the first quarter of 2013.
Interxion is expanding three other data centres in its Rest of
Europe segment:
In Stockholm, Interxion is constructing the
second phase of STO 2 (STO 2.2) in response to continued demand in
Stockholm. STO 2.2 will provide approximately 500 square metres of
Equipped Space and is scheduled to be operational in the first
quarter of 2014;
In Vienna, Interxion has constructed the
fourth phase of VIE 1 (VIE 1.4) due to continued demand from
financial services and cloud communities of interest. VIE 1.4
became operational in the third quarter of 2013 and provides
approximately 400 square metres of Equipped Space;
In Zurich, Interxion is constructing the
fourth phase of ZUR 1 (ZUR 1.4) in response to continued demand.
ZUR 1.4 will provide approximately 500 square metres of Equipped
Space and is scheduled to become operational in the fourth quarter
of 2013.
The capital expenditure associated with these projects is
approximately €11 million and are included in the company’s 2013
capex guidance.
Business Outlook
Interxion today reaffirmed its guidance for 2013:
Revenue €307 million - €322 million Adjusted EBITDA €130
million - €140 million Capital expenditure (including intangibles)
€130 million - €150 million
Conference Call to Discuss Results
The company will host a conference call today at 8:30am ET
(1:30pm BST, 2:30pm CET) to discuss the results.
To participate on this call, U.S. callers may dial toll free
1-866-966-9439; callers outside the U.S. may dial direct +44 (0)
1452 555 566. The conference ID for this call is 16893130. This
event also will be webcast live over the Internet in listen-only
mode at investors.interxion.com.
A replay of this call will be available shortly after the call
concludes and will be available until 13 August 2013. To access the
replay, U.S. callers may dial toll free 1-866-247-4222; callers
outside the U.S. may dial direct +44 (0) 1452 550 000. The replay
access number is 16893130.
Forward-looking Statements
This press release contains forward-looking statements that
involve risks and uncertainties. Actual results may differ
materially from expectations discussed in such forward-looking
statements. Factors that might cause such differences include, but
are not limited to, the difficulty of reducing operating expenses
in the short term, inability to utilise the capacity of newly
planned data centres and data centre expansions, significant
competition, the cost and supply of electrical power, data centre
industry over-capacity, performance under service-level agreements,
and other risks described from time to time in Interxion's filings
with the Securities and Exchange Commission. Interxion does not
assume any obligation to update the forward-looking information
contained in this press release.
Use of Non-IFRS Information
EBITDA is defined as operating profit plus depreciation,
amortization and impairment of assets. We define Adjusted EBITDA as
EBITDA adjusted to exclude share-based payments, increase/decrease
in provision for onerous lease contracts, and income from
sub-leases on unused data centre sites. Adjusted EBITDA margin is
defined as Adjusted EBITDA as a percentage of revenue. We present
EBITDA, Adjusted EBITDA and Adjusted EBITDA margin as additional
information because we understand that they are measures used by
certain investors and because they are used in our financial
covenants in our current €100 million revolving credit facility and
€325 million 6.00% Senior Secured Notes that were issued on 3 July
2013. However, other companies may present EBITDA, Adjusted EBITDA
and Adjusted EBITDA margin differently than we do. EBITDA, Adjusted
EBITDA and Adjusted EBITDA margin are not measures of financial
performance under IFRS and should not be considered as an
alternative to operating profit or as a measure of liquidity or an
alternative to net income as indicators of our operating
performance or any other measure of performance derived in
accordance with IFRS.
A reconciliation from Net profit to EBITDA and EBITDA to
Adjusted EBITDA is provided in the notes to our consolidated income
statement included elsewhere in this press release.
Interxion does not provide forward-looking estimates of Net
profit, Operating profit, depreciation, amortisation, and
impairments, share-based payments, or increase/decrease in
provision for onerous lease contracts, and income from sub-leases
on unused data centre sites, which it uses to reconcile to Adjusted
EBITDA. The company is, therefore, unable to provide
forward-looking reconciling information for Adjusted EBITDA.
About Interxion
Interxion (NYSE: INXN) is a leading provider of cloud and
carrier-neutral colocation data centre services in Europe, serving
a wide range of customers through 34 data centres in 11 European
countries. Interxion’s uniformly designed, energy-efficient data
centres offer customers extensive security and uptime for their
mission-critical applications. With connectivity provided by over
450 fixed and mobile carriers and ISPs and 18 European Internet
exchanges, Interxion has created cloud, content, finance and
connectivity hubs that foster growing customer communities of
interest. For more information, please visit www.interxion.com.
1 excluding depreciation, amortisation, impairments,
increase/(decrease) in provision for onerous lease contracts, and
share-based payments
INTERXION HOLDING NVCONSOLIDATED INCOME
STATEMENT(in €'000 ― except per share data and where stated
otherwise)(unaudited)
Three Months
Ended Six Months Ended Jun-30 Jun-30
Jun-30 Jun-30
2013 2012
2013 2012
Revenue 76,527 68,004 150,906
133,816 Cost of sales (31,294 ) (28,230 ) (60,909 ) (54,729
)
Gross profit 45,233 39,774 89,997
79,087 Other income 70 114 193 232 Sales and marketing costs
(5,492 ) (4,664 ) (10,987 ) (9,514 ) General and administrative
costs (22,751 ) (18,493 ) (45,367 ) (36,014 )
Operating profit 17,060 16,731
33,836 33,791 Net finance expense (7,330 ) (3,876 )
(13,781 ) (8,311 )
Profit before
taxation 9,730 12,855 20,055 25,480
Income tax expense (3,130 ) (4,131 ) (6,485 ) (8,060 )
Net
profit 6,600 8,724 13,570
17,420 Basic earnings per share: (€)
0.10 0.13 0.20 0.26 Diluted earnings per share: (€) 0.10 0.13 0.20
0.26 Number of shares outstanding at the end of the
period (shares in thousands) 68,667 67,599 68,667 67,599 Weighted
average number of shares for Basic EPS (shares in thousands) 68,533
67,140 68,380 66,741 Weighted average number of shares for Diluted
EPS (shares in thousands) 69,375 68,021 69,224 67,693
As at Jun-30 Jun-30
Capacity
metrics
2013 2012 Equipped space (in square meters) 78,900 65,300
Revenue generating space (in square meters) 58,200 48,600
Utilisation rate 74 % 74 %
INTERXION HOLDING
NVNOTES TO CONSOLIDATED INCOME STATEMENT: SEGMENT
INFORMATION(in €'000 ― except where stated
otherwise)(unaudited)
Three Months
Ended Six Months Ended Jun-30 Jun-30
Jun-30 Jun-30
2013 2012
2013 2012
Consolidated
Recurring revenue 72,194 62,867 143,150 125,146
Non-recurring revenue 4,333 5,137 7,756 8,670
Revenue 76,527 68,004
150,906 133,816 Adjusted EBITDA
32,731 27,766 64,404
55,102 Gross margin 59.1 %
58.5 % 59.6 % 59.1 %
Adjusted EBITDA margin 42.8 % 40.8
% 42.7 % 41.2 % Total
assets 838,198 774,738 838,198 774,738 Total liabilities 447,890
416,989 447,890 416,989
Capital expenditure, including intangible
assets(i)
(28,779 ) (42,572 ) (61,568 ) (103,672 )
France, Germany,
the Netherlands, and the UK
Recurring revenue 45,187 38,446 89,635 76,459 Non-recurring
revenue 3,064 3,907 5,202 6,199
Revenue 48,251 42,353
94,837 82,658 Adjusted EBITDA
26,037 21,828 51,204
43,405 Gross margin 62.1 %
60.2 % 62.6 % 61.3 %
Adjusted EBITDA margin 54.0 % 51.5
% 54.0 % 52.5 % Total
assets 567,593 494,213 567,593 494,213 Total liabilities 131,080
99,136 131,080 99,136
Capital expenditure, including intangible
assets(i)
(21,028 ) (34,562 ) (41,721 ) (87,055 )
Rest of
Europe
Recurring revenue 27,007 24,421 53,515 48,687 Non-recurring
revenue 1,269 1,230 2,554 2,471
Revenue 28,276 25,651
56,069 51,158 Adjusted EBITDA
14,727 13,476 29,191
26,884 Gross margin 61.4 %
61.5 % 61.4 % 61.4 %
Adjusted EBITDA margin 52.1 % 52.5
% 52.1 % 52.6 % Total
assets 203,229 189,219 203,229 189,219 Total liabilities 39,935
40,837 39,935 40,837
Capital expenditure, including intangible
assets(i)
(7,305 ) (6,848 ) (18,554 ) (14,771 )
Corporate and
other
Adjusted EBITDA (8,033
) (7,538 ) (15,991 )
(15,187 ) Total assets 67,376 91,306 67,376
91,306 Total liabilities 276,875 277,016 276,875 277,016
Capital expenditure, including intangible
assets(i)
(446 ) (1,162 ) (1,293 ) (1,846 )
(i) Capital expenditure, including
intangible assets, represents payments to acquire property, plant
and equipment and intangible assets, as recorded in the
consolidated statement of cash flows as "Purchase of property,
plant and equipment" and "Purchase of intangible assets,"
respectively.
INTERXION HOLDING NVNOTES TO CONSOLIDATED
INCOME STATEMENT: ADJUSTED EBITDA RECONCILIATION(in €'000 ―
except where stated otherwise)(unaudited)
Three Months Ended Six Months Ended
Jun-30 Jun-30
Jun-30 Jun-30
2013 2012
2013 2012
Reconciliation to
Adjusted EBITDA
Consolidated
Net profit 6,600 8,724 13,570
17,420 Income tax expense 3,130 4,131 6,485
8,060
Profit before taxation 9,730
12,855 20,055 25,480 Net finance expense 7,330
3,876 13,781 8,311
Operating
profit 17,060 16,731 33,836 33,791
Depreciation, amortization and impairments 14,916 10,236
28,927 19,891
EBITDA 31,976
26,967 62,763 53,682 Share-based payments 825
913 1,834 1,652 Income from sub-leases on unused data center sites
(70 ) (114 ) (193 ) (232 )
Adjusted EBITDA 32,731
27,766 64,404 55,102
France, Germany,
the Netherlands, and the UK
Operating profit 16,314 16,004
32,226 32,213 Depreciation, amortization and
impairments 9,784 5,776 18,907 11,101
EBITDA 26,098 21,780 51,133
43,314 Share-based payments 9 162 264 323 Income from
sub-leases on unused data center sites (70 ) (114 ) (193 ) (232 )
Adjusted EBITDA 26,037 21,828
51,204 43,405
Rest of
Europe
Operating profit 10,242 9,486
20,417 19,181 Depreciation, amortization and
impairments 4,411 3,883 8,594 7,489
EBITDA 14,653 13,369 29,011
26,670 Share-based payments 74 107 180
214
Adjusted EBITDA 14,727
13,476 29,191 26,884
Corporate and
Other
Operating profit/(loss) (9,496 )
(8,759 ) (18,807 ) (17,603
) Depreciation, amortization and impairments 721 577
1,426 1,301
EBITDA (8,775
) (8,182 ) (17,381 )
(16,302 ) Share-based payments 742 644
1,390 1,115
Adjusted EBITDA (8,033
) (7,538 ) (15,991 )
(15,187 ) INTERXION HOLDING
NVCONSOLIDATED BALANCE SHEET(in €'000 ― except where
stated otherwise)(unaudited)
As at Jun-30 Dec-31
2013 2012
Non-current assets Property, plant and equipment 639,788
620,931 Intangible assets 18,055 18,638 Deferred tax assets 28,957
30,376 Financial fixed assets 774 774 Other non-current assets
4,679 4,959
692,253 675,678 Current
assets Trade and other current assets 86,102 74,854 Cash and
cash equivalents 59,843 68,692
145,945
143,546 Total assets 838,198
819,224 Shareholders’ equity Share
capital 6,867 6,818 Share premium 482,128 477,326 Foreign currency
translation reserve 5,665 9,403 Hedging reserve 51 - Accumulated
deficit (104,403 ) (117,973 )
390,308 375,574
Non-current liabilities Trade payables and other liabilities
11,097 11,194 Deferred tax liabilities 2,605 2,414 Provision for
onerous lease contracts 6,426 7,848 Borrowings 302,191
288,085
322,319 309,541 Current
liabilities Trade payables and other liabilities 115,644
127,778 Income tax liabilities 4,193 2,301 Provision for onerous
lease contracts 3,948 3,978 Borrowings 1,786 52
125,571 134,109 Total
liabilities 447,890 443,650
Total liabilities and shareholders’ equity 838,198
819,224 INTERXION HOLDING
NVNOTES TO THE CONSOLIDATED BALANCE SHEET: BORROWINGS(in
€'000 ― except where stated otherwise)(unaudited)
As at Jun-30 Dec-31
2013 2012
Borrowings net of
cash and cash equivalents
Cash and cash
equivalents(iii)
59,843 68,692
9.50% Senior Secured Notes due
2017(iv)
256,659 256,268 Mortgages 25,257 9,903 Financial leases 20,456
20,361 Other borrowings 1,605 1,605
Borrowings
excluding Revolving Credit Facility deferred financing costs
303,977 288,137
Revolving credit facility deferred
financing costs(v)
(1,165 ) (1,371 )
Total borrowings 302,812
286,766
Borrowings net of cash and cash
equivalents(vi)
242,969 218,074
(iii) Cash and cash equivalents include
€4.9 million as of June 30, 2013 and €5.0 million as of December
31, 2012, which is restricted and held as collateral to support the
issuance of bank guarantees on behalf of a number of subsidiary
companies.
(iv) €260 million 9.50% Senior Secured
Notes due 2017 include premium on additional issue and are shown
after deducting underwriting discounts and commissions, offering
fees and expenses.
(v) Deferred financing costs of €1.2
million incurred in connection with the €60 million revolving
credit facility.
(vi) Deferred financing fees of €2.5
million incurred up to 30 June 2013, related to the refinancing
completed on 3 July 2013 are not presented in the table. On 3 July
2013, €325 million 6.0% Senior Secured Notes due 2020 were issued.
The proceeds were used to purchase and repay the 9.5% Senior
Secured Notes due 2017. In addition, the €60 million revolving
credit facility was replaced by a new €100 million revolving credit
facility.
INTERXION HOLDING NVCONSOLIDATED STATEMENT
OF CASH FLOWS(in €'000 ― except where stated
otherwise)(unaudited)
Three Months
Ended Six Months Ended Jun-30 Jun-30
Jun-30 Jun-30
2013 2012
2013 2012
Profit for the period 6,600 8,724 13,570 17,420
Depreciation, amortization and impairments 14,916 10,236 28,927
19,891 Unwinding provision for onerous lease contracts (805 ) (794
) (1,631 ) (1,579 ) Share-based payments 825 913 1,834 1,652 Net
finance expense 7,330 3,876 13,781 8,311 Income tax expense 3,130
4,131 6,485 8,060 31,996 27,086 62,966
53,755 Movements in trade and other current assets (2,017 ) 3,142
(8,804 ) (3,785 ) Movements in trade and other liabilities (5,882 )
(862 ) (6,470 ) 4,815
Cash generated from operations
24,097 29,366 47,692 54,785 Interest
paid (vii) (1,140 ) (157 ) (11,171 ) (10,131 ) Interest received 2
172 287 320 Income tax paid (1,634 ) (1,591 ) (2,070 ) (2,302 )
Net cash flows from operating activities 21,325
27,790 34,738 42,672 Cash flows from
investing activities Purchase of property, plant and equipment
(28,553 ) (41,528 ) (59,473 ) (101,223 ) Purchase of intangible
assets (226 ) (1,044 ) (2,095 ) (2,449 ) Acquisition financial
asset - - - (774 )
Net cash flows from
investing activities (28,779 ) (42,572
) (61,568 ) (104,446 ) Cash
flows from financing activities Proceeds from exercised options
1,132 2,554 2,743 5,104 Proceeds from mortgages 5,703 - 15,324 -
Senior Secured Notes and RCF - (955 ) - (955 ) Other borrowings (12
) (624 ) (25 ) (681 )
Net cash flows from financing
activities 6,823 975 18,042 3,468
Effect of exchange rate changes on cash (52 ) 113 (61 ) 123
Net movement in cash and cash equivalents (683
) (13,694 ) (8,849 )
(58,183 ) Cash and cash equivalents, beginning of
period 60,526 98,180 68,692 142,669
Cash and cash equivalents, end of period 59,843
84,486 59,843 84,486
(vii) Interest paid is reported net of
cash interest capitalized, which is reported as part of “Purchase
of property, plant and equipment."
INTERXION HOLDING NV Status of Announced
Expansion Projects as at 7 August 2013 with Target Open
Dates in 2013 & 2014
Market Project
CAPEX(a, b)
Equipped Space(a)
Target Opening (€
million) (Sqm) Frankfurt FRA
6: Phase 3 Expansion € 5 600 1Q 2013 (opened) Copenhagen CPH 1:
Expansion € 2 300 2Q 2013 (opened) Stockholm STO 2: Phase 1 New
Build € 11 500 2Q 2013 (opened) Vienna VIE 1: Phase 4 Expansion € 1
400 3Q 2013 (opened) Zurich ZUR 1: Phase 4 Expansion € 4 500 4Q
2013 Stockholm STO 2: Phase 2 Expansion € 6 500 1Q 2014 Frankfurt
FRA 8: Phases 1 & 2 New Build € 30 1,800 1H 2014 (c)
Total € 59 4,600 (a) CAPEX and Equipped
Space are approximate and may change. (b) CAPEX reflects the total
for the listed project at full power and capacity and may not be
all invested in the current year. (c) Phase 1 scheduled to be
operational in the first half of 2014;phase 2 is scheduled to be
operational in 2015.
InterxionJim Huseby, +1-813-644-9399Investor
RelationsIR@interxion.com
InterXion Holding NV (NYSE:INXN)
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