UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Report on Form 6-K dated 5 August 2015
(Commission File No. 001-35053)
INTERXION
HOLDING N.V.
(Translation of Registrants Name into English)
Tupolevlaan 24, 1119 NX Schiphol-Rijk, The Netherlands, +31 20 880 7600
(Address of Principal Executive Office)
Indicate by check mark whether
the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a
Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the
Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7) ): ¨
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the
registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrants home country), or under the rules of the
home country exchange on which the registrants securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrants security holders, and, if
discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
This report contains Interxion Holding N.V.s (1) second quarter 2015 earnings press release and
(2) presentation materials to be used during a conference call with investors on 5 August 2015.
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Exhibit |
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99.1 |
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The press release Interxion Reports Second Quarter 2015 Results, dated 5 August 2015. |
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99.2 |
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Presentation materials to be used during a conference call with investors on 5 August 2015. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
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INTERXION HOLDING N.V. |
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By: |
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/s/ David C. Ruberg |
Name: |
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David C. Ruberg |
Title: |
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Chief Executive Officer |
Date: 5 August 2015
Exhibit 99.1
Press Release, 5 August 2015
Interxion Reports Second Quarter 2015 Results
Consistent Execution Delivers Solid Financial and Operating Performance
AMSTERDAM 5 August 2015 Interxion Holding NV (NYSE: INXN), a leading European provider of carrier and cloud-neutral colocation data centre
services, announced its results today for the three months ended 30 June 2015.
Financial Highlights
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Revenue increased by 14% to 95.4 million (2Q 2014: 83.6 million). |
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Adjusted EBITDA1 increased by 17% to 42.0 million (2Q 2014: 35.9 million). |
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Adjusted EBITDA margin increased to 44.0% (2Q 2014: 42.9%). |
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Net profit increased to 21.6 million (2Q 2014: 8.3 million). |
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Adjusted net profit1 increased to 8.3 million (2Q 2014: 7.6 million). |
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Earnings per diluted share were 0.31 (2Q 2014: 0.12). |
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Adjusted earnings per diluted share1 were 0.12 (2Q 2014: 0.11). |
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Capital Expenditures, including intangible assets2, were 47.8 million (2Q 2014: 54.4 million). |
1 |
Adjusted EBITDA, Adjusted net profit, and Adjusted earnings per diluted share are non-IFRS figures intended to adjust for unusual items. Full definitions can be found in the Use of non-IFRS information
section later in this press release. Reconciliations of Adjusted EBITDA and Adjusted net profit to Net profit can be found in the financial tables later in this press release. |
2 |
Capital expenditures, including intangible assets, represent 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. |
1
Press Release, 5 August 2015
Operating Highlights
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Equipped Space increased by 3,500 square metres to 98,300 square metres. |
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Revenue Generating Space increased by 3,100 square metres to 77,100 square metres. |
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Utilisation Rate at the end of the quarter was 78%. |
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Opened new data centre in Stockholm; completed expansion projects in Amsterdam, Dusseldorf and Vienna during the quarter. Completed Marseille expansion early in the third quarter. |
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Announced today the build of a new data centre in Dusseldorf (DUS2). |
Interxion produced another solid
quarter of financial and operational performance, a further validation of our market and product strategies and the impact of those strategies in assisting our customers in creating value for their businesses, said David Ruberg,
Interxions Chief Executive Officer. Our disciplined, customer-led investment approach coupled with strong demand helped drive solid year-over-year revenue growth and margin expansion. We strengthened our market position by installing key
magnetic customers, particularly in the cloud segment, and continued to grow our communities of interest across our pan-European footprint.
Quarterly Review
Revenue in the second quarter of 2015
was 95.4 million, a 14% increase over the second quarter of 2014 and a 3% increase over the first quarter of 2015. Recurring revenue was 90.3 million, a 15% increase over the second quarter of 2014 and a 4% increase over the
first quarter of 2015. Recurring revenue in the quarter was 95% of total revenue.
2
Press Release, 5 August 2015
Cost of sales in the second quarter of 2015 was 37.7 million, an 11% increase over the second
quarter of 2014 and a 4% increase over the first quarter of 2015.
Gross profit was 57.8 million in the second quarter of 2015, a 16% increase
over the second quarter of 2014 and a 3% increase over the first quarter of 2015. Gross profit margin was 60.5% in the second quarter of 2015 compared to 59.4% in the second quarter of 2014 and 60.8% in the first quarter of 2015.
Sales and marketing costs in the second quarter of 2015 were 7.2 million, a 16% increase over the second quarter of 2014 and an 8% increase over
the first quarter of 2015.
Other general and administrative costs were 8.5 million in the second quarter of 2015, a 13% increase over the
second quarter of 2014 and a 4% decrease from the first quarter of 2015. Other general and administrative costs exclude depreciation, amortisation, impairments, share based payments, M&A transaction related costs and increase/decrease in
provision for onerous lease contracts.
Adjusted EBITDA for the second quarter of 2015 was 42.0 million, a 17% increase over the second quarter
of 2014 and a 4% increase over the first quarter of 2015. Adjusted EBITDA margin was 44.0% in the second quarter of 2015 compared to 42.9% in the second quarter of 2014 and 43.9% in the first quarter of 2015.
Depreciation, amortisation, and impairments in the second quarter of 2015 was 19.6 million, an increase of 32% over the second quarter of 2014 and
a 7% increase over the first quarter of 2015.
Operating profit in the second quarter of 2015 was 37.7 million, compared to
19.7 million in the second quarter of 2014 and 13.4 million in the first quarter of 2015. Interxion received a £15 million (20.9 million) payment in the second quarter of 2015 relating to the termination of
Interxions implementation agreement with TelecityGroup. M&A transaction costs in the second quarter of 2015 relating to this transaction were 3.9 million. Excluding transaction related items, operating profit was
20.7 million in the second quarter of 2015, an increase of 5% over the second quarter of 2014 and an increase of 2% over the first quarter of 2015.
3
Press Release, 5 August 2015
Net finance costs for the second quarter of 2015 were 7.9 million, a 6% increase over the second
quarter of 2014, and a 21% increase over the first quarter of 2015.
Income tax expense for the second quarter of 2015 was 8.2 million,
compared to 3.9 million in the second quarter of 2014, and 2.4 million in the first quarter of 2015.
Net profit was
21.6 million in the second quarter of 2015, compared to 8.3 million in the second quarter of 2014, and 4.4 million in the first quarter of 2015.
Adjusted net profit was 8.3 million in the second quarter of 2015, a 9% increase over the second quarter of 2014, and a 6% decrease from the first
quarter of 2015.
Cash generated from operations, defined as cash generated from operating activities before interest and corporate income tax payments
and receipts, was 54.1 million in the second quarter of 2015, compared to 26.9 million in the second quarter of 2014, and 34.2 million in the first quarter of 2015. The cash generated from operations in the second
quarter of 2015 included the receipt of the £15 million (20.9 million) payment related to the termination of the implementation agreement.
Capital expenditures, including intangible assets, were 47.8 million in the second quarter of 2015 compared to 54.4 million in the
second quarter of 2014 and 67.6 million in the first quarter of 2015.
Cash and cash equivalents were 57.1 million at 30 June
2015, compared to 99.9 million at year end 2014. Total borrowings, net of deferred revolving facility financing fees, were 541.2 million at 30 June 2015 compared to 560.6 million at year end 2014. As of
30 June 2015, the companys revolving credit facility was undrawn.
Equipped space at the end of the second quarter of 2015 was 98,300 square
metres compared to 86,000 square metres at the end of the second quarter of 2014 and 94,800 square metres at the end of the first quarter of 2015. Utilisation rate, the ratio of revenue-generating space to equipped space, was 78% at the end of the
second quarter of 2015, compared with 75% at the end of the second quarter of 2014 and 78% at the end of the first quarter of 2015.
4
Press Release, 5 August 2015
New data centre in Dusseldorf announced today
In response to continued customer demand, Interxion will build its second data centre in Dusseldorf (DUS2), its twelfth data centre in Germany.
DUS2 will provide approximately 1,200 square metres of Equipped Space in two phases, with a total of approximately 2MW of customer available power. The first phase with approximately 600 square metres of equipped space is scheduled to open in the
first quarter of 2016.
The capital expenditures associated with the first phase of DUS2 are expected to be approximately 13 million. DUS2 will be
located in the same campus as Interxions existing DUS1 facility, providing access to its communities of interest, including nearly 80 carriers and ISPs, as well as the DE-CIX and ECIX internet exchanges.
Interxion is well positioned to capitalize on strong demand in Germany due to our leading connectivity position in both Frankfurt and Dusseldorf,
said David Ruberg, Interxions Chief Executive Officer. DUS2 will provide additional capacity to service the growing demand we are experiencing in Dusseldorf across multiple segments, including Digital Media, Enterprise, and
Connectivity.
Business Outlook
Interxion
today reaffirms its guidance for its expected results for full year 2015:
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Revenue |
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375 million 388 million |
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Adjusted EBITDA |
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162 million 172 million |
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Capital expenditures (including intangibles) |
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180 million 200 million |
5
Press Release, 5 August 2015
Conference Call to Discuss Results
Interxion will host a conference call today at 8:30 a.m. ET (1:30 pm BST, 2:30 pm CET) to discuss Interxions second quarter 2015 results.
To participate on this call, U.S. callers may dial toll free 1-866-966-1396; callers outside the U.S. may dial direct +44 (0) 2071 928 000. The
conference ID for this call is INXN. 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 12 August 2015. 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 69672463.
Forward-looking Statements
This communication contains forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be
accurate and actual results and future events could differ materially from those anticipated in such forward-looking statements. Factors that could cause actual results and future events to differ materially from Interxions expectations
include, but are not limited to, the difficulty of reducing operating expenses in the short term, the 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, certain other risks detailed herein and other risks described from time to time in Interxions filings with the United States Securities and
Exchange Commission (the SEC).
Interxion does not assume any obligation to update the forward-looking information contained in this report.
6
Press Release, 5 August 2015
Use of Non-IFRS Information
EBITDA is defined as operating profit plus depreciation, amortisation and impairment of assets. We define Adjusted EBITDA as EBITDA adjusted to exclude
share-based payments, increase/decrease in provision for onerous lease contracts, M&A transaction related costs and break fee income, 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 the
100 million revolving facility and 475 million 6.00% Senior Secured Notes due 2020. A reconciliation from Net profit to EBITDA and EBITDA to Adjusted EBITDA is provided in the notes to our consolidated interim income statement
included elsewhere in this interim report.
Adjusted net profit is defined as Net profit excluding the impact of refinancing charges, M&A transaction
related costs and break fee income, adjustments to onerous lease, interest capitalised, and the related corporate income tax effect
Other companies may,
however, present EBITDA, Adjusted EBITDA, Adjusted EBITDA margin and Adjusted net profit differently than we do. EBITDA, Adjusted EBITDA, Adjusted EBITDA margin and Adjusted net profit 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. Interxion does not
provide forward-looking estimates of Net profit, Operating profit, depreciation, amortisation, and impairments, share-based payments, transaction costs 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.
7
Press Release, 5 August 2015
-ENDS-
About Interxion
Interxion (NYSE: INXN) is a leading
provider of carrier and cloud-neutral colocation data centre services in Europe, serving a wide range of customers through 40 data centres in 11 European countries. Interxions uniformly designed, energy efficient data centres offer customers
extensive security and uptime for their mission-critical applications.
With over 500 connectivity providers, 20 European Internet exchanges, and most
leading cloud and digital media platforms across its footprint, Interxion has created connectivity, cloud, content and finance hubs that foster growing customer communities of interest. For more information, please visit www.interxion.com.
Contact information:
Interxion
Jim Huseby
Investor Relations
Tel: +1-813-644-9399
IR@interxion.com
8
Press Release, 5 August 2015
INTERXION HOLDING NV
CONSOLIDATED INCOME STATEMENT
(in 000 except per share data and where stated otherwise)
(unaudited)
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Three Months Ended |
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Six Months Ended |
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30 Jun |
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30 Jun |
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30 Jun |
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30 Jun |
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|
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2015 |
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2014 |
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2015 |
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2014 |
|
Revenue |
|
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95,449 |
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|
|
83,646 |
|
|
|
187,931 |
|
|
|
164,256 |
|
Cost of sales |
|
|
(37,663 |
) |
|
|
(33,998 |
) |
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(73,945 |
) |
|
|
(66,576 |
) |
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Gross profit |
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57,786 |
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49,648 |
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|
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113,986 |
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|
|
97,680 |
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Other income |
|
|
20,997 |
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|
|
50 |
|
|
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21,060 |
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|
|
110 |
|
Sales and marketing costs |
|
|
(7,210 |
) |
|
|
(6,215 |
) |
|
|
(13,889 |
) |
|
|
(12,095 |
) |
General and administrative costs |
|
|
(33,824 |
) |
|
|
(23,757 |
) |
|
|
(69,983 |
) |
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|
(45,988 |
) |
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|
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|
|
|
|
|
|
|
|
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Operating profit |
|
|
37,749 |
|
|
|
19,726 |
|
|
|
51,174 |
|
|
|
39,707 |
|
Net finance expense |
|
|
(7,946 |
) |
|
|
(7,488 |
) |
|
|
(14,531 |
) |
|
|
(12,889 |
) |
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|
|
|
|
|
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|
|
|
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|
|
|
|
|
|
Profit before taxation |
|
|
29,803 |
|
|
|
12,238 |
|
|
|
36,643 |
|
|
|
26,818 |
|
Income tax expense |
|
|
(8,216 |
) |
|
|
(3,916 |
) |
|
|
(10,631 |
) |
|
|
(8,137 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net profit |
|
|
21,587 |
|
|
|
8,322 |
|
|
|
26,012 |
|
|
|
18,681 |
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|
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|
|
|
|
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Basic earnings per share: () |
|
|
0.31 |
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|
|
0.12 |
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|
|
0.37 |
|
|
|
0.27 |
|
Diluted earnings per share: () |
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|
0.31 |
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|
|
0.12 |
|
|
|
0.37 |
|
|
|
0.27 |
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|
|
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|
|
Number of shares outstanding at the end of the period (shares in thousands) |
|
|
69,575 |
|
|
|
69,029 |
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|
|
69,575 |
|
|
|
69,029 |
|
Weighted average number of shares for Basic EPS (shares in thousands) |
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|
69,562 |
|
|
|
68,962 |
|
|
|
69,478 |
|
|
|
68,917 |
|
Weighted average number of shares for Diluted EPS (shares in thousands) |
|
|
70,609 |
|
|
|
69,773 |
|
|
|
70,573 |
|
|
|
69,708 |
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|
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|
|
|
|
|
|
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As at |
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30 Jun |
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30 Jun |
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|
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2015 |
|
|
2014 |
|
Capacity metrics |
|
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Equipped space (in square meters) |
|
|
98,300 |
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|
|
86,000 |
|
Revenue generating space (in square meters) |
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|
77,100 |
|
|
|
64,300 |
|
Utilisation rate |
|
|
78 |
% |
|
|
75 |
% |
9
Press Release, 5 August 2015
INTERXION HOLDING NV
NOTES TO CONSOLIDATED INCOME STATEMENT: SEGMENT INFORMATION
(in 000 except where stated otherwise)
(unaudited)
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|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
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Six Months Ended |
|
|
|
30 Jun |
|
|
30 Jun |
|
|
30 Jun |
|
|
30 Jun |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recurring revenue |
|
|
90,297 |
|
|
|
78,732 |
|
|
|
177,348 |
|
|
|
154,603 |
|
Non-recurring revenue |
|
|
5,152 |
|
|
|
4,914 |
|
|
|
10,583 |
|
|
|
9,653 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
95,449 |
|
|
|
83,646 |
|
|
|
187,931 |
|
|
|
164,256 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
|
42,029 |
|
|
|
35,866 |
|
|
|
82,634 |
|
|
|
70,411 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit margin |
|
|
60.5 |
% |
|
|
59.4 |
% |
|
|
60.7 |
% |
|
|
59.5 |
% |
|
|
|
|
|
Adjusted EBITDA margin |
|
|
44.0 |
% |
|
|
42.9 |
% |
|
|
44.0 |
% |
|
|
42.9 |
% |
|
|
|
|
|
Total assets |
|
|
1,211,968 |
|
|
|
1,105,515 |
|
|
|
1,211,968 |
|
|
|
1,105,515 |
|
Total liabilities |
|
|
729,019 |
|
|
|
693,538 |
|
|
|
729,019 |
|
|
|
693,538 |
|
Capital expenditure, including intangible assets (a) |
|
|
(47,835 |
) |
|
|
(54,410 |
) |
|
|
(115,405 |
) |
|
|
(111,415 |
) |
|
|
|
|
|
France, Germany, the Netherlands, and the UK |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recurring revenue |
|
|
57,321 |
|
|
|
49,339 |
|
|
|
112,304 |
|
|
|
96,979 |
|
Non-recurring revenue |
|
|
2,995 |
|
|
|
2,871 |
|
|
|
6,622 |
|
|
|
6,003 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
60,316 |
|
|
|
52,210 |
|
|
|
118,926 |
|
|
|
102,982 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
|
33,248 |
|
|
|
27,888 |
|
|
|
64,618 |
|
|
|
55,182 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit margin |
|
|
62.6 |
% |
|
|
61.2 |
% |
|
|
62.3 |
% |
|
|
61.5 |
% |
|
|
|
|
|
Adjusted EBITDA margin |
|
|
55.1 |
% |
|
|
53.4 |
% |
|
|
54.3 |
% |
|
|
53.6 |
% |
|
|
|
|
|
Total assets |
|
|
836,429 |
|
|
|
701,196 |
|
|
|
836,429 |
|
|
|
701,196 |
|
Total liabilities |
|
|
177,916 |
|
|
|
144,040 |
|
|
|
177,916 |
|
|
|
144,040 |
|
Capital expenditure, including intangible assets (a) |
|
|
(36,545 |
) |
|
|
(35,581 |
) |
|
|
(70,311 |
) |
|
|
(79,173 |
) |
|
|
|
|
|
Rest of Europe |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recurring revenue |
|
|
32,976 |
|
|
|
29,393 |
|
|
|
65,044 |
|
|
|
57,624 |
|
Non-recurring revenue |
|
|
2,157 |
|
|
|
2,043 |
|
|
|
3,961 |
|
|
|
3,650 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
35,133 |
|
|
|
31,436 |
|
|
|
69,005 |
|
|
|
61,274 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
|
19,342 |
|
|
|
16,633 |
|
|
|
38,320 |
|
|
|
32,431 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit margin |
|
|
63.6 |
% |
|
|
62.3 |
% |
|
|
64.1 |
% |
|
|
62.2 |
% |
|
|
|
|
|
Adjusted EBITDA margin |
|
|
55.1 |
% |
|
|
52.9 |
% |
|
|
55.5 |
% |
|
|
52.9 |
% |
|
|
|
|
|
Total assets |
|
|
314,422 |
|
|
|
248,112 |
|
|
|
314,422 |
|
|
|
248,112 |
|
Total liabilities |
|
|
57,932 |
|
|
|
50,891 |
|
|
|
57,932 |
|
|
|
50,891 |
|
Capital expenditure, including intangible assets (a) |
|
|
(10,289 |
) |
|
|
(17,269 |
) |
|
|
(43,414 |
) |
|
|
(29,952 |
) |
|
|
|
|
|
Corporate and other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
|
(10,561 |
) |
|
|
(8,655 |
) |
|
|
(20,304 |
) |
|
|
(17,202 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
|
61,117 |
|
|
|
156,207 |
|
|
|
61,117 |
|
|
|
156,207 |
|
Total liabilities |
|
|
493,171 |
|
|
|
498,607 |
|
|
|
493,171 |
|
|
|
498,607 |
|
Capital expenditure, including intangible assets (a) |
|
|
(1,001 |
) |
|
|
(1,560 |
) |
|
|
(1,680 |
) |
|
|
(2,290 |
) |
(a) |
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. |
10
Press Release, 5 August 2015
INTERXION HOLDING NV
NOTES TO CONSOLIDATED INCOME STATEMENT: ADJUSTED EBITDA RECONCILIATION
(in 000 except where stated otherwise)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
30 Jun |
|
|
30 Jun |
|
|
30 Jun |
|
|
30 Jun |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
Reconciliation to Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net profit |
|
|
21,587 |
|
|
|
8,322 |
|
|
|
26,012 |
|
|
|
18,681 |
|
Income tax expense |
|
|
8,216 |
|
|
|
3,916 |
|
|
|
10,631 |
|
|
|
8,137 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit before taxation |
|
|
29,803 |
|
|
|
12,238 |
|
|
|
36,643 |
|
|
|
26,818 |
|
Net finance expense |
|
|
7,946 |
|
|
|
7,488 |
|
|
|
14,531 |
|
|
|
12,889 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
|
37,749 |
|
|
|
19,726 |
|
|
|
51,174 |
|
|
|
39,707 |
|
Depreciation, amortisation and impairments |
|
|
19,577 |
|
|
|
14,864 |
|
|
|
37,792 |
|
|
|
28,845 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA |
|
|
57,326 |
|
|
|
34,590 |
|
|
|
88,966 |
|
|
|
68,552 |
|
Share-based payments |
|
|
1,789 |
|
|
|
2,131 |
|
|
|
4,030 |
|
|
|
2,774 |
|
Increase/(decrease) in provision for onerous lease contracts |
|
|
|
|
|
|
(805 |
) |
|
|
(100 |
) |
|
|
(805 |
) |
M&A transaction break fee income (a) |
|
|
(20,923 |
) |
|
|
|
|
|
|
(20,923 |
) |
|
|
|
|
M&A transaction costs (b) |
|
|
3,911 |
|
|
|
|
|
|
|
10,798 |
|
|
|
|
|
Income from sub-leases on unused data centre sites |
|
|
(74 |
) |
|
|
(50 |
) |
|
|
(137 |
) |
|
|
(110 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
|
42,029 |
|
|
|
35,866 |
|
|
|
82,634 |
|
|
|
70,411 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
France, Germany, the Netherlands, and the UK |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
|
20,319 |
|
|
|
18,748 |
|
|
|
39,802 |
|
|
|
37,032 |
|
Depreciation, amortisation and impairments |
|
|
12,544 |
|
|
|
9,521 |
|
|
|
24,261 |
|
|
|
18,440 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA |
|
|
32,863 |
|
|
|
28,269 |
|
|
|
64,063 |
|
|
|
55,472 |
|
Share-based payments |
|
|
459 |
|
|
|
474 |
|
|
|
792 |
|
|
|
625 |
|
Increase/(decrease) in provision for onerous lease contracts |
|
|
|
|
|
|
(805 |
) |
|
|
(100 |
) |
|
|
(805 |
) |
Income from sub-leases on unused data centre sites |
|
|
(74 |
) |
|
|
(50 |
) |
|
|
(137 |
) |
|
|
(110 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
|
33,248 |
|
|
|
27,888 |
|
|
|
64,618 |
|
|
|
55,182 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rest of Europe |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit |
|
|
13,206 |
|
|
|
11,833 |
|
|
|
26,553 |
|
|
|
23,301 |
|
Depreciation, amortisation and impairments |
|
|
5,927 |
|
|
|
4,496 |
|
|
|
11,362 |
|
|
|
8,776 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA |
|
|
19,133 |
|
|
|
16,329 |
|
|
|
37,915 |
|
|
|
32,077 |
|
Share-based payments |
|
|
209 |
|
|
|
304 |
|
|
|
405 |
|
|
|
354 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
|
19,342 |
|
|
|
16,633 |
|
|
|
38,320 |
|
|
|
32,431 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit/(loss) |
|
|
4,224 |
|
|
|
(10,855 |
) |
|
|
(15,181 |
) |
|
|
(20,626 |
) |
Depreciation, amortisation and impairments |
|
|
1,106 |
|
|
|
847 |
|
|
|
2,169 |
|
|
|
1,629 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA |
|
|
5,330 |
|
|
|
(10,008 |
) |
|
|
(13,012 |
) |
|
|
(18,997 |
) |
Share-based payments |
|
|
1,121 |
|
|
|
1,353 |
|
|
|
2,833 |
|
|
|
1,795 |
|
M&A transaction break fee income (a) |
|
|
(20,923 |
) |
|
|
|
|
|
|
(20,923 |
) |
|
|
|
|
M&A transaction costs (b) |
|
|
3,911 |
|
|
|
|
|
|
|
10,798 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
|
(10,561 |
) |
|
|
(8,655 |
) |
|
|
(20,304 |
) |
|
|
(17,202 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
On 9 March 2015 the Company signed the definitive agreement on an all-share merger with TelecityGroup plc (Implementation Agreement) on the terms as announced on 11 February 2015. Following
termination on 29 May 2015 of the Implementation Agreement, the Company received a cash break-up fee of £15 million from TelecityGroup which is reported as Other income. |
(b) |
M&A transaction costs represent expenses associated with the Implementation Agreement and its subsequent termination on 29 May 2015. |
11
Press Release, 5 August 2015
INTERXION HOLDING NV
CONSOLIDATED BALANCE SHEET
(in 000 except where stated otherwise)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
As at |
|
|
|
30 Jun |
|
|
31 Dec |
|
|
|
2015 |
|
|
2014 |
|
Non-current assets |
|
|
|
|
|
|
|
|
Property, plant and equipment |
|
|
965,674 |
|
|
|
895,184 |
|
Intangible assets |
|
|
21,390 |
|
|
|
18,996 |
|
Deferred tax assets |
|
|
25,670 |
|
|
|
30,064 |
|
Financial assets |
|
|
774 |
|
|
|
774 |
|
Other non-current assets |
|
|
10,074 |
|
|
|
5,750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,023,582 |
|
|
|
950,768 |
|
Current assets |
|
|
|
|
|
|
|
|
Trade and other current assets |
|
|
131,288 |
|
|
|
120,762 |
|
Short term investments |
|
|
|
|
|
|
1,650 |
|
Cash and cash equivalents |
|
|
57,098 |
|
|
|
99,923 |
|
|
|
|
|
|
|
|
|
|
|
|
|
188,386 |
|
|
|
222,335 |
|
|
|
|
|
|
|
|
|
|
Total assets |
|
|
1,211,968 |
|
|
|
1,173,103 |
|
|
|
|
|
|
|
|
|
|
Shareholders equity |
|
|
|
|
|
|
|
|
Share capital |
|
|
6,957 |
|
|
|
6,932 |
|
Share premium |
|
|
500,984 |
|
|
|
495,109 |
|
Foreign currency translation reserve |
|
|
25,259 |
|
|
|
10,440 |
|
Hedging reserve, net of tax |
|
|
(174 |
) |
|
|
(247 |
) |
Accumulated deficit |
|
|
(50,077 |
) |
|
|
(76,089 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
482,949 |
|
|
|
436,145 |
|
Non-current liabilities |
|
|
|
|
|
|
|
|
Trade payables and other liabilities |
|
|
13,365 |
|
|
|
12,211 |
|
Deferred tax liabilities |
|
|
9,742 |
|
|
|
7,029 |
|
Provision for onerous lease contracts |
|
|
251 |
|
|
|
1,491 |
|
Borrowings |
|
|
539,707 |
|
|
|
540,530 |
|
|
|
|
|
|
|
|
|
|
|
|
|
563,065 |
|
|
|
561,261 |
|
Current liabilities |
|
|
|
|
|
|
|
|
Trade payables and other liabilities |
|
|
155,409 |
|
|
|
146,502 |
|
Income tax liabilities |
|
|
5,219 |
|
|
|
4,690 |
|
Provision for onerous lease contracts |
|
|
2,980 |
|
|
|
3,443 |
|
Borrowings |
|
|
2,346 |
|
|
|
21,062 |
|
|
|
|
|
|
|
|
|
|
|
|
|
165,954 |
|
|
|
175,697 |
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
729,019 |
|
|
|
736,958 |
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders equity |
|
|
1,211,968 |
|
|
|
1,173,103 |
|
|
|
|
|
|
|
|
|
|
12
Press Release, 5 August 2015
INTERXION HOLDING NV
NOTES TO THE CONSOLIDATED BALANCE SHEET: BORROWINGS
(in 000 except where stated otherwise)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
As at |
|
|
|
30 Jun |
|
|
31 Dec |
|
|
|
2015 |
|
|
2014 |
|
Borrowings net of cash and cash equivalents |
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents (a) |
|
|
57,098 |
|
|
|
99,923 |
|
|
|
|
|
|
|
|
|
|
|
|
|
6.00% Senior Secured Notes due 2020 (b) |
|
|
475,573 |
|
|
|
475,643 |
|
Mortgages |
|
|
30,487 |
|
|
|
31,487 |
|
Financial leases |
|
|
34,388 |
|
|
|
52,857 |
|
Other borrowings |
|
|
1,605 |
|
|
|
1,605 |
|
|
|
|
|
|
|
|
|
|
Borrowings excluding Revolving Facility deferred financing costs |
|
|
542,053 |
|
|
|
561,592 |
|
|
|
|
|
|
|
|
|
|
Revolving Facility deferred financing costs (c) |
|
|
(853 |
) |
|
|
(995 |
) |
|
|
|
|
|
|
|
|
|
Total borrowings |
|
|
541,200 |
|
|
|
560,597 |
|
|
|
|
|
|
|
|
|
|
Borrowings net of cash and cash equivalents |
|
|
484,102 |
|
|
|
460,674 |
|
|
|
|
|
|
|
|
|
|
(a) |
Cash and cash equivalents include 4.3 million as of 30 June 2015 and 7.1 million as of 31 December 2014, which is restricted and held as collateral to support the issuance of bank
guarantees on behalf of a number of subsidiary companies. |
(b) |
475 million 6.00% Senior Secured Notes due 2020 include a premium on the additional issuance and are shown after deducting underwriting discounts and commissions, offering fees and expenses.
|
(c) |
Deferred financing costs of 0.9 million as of 30 June 2015 were incurred in connection with the 100 million revolving facility. |
13
Press Release, 5 August 2015
INTERXION HOLDING NV
CONSOLIDATED STATEMENT OF CASH FLOWS
(in 000 except where stated otherwise)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
30 Jun |
|
|
30 Jun |
|
|
30 Jun |
|
|
30 Jun |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
Profit for the period |
|
|
21,587 |
|
|
|
8,322 |
|
|
|
26,012 |
|
|
|
18,681 |
|
Depreciation, amortisation and impairments |
|
|
19,577 |
|
|
|
14,864 |
|
|
|
37,792 |
|
|
|
28,845 |
|
Provision for onerous lease contracts |
|
|
(849 |
) |
|
|
(1,635 |
) |
|
|
(1,774 |
) |
|
|
(2,454 |
) |
Share-based payments |
|
|
1,789 |
|
|
|
2,131 |
|
|
|
4,030 |
|
|
|
2,774 |
|
Net finance expense |
|
|
7,946 |
|
|
|
7,488 |
|
|
|
14,531 |
|
|
|
12,889 |
|
Income tax expense |
|
|
8,216 |
|
|
|
3,916 |
|
|
|
10,631 |
|
|
|
8,137 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
58,266 |
|
|
|
35,086 |
|
|
|
91,222 |
|
|
|
68,872 |
|
Movements in trade and other current assets |
|
|
(7,734 |
) |
|
|
(10,429 |
) |
|
|
(9,365 |
) |
|
|
(11,229 |
) |
Movements in trade and other liabilities |
|
|
3,609 |
|
|
|
2,289 |
|
|
|
6,483 |
|
|
|
3,595 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash generated from operations |
|
|
54,141 |
|
|
|
26,946 |
|
|
|
88,340 |
|
|
|
61,238 |
|
Interest and fees paid (a) |
|
|
(1,448 |
) |
|
|
(1,235 |
) |
|
|
(15,022 |
) |
|
|
(12,061 |
) |
Interest received |
|
|
31 |
|
|
|
57 |
|
|
|
80 |
|
|
|
124 |
|
Income tax paid |
|
|
(2,740 |
) |
|
|
(1,843 |
) |
|
|
(5,060 |
) |
|
|
(2,201 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash flows from operating activities |
|
|
49,984 |
|
|
|
23,925 |
|
|
|
68,338 |
|
|
|
47,100 |
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property, plant and equipment |
|
|
(46,911 |
) |
|
|
(53,634 |
) |
|
|
(112,229 |
) |
|
|
(110,025 |
) |
Purchase of intangible assets |
|
|
(924 |
) |
|
|
(776 |
) |
|
|
(3,176 |
) |
|
|
(1,390 |
) |
Redemption of short-term investments |
|
|
1,650 |
|
|
|
|
|
|
|
1,650 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash flows from investing activities |
|
|
(46,185 |
) |
|
|
(54,410 |
) |
|
|
(113,755 |
) |
|
|
(111,415 |
) |
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from exercised options |
|
|
230 |
|
|
|
1,146 |
|
|
|
2,408 |
|
|
|
1,402 |
|
Proceeds from mortgages |
|
|
|
|
|
|
9,185 |
|
|
|
|
|
|
|
9,185 |
|
Repayment of mortgages |
|
|
(720 |
) |
|
|
(567 |
) |
|
|
(1,040 |
) |
|
|
(734 |
) |
Proceeds revolving facility |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30,000 |
|
Repayments revolving facility |
|
|
|
|
|
|
(30,000 |
) |
|
|
|
|
|
|
(30,000 |
) |
Proceeds 6.00% Senior Secured Notes due 2020 |
|
|
|
|
|
|
158,382 |
|
|
|
|
|
|
|
158,382 |
|
Interest received at issue of Additional Notes |
|
|
|
|
|
|
2,600 |
|
|
|
|
|
|
|
2,600 |
|
Transaction costs related to senior secured facility |
|
|
|
|
|
|
(371 |
) |
|
|
|
|
|
|
(371 |
) |
Repayment of other borrowings |
|
|
|
|
|
|
(12 |
) |
|
|
|
|
|
|
(23 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash flows from financing activities |
|
|
(490 |
) |
|
|
140,363 |
|
|
|
1,368 |
|
|
|
170,441 |
|
Effect of exchange rate changes on cash |
|
|
(193 |
) |
|
|
63 |
|
|
|
1,224 |
|
|
|
64 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net movement in cash and cash equivalents |
|
|
3,116 |
|
|
|
109,941 |
|
|
|
(42,825 |
) |
|
|
106,190 |
|
Cash and cash equivalents, beginning of period |
|
|
53,982 |
|
|
|
41,939 |
|
|
|
99,923 |
|
|
|
45,690 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents, end of period |
|
|
57,098 |
|
|
|
151,880 |
|
|
|
57,098 |
|
|
|
151,880 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Interest paid is reported net of cash interest capitalized, which is reported as part of Purchase of property, plant and equipment. |
14
Press Release, 5 August 2015
INTERXION HOLDING NV
NOTES TO CONSOLIDATED INCOME STATEMENT: ADJUSTED NET PROFIT RECONCILIATION
(in millions except per share data and where stated otherwise)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
30 Jun |
|
|
30 Jun |
|
|
30 Jun |
|
|
30 Jun |
|
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
|
|
|
( in millions - except per share data) |
|
Net profit - as reported |
|
|
21.6 |
|
|
|
8.3 |
|
|
|
26.0 |
|
|
|
18.7 |
|
|
|
|
|
|
Add back |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
+ Refinancing charges |
|
|
|
|
|
|
0.6 |
|
|
|
|
|
|
|
0.6 |
|
+ M&A transaction costs |
|
|
3.9 |
|
|
|
|
|
|
|
10.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.9 |
|
|
|
0.6 |
|
|
|
10.8 |
|
|
|
0.6 |
|
Reverse |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- M&A transaction break fee income |
|
|
(20.9 |
) |
|
|
|
|
|
|
(20.9 |
) |
|
|
|
|
- Adjustments to onerous lease |
|
|
|
|
|
|
(0.8 |
) |
|
|
(0.1 |
) |
|
|
(0.8 |
) |
- Interest capitalised |
|
|
(0.7 |
) |
|
|
(0.8 |
) |
|
|
(1.6 |
) |
|
|
(1.6 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(21.6 |
) |
|
|
(1.6 |
) |
|
|
(22.6 |
) |
|
|
(2.4 |
) |
Tax effect of above add backs & reversals |
|
|
4.4 |
|
|
|
0.3 |
|
|
|
3.0 |
|
|
|
0.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net profit |
|
|
8.3 |
|
|
|
7.6 |
|
|
|
17.2 |
|
|
|
17.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported basic EPS: () |
|
|
0.31 |
|
|
|
0.12 |
|
|
|
0.37 |
|
|
|
0.27 |
|
Reported diluted EPS: () |
|
|
0.31 |
|
|
|
0.12 |
|
|
|
0.37 |
|
|
|
0.27 |
|
|
|
|
|
|
Adjusted basic EPS: () |
|
|
0.12 |
|
|
|
0.11 |
|
|
|
0.25 |
|
|
|
0.25 |
|
Adjusted diluted EPS: () |
|
|
0.12 |
|
|
|
0.11 |
|
|
|
0.24 |
|
|
|
0.25 |
|
15
Press Release, 5 August 2015
INTERXION HOLDING NV
Status of Announced Expansion Projects as at 5 August 2015
with Target Open Dates after 1 January 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
Market |
|
Project |
|
CAPEX (a) (b) (million) |
|
|
Equipped Space (a) (sqm) |
|
|
Target Opening Dates |
|
|
|
|
|
Amsterdam |
|
AMS 7: Phases 1 - 6 New Build |
|
|
115 |
|
|
|
7,600 |
|
|
fully opened |
|
|
|
|
|
Dusseldorf |
|
DUS 1: Phase 3 Expansion |
|
|
3 |
|
|
|
400 |
|
|
fully opened |
|
|
|
|
|
Dusseldorf |
|
DUS 2: Phase 1 New Build |
|
|
13 |
|
|
|
600 |
|
|
1Q 2016 |
|
|
|
|
|
Frankfurt |
|
FRA 10: Phases 1 - 2 New Build |
|
|
92 |
|
|
|
4,800 |
|
|
1H 2016 (c) |
|
|
|
|
|
Madrid |
|
MAD 2: Phase 2 Expansion |
|
|
4 |
|
|
|
800 |
|
|
3Q 2015 |
|
|
|
|
|
Marseille |
|
MRS 1: Phases 1 - 2 |
|
|
20 |
|
|
|
1,400 |
|
|
4Q 2014 - 3Q 2015(d) |
|
|
|
|
|
Stockholm |
|
STO 4: New Build |
|
|
15 |
|
|
|
1,100 |
|
|
fully opened |
|
|
|
|
|
Vienna |
|
VIE 2: New Build |
|
|
42 |
|
|
|
2,800 |
|
|
4Q 2014 - 4Q 2015 (e) |
|
|
|
|
|
Total |
|
|
|
|
304 |
|
|
|
19,500 |
|
|
|
(a) |
CAPEX and Equipped space are approximate and may change. Figures are rounded to nearest 100 sqm unless otherwise noted. |
(b) |
CAPEX reflects the total spend for the projects listed at full power and capacity and the amounts shown in the table above may be invested over the duration of more than one fiscal year. |
(c) |
Phases 1 and 2 (1,200 square metres each) are scheduled to become operational in 1H 2016. Construction of phases 3 & 4 (1,200 square metres each) has not yet been announced. |
(d) |
Phase 1 (600 square metres) became operational in 4Q 2014. Phase 2 (800 square metres) became available in 3Q 2015. Marseille costs include the purchase of land, buildings, and data centre equipment. |
(e) |
In 4Q 2014, 1,300 square metres became operational; in 1Q 2015, 600 square metres became operational; in 2Q 2015, 600 square metres became operational. In 4Q 2015, 300 square metres are scheduled to become operational.
|
16
NYSE: INXN 5 August 2015 © Copyright Interxion Holding N.V., 2015. Exhibit 99.2 |
2 DISCLAIMER This document includes forward-looking statements. All statements other than statements of historical fact included in this document
regarding our business, financial condition, results of operations and
certain of our plans, objectives, assumptions, projections, expectations or beliefs with respect to these items and statements regarding other future events or prospects, are forward-looking statements. These statements include, without limitation, those
concerning: our strategy and our ability to achieve it; expectations
regarding sales, profitability and growth; plans for the construction of new data centres; our possible or assumed future results of operations; research and development, capital expenditure and investment plans; adequacy of capital; and financing plans. The words
aim, may, will, expect,
anticipate, believe, future, continue, help, estimate, plan, schedule, intend, should, shall or the negative or other
variations thereof as well as other statements regarding matters that are
not historical fact, are or may constitute forward-looking statements.
In addition, this document includes forward-looking statements relating to our
potential exposure to various types of market risks, such as foreign exchange rate risk, interest rate risks and other risks related to financial assets and liabilities. We have based these forward-looking statements on our
managements current view with respect to future events and
financial performance. These views reflect the best judgment of our management but involve a number of risks and uncertainties which could cause actual results to differ materially from those predicted in our forward-looking statements and from past
results, performance or achievements. Although we believe that the
estimates reflected in the forward-looking statements are reasonable, such estimates may prove to be incorrect. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will
occur in the future. There are a number of factors that could cause actual
results and developments to differ materially from those expressed or implied by these forward-looking statements. These factors include, among other things:
operating expenses cannot be easily reduced in the short term; inability to utilise the capacity of newly planned data centres and data centre expansions; significant competition;
cost and supply of electrical power;
data centre industry over-capacity; and performance under service level agreements.
All forward-looking statements included in this document are
based on information available to us on the date of this document. The Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future events or otherwise,
except as may be required by applicable law. All subsequent written and
oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements contained throughout this document. This document contains references to certain non-IFRS financial measures. For definitions of terms such as Adjusted EBITDA,
Adjusted Net Profit, Equipped Space,
LTM, and Recurring Revenue and a detailed reconciliation between the non-IFRS financial results presented in this document and the corresponding IFRS measures, please refer to the
appendix. Certain financial and other information presented in this document has not been audited or reviewed by our independent auditors. Certain numerical, financial data, other amounts and percentages in this document may not sum due to rounding. In addition, certain figures in
this document have been rounded to the nearest whole number. |
3 STRATEGIC & OPERATIONAL HIGHLIGHTS David Ruberg Chief Executive Officer |
4 2Q 2015 PERFORMANCE Successful Execution of Our Customer-Focused Strategy Revenue grew 14% Y/Y, 3% Q/Q Adjusted EBITDA grew 17% Y/Y, 4% Q/Q Adjusted EBITDA margin of 44.0%, increased by 110 bps Y/Y Capital expenditure of 47.8 million including intangibles Financial Execution Opened new data centre in Stockholm Completed expansions in Amsterdam, Dusseldorf, Vienna, and Marseille Announcing new data centre in Dusseldorf Revenue generating space grew 20% Y/Y, 4% Q/Q Utilisation remained at 78% Operational Execution |
2Q
2015 FINANCIAL
HIGHLIGHTS Adjusted EBITDA & Margin ( millions) 2Q14 3Q14 4Q14 1Q15 2Q15 Revenue ( millions) 35.9 37.3 38.7 40.6 42.0 2Q14 3Q14 4Q14 1Q15 2Q15 83.6 78.7 Margin Non- recurring revenue Recurring revenue 89.9 87.1 80.9 86.4 92.5 83.7 2Q Revenue 95.4 million Grew 14% Y/Y and 3% Q/Q 2Q Recurring revenue 90.3 million Grew 15% Y/Y and 4% Q/Q 95% of total revenue 2Q Adjusted EBITDA 42.0 million Grew 17% Y/Y and 4% Q/Q 2Q Adjusted EBITDA margin 44.0% 95.4 90.3 Strong Revenue Growth with Expanding Adjusted EBITDA Margin 42.9% 43.1% 43.0% 43.9% 44.0% 5 |
6 2Q 2015 OPERATIONAL HIGHLIGHTS Equipped & Revenue Generating Space (1,000s sqm) 64.3 68.5 71.0 74.0 77.1 2Q14 3Q14 4Q14 1Q15 2Q15 86.0 Utilisation Available Equipped space Revenue generating space 88.6 98.3 93.5 Equipped space of 98,300 sqm Grew 14% Y/Y 3,500 sqm added in quarter Revenue generating space of 77,100 sqm Grew 20% Y/Y 3,100 sqm installed in the quarter Utilisation rate 78% 94.8 Order Driven Capacity Expansion 75% 77% 76% 78% 78% |
7 EXPANDING FACILITIES TO SUPPORT
CUSTOMER NEEDS Notes: As of 5 August 2015. CapEx and Equipped Space are approximate and may change. CapEx reflects the total spend for the listed project at full power and capacity and the amounts shown in the table above may be invested over the
duration of more than one fiscal year. (1) MRS1.2 opened 800 sqm in July
2015. Market
Data Centre Project Project CapEx ( millions) Equipped Space (sqm)
Scheduled Opening by Phase Project Opened Amsterdam AMS7 Phases 1 6 New Build 115 7,600 7,600 1Q14 2Q15 Dusseldorf DUS1 Phase 3 3 400 400 2Q15 Dusseldorf DUS2 Phase 1 New Build 13 600 - 1Q16 Frankfurt FRA10 New Build 92 4,800 - 1H16 Madrid MAD2 Phase 2 4 800 - 3Q15 Marseille MRS1 Phases 1 2 20 1,400 (1) 4Q14 3Q15 Stockholm STO4 Phase 1 New Build 15 1,100 1,100 2Q15 Vienna VIE2 New Build 42 2,800 2,500 4Q14 4Q15 Announced Projects With Expansions Scheduled to Open after 1 Jan 2015 (See Appendix for detailed schedule) Completed Expansions: AMS7: opened 1,300 sqm DUS1: opened 400 sqm STO4: opened 1,100 sqm VIE2: opened 600 sqm MRS1: opened 800 sqm in July 2015 New demand-driven data centre in Dusseldorf (DUS2) 1,200 sqm Maximum Equippable Space with 2 MW in 2 phases; Phase 1 scheduled to open in 1Q16 |
BUILDING COMMUNITIES OF INTEREST DELIVERS SIGNIFICANT CUSTOMER VALUE Enterprises
Interxions Target Segments Digital Media & CDNs` Financial Services Managed Service Providers Network Providers June 2015 (2) June 2014 (2) Continued Strong Momentum from Strategic Cloud Customers 10% 9% 12% 26% 32% 11 % 9 % 12 % 24 % 34 % 8 Platform Providers (1) Selected providers in these segments, plus systems integrators, are deploying cloud platforms.
Percentage of monthly recurring revenue. Remaining monthly recurring revenue (June 2015
:11%, June 2014:10%) allocated to systems integrator, on-line retail, and public customer segments. (1) (2) |
9 FINANCIAL HIGHLIGHTS Josh Joshi Chief Financial Officer |
10 2Q 2015 RESULTS millions (except per share amounts) 2Q 2014 1Q 2015 2Q 2015 2Q 2015 vs. 2Q 2014 2Q 2015 vs. 1Q 2015 Recurring revenue 78.7 87.1 90.3 15% 4% Non-recurring revenue 4.9 5.4 5.2 5% -5% Revenue 83.6 92.5 95.4 14% 3% Gross profit 49.6 56.2 57.8 16% 3% Gross profit margin 59.4% 60.8% 60.5% +110bps -30 bps Adjusted EBITDA (1) 35.9 40.6 42.0 17% 4% Adjusted EBITDA margin 42.9% 43.9% 44.0% +110 bps +10 bps Net profit 8.3 4.4 21.6 159% 388% EPS (diluted) 0.12 0.06 0.31 156% 386% Adjusted net profit (1) 7.6 8.9 8.3 9% -6% Adjusted EPS (diluted) (1) 0.11 0.13 0.12 8% -6% (1) Adjusted EBITDA, Adjusted net profit, and Adjusted earnings per diluted share are non-IFRS figures intended to adjust for unusual items.
Full definitions can be found in the Definitions
section in this slide deck. Reconciliations of Adjusted EBITDA and Adjusted net profit to Net profit can be found in the financial tables in the Appendix of this slide deck. Revenue grew 14% Y/Y and 3% Q/Q 12% Y/Y and 3% Q/Q constant currency Gross profit margin grew to 60.5%, up 110bps Y/Y Adjusted EBITDA margin grew to 44.0% Recurring ARPUs declined by 0.5% Q/Q 20.9 million M&A break fee received; 3.9 million of M&A costs incurred |
2Q 2015
REPORTING SEGMENT ANALYSIS
52.2 54.9 56.4 58.6 60.3 27.9 29.2 29.0 31.4 33.2 2Q14 3Q14 4Q14 1Q15 2Q15 31.4 31.6 33.5 33.9 35.1 16.6 16.8 18.1 19.0 19.3 2Q14 3Q14 4Q14 1Q15 2Q15 Revenue Adjusted EBITDA Adjusted EBITDA margin Note: Analysis excludes Corporate & Other segment. Revenue grew 12% Y/Y, 4% Q/Q Recurring revenue grew 12% Y/Y, 3% Q/Q Adjusted EBITDA grew 16% Y/Y, 2% Q/Q Strength in Austria, Ireland and Sweden Revenue grew 16% Y/Y, 3% Q/Q Recurring revenue grew 16% Y/Y, 4% Q/Q Adjusted EBITDA grew 19% Y/Y, 6% Q/Q Strength in France, Germany and the Netherlands ( millions) France, Germany, the Netherlands, and the UK Rest of Europe Delivering Profitable Growth Across Both Reporting Segments 53.4 % 53.3 % 51.4 % 53.5 % 55.1% 52.9 % 53.1% 53.9% 56.0% 55.1% 11 |
DISCIPLINED INVESTMENTS FOR PROFITABLE
GROWTH 2Q14 3Q14 4Q14 1Q15 2Q15 ( millions) ( millions) ( millions) 67.6 47.8 57.0 54.4 VIE Property 19.4 47.8 Disciplined Capital Expenditures 36.5 10.3 1.0 Big 4 ROE Corporate 44.3 2.6 0.9 Expansion / Upgrade Maintenance & Other Intangibles By Category (2Q 2015) By Geography (2Q 2015) Capital Expenditures, including Intangible Assets 12 |
STRONG BALANCE SHEET Cash position supplements solid
operating cash flow
100 million RCF remains undrawn
Blended interest rate 6.0%
S&P credit rating upgrade
Q2 2015 LTM Cash ROGIC 12%
Significant covenant headroom
(1) Total Borrowings = 6.00% Senior Secured Notes due 2020 including premium on additional issue and are shown after deducting underwriting discounts and commissions, offering fees and expenses + Mortgages + Financial Leases + Revolving facility borrowings + Other Borrowings Revolving facility deferred financing costs. (2) Gross Leverage Ratio = (6.00% Senior Secured Notes due 2020 at face value + Mortgages + Financial Leases + Revolving facility borrowings+ Other Borrowings) / LTM Adjusted EBITDA. (3) Net Leverage Ratio = (6.00% Senior Secured Notes due 2020 at face value + Mortgages + Financial Leases + Revolving facility balance + Other Borrowings Cash & Cash Equivalents) / LTM Adjusted EBITDA. millions 30-Jun-15 31-Dec-14 Cash & Cash Equivalents 57.1 99.9 Total Borrowings (1) 541.2 560.6 Shareholders Equity 482.9 436.1 Total Capitalisation 1,024.1 996.7 Total Borrowings / Total Capitalisation 52.8% 56.2% Gross Leverage Ratio (2) 3.4x 3.8x Net Leverage Ratio (3) 3.1x 3.2x 13 |
14 DISCIPLINED INVESTMENTS DRIVE STRONG RETURNS 28 Fully Built-Out Data Centres (1)(2) Space fully equipped Some power upgrades yet to come As at 1 January 2014 66,000 sqm of equipped space 83% utilisation 26% annual cash return (1) Fully Built-Out Data Centre: a data centre for which materially all equippable space is equipped. However, note, future power upgrades and
newly acquired space within a data center can further increase the
capacity of a fully built out data centre. (2)
28 Fully Built-Out Data Centres as at 1 January 2014: AMS1, AMS2, AMS3, AMS4, AMS5,
AMS6, BRU1, CPH1, DUB1, DUB 2, FRA1, FRA2, FRA3, FRA4, FRA5, FRA6, FRA7, LON1, LON2, MAD1, PAR1, PAR2, PAR3, PAR4, PAR5, PAR6, STO1 and VIE1. DUS1 is not included. (3) Represents total investments in data centre assets, including freehold land and buildings, infrastructure and equipment, Intangible assets, and assets under construction as at 31 December 2014. 715 289 193 (5) 186 Investments Revenue Gross Profit (67% margin) Maintenance Capex Annual Cash Return (3) 26% Attractive Cash Returns from Fully Built-Out Data Centres (1) ( millions) |
15 BUSINESS COMMENTARY OUTLOOK & CONCLUDING REMARKS David Ruberg Chief Executive Officer |
Phase
1 Capture
the platforms with the highest magnetic potential
Phase 2 Create the cloud community of interest with SIs and MSPs Phase 3 Expand the community of interest with enterprise deployments Private Cloud Public Cloud Cloud Providers CLOUD ADOPTION IN EUROPE CONTINUES TO UNFOLD Hybrid Cloud Enterprises 16 |
17 GUIDANCE FOR 2015 Range (in millions) Revenue Adjusted EBITDA Capital Expenditures 375 388 162 172 180 200 |
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TRACK
RECORD OF EXCECUTION 47.8
50.4 54.6 55.6 57.9 60.0 62.0 64.4 65.8 68.0 70.4 72.9 74.4 76.5 78.1 78.2 80.6 83.6 86.4 89.9 92.5 95.4 1Q 10 2Q 10 3Q 10 4Q 10 1Q 11 2Q 11 3Q 11 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13 2Q 13 3Q 13 4Q 13 1Q 14 2Q 14 3Q 14 4Q 14 1Q 15 2Q 15 Revenue by Quarter ( millions) 17.4 19.6 20.8 21.4 22.2 23.3 25.0 27.1 27.3 27.8 28.7 31.2 31.7 32.7 33.7 33.8 34.5 35.9 37.3 38.7 40.6 42.0 1Q 10 2Q 10 3Q 10 4Q 10 1Q 11 2Q 11 3Q 11 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13 2Q 13 3Q 13 4Q 13 1Q 14 2Q 14 3Q 14 4Q 14 1Q 15 2Q 15 Adjusted EBITDA by Quarter ( millions) (1) CAGR calculated as 2Q15 vs. 1Q10. (2) Big 4 % defined as percentage of total revenue from France, Germany, Netherlands, and UK reporting segment.
(3) Adjusted EBITDA margin calculated as Adjusted EBITDA divided by Revenue. Y/Y Growth 18% 19% 25% 23% 21% 19% 13% 16% 14% 13% 14% 13% 13% 13% 11% 7% 8% 9% 11% 15% 15% 14% Big 4 % (2) 60% 60% 60% 58% 60% 60% 59% 62% 61% 62% 62% 62% 63% 63% 62% 63% 63% 62% 63% 63% 63% 63% Adjusted EBITDA Margin (3) 36% 39% 38% 38% 38% 39% 40% 42% 42% 41% 41% 43% 43% 43% 43% 43% 43% 43% 43% 43% 44% 44% 35 Consecutive Quarters of Organic Revenue and Adjusted EBITDA Growth 20 |
21 ILLUSTRATIVE ARPU DEVELOPMENT Data Centre Recurring Revenue Development ARPU increases over time as IT workloads increase: Customers initially contract for space and modest power reservation (1) As workloads increase, larger power reservation fees are required and energy consumption increases Customer ARPU Development (1) Power Reservation is the fee for infrastructure power (cooling, power distribution, etc.).
Revenue grows from space, power
reservation, and energy consumption
over time As data centres fill with customers: Revenue mix initially tilted toward space As space becomes more fully utilised, revenue growth from power reservation and energy consumption can continue Power Reservation & Energy Consumption Space Installed Revenue Develops Over Time as Power Reservation and Energy Consumption Increase |
22 in millions (except as noted) 2013 2014 2015 2013 2014 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q FY FY Recurring revenue 71.0 72.2 73.7 74.4 75.9 78.7 80.9 83.7 87.1 90.3 291.3 319.2 Non-recurring revenue 3.4 4.3 4.3 3.7 4.7 4.9 5.6 6.2 5.4 5.2 15.8 21.4 Total revenue 74.4 76.5 78.1 78.2 80.6 83.6 86.4 89.9 92.5 95.4 307.1 340.6 Gross profit 44.8 45.2 46.2 46.8 48.0 49.6 50.9 53.0 56.2 57.8 183.0 201.6 Gross profit margin 60.2% 59.1% 59.2% 59.9% 59.6% 59.4% 58.9% 58.9% 60.8% 60.5% 59.6% 59.2% Adj EBITDA 31.7 32.7 33.7 33.8 34.5 35.9 37.3 38.7 40.6 42.0 131.8 146.4 Adj EBITDA Margin 42.6% 42.8% 43.1% 43.2% 42.9% 42.9% 43.1% 43.0% 43.9% 44.0% 42.9% 43.0% Net profit / (loss) 7.0 6.6 (16.5) (1) 9.8 10.4 8.3 9.0 7.4 4.4 (2) 21.6 (2) 6.8 (1) 35.1 CapEx paid 32.8 28.8 26.5 55.3 57.0 54.4 57.0 47.8 67.6 47.8 143.4 216.3 Expansion/upgrade 28.8 27.1 25.0 52.8 52.7 51.0 51.2 43.7 64.2 44.3 133.6 198.7 Maintenance & other 2.1 1.5 1.0 2.0 3.7 2.6 5.0 2.9 1.1 2.6 6.7 14.3 Intangibles 1.9 0.2 0.5 0.5 0.6 0.8 0.8 1.2 2.3 0.9 3.1 3.3 Cash generated from operations 23.6 24.1 32.0 23.0 34.3 26.9 33.6 40.5 34.2 (2) 54.1 (2) 102.7 135.4 Gross PP&E 870.0 900.0 933.5 987.2 1,045.4 1,105.8 1,183.1 1,235.6 1,308.8 1,350.2 987.2 1,235.6 Gross intangible assets 23.5 23.7 24.3 24.9 25.5 26.5 27.5 28.0 30.5 33.6 24.9 28.0 LTM Cash ROGIC 13% 13% 14% 13% 13% 12% 12% 11% 12% 12% 13% 11% HISTORICAL FINANCIAL RESULTS The Companys growth has been 100% organic; hence, gross goodwill is zero for all periods.
(1) Includes 31 million in one-time charges related to debt refinancing; see Adjusted Net Profit reconciliation elsewhere in this
Appendix. (2)
Includes 6.9 million and 3.9 million of M&A transaction cost in 1Q15 and 2Q15, respectively; also includes 20.9 million M&A transaction break fee income in 2Q15. |
23 HISTORICAL SEGMENT FINANCIAL RESULTS in millions (except as noted) 2013 2014 2015 2013 2014 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q FY FY BIG 4 Recurring revenue 44.4 45.2 46.1 46.5 47.6 49.3 51.0 52.7 55.0 57.3 182.2 200.6 Non-recurring revenue 2.1 3.1 2.7 2.4 3.1 2.9 3.9 3.7 3.6 3.0 10.3 13.6 Total revenue 46.6 48.3 48.8 48.9 50.8 52.2 54.9 56.4 58.6 60.3 192.5 214.2 Gross profit margin 63.2% 62.1% 62.1% 63.1% 61.8% 61.2% 60.5% 60.1% 62.0% 62.6% 62.6% 60.9% Adj EBITDA 25.2 26.0 26.6 26.6 27.3 27.9 29.2 29.0 31.4 33.2 104.4 113.4 Adj EBITDA margin 54.0% 54.0% 54.5% 54.4% 53.8% 53.4% 53.3% 51.4% 53.5% 55.1% 54.2% 52.9% REST OF EUROPE Recurring revenue 26.5 27.0 27.7 27.9 28.2 29.4 29.9 31.0 32.1 33.0 109.1 118.6 Non-recurring revenue 1.3 1.3 1.6 1.4 1.6 2.0 1.7 2.5 1.8 2.2 5.5 7.8 Total revenue 27.8 28.3 29.3 29.3 29.8 31.4 31.6 33.5 33.9 35.1 114.7 126.4 Gross profit margin 61.3% 61.4% 60.6% 61.4% 62.2% 62.3% 61.5% 62.3% 64.6% 63.6% 61.2% 62.1% Adj EBITDA 14.5 14.7 14.9 15.0 15.8 16.6 16.8 18.1 19.0 19.3 59.1 67.3 Adj EBITDA margin 52.0% 52.1% 51.0% 51.1% 52.9% 52.9% 53.1% 53.9% 56.0% 55.1% 51.5% 53.2% CORPORATE & OTHER Adj EBITDA (8.0) (8.0) (7.8) (7.8) (8.5) (8.7) (8.7) (8.4) (9.7) (10.6) (31.6) (34.3) |
24 HISTORICAL OPERATING METRICS (1) All figures at the end of the period. (2) Recurring ARPU: Monthly recurring revenue per square metre calculated as {reported recurring revenue in the quarter divided by 3} divided by {sum
of prior and current quarter end reported revenue generating space divided
by 2}. (3)
Utilisation as at the end of the reporting period. Space figures in square metres (1) Recurring ARPU in Customer Available Power in MW (1) 2013 2014 2015 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q Equipped space 78,100 78,900 79,300 80,100 82,900 86,000 88,600 93,500 94,800 98,300 Equipped space added 4,100 800 400 800 2,800 3,100 2,600 4,900 1,300 3,500 Revenue generating space 57,000 58,200 59,100 59,700 61,400 64,300 68,500 71,000 74,000 77,100 RGS added 800 1,200 900 600 1,700 2,900 4,200 2,500 3,000 3,100 Recurring ARPU (2) 418 418 419 418 418 418 406 400 400 398 Utilisation (%) (3) 73% 74% 75% 75% 74% 75% 77% 76% 78% 78% Customer available power 79 81 81 82 86 90 96 99 109 114 Potential customer power 108 113 114 127 139 139 145 145 153 154 Data centres in operation 33 34 34 34 36 37 38 40 39 40 |
25 SCHEDULED EQUIPPED SPACE
ADDITIONS Space figures in square metres (1) 2013 2014 2015E (2) 2016E (2) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3QE 4QE 1QE 2QE BIG 4 France 2,700 600 800 Germany 600 800 1,800 100 1,800 400 600 2,400 Netherlands (3) (200) 1,100 1,000 1,500 1,300 700 1,300 UK 400 100 100 Subtotal 3,500 1,900 2,900 1,700 3,700 700 1,700 800 600 2,400 REST OF EUROPE Austria 400 300 1,300 600 600 300 Belgium 300 Denmark 300 Ireland Spain 600 800 Sweden 500 500 900 1,100 Switzerland 500 100 100 Subtotal 600 800 400 800 800 100 900 1,300 600 1,800 800 300 Total additional equipped space 4,100 800 400 800 2,800 3,100 2,600 4,900 1,300 3,500 1,600 300 600 2,400 (1) Figures rounded to nearest net 100 sqm for each country unless otherwise noted. (2) Future expansion additions based on announced schedule, which is subject to change; additions scheduled for the first half are noted in the
second quarter and additions scheduled for the second half are noted
in the fourth quarter. (3)
HIL1 space reduced in 1Q13 and exited in 1Q15. |
26 ADJUSTED NET PROFIT RECONCILIATION Reconciliation to Adjusted Net Profit in millions (except as noted) 2013 2014 2015 2013 2014 1Q 2Q 3Q 4Q (1) 1Q 2Q 3Q 4Q 1Q 2Q FY FY Net profit / (Loss) as reported 7.0 6.6 (16.5) 9.8 10.4 8.3 9.0 7.4 4.4 21.6 6.8 35.1 Add back + Refinancing charges 31.0 0.6 31.0 0.6 + M&A transaction costs 0.3 6.9 3.9 0.3 + Deferred tax asset adjustment 0.6 0.6 + NL Crisis Wage Tax 0.4 0.4 31.6 0.4 0.6 0.3 6.9 3.9 32.0 0.9 Reverse - M&A transaction break fee income (20.9) - Adjustment to onerous leases (0.8) (0.1) (0.8) - Interest capitalised (0.7) (0.3) (0.3) (0.4) (0.8) (0.8) (1.3) (0.6) (0.9) (0.7) (1.7) (3.6) (0.7) (0.3) (0.3) (0.4) (0.8) (1.6) (1.3) (0.6) (1.0) (21.6) (1.7) (4.4) Tax effect of above add backs & reversals 0.2 0.1 (7.7) 0.2 0.3 0.3 0.2 (1.4) 4.4 (7.6) 0.9 Adjusted net profit 6.5 6.4 7.1 9.8 9.8 7.6 8.0 7.2 8.9 8.3 29.5 32.5 Reported Basic EPS () 0.10 0.10 (0.24) 0.14 0.15 0.12 0.13 0.11 0.06 0.31 0.10 0.51 Reported Diluted EPS () 0.10 0.10 (0.24) 0.14 0.15 0.12 0.13 0.11 0.06 0.31 0.10 0.50 Adjusted Basic EPS () 0.10 0.09 0.10 0.14 0.14 0.11 0.12 0.10 0.13 0.12 0.43 0.47 Adjusted Diluted EPS () 0.09 0.09 0.10 0.14 0.14 0.11 0.11 0.10 0.13 0.12 0.43 0.46 (1) With effect from Q4 2013, the company changed the estimated lives of certain data centre assets categories and applied this change on a prospective basis. In Q4 2013, the impact of the change had a 1.3 million after tax positive effect. |
27 NON-IFRS RECONCILIATIONS Reconciliation to Adjusted EBITDA in millions (except as noted) 2010 2011 2012 2013 2014 2015 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q Q2 3Q 4Q 1Q 2Q Net profit / (loss) (4.7) 4.0 5.9 9.5 2.8 5.2 6.9 10.6 8.7 8.7 8.6 5.6 7.0 6.6 (16.5) (1) 9.8 10.4 8.3 9.0 7.4 4.4 21.6 Income tax expense / (benefit) 1.2 2.9 1.6 (3.2) 2.3 2.3 3.2 1.9 3.9 4.1 4.3 3.5 3.4 3.1 (4.1) 3.7 4.2 3.9 3.9 3.5 2.4 8.2 Profit / (loss) before taxation (3.5) 6.9 7.5 6.3 5.1 7.5 10.1 12.6 12.6 12.9 12.8 9.1 10.3 9.7 (20.6) 13.4 14.6 12.2 12.8 10.8 6.8 29.8 Net finance expense 13.5 4.8 5.1 6.1 6.6 6.0 5.3 5.0 4.4 3.9 3.8 5.7 6.5 7.3 38.1 (1) 5.6 5.4 7.5 7.0 8.0 6.6 7.9 Operating profit 10.0 11.7 12.6 12.4 11.7 13.5 15.3 17.5 17.1 16.7 16.6 14.8 16.8 17.1 17.5 19.0 20.0 19.7 19.8 18.8 13.4 37.7 Depreciation, amortisation and impairments 7.2 7.5 7.8 8.6 8.5 9.6 9.1 8.4 9.7 10.2 11.0 13.1 14.0 14.9 15.2 13.5 14.0 14.9 16.0 17.3 18.2 19.6 EBITDA 17.2 19.2 20.4 21.0 20.3 23.1 24.4 25.9 26.7 27.0 27.6 27.8 30.8 32.0 32.7 32.5 34.0 34.6 35.9 36.2 31.6 57.3 Share-based payments 0.3 0.4 0.4 0.6 0.3 0.3 0.7 1.3 0.7 0.9 1.2 2.6 1.0 0.8 1.1 1.3 0.6 2.1 1.5 2.3 2.2 1.8 Increase/(decrease) in provision for onerous lease contracts 0.1 0.1 0.1 (0.1) 0.0 0.8 (0.8) (0.1) IPO transaction costs 1.7 M&A transaction break fee income (20.9) M&A transaction costs 0.3 6.9 3.9 Income from sub-leases on unused data centre sites (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (0.0) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) Adjusted EBITDA 17.4 19.6 20.8 21.4 22.2 23.3 25.0 27.1 27.3 27.8 28.7 31.2 31.7 32.7 33.7 33.8 34.5 35.9 37.3 38.7 40.6 42.0 (1) Includes 31 million in one-time charges related to debt refinancing; see Adjusted Net Profit reconciliation elsewhere in this
Appendix. |
28 NON-IFRS RECONCILIATIONS Reconciliation to Segment Adjusted EBITDA in millions 2013 2014 2015 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q BIG 4 Operating profit 15.9 16.3 16.7 17.6 18.3 18.7 18.4 17.6 19.5 20.3 Depreciation, amortisation and impairments 9.1 9.8 9.8 8.7 8.9 9.5 10.5 11.2 11.7 12.5 EBITDA 25.0 26.1 26.5 26.3 27.2 28.3 28.9 28.7 31.2 32.9 Share-based payments 0.3 0.0 0.2 0.3 0.2 0.5 0.3 0.4 0.3 0.5 Increase/(decrease) in provision for onerous lease contracts (0.8) (0.1) Income from sub-leases on unused data centre sites (0.1) (0.1) (0.1) (0.0) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) Adjusted EBITDA 25.2 26.0 26.6 26.6 27.3 27.9 29.2 29.0 31.4 33.2 ROE Operating profit 10.2 10.2 10.2 10.8 11.5 11.8 11.9 12.6 13.3 13.2 Depreciation, amortisation and impairments 4.2 4.4 4.6 4.0 4.3 4.5 4.6 5.1 5.4 5.9 EBITDA 14.4 14.7 14.8 14.9 15.7 16.3 16.5 17.8 18.8 19.1 Share-based payments 0.1 0.1 0.1 0.1 0.1 0.3 0.3 0.3 0.2 0.2 Adjusted EBITDA 14.5 14.7 14.9 15.0 15.8 16.6 16.8 18.1 19.0 19.3 CORPORATE & OTHER Operating profit/(loss) (9.3) (9.5) (9.5) (9.4) (9.8) (10.9) (10.4) (11.4) (19.4) 4.2 Depreciation, amortisation and impairments 0.7 0.7 0.8 0.8 0.8 0.8 0.9 1.0 1.1 1.1 EBITDA (8.6) (8.8) (8.6) (8.7) (9.0) (10.0) (9.6) (10.4) (18.3) 5.3 Share-based payments 0.6 0.7 0.8 0.9 0.4 1.4 0.8 1.7 1.7 1.1 M&A transaction costs 0.3 6.9 3.9 M&A transaction break fee income (20.9) Adjusted EBITDA (8.0) (8.0) (7.8) (7.8) (8.5) (8.7) (8.7) (8.4) (9.7) (10.6) |
29 Adjusted EBITDA: EBITDA is defined as operating profit plus depreciation, amortisation and impairment of assets.
We define Adjusted EBITDA as EBITDA adjusted to exclude
share-based payments, increase/decrease in provision for onerous lease contracts, IPO transaction costs, M&A transaction related costs and break fee income and income from sub-leases on unused data centre sites.
Adjusted diluted earnings per share:
Adjusted diluted earnings per share amounts are determined on Adjusted net profit.
Adjusted net profit: Net profit/loss excluding the impact of the refinancing charges, M&A transaction related
costs and break fee income, deferred tax adjustments, Dutch crisis tax, adjustments to onerous leases, capitalised interest, and the related corporate income tax effect.
Big 4: France,
Germany, the Netherlands, and the UK CAGR: Compound Annual Growth Rate
Capital expenditures including intangible assets: represent payments to acquire property, plant & equipment and intangible assets as recorded on our
consolidated statement of cash flows as "Purchase of property, plant and
equipment" and "Purchase of intangible assets, respectively. Investments in intangibles assets include power grid rights and software development. Cash ROGIC: Cash Return on Gross
Invested Capital (Cash ROGIC) defined as (Adjusted EBITDA less maintenance and other capex) divided by {Average of
opening and closing (gross PP&E plus gross intangible assets plus gross
goodwill)}. Corporate and Other: Unallocated items comprised of mainly general and administrative expenses, assets and liabilities associated with our headquarters
operations, provisions for onerous contracts (relating to the discounted amount of
future losses expected to be incurred in respect of unused data centre sites over the term of the relevant leases) and revenue and expenses related to those onerous contracts, loans and borrowings and related expenses and
income tax assets and liabilities.
CDNs: Content Distribution Networks Churn: contracted Monthly Recurring Revenue which came to an end during the month as a percentage of the total contracted Monthly Recurring Revenue at the beginning of the month. Customer Available Power: the current installed electrical customer capacity. Equipped Space: the amount of data centre space that, on the relevant date, is equipped and either sold or could be sold, without making any significant additional investments to common infrastructure. IAAS: Infrastructure as a Service LTM: Last Twelve Months ended 30 June 2015, unless otherwise noted.
MW: Megawatts PAAS: Platform as a Service
SAAS: Software
as a Service
SQM: Square metres Recurring ARPU: Monthly recurring revenue per square metre calculated as {reported recurring revenue in the quarter divided by 3}
divided by {sum of prior and current quarter end reported revenue generating space divided by 2}. Recurring Revenue: revenue that is incurred from colocation and associated power charges,
office space, amortised set-up fees and certain recurring managed
services (but excluding any ad hoc managed services) provided by us directly or through
third parties. Rents received for the sublease of unused sites are
excluded. Rest of Europe / ROE: Austria, Belgium, Denmark, Ireland, Spain, Sweden, and
Switzerland.
Revenue Generating Space: the
amount of Equipped Space that is under contract and billed on the relevant date. Utilisation Rate: on the relevant date, Revenue Generating Space as a percentage of Equipped
Space. Some Equipped Space is not fully utilised due to customers' specific requirements regarding the layout of their equipment. In practice, therefore, Utilisation Rate does not reach 100%.
YTM: Yield to
maturity
DEFINITIONS |
Amsterdam Brussels Copenhagen Dublin Dusseldorf Frankfurt London Madrid Marseille Paris Stockholm Vienna Zurich www.interxion.com THANK YOU Investor Relations Contact Jim Huseby VP - Investor Relations +1-813-644-9399 IR@interxion.com |
InterXion Holding NV (NYSE:INXN)
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