INXN InterXion Holding NV

 

 

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 Registrant’s 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 registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s 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 registrant’s 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.

 

 

 

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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.

 

Exhibit
99.1		The press release “Interxion Reports Second Quarter 2015 Results”, dated 5 August 2015.
99.2		Presentation materials to be used during a conference call with investors on 5 August 2015.

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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.

 

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

 

•

Revenue increased by 14% to €95.4 million (2Q 2014: €83.6 million).

 

•

Adjusted EBITDA1 increased by 17% to €42.0 million (2Q 2014: €35.9 million).

 

•

Adjusted EBITDA margin increased to 44.0% (2Q 2014: 42.9%).

 

•

Net profit increased to €21.6 million (2Q 2014: €8.3 million).

 

•

Adjusted net profit1 increased to €8.3 million (2Q 2014: €7.6 million).

 

•

Earnings per diluted share were €0.31 (2Q 2014: €0.12).

 

•

Adjusted earnings per diluted share1 were €0.12 (2Q 2014: €0.11).

 

•

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

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Press Release, 5 August 2015

 

Operating Highlights

 

•

Equipped Space increased by 3,500 square metres to 98,300 square metres.

 

•

Revenue Generating Space increased by 3,100 square metres to 77,100 square metres.

 

•

Utilisation Rate at the end of the quarter was 78%.

 

•

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.

 

•

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, Interxion’s 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

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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 Interxion’s 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.

 

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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 company’s 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.

 

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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 Interxion’s 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, Interxion’s 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:

 

Revenue		€375 million – €388 million
Adjusted EBITDA		€162 million – €172 million
Capital expenditures (including intangibles)		€180 million – €200 million

 

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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 Interxion’s 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 Interxion’s 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 Interxion’s 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.

 

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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.

 

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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. Interxion’s 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

 

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Press Release, 5 August 2015

 

INTERXION HOLDING NV

CONSOLIDATED INCOME STATEMENT

(in €’000 — 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
Revenue			95,449				83,646				187,931				164,256
Cost of sales			(37,663	)			(33,998	)			(73,945	)			(66,576	)
Gross profit			57,786				49,648				113,986				97,680
Other income			20,997				50				21,060				110
Sales and marketing costs			(7,210	)			(6,215	)			(13,889	)			(12,095	)
General and administrative costs			(33,824	)			(23,757	)			(69,983	)			(45,988	)
Operating profit			37,749				19,726				51,174				39,707
Net finance expense			(7,946	)			(7,488	)			(14,531	)			(12,889	)
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
Basic earnings per share: (€)			0.31				0.12				0.37				0.27
Diluted earnings per share: (€)			0.31				0.12				0.37				0.27
Number of shares outstanding at the end of the period (shares in thousands)			69,575				69,029				69,575				69,029
Weighted average number of shares for Basic EPS (shares in thousands)			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

 

		As at
		30 Jun				30 Jun
		2015				2014
Capacity metrics
Equipped space (in square meters)			98,300				86,000
Revenue generating space (in square meters)			77,100				64,300
Utilisation rate			78	%			75	%

 

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Press Release, 5 August 2015

 

INTERXION HOLDING NV

NOTES TO CONSOLIDATED INCOME STATEMENT: SEGMENT INFORMATION

(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
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.

 

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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.

 

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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

 

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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

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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”.

 

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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

 

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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.

 

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