Recurring Revenue Growth of 10% Y/Y Combined
with Gross Margin Expansion
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
2016.
Financial Highlights
- Revenue increased by 9% to €104.0
million (2Q 2015: €95.4 million).
- Recurring revenue1 increased by 10% to
€99.3 million (2Q 2015: €90.3 million).
- Net profit was €9.2 million (2Q 2015:
€21.6 million, which included net M&A transaction income of
€17.0 million).
- Adjusted net profit2 increased by 8% to
€9.0 million (2Q 2015: €8.3 million).
- Earnings per diluted share were €0.13
(2Q 2015: €0.31, which included the aforementioned net M&A
transaction income).
- Adjusted earnings per diluted share
were €0.13 (2Q 2015: €0.12).
- Adjusted EBITDA2 increased by 13% to
€47.3 million (2Q 2015: €42.0 million).
- Adjusted EBITDA margin increased to
45.5% (2Q 2015: 44.0%).
- Capital expenditures3, including
intangible assets, were €62.6 million (2Q 2015: €47.8
million).
- During the second quarter, Interxion
issued €150 million aggregate principal amount of 6.00% Senior
Secured Notes due 2020 at an issue price of 104.50%.
Operating Highlights
- Equipped space increased by 2,600
square metres in the quarter to 104,200 square metres.
- Revenue generating space increased by
1,200 square metres in the quarter to 81,600 square metres.
- Utilisation rate at the end of the
quarter was 78%.
- During the second quarter, Interxion
completed expansions in Germany, opening the second phases of FRA10
in Frankfurt and DUS2 in Dusseldorf, as well as opening the first
phase of its second data centre in Copenhagen (CPH2).
"Interxion’s financial and operational results continued their
consistent upward trajectory in the second quarter, with solid
recurring revenue growth and adjusted EBITDA margin growth of 150
basis points from the second quarter 2015,” said David Ruberg,
Interxion's Chief Executive Officer. “Demand in the quarter was
strong in multiple geographies and multiple industry segments as we
continue to attract magnetic platform providers and build our
communities of interest around them.”
Quarterly Review
Revenue in the second quarter of 2016 was €104.0 million, a 9%
increase over the second quarter of 2015 and a 2% increase over the
first quarter of 2016. Recurring revenue was €99.3 million, a 10%
increase over the second quarter of 2015 and a 2% increase over the
first quarter of 2016. Recurring revenue in the second quarter was
95% of total revenue.
Cost of sales in the second quarter of 2016 was €39.7 million, a
5% increase over the second quarter of 2015 and a 1% increase over
the first quarter of 2016.
Gross profit was €64.4 million in the second quarter of 2016, an
11% increase over the second quarter of 2015 and a 2% increase over
the first quarter of 2016. Gross profit margin was 61.9% in the
second quarter of 2016 compared to 60.5% in the second quarter of
2015 and 61.6% in the first quarter of 2016.
Sales and marketing costs in the second quarter of 2016 were
€7.3 million, a 1% increase over the second quarter of 2015 and a
6% decrease from the first quarter of 2016.
Other general and administrative costs were €9.7 million in the
second quarter of 2016, a 14% increase over the second quarter of
2015 and a 5% increase from the first quarter of 2016. Other
general and administrative costs exclude depreciation,
amortisation, impairments, share-based payments, M&A
transaction costs and provision for onerous lease contracts.
Depreciation, amortisation, and impairments in the second
quarter of 2016 was €22.0 million, an increase of 12% from the
second quarter of 2015 and a 3% increase from the first quarter of
2016.
Operating profit in the second quarter of 2016 was €23.5
million, a decrease of 38% from the second quarter of 2015 and 3%
increase from the first quarter of 2016. Quarterly results in the
second quarter 2015, first quarter 2016, and second quarter 2016
were impacted by M&A transaction related items. Excluding these
items, underlying operating profit increased 16% over the second
quarter of 2015.
Net finance costs for the second quarter of 2016 were €10.2
million, a 28% increase over both the second quarter of 2015 and
the first quarter of 2016. On 14 April 2016, Interxion issued €150
million principal amount of 6.00% Senior Secured Notes due 2020 at
an issue price of 104.50%.
Income tax expense for the second quarter of 2016 was €4.2
million, a 49% decrease compared to the second quarter of 2015 and
a 10% decrease from the first quarter of 2016.
Net profit was €9.2 million in the second quarter of 2016, a 58%
decrease over the second quarter of 2015 and a 10% decrease from
the first quarter of 2016.
Adjusted net profit was €9.0 million in the second quarter of
2016, an 8% increase over the second quarter of 2015, and a 10%
decrease from the first quarter of 2016.
Adjusted EBITDA for the second quarter of 2016 was €47.3
million, a 13% increase over the second quarter of 2015 and a 3%
increase over the first quarter of 2016. Adjusted EBITDA margin was
45.5% in the second quarter of 2016 compared to 44.0% in the second
quarter of 2015 and 45.0% in the first quarter of 2016.
Cash generated from operations, defined as cash generated from
operating activities before interest and corporate income tax
payments and receipts, was €39.3 million in the second quarter of
2016, compared to €54.1 million in the second quarter of 2015, and
€50.4 million in the first quarter of 2016.
Capital expenditures, including intangible assets, were €62.6
million in the second quarter of 2016 compared to €47.8 million in
the second quarter of 2015 and €50.0 million in the first quarter
of 2016.
Cash and cash equivalents were €193.5 million at 30 June 2016,
compared to €58.6 million at year end 2015. Total borrowings, net
of deferred revolving facility financing fees, were €739.1 million
at 30 June 2016 compared to €555.1 million at year end 2015. As of
30 June 2016, the Company’s revolving credit facility was undrawn.
Cash balances at 30 June 2016 reflect the receipt of net proceeds
of approximately €155 million related to the Senior Secured Notes
issuance completed on 14 April 2016.
Equipped space at the end of the second quarter of 2016 was
104,200 square metres compared to 98,300 square metres at the end
of the second quarter of 2015 and 101,600 square metres at the end
of the first quarter of 2016. Utilisation rate, the ratio of
revenue-generating space to equipped space, was 78% at the end of
the second quarter of 2016, compared with 78% at the end of the
second quarter of 2015 and 79% at the end of the first quarter of
2016.
New expansion in Copenhagen (CPH2.2) announced today
Interxion is announcing today that it will expand its CPH2 data
centre in Copenhagen by constructing an additional 600 square
metres phase (“CPH2.2”) and adding over 1 MW of customer available
power. CPH2.2 space capacity is scheduled to open in the first
quarter of 2017 and has been completely pre-sold. Capital
expenditure associated with the incremental space and power for
CPH2 is expected to be approximately €15 million.
Business Outlook
Interxion today reaffirms guidance for its revenue, adjusted
EBITDA and capital expenditures (including intangibles) for full
year 2016:
Revenue €416 million – €431 million Adjusted EBITDA €185
million – €195 million Capital expenditures (including intangibles)
€200 million – €220 million
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 its Second Quarter 2016
results.
To participate on this call, U.S. callers may dial toll free
1-866-966-9439; callers outside the U.S. may dial direct +44 (0)
1452 555 566. The conference ID for this call is 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 16 August 2016. 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 41849012.
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.
Non-IFRS Financial Measures
Included in these materials are certain non-IFRS financial
measures, which are measures of our financial performance that are
not calculated and presented in accordance with IFRS, within the
meaning of applicable SEC rules. These measures are as follows: (i)
EBITDA; (ii) adjusted EBITDA; (iii) recurring revenue, (iv)
adjusted net profit; (v) adjusted basic earnings per share and (vi)
adjusted diluted earnings per share.
Other companies may present EBITDA, adjusted EBITDA, recurring
revenue, adjusted net profit, adjusted basic earnings per share and
adjusted diluted earnings per share differently than we do. Each of
these measures 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 Profit for the
period attributable to shareholders (“net profit”) as indicators of
our operating performance or any other measure of performance
implemented in accordance with IFRS.
EBITDA, Adjusted EBITDA and Recurring revenue
We define EBITDA as net profit plus income tax expense, net
finance expense, depreciation, amortisation and impairment of
assets.
We define adjusted EBITDA as EBITDA adjusted for the following
items, which may occur in any period, and which management believes
are not representative of our operating performance:
- Share-based payments – the fair value
at the date of grant to employees of share options, is recognised
as an employee expense over the vesting period. We believe that
this expense does not represent our operating performance.
- Income or expense related to the
evaluation and execution of potential mergers or acquisitions
(“M&A”) – under IFRS, gains and losses associated with M&A
activity are recognised in the period incurred. We exclude these
effects because we believe they are not reflective of our ongoing
operating performance.
- Adjustments related to terminated and
unused datacentre sites – these gains and losses relate to
historical leases entered into for certain brownfield sites, with
the intention of developing datacentres, which were never developed
and for which management has no intention of developing into data
centres. We believe the impact of gains and losses related to
unused data centres are not reflective of our business activities
and our ongoing operating performance.
In certain circumstances, we may also adjust for gains or losses
that management believes are not representative of our current
ongoing performance. Examples of this would include: adjusting for
the cumulative effect of a change in accounting principle or
estimate, impairment losses, litigation gains and losses or
windfall gains and losses.
Recurring revenue comprises revenue that is incurred monthly
from colocation, connectivity and associated power charges, office
space, amortized 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.
We believe EBITDA and adjusted EBITDA provide useful
supplemental information to investors regarding our ongoing
operational performance because it helps us and our investors
evaluate the ongoing operating performance of the business after
removing the impact of our capital structure (primarily interest
expense) and our asset base (primarily depreciation and
amortisation). Management believes that the presentation of
adjusted EBITDA, when combined with the primary IFRS presentation
of net profit provides a more complete analysis of our operating
performance. Management also believes the use of EBITDA and
adjusted EBITDA facilitates comparisons between us and other data
centre operators and other data centre operators that are REITs and
other infrastructure based businesses. EBITDA and adjusted EBITDA
are also relevant measures used in the financial covenants of our
€100 million revolving facility and our 6.00% Senior Secured Notes
due 2020. We also present recurring revenue as we believe it
assists investors understand our operating performance.
A reconciliation from net profit to EBITDA and EBITDA to
adjusted EBITDA is provided in the tables attached to this press
release.
Adjusted net profit, adjusted basic earnings per share and
adjusted diluted earnings per share
We define adjusted net profit as net profit adjusted for the
following items and the related income tax effect, which may occur
in any period, and which management believes are not reflective of
our operating performance:
- Income or expense related to the
evaluation and execution of potential Mergers or Acquisitions
(“M&A”) – under IFRS, gains and losses associated with M&A
activity are recognised in the period incurred. We exclude these
effects because we believe they are not reflective of our ongoing
operating performance.
- Adjustments related to provisions –
these adjustments are made for adjustments in provisions that are
not reflective of the ongoing operating performance of Interxion.
These adjustments may include changes in provisions for onerous
lease contracts.
- Adjustments related to capitalised
interest – Under IFRS we are required to calculate and capitalise
interest allocated to the investment in data centres and exclude it
from net profit. We believe that reversing the impact of
capitalised interest provides information about the impact of the
total interest costs and facilitates comparisons with other data
centre operators.
In certain circumstances, we may also adjust for gains or losses
that management believes are not representative of our current
ongoing performance. Examples of this would include: adjusting for
the cumulative effect of a change in accounting principle or
estimate, impairment losses, litigation gains and losses or
windfall gains and losses.
Management believe that the exclusion of certain items listed
above, provides useful supplemental information to net profit to
aid investors in evaluating the operating performance of our
business and to aid investors compare our operating performance
with other data centre operators and infrastructure companies. We
believe the presentation of adjusted net profit, when combined with
net income (loss) prepared in accordance with IFRS is beneficial to
a complete understanding of our performance.
Adjusted basic earnings per share and adjusted diluted earnings
per share amounts are determined on adjusted net profit.
Interxion does not provide forward-looking estimates of net
profit, operating profit, depreciation, amortisation, and
impairments, share-based payments, M&A transaction costs or
increase/decrease in provision for onerous lease contracts, and
income from sub-leases of 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.
A reconciliation from net profit to adjusted net profit is
provided in the tables attached to this press release.
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 42 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 600 connectivity providers, 21 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.
This announcement contains inside information under Regulation
(EU) 596/2014 (16 April 2014).
1 Recurring revenue is revenue that is incurred from colocation
and associated power charges, office space, amortised set-up fees,
cross-connects 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.
2 Adjusted net profit and adjusted EBITDA are non-IFRS figures
intended to adjust for certain items and are not measures of
financial performance under IFRS. Full definitions can be found in
the “Non-IFRS Financial Measures” section later in this press
release. Reconciliations of net profit to adjusted EBITDA and net
profit to adjusted net profit can be found in the financial tables
later in this press release.
3 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.
INTERXION HOLDING NV
CONDENSED CONSOLIDATED INCOME STATEMENTS (in €'000 ― except
per share data and where stated otherwise) (unaudited)
Three Months Ended Six Months Ended Jun-30
Jun-30
Jun-30 Jun-30
2016 2015
2016 2015
Revenue 104,026 95,449 206,026
187,931 Cost of sales (39,663 ) (37,663 ) (78,782 ) (73,945
)
Gross Profit 64,363 57,786 127,244
113,986 Other income 33 20,997 130 21,060 Sales and
marketing costs (7,284 ) (7,210 ) (15,008 ) (13,889 ) General and
administrative costs (33,568 ) (33,824 ) (65,953 ) (69,983 )
Operating
profit 23,544 37,749 46,413 51,174
Net Finance expense (10,170 ) (7,946 ) (18,128 ) (14,531 )
Profit or loss
before income taxes 13,374 29,803 28,285
36,643 Income tax expense (4,209 ) (8,216 ) (8,901 ) (10,631
)
Net income 9,165 21,587
19,384 26,012 Basic earnings per
share: (€) 0.13 0.31 0.28 0.37 Diluted earnings per share: (€) 0.13
0.31 0.27 0.37 Number of shares outstanding at the
end of the period (shares in thousands) 70,479 69,575 70,479 69,575
Weighted average number of shares for Basic EPS (shares in
thousands) 70,316 69,562 70,163 69,478 Weighted average number of
shares for Diluted EPS (shares in thousands) 71,198 70,609 71,018
70,573
As at Jun-30 Jun-30
Capacity metrics 2016 2015 Equipped space (in
square meters) 104,200 98,300 Revenue generating space (in square
meters) 81,600 77,100 Utilization Rate 78 % 78 %
INTERXION HOLDING NV NOTES TO
CONDENSED CONSOLIDATED INCOME STATEMENTS: SEGMENT INFORMATION
(in €'000 ― except where stated otherwise) (unaudited)
Three Months Ended Six Months Ended Jun-30
Jun-30 Jun-30 Jun-30 2016 2015
2016 2015 Consolidated
Recurring revenue 99,331 90,297 196,542 177,348 Non-recurring
revenue 4,695 5,152 9,484 10,583
Revenue 104,026 95,449
206,026 187,931 Net income
9,165 21,587 19,384 26,012 Net income
margin 9 % 23 % 9 % 14 %
Operating profit 23,544
37,749 46,413 51,174 Operating profit margin
23 % 40 % 23 % 27 %
Adjusted EBITDA 47,346
42,029 93,265 82,634
Gross profit margin 61.9 % 60.5
% 61.8 % 60.7 % Adjusted
EBITDA margin 45.5 % 44.0 %
45.3 % 44.0 % Total assets
1,473,099 1,211,968 1,473,099 1,211,968 Total liabilities 946,348
729,019 946,348 729,019 Capital expenditure, including intangible
assets (a) (62,592 ) (47,835 ) (112,594 ) (115,405 )
France, Germany, the Netherlands, and the UK
Recurring revenue 63,773 57,321 126,039 112,304
Non-recurring revenue 2,608 2,995 5,884 6,622
Revenue 66,381 60,316 131,923
118,926 Operating income 22,374 20,319
44,056 39,802 Operating income margin 34 % 34 % 33 %
33 %
Adjusted EBITDA 37,012 33,248
73,193 64,618 Gross profit
margin 63.4 % 62.6 % 62.9
% 62.3 % Adjusted EBITDA margin
55.8 % 55.1 % 55.5 %
54.3 % Total assets 954,598 836,429 954,598
836,429 Total liabilities 205,333 177,916 205,333 177,916 Capital
expenditure, including intangible assets (a) (43,627 ) (36,545 )
(80,383 ) (70,311 )
Rest of Europe
Recurring revenue 35,558 32,976 70,503 65,044 Non-recurring
revenue 2,087 2,157 3,600 3,961
Revenue 37,645 35,133
74,103 69,005 Operating income
15,083 13,206 30,352 26,553 Operating
income margin 40 % 38 % 41 % 38 %
Adjusted EBITDA
21,574 19,342 43,089
38,320 Gross profit margin 65.8
% 63.6 % 66.3 % 64.1
% Adjusted EBITDA margin 57.3 %
55.1 % 58.1 % 55.5 %
Total assets 340,529 314,422 340,529 314,422 Total
liabilities 81,711 57,932 81,711 57,932 Capital expenditure,
including intangible assets (a) (16,389 ) (10,289 ) (26,671 )
(43,414 )
Corporate and other
Operating profit (13,913 ) 4,224
(27,995 ) (15,181 ) Adjusted
EBITDA (11,240 ) (10,561 )
(23,017 ) (20,304 ) Total assets
177,972 61,117 177,972 61,117 Total liabilities 659,304 493,171
659,304 493,171
Capital expenditure, including intangible
assets (a)
(2,576 ) (1,001 ) (5,540 ) (1,680 )
(a) Capital expenditure, including
intangible assets, represents payments to acquire property, plant
and equipment and intangible assets, as recorded in the condensed
consolidated statements of cash flows as "Purchase of property,
plant and equipment" and "Purchase of intangible assets",
respectively.
INTERXION HOLDING NV
NOTES TO CONDENSED CONSOLIDATED INCOME STATEMENTS: ADJUSTED
EBITDA RECONCILIATION (in €'000 ― except where stated
otherwise) (unaudited)
Three Months Ended Six
Months Ended Jun-30 Jun-30
Jun-30 Jun-30
2016 2015
2016 2015
Reconciliation to Adjusted
EBITDA Consolidated Net
profit 9,165 21,587 19,384 26,012
Income tax expense 4,209 8,216 8,901 10,631
Profit before taxation 13,374 29,803
28,285 36,643 Net finance expense 10,170 7,946
18,128 14,531
Operating profit
23,544 37,749 46,413 51,174
Depreciation, amortisation and impairments 22,021 19,577
43,498 37,792
EBITDA (1) 45,565
57,326 89,911 88,966 Share-based payments
1,322 1,789 2,763 4,030
Income or expense related to the
evaluation and execution of potential mergers or acquisitions
M&A transaction break fee income (2) - (20,923 ) - (20,923 )
M&A transaction costs (3) 492 3,911 721 10,798 Items related to
terminated or unused data centre sites: Increase/(decrease) in
provision for onerous lease contracts (4) - - - (100 ) Income from
sub-leases on unused data centre sites (5) (33 ) (74 ) (130 ) (137
)
Adjusted EBITDA (1) 47,346 42,029
93,265 82,634
France, Germany, the Netherlands, and the UK
Operating profit 22,374 20,319
44,056 39,802 Depreciation, amortisation and
impairments 14,543 12,544 28,835 24,261
EBITDA (1) 36,917 32,863 72,891
64,063 Share-based payments 128 459 432 792 Items related to
terminated or unused data centre sites: Increase/(decrease) in
provision for onerous lease contracts (4) - - - (100 ) Income from
sub-leases on unused data centre sites (5) (33 ) (74 ) (130 ) (137
)
Adjusted EBITDA (1) 37,012 33,248
73,193 64,618
Rest of Europe Operating profit
15,083 13,206 30,352 26,553
Depreciation, amortisation and impairments 6,387 5,927
12,529 11,362
EBITDA 21,470
19,133 42,881 37,915 Share-based payments 104
209 208 405
Adjusted EBITDA (1)
21,574 19,342 43,089
38,320 Corporate and Other
Operating profit/(loss) (13,913 )
4,224 (27,995 ) (15,181 )
Depreciation, amortisation and impairments 1,091 1,106
2,134 2,169
EBITDA (12,822
) 5,330 (25,861 ) (13,012
) Share-based payments 1,090 1,121 2,123 2,833
Income or expense related to the
evaluation and execution of potential mergers or acquisitions
M&A transaction break fee income (2) - (20,923 ) - (20,923 )
M&A transaction costs (3) 492 3,911 721
10,798
Adjusted EBITDA (11,240 )
(10,561 ) (23,017 ) (20,304
)
(1) “EBITDA” and "Adjusted EBITDA" are
non-IFRS financial measures within the meaning of the rules of the
SEC. See "Non-IFRS measures" for more information on these
measures, including why we believe that these supplemental measures
are useful, and the limitations on the use of these supplemental
measures.
(2) “M&A transaction break-fee income”
represents the cash break-up fee received following the termination
of the Implementation Agreement in May 2015. This fee was included
in "Other Income".
(3) M&A transaction costs are costs
associated with the evaluation, diligence and conclusion or
termination of merger or acquisition activity. These costs are
included in "General and administrative costs". In the quarter
ended 30 June 2015, M&A transaction costs included €3.9 million
related to the abandoned merger with TelecityGroup. In the quarter
ended 30 June 2016, M&A transaction costs included €0.5 million
related to other activity including the evaluation of potential
asset acquisitions.
(4) “Increase/(decrease) in provision for
onerous lease contracts” relates to those contracts in which we
expect losses to be incurred in respect of unused data centre sites
over the term of the lease contract.
(5) “Income from sub-leases of unused data centre sites”
represents income from sub-letting of unused data centre sites to
third parties, which is treated as "Other Income".
INTERXION HOLDING NV CONDENSED CONSOLIDATED
BALANCE SHEET (in €'000 ― except where stated otherwise)
(unaudited)
As at Jun-30 Dec-31
2016 2015 Non-current assets Property, plant
and equipment 1,087,585 999,072 Intangible assets 25,585 23,194
Deferred tax assets 20,895 23,024 Financial assets 947 - Other
non-current assets 7,165 6,686
1,142,177
1,051,976 Current assets Trade receivables and other
current assets 137,448 141,534 Cash and cash equivalents 193,474
58,554
330,922 200,088
Total assets 1,473,099 1,252,064
Shareholders’ equity Share capital 7,048 6,992 Share
premium 515,974 507,296 Foreign currency translation reserve 12,172
20,865 Hedging reserve, net of tax (304 ) (213 ) Accumulated
deficit (8,139 ) (27,523 )
526,751 507,417
Non-current liabilities Trade payables and other liabilities
11,459 12,049 Deferred tax liabilities 9,224 9,951 Borrowings
735,455 550,812
756,138 572,812
Current liabilities Trade payables and other liabilities
180,910 162,629 Income tax liabilities 4,782 2,738 Provision for
onerous lease contracts 260 1,517 Borrowings 4,258 4,951
190,210 171,835 Total
liabilities 946,348 744,647
Total liabilities and shareholders’ equity 1,473,099
1,252,064 INTERXION
HOLDING NV NOTES TO THE CONDENSED CONSOLIDATED BALANCE
SHEET: BORROWINGS (in €'000 ― except where stated otherwise)
(unaudited)
As at Jun-30 Dec-31
2016 2015 Borrowings net of cash and cash
equivalents Cash and cash equivalents
(a) 193,474 58,554
6.00% Senior Secured Notes due 2020
(b)
629,904 475,503 Mortgages 57,109 44,073 Financial leases 52,700
34,582 Other borrowings - 1,605
Borrowings
excluding Revolving Facility deferred financing costs
739,713 555,763
Revolving Facility deferred financing
costs (c)
(568 ) (710 )
Total borrowings 739,145
555,053 Borrowings net
of cash and cash equivalents 545,671
496,499
(a) Cash and cash equivalents include €4.1
million as of 30 June 2016 and €4.9 million as of 31 December 2015,
which is restricted and held as collateral to support the issuance
of bank guarantees on behalf of a number of subsidiary
companies.
(b) €625 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 €0.6 million as of 30 June
2016 were incurred in connection with the €100 million revolving
facility.
INTERXION HOLDING
NV CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in
€'000 ― except where stated otherwise) (unaudited)
Three
Months Ended Six Months Ended Jun-30 Jun-30
Jun-30 Jun-30
2016 2015
2016 2015 Net
profit
9,165 21,587 19,384 26,012
Depreciation, amortisation and impairments 22,021 19,577 43,498
37,792 Provision for onerous lease contracts (392 ) (849 ) (1,271 )
(1,774 )
Share-based payments
1,158 1,789 2,558 4,030 Net finance expense 10,170 7,946 18,128
14,531 Income tax expense 4,209 8,216 8,901
10,631 46,331 58,266 91,198 91,222 Movements in trade
receivables and other current assets (3,732 ) (7,734 ) 1,310 (9,365
) Movements in trade payables and other liabilities (3,264 ) 3,609
(2,758 ) 6,483
Cash generated from operations
39,335 54,141 89,750 88,340 Interest
and fees paid (a) (1,060 ) (1,448 ) (15,422 ) (15,022 ) Interest
received 18 31 25 80 Other financial items - - - - Income tax paid
(2,484 ) (2,740 ) (3,538 ) (5,060 )
Net cash flows from / (used
in) operating activities 35,809 49,984
70,815 68,338 Cash flows from investing
activities Purchase of property plant and equipment (60,729 )
(46,911 ) (108,176 ) (112,229 ) Purchase of intangible assets
(1,863 ) (924 ) (4,419 ) (3,176 ) Movement in short-term
investments - 1,650 - 1,650
Net cash
flows from / (used in) investing activities (62,592
) (46,185 ) (112,595 )
(113,755 ) Cash flows from financing
activities Proceeds from exercised options 4,250 230 6,176
2,408 Proceeds from mortgages 14,625 - 14,625 - Repayment of
mortgages (948 ) (720 ) (1,268 ) (1,040 ) Proceeds Senior secured
notes at 6% 155,346 - 155,346 - Interest received at issue of
additional notes 2,225 - 2,225 -
Net cash flows from / (used in)
financing activities 175,498 (490 )
177,104 1,368 Effect of exchange rate changes on cash
147 (193 ) (404 ) 1,224
Net increase / (decrease)
in cash and cash equivalents 148,862 3,116
134,920 (42,825 ) Cash and cash equivalents,
beginning of period 44,612 53,982 58,554
99,923
Cash and cash equivalents, end of period
193,474 57,098 193,474
57,098 (a) Interest paid is reported net of
cash interest capitalised, which is reported as part of “Purchase
of property, plant and equipment".
INTERXION HOLDING NV NOTES TO CONDENSED
CONSOLIDATED INCOME STATEMENTS: ADJUSTED NET PROFIT
RECONCILIATION (in €'000 ― except per share data and where
stated otherwise) (unaudited)
For the three months
ended For the six months ended 30 Jun 30
Jun 30 Jun 30 Jun 2016 2015
2016 2015 Consolidated €’000
€’000 €’000 €’000 Net income
9,165 21,587 19,384 26,012
Income or expense related to the evaluation and execution of
potential mergers or acquisitions: M&A transaction costs 492
3,911 721 10,798 M&A transaction break fee income - (20,923 ) -
(20,923 ) Adjustments related to provisions: Increase/(decrease in
provision for onerous lease contracts - - - (100 ) Adjustments
related to capitalised interest: (701 ) (700 ) (1,166 ) (1,600 )
(209 ) (17,712 ) (445 ) (11,825 ) Tax effect of above add
backs and reversals 52 4,428 111 3,000
Adjusted net profit 9,008
8,303 19,050 17,187
Reported basic EPS: (€) 0.13 0.31 0.28 0.37 Reported
diluted EPS: (€) 0.13 0.31 0.27 0.37 Adjusted basic EPS: (€)
0.13 0.12 0.27 0.25 Adjusted diluted EPS: (€) 0.13 0.12 0.27 0.24
INTERXION HOLDING NV
Status of Announced Expansion Projects as at 3 August 2016
with Target Open Dates after 1 January 2016
CAPEX (a)(b)
Equipped Space (a)
Market Project (€ million)
(sqm) Target Opening Dates
Amsterdam AMS 8: Phases 1 - 2 New Build 50 2,600 4Q 2016
Copenhagen CPH2: Phases 1 - 2 New Build 19 1,100 2Q 2016 - 1Q
2017(c) Dublin DUB3: Phases 1 - 2 New Build 28 1,200 4Q 2016
Dusseldorf DUS 2: Phase 1 - 2 New Build 16 1,200 4Q 2015 -
2Q 2016 (d) Frankfurt FRA 10: Phases 1 - 4 New Build 92
4,800 1Q 2016 - 4Q 2016 (e) Marseille MRS 1: Phase 2
(continued) 10 800 3Q 2016 Paris PAR7: Phase 2 14 1,100 2Q
2017 Vienna VIE 2: New Build 65 4,200 4Q 2014 - 2Q 2017 (f)
Total € 294 17,000 (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) Phase 1
(500 square metres) became operational in 2Q 2016. Phase 2 (600
square metres) is scheduled to become operational in 1Q 2017.
(d) Phase 1 (600 square metres) became operational in 4Q
2015. Phase 2 (600 square metres) became operational in 2Q 2016.
(e) Phase 1 (1,200 square metres) became operational in 1Q
2016; phase 2 (1,200 square metres) became operational in 2Q 2016;
phases 3 & 4 (1,200 square metres each) are both scheduled to
become operational in 4Q 2016.
(f) 1,300 square metres became operational
in 4Q 2014; 600 square metres became operational in 1Q 2015; 600
square metres became operational in 2Q 2015. 300 square metres
became operational in 4Q 2015. 300 sqm is scheduled to become
operational in 4Q 2016; another 1,100 square metres is scheduled to
become operational in 2Q 2017.
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version on businesswire.com: http://www.businesswire.com/news/home/20160803005768/en/
Interxion Holding NVJim Huseby, +1
813-644-9399IR@interxion.com
InterXion Holding NV (NYSE:INXN)
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から 7 2023 まで 7 2024