12% Constant Currency Revenue Growth in
Fourth Quarter
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 and year ended 31
December 2016.
Financial Highlights
- Revenue for the fourth quarter and full
year (FY) increased by 10% and 9% to €110.5 million and €421.8
million, respectively (4Q 2015: €100.7 million; FY 2015: €386.6
million)
- Net income for the fourth quarter and
full year was €10.0 million and €39.9 million, respectively (4Q
2015: €12.1 million; FY 2015: €48.6 million)
- Adjusted EBITDA1 for the fourth quarter
and full year increased by 10% and 11% to €49.3 million and €190.9
million, respectively (4Q 2015: €44.9 million; FY 2015: €171.3
million)
- Adjusted EBITDA margin for the fourth
quarter was 44.6% and 45.3% for the full year, unchanged and up 100
basis points, respectively (4Q 2015: 44.6%; FY 2015: 44.3%)
- Earnings per diluted share for the
fourth quarter and full year were €0.14 and €0.56, respectively (4Q
2015: €0.17; FY 2015: €0.69)
- Adjusted net income1 for the fourth
quarter and full year was €9.0 million and €36.6 million,
respectively (4Q 2015: €12.1 million; FY 2015: €37.9 million)
- Adjusted earnings per diluted share for
the fourth quarter and full year was €0.13 and €0.51, respectively
(4Q 2015: €0.17; FY 2015: €0.54)
- Capital expenditures2, including
intangible assets, were €73.8 million in the fourth quarter and
€250.9 million for full year 2016 (4Q 2015: €42.0 million; FY 2015:
€192.6 million)
Operating Highlights
- Equipped Space increased by 3,000
square metres in the fourth quarter and 9,600 square metres for the
full year to 110,800 square metres
- Revenue Generating Space increased by
3,100 square metres in the fourth quarter and 8,100 square metres
for the full year to 87,200 square metres
- Utilisation Rate was 79% at the end of
the year
- During the fourth quarter, Interxion
opened two new data centres: the first phase of its AMS8 data
centre in Amsterdam, and the first two phases of its DUB3 data
centre in Dublin. In addition, Interxion opened a 500 sqm expansion
at its PAR7 data centre in Paris.
“Interxion continued its momentum into the fourth quarter,
capping 2016 with double digit annual growth for revenues and
Adjusted EBITDA, and solid margin improvement. We experienced
growth across our key target segments, and we saw a continuation of
strong bookings across all deal sizes,” said David Ruberg,
Interxion’s Chief Executive Officer. ”Customers value our services,
which are located in the main connectivity hubs across Europe, as
they seek network-dense facilities where they create business value
by gaining access to our vibrant Communities of Interest.”
Quarterly Review
Revenue for the fourth quarter of 2016 was €110.5 million, a 10%
increase over the fourth quarter of 2015 and a 5% increase over the
third quarter of 2016. Recurring revenue3 was €103.4 million, a 9%
increase over the fourth quarter of 2015 and a 3% increase over the
third quarter of 2016. Recurring revenue in the quarter was 94% of
total revenue. On a constant currency basis4, revenue in the fourth
quarter of 2016 was 12% higher than the fourth quarter of 2015.
Cost of sales in the fourth quarter of 2016 was €43.0 million, a
10% increase over the fourth quarter of 2015 and a 6% increase over
the third quarter of 2016.
Gross profit was €67.5 million in the fourth quarter of 2016, a
10% increase over the fourth quarter of 2015 and a 5% increase over
the third quarter of 2016.
Sales and marketing costs in the fourth quarter of 2016 were
€7.6 million, a 3% increase compared to the fourth quarter of 2015
and a 5% increase over the third quarter of 2016. Other general and
administrative costs5 were €10.5 million, a 15% increase compared
to the fourth quarter of 2015 and a 19% increase compared to the
third quarter of 2016.
Adjusted EBITDA for the fourth quarter of 2016 was €49.3
million, a 10% increase compared to the fourth quarter of 2015 and
a 2% increase compared to the third quarter of 2016. Adjusted
EBITDA margin was 44.6% in both the fourth quarter of 2016 and the
fourth quarter of 2015, and 45.9% in the third quarter of 2016.
Depreciation, amortisation, and impairments in the fourth
quarter of 2016 was €24.2 million, an increase of 20% compared to
the fourth quarter of 2015 and a 10% increase compared to the third
quarter of 2016.
Operating income during the fourth quarter of 2016 was €22.6
million, a 1% decrease compared to the fourth quarter of 2015 and a
4% decrease compared to the third quarter of 2016.
Net finance expense for the fourth quarter of 2016 was €9.5
million, an 18% increase compared to the fourth quarter of 2015,
and a 10% increase compared to the third quarter of 2016.
Comparisons to previous periods are impacted by the bond tap in
April 2016. Included in third quarter 2016 was a €1.4 million
positive adjustment on finance lease obligations, lowering net
finance expense.
Income tax expense for the fourth quarter of 2016 was €3.0
million, an 18% increase compared to the fourth quarter of 2015,
and a 33% decrease compared to the third quarter of 2016. Income
tax expense in the fourth quarter 2016 was impacted by the release
of €0.8 million income tax accrual.
Net income was €10.0 million in the fourth quarter of 2016, a
17% decrease compared to the fourth quarter of 2015 and a 4%
decrease compared to the third quarter of 2016.
Adjusted net income was €9.0 million in the fourth quarter of
2016, a 26% decrease compared to the fourth quarter of 2015 and a
5% increase compared to the third quarter of 2016.
Cash generated from operations, defined as cash generated from
operating activities before interest and corporate income tax
payments and receipts, was €50.2 million in the fourth quarter of
2016, a 32% increase compared to the fourth quarter of 2015, and a
15% increase compared to the third quarter of 2016.
Capital expenditures, including intangible assets, were €73.8
million in the fourth quarter 2016 compared to €42.0 million in the
fourth quarter of 2015 and €64.5 million in the third quarter of
2016.
Cash and cash equivalents were €115.9 million at 31 December
2016, compared to €53.7 million at year end 2015. Total borrowings,
net of deferred revolving facility financing fees, were €735.0
million at year end 2016 compared to €555.1 million at year end
2015. As of 31 December 2016, the company’s revolving credit
facility was undrawn.
Equipped space at year end 2016 was 110,800 square metres
compared to 101,200 square metres at year end 2015 and 107,800
square metres at the end of the third quarter 2016. Revenue
generating space at year end 2016 was 87,200 square metres compared
to 79,100 square metres at year end 2015 and 84,100 square metres
at the end of the third quarter 2016. Utilisation rate, the ratio
of revenue-generating space to equipped space, was 79% at year-end
2016 compared to 78% at year-end 2015 and 78% at the end of the
third quarter 2016.
Annual Review
Revenue for 2016 was €421.8 million, a 9% increase compared to
2015. Recurring revenue for 2016 was €400.0 million, a 10% increase
compared to 2015, and accounted for 95% of total revenue in 2016
compared to 94% in 2015. On a constant currency basis, revenue in
2016 was 11% higher than in 2015.
Gross profit was €259.2 million in 2016, a 10% increase compared
to 2015. Gross profit margin was 61.5% in 2016, an increase of 70
bps compared to 2015.
Sales and marketing costs for 2016 were €29.9 million, a 6%
increase compared to 2015.
Adjusted EBITDA for 2016 was €190.9 million, an 11% increase
compared to 2015. Adjusted EBITDA margin for 2016 was 45.3%, an
increase of 100 bps compared to 2015.
Net income was €39.9 million in 2016, compared to €48.6 million
in 2015. Diluted earnings per share in 2016 were €0.56 on a
weighted average of 71.2 million diluted shares, compared to €0.69
on a weighted average of 70.5 million diluted shares in 2015. Net
income and earnings per share in 2016 were impacted by €2.4 million
of M&A transaction costs, and other one-time items having a net
positive impact €2.7 million. Net income and earnings per share in
2015 were impacted by €11.8 million of M&A transaction costs,
€20.9 million of M&A transaction break fee income, and a €2.3
million gain on the sale of a financial asset.
Adjusted net income was €36.6 million in 2016, a 4% decrease
compared to 2015. Adjusted earnings per diluted share were €0.51 on
a weighted average of 71.2 million diluted shares, compared to
€0.54 on a weighted average of 70.5 million diluted shares in
2015.
Cash generated from operations, defined as cash generated from
operating activities before interest and corporate income tax
payments and receipts, was €183.4 million in 2016, an increase of
8% compared to 2015.
Capital expenditures, including intangible assets, were €250.9
million in 2016 compared to €192.6 million in 2015.
During 2016, Interxion opened 9,600 square metres of new
Equipped Space, and installed a net 8,100 Revenue Generating Square
Metres, increasing utilisation to 79% from 78%.
Business Outlook
The company today is providing guidance for full year 2017:
Revenue
€ 468 million – € 483 million
Adjusted EBITDA € 212 million – € 222 million Capital expenditures
(including intangibles) € 250 million – € 270 million
Capital expenditure guidance does not include ~€78 million for
the acquisition of the Vancis data centre business in Amsterdam in
1Q 2017.
Conference Call to Discuss Results
Interxion will host a conference call today at 8:30 a.m. ET
(1:30 pm GMT, 2:30 pm CET) to discuss Interxion’s 4Q and 2016 year
end 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 14 March 2017. 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 56607932
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) revenue on a constant currency
basis, (iv) recurring revenue; (v) recurring revenue on a constant
currency basis (vi) adjusted net income; (vii) adjusted basic
earnings per share and (viii) adjusted diluted earnings per
share.
Other companies may present EBITDA, adjusted EBITDA, revenue on
a constant currency basis, recurring revenue, recurring revenue on
a constant currency basis, adjusted net income, 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 income or as a measure of liquidity or an
alternative to Profit for the period attributable to shareholders
(“net income”) as indicators of our operating performance or any
other measure of performance implemented in accordance with
IFRS.
EBITDA, Adjusted EBITDA, revenue on a constant currency
basis, recurring revenue and recurring revenue on a constant
currency basis
We define EBITDA as net income 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 – primarily the
fair value at the date of grant to employees of equity awards, 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 datacentres are not reflective of our business activities
and our ongoing operating performance.
In certain circumstances, we may also adjust for items 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.
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 income 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.
A reconciliation from net income to EBITDA and EBITDA to
adjusted EBITDA is provided in the tables attached to this press
release.
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 present recurring revenue as we believe it
assists investors understand our operating performance.
We present constant currency information for revenue and
recurring revenue to provide a framework for assessing how our
underlying businesses performed excluding the effect of foreign
currency rate fluctuations. To present this information, current
and comparative prior period results for entities reporting in
currencies other than Euro are converted into Euro using the
average exchange rates from the prior period rather than the actual
exchange rates in effect during the current period.
We believe that revenue growth is a key indicator of how a
company is progressing from period to period and presenting
constant currency information for revenue and recurring revenue
provides 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 currency exchange rates.
Adjusted net income, adjusted basic earnings per share and
adjusted diluted earnings per share
We define adjusted net income as net income 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 income. 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 items 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 income 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 income, 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 income.
Interxion does not provide forward-looking estimates of net
income, operating income, 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 reported net income to adjusted net income
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 45 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).
- Adjusted net income 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 in this
press release. Reconciliations of net income to adjusted EBITDA and
net income to adjusted net income can be found in the financial
tables later in this press release.
- 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.
- 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.
- We present constant currency
information for revenue and recurring revenue to provide a
framework for assessing how our underlying businesses performed
excluding the effect of foreign currency rate fluctuations. To
present this information, current and comparative prior period
results for entities reporting in currencies other than Euro are
converted into Euro using the average exchange rates from the prior
period rather than the actual exchange rates in effect during the
current period.
- Other general administrative costs
represents general and administrative costs excluding depreciation,
amortisation, impairments, share based payments, M&A
transaction costs, and increase/(decrease) in provision for onerous
lease contracts.
INTERXION HOLDING NV
CONDENSED CONSOLIDATED INCOME STATEMENTS (in €'000 ― except
per share data and where stated otherwise) (unaudited)
Three Months Ended Year ended Dec-31 Dec-31
Dec-31 Dec-31
2016 2015
2016 2015
Revenue 110,487 100,653 421,788
386,560 Cost of sales (43,022 ) (39,204 ) (162,568 )
(151,613 )
Gross Profit 67,465 61,449
259,220 234,947 Other income 191 86 333 21,288 Sales
and marketing costs (7,640 ) (7,385 ) (29,941 ) (28,217 ) General
and administrative costs (37,438 ) (31,370 ) (137,010 ) (132,505 )
Operating income 22,578 22,780 92,602
95,513 Net Finance expense (9,513 ) (8,084 ) (36,269 )
(29,022 )
Profit or loss before income taxes 13,065
14,696 56,333 66,491 Income tax expense (3,027
) (2,557 ) (16,450 ) (17,925 )
Net income 10,038
12,139 39,883 48,566
Basic earnings per share: (€) 0.14 0.17 0.57 0.70
Diluted earnings per share: (€) 0.14 0.17 0.56 0.69
Number of shares outstanding at the end of the period (shares in
thousands) 70,603 69,919 70,603 69,919 Weighted average number of
shares for Basic EPS (shares in thousands) 70,538 69,736 70,349
69,579 Weighted average number of shares for Diluted EPS (shares in
thousands) 71,407 70,675 71,215 70,499
As at
Dec-31 Dec-31
Capacity metrics 2016 2015
Equipped space (in square meters) 110,800 101,200 Revenue
generating space (in square meters) 87,200 79,100 Utilization Rate
79 % 78 %
INTERXION HOLDING
NV NOTES TO CONDENSED CONSOLIDATED INCOME STATEMENTS:
SEGMENT INFORMATION (in €'000 ― except where stated otherwise)
(unaudited)
Three Months Ended Year ended
Dec-31 Dec-31 Dec-31 Dec-31 2016
2015 2016 2015
Consolidated Recurring revenue 103,429
95,074 399,958 365,175 Non-recurring revenue 7,058 5,579
21,830 21,385
Revenue 110,487
100,653 421,788 386,560
Net income 10,038 12,139 39,883
48,566 Net income margin 9.1 % 12.1 % 9.5 % 12.6 %
Operating income 22,578 22,780 92,602
95,513 Operating income margin 20.4 % 22.6 % 22.0 % 24.7 %
Adjusted EBITDA 49,280 44,910
190,876 171,276 Gross profit
margin 61.1 % 61.0 % 61.5
% 60.8 % Adjusted EBITDA margin
44.6 % 44.6 % 45.3 %
44.3 % Total assets 1,482,665 1,252,064
1,482,665 1,252,064 Total liabilities 933,896 744,647 933,896
744,647 Capital expenditure, including intangible assets (a)
(73,758 ) (41,961 ) (250,878 ) (192,636 )
France,
Germany, the Netherlands, and the UK Recurring
revenue 66,157 60,859 256,004 232,624 Non-recurring revenue 4,812
3,910 13,770 14,290
Revenue
70,969 64,769 269,774 246,914
Operating income 21,565 21,699 87,558
83,215 Operating income margin 30.4 % 33.5 % 32.5 % 33.7 %
Adjusted EBITDA 38,222 34,803
148,191 134,328 Gross profit
margin 62.0 % 62.0 % 62.6
% 62.2 % Adjusted EBITDA margin
53.9 % 53.7 % 54.9 %
54.4 % Total assets 990,406 878,568 990,406
878,568 Total liabilities 202,330 196,996 202,330 196,996 Capital
expenditure, including intangible assets (a) (46,834 ) (34,877 )
(170,707 ) (131,812 )
Rest of Europe
Recurring revenue 37,272 34,215 143,954 132,551
Non-recurring revenue 2,246 1,669 8,060 7,095
Revenue 39,518 35,884
152,014 139,646 Operating income
16,078 14,357 62,404 54,374 Operating
income margin 40.7 % 40.0 % 41.1 % 38.9 %
Adjusted EBITDA
22,740 20,764 88,195
78,868 Gross profit margin 65.9
% 65.9 % 65.9 % 64.6
% Adjusted EBITDA margin 57.5 %
57.9 % 58.0 % 56.5 %
Total assets 363,444 309,218 363,444 309,218 Total
liabilities 73,613 54,396 73,613 54,396 Capital expenditure,
including intangible assets (a) (24,466 ) (5,568 ) (69,650 )
(55,004 )
Corporate and other
Operating income (15,065 ) (13,276
) (57,360 ) (42,076 )
Adjusted EBITDA (11,682 ) (10,657
) (45,510 ) (41,920 )
Total assets 128,815 64,278 128,815 64,278 Total liabilities
657,953 493,255 657,953 493,255
Capital expenditure, including intangible
assets (a)
(2,458 ) (1,516 ) (10,521 ) (5,820 )
(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 Year
ended Dec-31 Dec-31
Dec-31 Dec-31
2016
2015
2016 2015
Reconciliation to Adjusted
EBITDA Consolidated Net
income 10,038 12,139 39,883 48,566
Income tax expense 3,027 2,557 16,450 17,925
Profit before taxation 13,065 14,696
56,333 66,491 Net finance expense 9,513 8,084
36,269 29,022
Operating income
22,578 22,780 92,602 95,513
Depreciation, amortisation and impairments 24,244 20,186
89,835 78,229
EBITDA (1)
46,822 42,966 182,437 173,742
Share-based payments 1,828 1,467 6,343 7,161
Income or expense related to the
evaluation and execution of potential mergers or acquisitions
M&A transaction break fee income (2) - - - (20,923 ) M&A
transaction costs (3) 821 563 2,429 11,845 Items related to
terminated or unused data centre sites: Increase/(decrease) in
provision for onerous lease contracts (4) - - - (184 ) Items
related to sub-leases on unused data centre sites (5) 47 (86 ) (95
) (365 ) Increase/(decrease) in provision for site restoration (6)
(238 ) - (238 ) -
Adjusted EBITDA (1)
49,280 44,910 190,876
171,276 France, Germany, the
Netherlands, and the UK Operating income
21,565 21,699 87,558 83,215
Depreciation, amortisation and impairments 16,511 12,990
60,128 50,317
EBITDA (1)
38,076 34,689 147,686 133,532
Share-based payments 337 200 838 1,345 Items related to terminated
or unused data centre sites: Increase/(decrease) in provision for
onerous lease contracts (4) - - - (184 ) Items related to
sub-leases on unused data centre sites (5) 47 (86 ) (95 ) (365 )
Increase/(decrease) in provision for site restoration (6) (238 )
(238 )
Adjusted EBITDA
(1) 38,222 34,803 148,191
134,328 Rest of
Europe Operating income 16,078
14,357 62,404 54,374 Depreciation,
amortisation and impairments 6,554 6,213 25,371
23,688
EBITDA (1) 22,632
20,570 87,775 78,062 Share-based payments 108
194 420 806
Adjusted EBITDA
(1) 22,740 20,764 88,195
78,868 Corporate and
Other Operating income (15,065
) (13,276 ) (57,360 )
(42,076 ) Depreciation, amortisation and impairments
1,179 983 4,336 4,224
EBITDA
(1) (13,886 ) (12,293 )
(53,024 ) (37,852 ) Share-based
payments 1,383 1,073 5,085 5,010
Income or expense related to the
evaluation and execution of potential mergers or acquisitions
M&A transaction break fee income (2) - - - (20,923 ) M&A
transaction costs (3) 821 563 2,429 11,845
Adjusted EBITDA (1) (11,682 )
(10,657 ) (45,510 ) (41,920
)
(1) “EBITDA” and “Adjusted EBITDA” are
non-IFRS financial measures within the meaning of the rules of the
SEC. See “Non-IFRS Financial 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 31 December 2016, M&A transaction costs included €0.8
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 the income on sub-lease of portions of
unused data centre sites to third parties. This income is treated
as ‘Other income.’
(6) “Increase/(decrease) in provision for
site restoration” represents income related to the termination of
data centre sites. This item is treated as ‘Other income.’
INTERXION HOLDING NV CONDENSED
CONSOLIDATED BALANCE SHEET (in €'000 ― except where stated
otherwise) (unaudited)
As at Dec-31
Dec-31 2016 2015 Non-current assets
Property, plant and equipment 1,156,031 999,072 Intangible assets
28,694 23,194 Deferred tax assets 20,370 23,024 Other investments
1,942 - Other non-current assets 11,914 11,152
1,218,951 1,056,442 Current assets Trade
receivables and other current assets 147,821 141,936 Cash and cash
equivalents 115,893 53,686
263,714
195,622 Total assets 1,482,665
1,252,064 Shareholders’ equity Share
capital 7,060 6,992 Share premium 519,604 507,296 Foreign currency
translation reserve 9,988 20,865 Hedging reserve, net of tax (243 )
(213 ) Accumulated Profit / (deficit) 12,360 (27,523 )
548,769 507,417 Non-current liabilities Trade
payables and other liabilities 11,718 12,049 Deferred tax
liabilities 9,628 9,951 Borrowings 723,975 550,812
745,321 572,812 Current liabilities Trade
payables and other liabilities 171,399 162,629 Income tax
liabilities 5,694 2,738 Provision for onerous lease contracts -
1,517 Borrowings 11,482 4,951
188,575
171,835 Total liabilities 933,896
744,647 Total liabilities and shareholders’
equity 1,482,665 1,252,064
INTERXION HOLDING NV NOTES TO THE CONDENSED
CONSOLIDATED BALANCE SHEET: BORROWINGS (in €'000 ― except where
stated otherwise) (unaudited)
As at Dec-31
Dec-31 2016 2015
Borrowings net of cash and cash equivalents
Cash and cash equivalents (a) 115,893
53,686 6.00% Senior Secured Notes due 2020 (b)
629,327 475,503 Mortgages 54,412 44,073 Financial leases 51,718
34,582 Other borrowings - 1,605
Borrowings
excluding Revolving Facility deferred financing costs
735,457 555,763 Revolving Facility
deferred financing costs (c) (426 ) (710 )
Total borrowings
735,031 555,053
Borrowings net of cash and cash equivalents
619,138 501,367
(a) Cash and cash equivalents exclude €3.7
million as of 31 December 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. Restricted cash is reported under (non)current
assets.
(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 €0.4 million as of 31 December 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 Year ended Dec-31 Dec-31
Dec-31 Dec-31
2016 2015
2016 2015
Net income
10,038 12,139 39,883
48,566 Depreciation, amortisation and impairments 24,244
20,186 89,835 78,229 Provision for onerous lease contracts - (879 )
(1,533 ) (3,532 )
Share-based payments
1,702 824 6,105 6,518 Net finance expense 9,513 8,084 36,269 29,022
Income tax expense 3,027 2,557 16,450 17,925
48,524 42,911 187,009 176,728 Movements in trade receivables
and other assets (7,480 ) (9,799 ) (11,126 ) (19,380 ) Movements in
trade payables and other liabilities 9,127 4,973
7,505 12,040
Cash generated from operations
50,171 38,085 183,388 169,388 Interest
and fees paid (a) (2,224 ) (1,393 ) (36,003 ) (30,522 ) Interest
received 67 35 136 152 Income tax paid (2,638 ) (2,781 ) (8,124 )
(11,948 )
Net cash flows from / (used in) operating
activities 45,376 33,946 139,397
127,070 Cash flows from investing activities Purchase
of property plant and equipment (72,741 ) (40,487 ) (241,958 )
(186,115 ) Financial investments - deposits 1,139 418 1,139 418
Purchase of intangible assets (1,017 ) (1,474 ) (8,920 ) (6,521 )
Loans to third parties - - (1,942 ) - Proceeds from sale of
financial asset - - 281 3,063 Redemption of short-term investments
- - - 1,650
Net cash flows from /
(used in) investing activities (72,619 )
(41,543 ) (251,400 ) (187,505
) Cash flows from financing activities Proceeds from
exercised options 112 3,265 6,332 5,686 Proceeds from mortgages -
14,850 14,625 14,850 Repayment of mortgages (2,215 ) (985 ) (4,031
) (2,346 ) Proceeds Senior secured notes at 6% (538 ) - 154,808 -
Interest received at issue of additional notes - - 2,225 -
Repayment of other borrowings - 31 - -
Net cash flows from /
(used in) financing activities (2,641 )
17,161 173,959 18,190 Effect of exchange rate
changes on cash 843 (622 ) 251 1,294
Net
increase / (decrease) in cash and cash equivalents
(29,041 ) 8,942 62,207 (40,951
) Cash and cash equivalents, beginning of period 144,934
44,744 53,686 94,637
Cash and cash
equivalents, end of period 115,893 53,686
115,893 53,686
(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
INCOME RECONCILIATION (in €'000 ― except per share data and
where stated otherwise) (unaudited)
Three Months
Ended Year ended Dec-31 Dec-31
Dec-31
Dec-31
2016 2015
2016 2015
Net income - as
reported 10,038 12,139 39,883
48,566 Add back + M&A transaction costs
821 563 2,429 11,845 821 563 2,429
11,845
Reverse - M&A transaction break fee income - - -
(20,923 ) - Profit on sale of financial asset - - (281 ) (2,289 ) -
Adjustment of financial lease obligation - - (1,410 ) - - Increase
/ (decrease) in provision for onerous lease contracts - - - (184 )
- Increase/(decrease) in provision for site restoration (238 ) -
(238 ) - - Deferred tax asset adjustment (809 ) (809 ) - Interest
capitalised (941 ) (615 ) (3,362 ) (2,638 ) (1,988 ) (615 ) (6,100
) (26,034 )
Tax effect of above add backs &
reversals 89 13 363 3,547
Adjusted net income 8,960
12,100 36,575 37,924
Reported basic EPS: (€) 0.14 0.17 0.57 0.70 Reported diluted
EPS: (€) 0.14 0.17 0.56 0.69 Adjusted basic EPS: (€) 0.13
0.17 0.52 0.55 Adjusted diluted EPS: (€) 0.13 0.17 0.51 0.54
INTERXION HOLDING NV Status
of Announced Expansion Projects as at 1 March 2017 with
Target Open Dates after 1 January 2016 CAPEX
(a)(b) Equipped Space (a)
Target
Market Project (€ million)
(sqm)
Opening Dates
Amsterdam AMS 8: Phases 1 - 2 New Build 50 2,900
4Q 2016 -1Q 2017 (c)
Copenhagen CPH2: Phases 1 - 2 New Build 19 1,100
2Q 2016 - 1Q 2017 (d)
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 (e)
Frankfurt FRA 10: Phases 1 - 4 New Build 92 4,800 1Q 2016 - 3Q 2016
(f) Frankfurt FRA 11: Phases 1 - 4 New Build 95 4,800 4Q 2017 - 2Q
2018 (g) Frankfurt FRA 12: New Build 19 1,100 4Q 2017 London LON3:
New Build 35 1,800 3Q 2018 Marseille MRS 1: Phase 2 (cont) - 3 30
2,200 3Q 2016 - 2Q 2017 (h) Paris PAR7: Phase 2 37 2,100 4Q 2016 -
2Q 2017 (i) Stockholm STO5: Phase 1 New Build 11 600 3Q 2017 Vienna
VIE 2: New Build 65 4,200 4Q 2014 - 2Q 2017 (j)
Total €
497 28,000 (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 (1,500 square metres) became operational
in 4Q 2016. Phase 2 (1,400 square metres) is scheduled to become
operational in 1Q 2017. (d) Phase 1 (500 square metres) became
operational in 2Q 2016. Phase 2 (600 square metres) is scheduled to
become operational in 1Q 2017. (e) Phase 1 (600 square metres)
became operational in 4Q 2015. Phase 2 (600 square metres) became
operational in 2Q 2016. (f) 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)
became operational in 3Q 2016. (g) Phases 1 and 2 (1,200 square
metres each) are scheduled to become operational in 4Q 2017; phases
3 & 4 (1,200 square metres each) are scheduled to become
operational in 2Q 2018. (h) Phase 2 (cont.) (800 square metres)
became operational in 3Q 2016. Phase 3 (1,400 square metres) is
scheduled to become operational in 2Q 2017. (i) The first 500
square metres became operational in 4Q 2016. The remaining 1,600
square metres is scheduled to become operational in 2Q 2017. (j)
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 became operational in 3Q 2016; another 1,100 square
metres is scheduled to become operational in 2Q 2017.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170301005747/en/
Interxion Holding NVJim Huseby, +1
813-644-9399IR@interxion.com
InterXion Holding NV (NYSE:INXN)
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