Revenue Increased by 12% Year Over
Year
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 31 March
2017.
Financial Highlights
- Revenue increased by 12% to €113.9
million (1Q 2016: €102.0 million).
- Recurring revenue1 increased by 11% to
€108.3 million (1Q 2016: €97.2 million).
- Net income increased by 6% to €10.8
million (1Q 2016: €10.2 million).
- Adjusted net income2 increased by 7% to
€10.7 million (1Q 2016: €10.0 million).
- Earnings per diluted share increased by
5% to €0.15 (1Q 2016: €0.14).
- Adjusted earnings2 per diluted share
increased by 6% to €0.15 (1Q 2016: €0.14).
- Adjusted EBITDA2 increased by 12% to
€51.3 million (1Q 2016: €45.9 million).
- Adjusted EBITDA margin increased to
45.1% (1Q 2016: 45.0%).
- Capital expenditures3, including
intangible assets, were €54.8 million (1Q 2016: €50.0
million).
- Acquired Interxion Science Park data
centre business for €77.5 million on 24 February 2017.
Operating Highlights
- Equipped space4 increased by 3,300
square metres in the quarter to 114,100 square metres.
- Revenue generating space4 increased by
2,600 square metres in the quarter to 89,800 square metres.
- Utilisation rate at the end of the
quarter was 79%.
- During the first quarter, Interxion
completed the following expansions:
- 1,300 sqm expansion in Amsterdam,
- 600 sqm expansion in Marseille,
- 1,100 sqm expansion in Paris, and
- 300 sqm expansion in Copenhagen.
“Interxion continued to post strong results in the first quarter
of 2017, with 12% revenue growth year over year and expanding
Adjusted EBITDA margins. Bookings in the quarter remained strong
and were spread across our broad Western European footprint,
reflecting our strong position to capture the growing demand,” said
David Ruberg, Interxion’s Chief Executive Officer. “The European
cloud is developing consistent with our expectations, and our
success in attracting cloud and digital media platforms,
connectivity providers, and enterprises reflects the value that our
customers realize from being part of our communities of
interest.”
Quarterly Review
Revenue in the first quarter of 2017 was €113.9 million, a 12%
increase over the first quarter of 2016 and a 3% increase over the
fourth quarter of 2016. Recurring revenue was €108.3 million, an
11% increase over the first quarter of 2016 and a 5% increase over
the fourth quarter of 2016. Recurring revenue in the first quarter
represented 95% of total revenue. On a constant currency5 basis,
revenue in the first quarter of 2017 was 13% higher than in the
first quarter of 2016.
Cost of sales in the first quarter of 2017 was €44.1 million, a
13% increase over the first quarter of 2016 and a 2% increase over
the fourth quarter of 2016.
Gross profit was €69.9 million in the first quarter of 2017, an
11% increase over the first quarter of 2016 and a 4% increase over
the fourth quarter of 2016. Gross profit margin was 61.3% in the
first quarter of 2017, compared with 61.6% in the first quarter of
2016 and 61.1% in the fourth quarter of 2016.
Sales and marketing costs in the first quarter of 2017 were €7.9
million, a 3% increase over the first quarter of 2016 and a 4%
increase from the fourth quarter of 2016.
Other general and administrative costs, which exclude
depreciation, amortisation, impairments, share-based payments, and
M&A transaction costs, were €10.6 million in the first quarter
of 2017, a 15% increase over the first quarter of 2016 and a slight
increase from the fourth quarter of 2016.
Depreciation, amortisation, and impairments in the first quarter
of 2017 was €24.2 million, an increase of 13% from the first
quarter of 2016 and a slight decrease from the fourth quarter of
2016.
Operating income in the first quarter of 2017 was €24.4 million,
an increase of 7% from the first quarter of 2016 and an 8% increase
from the fourth quarter of 2016.
Net finance expense for the first quarter of 2017 was €10.3
million, a 29% increase over the first quarter of 2016 and an 8%
increase over the fourth quarter of 2016. Comparison to first
quarter of 2016 is impacted by the issuance of €150.0 million of
additional 6.00% senior secured notes due 2020 in April 2016.
Income tax expense for the first quarter of 2017 was €3.3
million, a 30% decrease compared with the first quarter of 2016 and
a 9% increase from the fourth quarter of 2016. Income tax expense
in the first quarter of 2017 was positively impacted by tax
deductible energy investment incentives.
Net income was €10.8 million in the first quarter of 2017, a 6%
increase over the first quarter of 2016 and an 8% increase from the
fourth quarter of 2016.
Adjusted net income was €10.7 million in the first quarter of
2017, a 7% increase over the first quarter of 2016 and a 20%
increase from the fourth quarter of 2016.
Adjusted EBITDA for the first quarter of 2017 was €51.3 million,
a 12% increase over the first quarter of 2016 and a 4% increase
over the fourth quarter of 2016. Adjusted EBITDA margin was 45.1%
in the first quarter of 2017 compared with 45.0% in the first
quarter of 2016 and 44.6% in the fourth quarter of 2016.
Cash generated from operations, defined as cash generated from
operating activities before interest and corporate income tax
payments and receipts, was €63.0 million in the first quarter of
2017, compared with €50.4 million in the first quarter of 2016 and
€50.2 million in the fourth quarter of 2016.
Capital expenditures, including intangible assets, were €54.8
million in the first quarter of 2017, compared with €50.0 million
in the first quarter of 2016 and €73.8 million in the fourth
quarter of 2016.
Cash and cash equivalents were €72.5 million at 31 March 2017,
compared with €115.9 million at year end 2016. Total borrowings,
net of deferred revolving facility financing fees, were €778.9
million at 31 March 2017, compared with €735.0 million at year end
2016. On 9 March 2017, Interxion entered into a €75.0 million
senior secured revolving facility, to supplement its €100.0 million
revolving credit facility. During the first quarter of 2017,
Interxion acquired the Science Park data centre business from
Vancis BV for approximately €77.5 million.
Equipped space at the end of the first quarter of 2017 was
114,100 square metres, compared with 101,600 square metres at the
end of the first quarter of 2016 and 110,800 square metres at the
end of the fourth quarter of 2016. Revenue generating space at the
end of the first quarter of 2017 was 89,800 square metres, compared
with 80,400 square metres at the end of the first quarter of 2016
and 87,200 square metres at the end of the fourth quarter of 2016.
Utilisation rate, the ratio of revenue-generating space to equipped
space, was 79% at the end of the first quarter of 2017, compared
with 79% at the end of the first quarter of 2016 and 79% at the end
of the fourth quarter of 2016. These capacity metrics exclude
Interxion Science Park.
Business Outlook
Interxion today reaffirms guidance for its revenue, Adjusted
EBITDA and capital expenditures (including intangibles) 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 €77.5 million for
the acquisition of Interxion Science Park in 1Q 2017.
Conference Call to Discuss Results
Interxion will host a conference call today at 8:30 a.m. EDT
(1:30 p.m. BST, 2:30 p.m. CET) to discuss the results.
To participate on this call, U.S. callers may dial toll free
1-866-966-9439; callers outside the U.S. may dial direct +44 (0)
1452 555 566. The conference ID for this call is 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 May 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 2827550.
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) Adjusted net income; (vi)
Adjusted basic earnings per share and (vii) Adjusted diluted
earnings per share.
Other companies may present EBITDA, Adjusted EBITDA, revenue on
a constant currency basis, Recurring revenue, 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 and Recurring revenue
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, are
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 in which such gains or losses
are incurred. We exclude these effects because we believe they are
not reflective of our ongoing operating performance.
- Adjustments related to terminated and
unused data centre sites – these gains and losses relate to
historical leases entered into for certain brownfield sites, with
the intention of developing data centres, 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 on-going operating performance.
In certain circumstances, we may also adjust for other items
that management believes are not representative of our current
on-going performance. Examples include: adjustments for the
cumulative effect of a change in accounting principle or estimate,
impairment losses, litigation gains and losses or windfall gains
and losses.
We define Recurring revenue as revenue 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, excluding rents received for the sublease
of unused sites.
We believe EBITDA, Adjusted EBITDA and Recurring revenue provide
useful supplemental information to investors regarding our on-going
operational performance. These measures help us and our investors
evaluate the on-going 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 (including 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 €100.0 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. EBITDA, Adjusted EBITDA and other key performance
indicators may not be indicative of our historical results of
operations, nor are they meant to be predictive of future
results.
We present constant currency information for 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 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 in which such gains or losses
are incurred. We exclude these effects because we believe they are
not reflective of our on-going operating performance.
- Adjustments related to provisions –
these adjustments are made for adjustments in provisions that are
not reflective of the on-going 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 on-going
performance. Examples include: adjustments 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 comparing 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).
1 Recurring revenue is revenue 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, excluding rents received for the sublease of
unused sites.
2 Adjusted net income (or ‘Adjusted earnings’) and Adjusted
EBITDA are non-IFRS figures intended to adjust for certain items
and are not measures of financial performance under IFRS. Complete
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.
3 Capital expenditures, including intangible assets, represent
payments to acquire property, plant, 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.
4 Equipped space and Revenue generating space (and other metrics
derived from these) exclude Interxion Science Park, which was
acquired on 24 February 2017.
5 We present constant currency information 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.
INTERXION HOLDING NV CONDENSED CONSOLIDATED
INCOME STATEMENTS (in €'000 ― except per share data and where
stated otherwise) (unaudited)
Three Months Ended
Mar-31 Mar-31
2017 2016
Revenue
113,950 102,000 Cost of sales (44,096 ) (39,119 )
Gross Profit 69,854 62,881 Other income 27 98
Sales and marketing costs (7,925 ) (7,724 ) General and
administrative costs (37,557 ) (32,386 )
Operating income 24,399 22,869 Net
finance expense (10,287 ) (7,958 )
Profit or loss before income taxes 14,112
14,911 Income tax expense (3,300 ) (4,692 )
Net
income 10,812 10,219 Basic
earnings per share(b): (€) 0.15 0.15 Diluted earnings per share(c):
(€) 0.15 0.14 Number of shares outstanding at the end
of the period (shares in thousands) 71,015 70,158 Weighted average
number of shares for Basic EPS (shares in thousands) 70,777 70,011
Weighted average number of shares for Diluted EPS (shares in
thousands) 71,415 70,975
As at Mar-31
Mar-31
Capacity metrics
2017 2016 Equipped space (in square meters) (a) 114,100
101,600 Revenue generating space (in square meters) (a) 89,800
80,400 Utilization rate 79 % 79 %
(a) Equipped space and Revenue generating
space (and other metrics derived from these) exclude Interxion
Science Park, which was acquired on February 24, 2017.
(b) Basic earnings per share are calculated as Net income divided
by the Weighted average number of shares for Basic EPS. (c) Diluted
earnings per share are calculated as Net income divided by the
Weighted average number of shares for Diluted EPS.
INTERXION HOLDING NV NOTES TO CONDENSED
CONSOLIDATED INCOME STATEMENTS: SEGMENT INFORMATION (in €'000 ―
except where stated otherwise) (unaudited)
Three Months
Ended Mar-31 Mar-31 2017 2016
Consolidated Recurring revenue 108,275
97,211 Non-recurring revenue 5,675 4,789
Revenue 113,950 102,000 Net
income 10,812 10,219 Net income margin 9.5 % 10.0
%
Operating income 24,399 22,869 Operating
income margin 21.4 % 22.4 %
Adjusted EBITDA 51,336
45,920 Gross profit margin 61.3
% 61.6 % Adjusted EBITDA margin
45.1 % 45.0 % Total assets
1,570,719 1,253,886 Total liabilities 1,006,026 738,881 Capital
expenditure, including intangible assets(a) (54,757 ) (50,002 )
France, Germany, the Netherlands, and the
UK Recurring revenue 69,997 62,266 Non-recurring
revenue 3,382 3,276
Revenue 73,379
65,542 Operating income 23,987 21,682
Operating income margin 32.7 % 33.1 %
Adjusted EBITDA
40,168 36,181 Gross profit
margin 61.9 % 62.4 % Adjusted
EBITDA margin 54.7 % 55.2 %
Total assets 1,097,804 876,049 Total liabilities 227,539 187,441
Capital expenditure, including intangible assets(a) (35,064 )
(36,757 )
Rest of Europe
Recurring revenue 38,278 34,945 Non-recurring revenue 2,293
1,513
Revenue 40,571 36,458
Operating income 16,710 15,267
Operating income margin 41.2 % 41.9 %
Adjusted EBITDA
23,654 21,515 Gross profit
margin 66.8 % 66.9 % Adjusted
EBITDA margin 58.3 % 59.0 %
Total assets 372,522 317,481 Total liabilities 79,121 56,436
Capital expenditure, including intangible assets(a) (16,216 )
(10,282 )
Corporate and other
Operating income (16,298 ) (14,080
) Adjusted EBITDA (12,486 )
(11,776 ) Total assets 100,393 60,356 Total
liabilities 699,366 495,004 Capital expenditure, including
intangible assets(a) (3,477 ) (2,963 )
(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 Mar-31 Mar-31
2017 2016
Reconciliation to Adjusted EBITDA
Consolidated Net income
10,812 10,219 Income tax expense 3,300 4,692
Profit before taxation 14,112 14,911
Net finance expense 10,287 7,958
Operating
income 24,399 22,869 Depreciation, amortisation
and impairments 24,183 21,478
EBITDA(1)
48,582 44,347 Share-based payments 2,008 1,442 Income
or expense related to the evaluation and execution of potential
mergers or acquisitions M&A transaction costs(2) 773 229 Items
related to terminated or unused data centre sites: Items related to
sub-leases on unused data centre sites(3) (27 ) (98 )
Adjusted EBITDA(1) 51,336
45,920 France, Germany, the
Netherlands, and the UK Operating income
23,987 21,682 Depreciation, amortisation and
impairments 15,898 14,292
EBITDA(1)
39,885 35,974 Share-based payments 310 305 Items
related to terminated or unused data centre sites: Items related to
sub-leases on unused data centre sites(3) (27 ) (98 )
Adjusted
EBITDA(1) 40,168 36,181
Rest of Europe Operating
income 16,710 15,267 Depreciation, amortisation
and impairments 6,958 6,144
EBITDA(1)
23,668 21,411 Share-based payments (14 ) 104
Adjusted EBITDA(1) 23,654 21,515
Corporate and Other
Operating income (16,298 ) (14,080
) Depreciation, amortisation and impairments 1,327
1,042
EBITDA(1) (14,971 )
(13,038 ) Share-based payments 1,712 1,033 Income or
expense related to the evaluation and execution of potential
mergers or acquisitions M&A transaction costs(2) 773 229
Adjusted EBITDA(1) (12,486 )
(11,776 )
(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 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 March 2017, M&A transaction costs included €0.8
million related to other activity including the evaluation of
potential asset acquisitions.
(3) “Items related to sub-leases on 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.’
INTERXION HOLDING NV CONDENSED
CONSOLIDATED BALANCE SHEET (in €'000 ― except where stated
otherwise) (unaudited)
As at Mar-31
Dec-31 2017 2016 Non-current assets
Property, plant and equipment 1,208,984 1,156,031 Intangible assets
58,922 28,694 Goodwill 40,246 - Deferred tax assets 24,204 20,370
Other investments 1,958 1,942 Other non-current assets 13,243
11,914
1,347,557 1,218,951 Current
assets Trade receivables and other current assets 150,621
147,821 Cash and cash equivalents 72,541 115,893
223,162 263,714 Total assets
1,570,719 1,482,665
Shareholders’ equity Share capital 7,101 7,060 Share premium
524,221 519,604 Foreign currency translation reserve 10,413 9,988
Hedging reserve, net of tax (214 ) (243 ) Accumulated profit 23,172
12,360
564,693 548,769 Non-current
liabilities Other non-current liabilities 14,498 11,718
Deferred tax liabilities 19,764 9,628 Borrowings 723,012
723,975
757,274 745,321 Current
liabilities Trade payables and other liabilities 185,574
171,399 Income tax liabilities 6,909 5,694 Borrowings 56,269
11,482
248,752 188,575 Total
liabilities 1,006,026 933,896
Total liabilities and shareholders’ equity 1,570,719
1,482,665 INTERXION
HOLDING NV NOTES TO THE CONDENSED CONSOLIDATED BALANCE
SHEET: BORROWINGS (in €'000 ― except where stated otherwise)
(unaudited)
As at Mar-31 Dec-31
2017 2016 Borrowings net of cash and
cash equivalents Cash and cash equivalents
72,541 115,893 6.00% Senior
Secured Notes due 2020(a) 629,032 629,327 Mortgages 53,897 54,412
Financial leases 51,577 51,718 Other borrowings 44,775 -
Borrowings excluding Revolving Facility deferred
financing costs 779,281 735,457
Revolving Facility deferred financing costs(b) (355 ) (426 )
Total borrowings 778,926 735,031
Borrowings net of cash and cash
equivalents 706,385 619,138
(a) €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.
(b) Deferred financing costs of €0.4 million as of 31 March 2017
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 Mar-31 Mar-31
2017
2016(b)
Net income
10,812 10,219 Depreciation,
amortisation and impairments 24,183 21,478 Provision for onerous
lease contracts - (880 ) Share-based payments 1,041 1,401 Net
finance expense 10,287 7,958 Income tax expense 3,300 4,692
49,623 44,868 Movements in trade receivables and other
assets 2,804 5,041 Movements in trade payables and other
liabilities 10,529 506
Cash generated from
operations 62,956 50,415 Interest and fees
paid(a) (18,450 ) (14,362 ) Interest received (61 ) 7 Income tax
paid (2,831 ) (1,054 )
Net cash flows from / (used in) operating
activities 41,614 35,006 Cash flows from
investing activities Purchase of property plant and equipment
(52,923 ) (47,446 ) Financial investments - deposits (218 ) 748
Acquisition Interxion Science Park B.V. (77,517 ) - Purchase of
intangible assets (1,834 ) (2,556 )
Net cash flows from / (used
in) investing activities (132,492 )
(49,254 ) Cash flows from financing activities
Proceeds from exercised options 3,547 1,926 Repayment of mortgages
(548 ) (320 ) Proceeds from revolving credit facilities 74,775 -
Repayment Revolving facilities (30,000 ) -
Net cash flows
from / (used in) financing activities 47,774
1,606 Effect of exchange rate changes on cash (248 ) (552 )
Net increase / (decrease) in cash and cash equivalents
(43,352 ) (13,194 ) Cash and cash
equivalents, beginning of period 115,893 53,686
Cash and cash equivalents, end of period 72,541
40,492
(a) Interest and fees paid is reported net
of cash interest capitalised, which is reported as part of
“Purchase of property, plant and equipment."
(b) The collaterized cash has been
reclassified from ”Cash and cash equivalents” to ”Other current
assets” and ”Other non-current assets.” The impact on the
consolidated statement of cash flows has been presented in
investing cash flows. Comparative figures have been adjusted
accordingly.
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
Mar-31 Mar-31
2017 2016
Net income -
as reported 10,812 10,219 Add back
+ M&A transaction costs 773 229 773 229
Reverse - Interest capitalised (912 ) (465 ) (912 ) (465 )
Tax effect of above add backs & reversals 35 59
Adjusted net income
10,708 10,042 Reported basic
EPS: (€) 0.15 0.15 Reported diluted EPS: (€) 0.15 0.14
Adjusted basic EPS: (€) 0.15 0.14 Adjusted diluted EPS: (€) 0.15
0.14
INTERXION HOLDING NV
Status of Announced Expansion Projects as at 3 May 2017
with Target Open Dates after 1 January 2017
Market Project
CAPEX (a)(b)(€
million)
EquippedSpace (a)
(sqm)
Target Opening Dates Amsterdam AMS 8: Phases 1
- 2 New Build 50 2,800 4Q 2016 -1Q 2017(c) Copenhagen CPH2: Phase 2
15 600 1Q 2017 - 3Q 2017(d) Frankfurt FRA 11: Phases 1 - 4 New
Build 95 4,800 4Q 2017 - 2Q 2018 (e) Frankfurt FRA 12: New Build 19
1,100 4Q 2017 London LON3: New Build 35 1,800 3Q 2018 Marseille MRS
1: Phase 3 20 1,400 1Q 2017 - 2Q 2017 (f) Paris PAR7: Phase 2 37
2,100 4Q 2016 - 3Q 2017 (g) Stockholm STO5: Phase 1 New Build 11
600 3Q 2017 Vienna VIE 2: Phase 6 23 1,400 3Q 2016 - 2Q 2017 (h)
Total € 305 16,600 (a) CAPEX and
Equipped space are approximate and may change. Figures are rounded
to nearest 100 sqm unless otherwise noted. Totals may not add due
to rounding. (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 (1,300 square metres) became operational in 1Q
2017.
(d) 300 square metres became operational
in 1Q 2017; another 300 square metres is scheduled to become
available in 3Q 2017.
(e) 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. (f)
600 square metres became operational in 1Q 2017; another 900 square
metres is scheduled to become operational in 2Q 2017. (g) 400
square metres became operational in 4Q 2016.1,100 square metres
became operational in 1Q 2017; another 600 square metres is
scheduled to become available in 3Q 2017. (h) 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/20170503005690/en/
Interxion Holding NVInvestor Relations:Jim Huseby,
+1-813-644-9399IR@interxion.com
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