Connectivity, Content and Cloud Communities
Drive Strong Growth Revenue Increased by 16% 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 30 June
2017.
Financial Highlights
- Revenue increased by 16% to €120.8
million (2Q 2016: €104.0 million).
- Recurring revenue1 increased by 14% to
€113.4 million (2Q 2016: €99.3 million).
- Net income increased by 13% to €10.3
million (2Q 2016: €9.2 million).
- Adjusted net income2 increased by 12%
to €10.1 million (2Q 2016: €9.0 million).
- Earnings per diluted share increased by
11% to €0.14 (2Q 2016: €0.13).
- Adjusted earnings2 per diluted share
increased by 12% to €0.14 (2Q 2016: €0.13).
- Adjusted EBITDA2 increased by 15% to
€54.3 million (2Q 2016: €47.3 million).
- Adjusted EBITDA margin decreased to
45.0% (2Q 2016: 45.5%).
- Capital expenditures, including
intangible assets3, were €56.4 million (2Q 2016: €62.6
million).
Operating Highlights
- Equipped space4 increased by 2,900
square metres in the quarter to 117,000 square metres.
- Revenue generating space4 increased by
5,200 square metres in the quarter to 95,000 square metres.
- Utilisation rate at the end of the
quarter was 81%.
- During the second quarter, Interxion
completed the following expansions:
- 300 sqm expansion in Copenhagen,
- 900 sqm expansion in Marseille,
- 600 sqm expansion in Paris, and
- 1,100 sqm expansion in Vienna.
“Interxion delivered a strong second quarter as communities of
interest within Interxion facilities continued to grow. Second
quarter revenue growth was 16% year over year and we installed
5,200 square metres of new revenue generating space,” said David
Ruberg, Interxion’s Chief Executive Officer. “Demand continues to
be strong and we are adding further capacity to meet that demand.
Our strategic focus of developing robust connectivity and global
cloud communities to create value for our customers has positioned
us to grow at the heart of the digital economy.”
Quarterly Review
Revenue in the second quarter of 2017 was €120.8 million, a 16%
increase over the second quarter of 2016 and a 6% increase over the
first quarter of 2017. Recurring revenue was €113.4 million, a 14%
increase over the second quarter of 2016 and a 5% increase over the
first quarter of 2017. Recurring revenue in the second quarter
represented 94% of total revenue. On an organic constant currency5
basis, revenue in the second quarter of 2017 was 16% higher than in
the second quarter of 2016 and 5% higher than in the first quarter
of 2017.
Cost of sales in the second quarter of 2017 was €47.9 million, a
21% increase over the second quarter of 2016 and a 9% increase over
the first quarter of 2017.
Gross profit was €72.9 million in the second quarter of 2017, a
13% increase over the second quarter of 2016 and a 4% increase over
the first quarter of 2017. Gross profit margin was 60.3% in the
second quarter of 2017, compared with 61.9% in the second quarter
of 2016 and 61.3% in the first quarter of 2017.
Sales and marketing costs in the second quarter of 2017 were
€8.3 million, a 14% increase over the second quarter of 2016 and a
5% increase from the first quarter of 2017.
Other general and administrative costs, which exclude
depreciation, amortisation, impairments, share-based payments, and
M&A transaction costs, were €10.3 million in the second quarter
of 2017, a 6% increase over the second quarter of 2016 and a 3%
decrease from the first quarter of 2017.
Depreciation, amortisation, and impairments in the second
quarter of 2017 was €27.2 million, an increase of 24% from the
second quarter of 2016 and a 13% increase from the first quarter of
2017.
Operating income in the second quarter of 2017 was €25.0
million, an increase of 6% from the second quarter of 2016 and a 2%
increase from the first quarter of 2017.
Net finance expense for the second quarter of 2017 was €10.9
million, a 7% increase over the second quarter of 2016 and an 6%
increase over the first quarter of 2017. Comparisons to prior
periods are impacted by the issuance of €150.0 million of
additional 6.00% senior secured notes due 2020 in April 2016 and
drawings under our €75.0 million senior secured revolving facility
that we entered into in March 2017.
Income tax expense for the second quarter of 2017 was €3.7
million, an 11% decrease compared with the second quarter of 2016
and a 13% increase from the first quarter of 2017.
Net income was €10.3 million in the second quarter of 2017, a
13% increase over the second quarter of 2016 and a 4% decrease from
the first quarter of 2017.
Adjusted net income was €10.1 million in the second quarter of
2017, a 12% increase over the second quarter of 2016 and a 6%
decrease from the first quarter of 2017.
Adjusted EBITDA for the second quarter of 2017 was €54.3
million, a 15% increase over the second quarter of 2016 and a 6%
increase over the first quarter of 2017. Adjusted EBITDA margin was
45.0% in the second quarter of 2017, compared with 45.5% in the
second quarter of 2016 and 45.1% in the first quarter of 2017.
Cash generated from operations, defined as cash generated from
operating activities before interest and corporate income tax
payments and receipts, was €40.6 million in the second quarter of
2017, compared with €39.3 million in the second quarter of 2016 and
€63.0 million in the first quarter of 2017.
Capital expenditures, including intangible assets, were €56.4
million in the second quarter of 2017, compared with €62.6 million
in the second quarter of 2016 and €54.8 million in the first
quarter of 2017.
Cash and cash equivalents were €49.2 million at 30 June 2017,
compared with €115.9 million at year end 2016. Total borrowings,
net of deferred revolving facility financing fees, were €777.7
million at 30 June 2017, compared with €735.0 million at year end
2016. On 9 March 2017, we entered into a €75.0 million senior
secured revolving facility. As of 30 June 2017, €45.0 million was
drawn. On 28 July 2017, we increased the aggregate capacity of this
facility to €100.0 million.
The following capacity metrics do not include Science Park.
Equipped space at the end of the second quarter of 2017 was 117,000
square metres, compared with 104,200 square metres at the end of
the second quarter of 2016 and 114,100 square metres at the end of
the first quarter of 2017. Revenue generating space at the end of
the second quarter of 2017 was 95,000 square metres, compared with
81,600 square metres at the end of the second quarter of 2016 and
89,800 square metres at the end of the first quarter of 2017.
Utilisation rate, the ratio of revenue-generating space to equipped
space, was 81% at the end of the second quarter of 2017, compared
with 78% at the end of the second quarter of 2016 and 79% at the
end of the first quarter of 2017.
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 15 August 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 48725099.
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) Revenue
on an organic constant currency basis; (v) Adjusted net income;
(vi) Adjusted basic earnings per share and (vii) Adjusted diluted
earnings per share.
Other companies may present EBITDA, Adjusted EBITDA, Recurring
revenue, Revenue on an organic 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, Recurring revenue and Revenue on an
organic 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, 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, amortised 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 and 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 credit
facility, our €100.0 million senior secured revolving facility and
our 6.00% Senior Secured Notes due 2020.
A reconciliation from net income to EBITDA and from 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 believe that revenue growth is a key indicator of how a
company is progressing from period to period and presenting organic
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 acquisitions and 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. A reconciliation from reported
net income to Adjusted net income is provided in the tables
attached to this press release.
Adjusted basic earnings per share and Adjusted diluted earnings
per share amounts are determined on Adjusted net income.
The company’s outlook for 2017 included in this press release,
includes a range for expected Adjusted EBITDA, a non-IFRS financial
measure, which excludes items that management believes are not
representative of our operating performance. These items include,
but are not limited to, share-based payments, income or expense
related to the evaluation and execution of potential mergers or
acquisitions, adjustments related to terminated and unused data
centre sites, and other significant items that currently cannot be
predicted. The exact amount of these items is not currently
determinable, but may be significant. Accordingly, the company is
unable to provide equivalent reconciliations from the corresponding
forward-looking IFRS measures to expected Adjusted EBITDA.
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 measures) exclude Interxion Science Park, which
was acquired on 24 February 2017.
5 We present organic constant currency information to provide a
framework for assessing how our underlying businesses performed
excluding the effect of acquisitions and foreign currency rate
fluctuations. For purposes of calculating Revenue on an organic
constant currency basis, results from entities acquired during the
current and comparison period are excluded. Also, 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. The
reconciliation of total revenue growth to total revenue growth on
an organic constant currency basis, is as follows:
Three Months Ended 30 June 2017 Year-on-year
Sequential Reported total revenue growth 16 %
6 % Add back: impact of foreign currency translation 1 % 0 %
Reverse: impact of acquired ISP business
(2
%)
(1
%)
Total revenue growth on an organic constant currency basis
16
% 5 % Percentages may not add due to rounding
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
2017 2016
2017 2016
Revenue 120,823 104,026 234,773
206,026 Cost of sales (47,926 ) (39,663 ) (92,021 ) (78,782
)
Gross Profit 72,897 64,363 142,752
127,244 Other income - 33 27 130 Sales and marketing costs
(8,285 ) (7,284 ) (16,210 ) (15,008 ) General and administrative
costs (39,623 ) (33,568 ) (77,181 ) (65,953 )
Operating income
24,989 23,544 49,388 46,413 Net finance
expense (10,920 ) (10,170 ) (21,207 ) (18,128 )
Profit or loss before
income taxes 14,069 13,374 28,181
28,285 Income tax expense (3,727 ) (4,209 ) (7,027 ) (8,901
)
Net income 10,342 9,165
21,154 19,384 Basic earnings per
share(a): (€) 0.15 0.13 0.30 0.28 Diluted earnings per share(b):
(€) 0.14 0.13 0.30 0.27 Number of shares outstanding
at the end of the period (shares in thousands) 71,060 70,479 71,060
70,479 Weighted average number of shares for Basic EPS (shares in
thousands) 71,035 70,316 70,907 70,163 Weighted average number of
shares for Diluted EPS (shares in thousands) 71,739 71,198 71,599
71,018
As at
Jun-30 Jun-30
Capacity metrics
2017 2016 Equipped space (in square meters) (c)
117,000 104,200
Revenue generating space (in square
meters) (c)
95,000 81,600 Utilization rate
81 % 78 % (a) Basic earnings per share are calculated as net
income divided by the weighted average number of shares for Basic
EPS. (b) Diluted earnings per share are calculated as net income
divided by the weighted average number of shares for Diluted EPS.
(c) Equipped space and Revenue generating space (and other metrics
derived from these measures) exclude Interxion Science Park, which
was acquired on February 24, 2017.
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 2017 2016 2017
2016 Consolidated Recurring
revenue 113,427 99,331 221,702 196,542 Non-recurring revenue 7,396
4,695 13,071 9,484
Revenue
120,823 104,026 234,773
206,026 Net income 10,342 9,165
21,154 19,384 Net income margin 8.6 % 8.8 % 9.0 % 9.4
%
Operating income 24,989 23,544 49,388
46,413 Operating income margin 20.7 % 22.6 % 21.0 % 22.5 %
Adjusted EBITDA 54,313 47,346
105,650 93,265 Gross profit
margin 60.3 % 61.9 % 60.8
% 61.8 % Adjusted EBITDA margin
45.0 % 45.5 % 45.0 %
45.3 % Total assets 1,589,211 1,473,099
1,589,211 1,473,099 Total liabilities 1,015,136 946,348 1,015,136
946,348 Capital expenditure, including intangible assets(a) (56,441
) (62,592 ) (111,198 ) (112,594 )
France, Germany,
the Netherlands, and the UK Recurring revenue
74,183 63,773 144,181 126,039 Non-recurring revenue 4,688
2,608 8,070 5,884
Revenue 78,871
66,381 152,251 131,923 Operating income
24,784 22,374 48,770 44,056 Operating
income margin 31.4 % 33.7 % 32.0 % 33.4 %
Adjusted EBITDA
43,115 37,012 83,284
73,193 Gross profit margin 62.0
% 63.4 % 61.9 % 62.9
% Adjusted EBITDA margin 54.7 %
55.8 % 54.7 % 55.5 %
Total assets 1,130,979 954,598 1,130,979 954,598 Total
liabilities 231,445 205,333 231,445 205,333 Capital expenditure,
including intangible assets(a) (40,753 ) (43,627 ) (75,819 )
(80,383 )
Rest of Europe
Recurring revenue 39,244 35,558 77,521 70,503 Non-recurring revenue
2,708 2,087 5,001 3,600
Revenue
41,952 37,645 82,522
74,103 Operating income 16,445
15,083 33,155 30,352 Operating income margin
39.2 % 40.1 % 40.2 % 41.0 %
Adjusted EBITDA 24,041
21,574 47,695 43,089
Gross profit margin 65.2 % 65.8
% 66.0 % 66.3 % Adjusted
EBITDA margin 57.3 % 57.3 %
57.8 % 58.1 % Total assets
379,372 340,529 379,372 340,529 Total liabilities 82,176 81,711
82,176 81,711 Capital expenditure, including intangible assets(a)
(13,635 ) (16,389 ) (29,852 ) (26,671 )
Corporate
and other Operating income (16,240
) (13,913 ) (32,537 )
(27,995 ) Adjusted EBITDA (12,843
) (11,240 ) (25,329 )
(23,017 ) Total assets 78,860 177,972 78,860
177,972 Total liabilities 701,515 659,304 701,515 659,304 Capital
expenditure, including intangible assets(a) (2,053 ) (2,576 )
(5,527 ) (5,540 )
(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
2017 2016
2017 2016
Reconciliation to
Adjusted EBITDA Consolidated
Net income 10,342 9,165 21,154
19,384 Income tax expense 3,727 4,209 7,027
8,901
Profit before taxation 14,069
13,374 28,181 28,285 Net finance expense
10,920 10,170 21,207 18,128
Operating income 24,989 23,544 49,388
46,413 Depreciation, amortisation and impairments 27,209
22,021 51,392 43,498
EBITDA(1) 52,198 45,565 100,780
89,911 Share-based payments 1,559 1,322 3,568 2,763 Income
or expense related to the evaluation and execution of potential
mergers or acquisitions M&A transaction costs(2) 556 492 1,329
721 Items related to terminated or unused data centre sites: Items
related to sub-leases on unused data centre sites(3) - (33 ) (27 )
(130 ) - -
Adjusted
EBITDA(1) 54,313 47,346
105,650 93,265 France,
Germany, the Netherlands, and the UK
Operating income 24,784 22,374 48,770
44,056 Depreciation, amortisation and impairments 18,097
14,543 33,996 28,835
EBITDA(1) 42,881 36,917 82,766
72,891 Share-based payments 234 128 545 432 Items related to
terminated or unused data centre sites: Items related to sub-leases
on unused data centre sites(3) - (33 ) (27 ) (130 )
Adjusted EBITDA(1) 43,115 37,012
83,284 73,193
Rest of Europe Operating income
16,445 15,083 33,155 30,352
Depreciation, amortisation and impairments 7,382 6,387
14,340 12,529
EBITDA(1)
23,827 21,470 47,495 42,881 Share-based
payments 214 104 200 208
Adjusted
EBITDA(1) 24,041 21,574
47,695 43,089 Corporate
and Other Operating income (16,240
) (13,913 ) (32,537 )
(27,995 ) Depreciation, amortisation and impairments
1,730 1,091 3,056 2,134
EBITDA(1) (14,510 ) (12,822
) (29,481 ) (25,861 )
Share-based payments 1,111 1,090 2,823 2,123 Income or expense
related to the evaluation and execution of potential mergers or
acquisitions M&A transaction costs(2) 556 492
1,329 721
Adjusted EBITDA(1)
(12,843 ) (11,240 ) (25,329
) (23,017 ) (1) “EBITDA” and “Adjusted
EBITDA” are non-IFRS financial measures. 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 30 June 2017, M&A transaction costs included €0.6
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 Jun-30
Dec-31 2017 2016 Non-current assets
Property, plant and equipment 1,235,319 1,156,031 Intangible assets
59,650 28,694 Goodwill 39,364 - Deferred tax assets 24,713 20,370
Other investments 3,281 1,942 Other non-current assets 14,442
11,914
1,376,769 1,218,951 Current
assets Trade receivables and other current assets 163,199
147,821 Cash and cash equivalents 49,243 115,893
212,442 263,714 Total assets
1,589,211 1,482,665
Shareholders’ equity Share capital 7,106 7,060 Share premium
526,176 519,604 Foreign currency translation reserve 7,473 9,988
Hedging reserve, net of tax (194 ) (243 ) Accumulated profit 33,514
12,360
574,075 548,769 Non-current
liabilities Other non-current liabilities 13,505 11,718
Deferred tax liabilities 20,888 9,628 Borrowings 717,732
723,975
752,125 745,321 Current
liabilities Trade payables and other current liabilities
196,336 171,399 Income tax liabilities 6,406 5,694 Borrowings
60,269 11,482
263,011 188,575
Total liabilities 1,015,136
933,896 Total liabilities and shareholders’
equity 1,589,211 1,482,665
INTERXION HOLDING NV NOTES TO THE CONDENSED
CONSOLIDATED BALANCE SHEET: BORROWINGS (in €'000 ― except where
stated otherwise) (unaudited)
As at Jun-30
Dec-31 2017 2016 Borrowings net
of cash and cash equivalents Cash and cash
equivalents 49,243 115,893
6.00% Senior Secured Notes due 2020(a) 628,734 629,327 Mortgages
53,057 54,412 Financial leases 51,435 51,718 Other borrowings(b)
44,775 -
Borrowings excluding Revolving Facility
deferred financing costs 778,001 735,457
Revolving Facility deferred financing costs(c) (285 ) (426 )
Total borrowings 777,716 735,031
Borrowings net of cash and cash
equivalents 728,473 619,138
(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) On 28 July 2017, we amended the terms of our €75.0 million
senior secured revolving facility agreement dated 9 March 2017 to
increase the amount available under the facility to €100.0 million
and to add a second extension option enabling us to extend the
maturity of this credit facility to 31 December 2018. Also, on 31
July 2017, we extended the maturity of our €100.0 million senior
multicurrency revolving facility agreement dated 17 June 2013 from
3 July 2018 to 31 December 2018. (c) Deferred financing costs of
€0.3 million as of 30 June 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 Six
Months Ended Jun-30 Jun-30
Jun-30 Jun-30
2017 2016((b))
2017 2016((b)) Net income
10,342 9,165 21,154 19,384
Depreciation, amortisation and impairments 27,209 22,021 51,392
43,498 Provision for onerous lease contracts - (392 ) - (1,271 )
Share-based payments 1,528 1,158 2,569 2,558 Net finance expense
10,920 10,170 21,207 18,128 Income tax expense 3,727 4,209
7,027 8,901 53,726 46,331 103,349 91,198
Movements in trade receivables and other assets (16,191 ) (3,732 )
(13,388 ) 1,310 Movements in trade payables and other liabilities
3,051 (3,264 ) 13,581 (2,758 )
Cash generated from
/ (used in) operations 40,586 39,335
103,542 89,750 Interest and fees paid(a) (2,462 )
(1,060 ) (20,912 ) (15,422 ) Interest received 8 18 (53 ) 25 Income
tax paid (2,474 ) (2,484 ) (5,305 ) (3,538 )
Net cash flows from
/ (used in) operating activities 35,658 35,809
77,272 70,815 Cash flows from / (used in)
investing activities Purchase of property plant and equipment
(53,399 ) (60,729 ) (106,322 ) (108,176 ) Financial investments -
deposits (148 ) - (366 ) 748 Acquisition Interxion Science Park
B.V. - - (77,517 ) - Purchase of intangible assets (3,042 ) (1,863
) (4,876 ) (4,419 ) Loans provided (1,341 ) - (1,341 ) -
Net cash flows from / (used in) investing activities
(57,930 ) (62,592 ) (190,422
) (111,847 ) Cash flows from / (used in)
financing activities Proceeds from exercised options 541 4,250
4,088 6,176 Proceeds from mortgages - 14,625 - 14,625 Repayment of
mortgages (872 ) (948 ) (1,420 ) (1,268 ) Proceeds from revolving
credit facilities - - 74,775 - Repayment Revolving facilities - -
(30,000 ) - 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 (331 ) 175,498
47,443 177,104 Effect of exchange rate changes on
cash (695 ) 147 (943 ) (404 )
Net increase / (decrease)
in cash and cash equivalents (23,298 )
148,862 (66,650 ) 135,668 Cash and cash
equivalents, beginning of period 72,541 40,492
115,893 53,686
Cash and cash equivalents, end of
period 49,243 189,354 49,243
189,354
(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 Six Months Ended Jun-30 Jun-30
Jun-30 Jun-30
2017 2016
2017 2016
Net income - as reported 10,342 9,165
21,154 19,384 Add back + M&A
transaction costs 556 492 1,329 721 556
492 1,329 721
Reverse - Interest capitalised (853 ) (701 )
(1,765 ) (1,166 ) (853 ) (701 ) (1,765 ) (1,166 )
Tax
effect of above add backs & reversals 74 52 109 111
Adjusted net
income 10,119 9,008 20,827
19,050 Reported basic EPS: (€) 0.15
0.13 0.30 0.28 Reported diluted EPS: (€) 0.14 0.13 0.30 0.27
Adjusted basic EPS: (€) 0.14 0.13 0.29 0.27 Adjusted diluted EPS:
(€) 0.14 0.13 0.29 0.27
INTERXION HOLDING NV Status of Announced Expansion
Projects as at 2 August 2017 with Target Open Dates after 1
January 2017
CAPEX(a)(b)
EquippedSpace(a)
Market Project (€ million)
(sqm) Target Opening Dates
Amsterdam AMS8: Phases 1 - 2 New Build 50 2,800 4Q 2016 -1Q 2017(c)
Copenhagen CPH2: Phase 2 15 600 1Q 2017 - 2Q 2017(d) Frankfurt
FRA11: Phases 1 - 4 New Build 95 4,800 4Q 2017 - 2Q 2018 (e)
Frankfurt FRA12: New Build 19 1,100 4Q 2017 Frankfurt FRA13: Phases
1 - 2 New Build 90 4,800 4Q 2018 - 1Q 2019 (f) London LON3: New
Build 35 1,800 3Q 2018 Marseille MRS 1: Phase 3 20 1,400 1Q 2017 -
2Q 2017 (g) Marseille MRS2: Phases 1 - 2 New Build 76 4,300 1Q 2018
- 3Q 2018(h) Paris PAR7: Phase 2 37 2,100 4Q 2016 - 2Q 2017 (i)
Stockholm STO5: Phase 1 New Build 11 500 3Q 2017 Vienna VIE2: Phase
6 - 8 68 3,000 3Q 2016 - 3Q 2018 (j) Zurich ZUR1: Phase 3 (cont.) 1
400 3Q17
Total € 517 27,600 (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) AMS8: Phase 1 (1,500 square metres) became
operational in 4Q 2016. Phase 2 (1,300 square metres) became
operational in 1Q 2017. (d) CPH2: 300 square metres became
operational in 1Q 2017; another 300 square metres became
operational in 2Q 2017. (e) FRA11: 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) FRA13: Phase 1 (2,300 square metres) is
scheduled to become operational in 4Q 2018; phase 2 (2,500 square
metres) is scheduled to become operational in 1Q 2019. (g) MRS1:
600 square metres became operational in 1Q 2017; another 900 square
metres became operational in 2Q 2017.
(h) MRS2: 900 square metres is scheduled
to become operational in 1Q 2018; 1,800 square metres is scheduled
to become operational in 3Q 2018. Further phases have not yet been
announced.
(i) PAR7: 400 square metres became operational in 4Q 2016.1,100
square metres became operational in 1Q 2017; another 600 square
metres became available in 2Q 2017.
(j) VIE2: 300 sqm became operational in 3Q
2016; 1,100 square metres became operational in 2Q 2017; 300 square
metres is scheduled to become operational in 4Q 2017; 700 square
metres is scheduled to become operational in 2Q 2018; 600 square
metres is scheduled to become operational in 3Q 2018.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170802005636/en/
Interxion Holding NVInvestor Relations:Jim Huseby, +1
813-644-9399IR@interxion.com
InterXion Holding NV (NYSE:INXN)
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