| [May 08, 2013] |
 |
Interxion Reports First Quarter 2013 Results
AMSTERDAM --(Business Wire)--
Interxion Holding NV (NYSE: INXN), a leading European provider of
carrier and cloud neutral colocation data centre services, today
announced its results for the three months ended 31 March 2013.
Financial Highlights
-
Revenue increased by 13% to €74.4 million (Q1 2012: €65.8 million)
-
Adjusted EBITDA increased by 16% to €31.7 million (Q1 2012: €27.3
million)
-
Adjusted EBITDA margin increased to 42.6% (Q1 2012: 41.5%)
-
Net profit was €7.0 million (Q1 2012: €8.7 million)
-
Capital expenditure, including intangible assets, was €32.8 million
Operating Highlights
-
Expansion projects in Frankfurt, London, Madrid, and Paris completed
-
Equipped Space increased by 4,100 square metres in Q1 2013 to 78,100
square metres
-
Revenue Generating Space increased by 800 square metres in Q1 2013 to
57,000 square metres
-
Utilisation Rate at the end of the quarter was 73%
"Interxion delivered another quarter of solid financial and operating
results in an unfavourable macroeconomic environment," said Interxion
Chief Executive Officer, David Ruberg. "We believe that our focus on
implementing our market strategy of building communities of interest in
our data centres, combined with our commitment to providing high quality
sales, marketing, and customer support, continues to foster sustainable
and profitable growth."
Quarterly Review
Revenue in the first quarter of 2013 was €74.4 million, a 13% increase
over the first quarter of 2012 and 2% up on the fourth quarter of 2012.
Recurring revenue, which was 95% of total revenue, was €71.0 million, a
14% increase over the first quarter of 2012 and 3% up on the fourth
quarter of 2012.
Cost of sales in the first quarter of 2013 was €29.6 million, a 12%
increase over the first quarter of 2012 and 2% up on the fourth quarter
of 2012.
Gross profit was €44.8 million in the first quarter 2013, a 14% increase
over the first quarter of 2012 and 2% up on the fourth quarter of 2012.
Gross profit margin in the first quarter of 2013 was 60.2%, compared
with 59.7% in the same quarter of 2012 and 60.3% in the fourth quarter
of 2012.
Sales and marketing costs in the first quarter 2013 were €5.5 million, a
13% increase over the first quarter of 2012 and in line with the fourth
quarter of 2012.
General and administrative costs1 in the first quarter 2013
were €7.6 million, an increase of 7% compared with the first quarter of
2012 and 5% up on the fourth quarter of 2012. Depreciation and
amortisation in the first quarter 2013 was €14.0 million, a 45% increase
over the first quarter of 2012 and 7% up on the fourth quarter of 2012.
Net financing costs in the first quarter of 2013 were €6.5 million, an
increase of 45% compared with the first quarter of 2012, and was
primarily the result of a reduction in capitalised interest in the
quarter.
Net profit was €7.0 million in the first quarter 2013, a decrease of 20%
compared with the first quarter of 2012, while earnings per share were
€0.10 on a weighted average of 69.1 million diluted shares, compared
with €0.13 on a weighted average of 67.4 million diluted shares in the
first quarter of 2012.
Adjusted EBITDA in the first quarter of 2013 was €31.7 million, up 16%
year-on-year. Adjusted EBITDA margin increased to 42.6%, compared with
41.5% in the first quarter of 2012.
Cash generated from operations, defined as cash generated from operating
activities before interest and corporate income tax payments and
receipts, was €23.6 million in the first quarter 2013 compared to €25.4
million in the first quarter 2012. Capital expenditure, including
intangible assets, was €32.8 million in the first quarter of 2013,
compared to €61.1 million in the first quarter 2012.
Cash and cash equivalents were €60.5 million at 31 March 2013, down from
€68.7 million at year-end 2012. Total borrowings were €298.0 million at
the end of the first quarter 2013 compared with €288.1 million at the
end of 2012. During the quarter, the company entered into a €10 million
mortgage in connection with two of its data centres in Paris. The
company's €60.0 million revolving credit facility remains undrawn.
Equipped Space at the end of the first quarter 2013 was 78,100 square
metres, compared with 64,800 square metres at the end of the first
quarter of 2012 and 74,000 square metres at the end of the fourth
quarter of 2012. Revenue Generating Space at the end of the first
quarter 2013 was 57,000 square metres, compared with 47,500 square
metres at the end of the first quarter of 2012 and 56,200 square metres
at the end of the fourth quarter of 2012. Utilisation rate, the ratio of
Revenue Generating Space to Equipped Space, was 73% at the end of the
quarter, the same as the first quarter of 2012 and compared with 76% at
the end of the fourth quarter of 2012.
|
Business Outlook
|
|
Interxion today reaffirmed its guidance for 2013:
|
|
|
|
|
|
|
Revenue
|
|
|
€307 million - €322 million
|
|
Adjusted EBITDA
|
|
|
€130 million - €140 million
|
|
Capital expenditure (including intangibles)
|
|
|
€130 million - €150 million
|
Conference Call to Discuss Results
The company will host a conference call today at 8:30am ET (1:30pm BST,
2:30pm 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 32692134. 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 May 2013. 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 55 00 00. The replay access number is 32692134.
Forward-looking Statements
This press release contains forward-looking statements that involve
risks and uncertainties. Actual results may differ materially from
expectations discussed in such forward-looking statements. Factors that
might cause such differences include, but are not limited to, the
difficulty of reducing operating expenses in the short term, 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, and other risks described from time to time in
Interxion's filings with the Securities and Exchange Commission.
Interxion does not assume any obligation to update the forward-looking
information contained in this press release.
Use of Non-IFRS Information
EBITDA is defined as operating profit plus depreciation, amortization
and impairment of assets. We define Adjusted EBITDA as EBITDA adjusted
to exclude share-based payments, increase/decrease in provision for
onerous lease contracts, and income from sub-leases on unused data
centre sites. Adjusted EBITDA margin is defined as Adjusted EBITDA as a
percentage of revenue. We present EBITDA, Adjusted EBITDA and Adjusted
EBITDA margin as additional information because we understand that they
are measures used by certain investors and because they are used in our
financial covenants in our €60 million revolving credit facility and
€260 million 9.50% Senior Secured Notes due 2017. However, other
companies may present EBITDA, Adjusted EBITDA and Adjusted EBITDA margin
differently than we do. EBITDA, Adjusted EBITDA and Adjusted EBITDA
margin are not measures of financial performance under IFRS and should
not be considered as an alternative to operating profit or as a measure
of liquidity or an alternative to net income as indicators of our
operating performance or any other measure of performance derived in
accordance with IFRS.
A reconciliation from Net profit to EBITDA and EBITDA to Adjusted EBITDA
is provided in the notes to our consolidated income statement included
elsewhere in this press release.
Interxion does not provide forward-looking estimates of Net profit,
Operating profit, depreciation, amortisation, and impairments,
share-based payments, or increase/decrease in provision for onerous
lease contracts, and income from sub-leases on unused data centre sites,
which it uses to reconcile to Adjusted EBITDA. The company is,
therefore, unable to provide forward-looking reconciling information for
Adjusted EBITDA.
About Interxion
Interxion (NYSE: INXN) is a leading provider of cloud and
carrier-neutral colocation data centre services in Europe, serving a
wide range of customers through 33 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 connectivity provided by over 450 fixed and mobile
carriers and ISPs and 18 European Internet exchanges, Interxion has
created cloud, content, finance and connectivity hubs that foster
growing customer communities of interest. For more information, please
visit www.interxion.com.
1 excluding depreciation, amortisation, impairments,
increase/(decrease) in provision for onerous lease contracts, and
share-based payments
|
INTERXION HOLDING NV
|
|
CONSOLIDATED INCOME STATEMENT
|
|
(in €'000 ? except per share data and where stated otherwise)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
|
|
Mar-31
|
|
Mar-31
|
|
|
|
|
|
|
|
2013
|
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
74,379
|
|
|
65,812
|
|
|
Cost of sales
|
|
|
|
|
|
(29,615
|
)
|
|
(26,499
|
)
|
|
Gross profit
|
|
|
|
|
|
44,764
|
|
|
39,313
|
|
|
Other income
|
|
|
|
|
|
123
|
|
|
118
|
|
|
Sales and marketing costs
|
|
|
|
|
|
(5,495
|
)
|
|
(4,850
|
)
|
|
General and administrative costs
|
|
|
|
|
|
(22,616
|
)
|
|
(17,521
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit
|
|
|
|
|
|
16,776
|
|
|
17,060
|
|
|
Net finance expense
|
|
|
|
|
|
(6,451
|
)
|
|
(4,435
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Profit before taxation
|
|
|
|
|
|
10,325
|
|
|
12,625
|
|
|
Income tax expense
|
|
|
|
|
|
(3,355
|
)
|
|
(3,929
|
)
|
|
Net profit
|
|
|
|
|
|
6,970
|
|
|
8,696
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share: (€)
|
|
|
|
|
|
0.10
|
|
|
0.13
|
|
|
Diluted earnings per share: (€)
|
|
|
|
|
|
0.10
|
|
|
0.13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares outstanding at the end of the period (shares in
thousands)
|
|
68,411
|
|
|
66,902
|
|
|
Weighted average number of shares for Basic EPS (shares in thousands)
|
|
|
|
68,225
|
|
|
66,335
|
|
|
Weighted average number of shares for Diluted EPS (shares in
thousands)
|
|
|
|
69,109
|
|
|
67,439
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capacity metrics
|
|
|
|
|
|
|
|
|
|
Equipped space (in square meters)
|
|
|
|
|
|
78,100
|
|
|
64,800
|
|
|
Revenue generating space (in square meters)
|
|
|
|
|
|
57,000
|
|
|
47,500
|
|
|
Utilisation rate
|
|
|
|
|
|
73
|
%
|
|
73
|
%
|
|
INTERXION HOLDING NV
|
|
NOTES TO CONSOLIDATED INCOME STATEMENT: SEGMENT INFORMATION
|
|
(in €'000 ? except where stated otherwise)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
|
|
Mar-31
|
|
Mar-31
|
|
|
|
|
|
|
|
2013
|
|
2012
|
|
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recurring revenue
|
|
|
|
|
|
70,956
|
|
|
62,279
|
|
|
Non-recurring revenue
|
|
|
|
|
|
3,423
|
|
|
3,533
|
|
|
Revenue
|
|
|
|
|
|
74,379
|
|
|
65,812
|
|
|
Adjusted EBITDA
|
|
|
|
|
|
31,673
|
|
|
27,336
|
|
|
Gross margin
|
|
|
|
|
|
60.2
|
%
|
|
59.7
|
%
|
|
Adjusted EBITDA margin
|
|
|
|
|
|
42.6
|
%
|
|
41.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
|
|
|
822,527
|
|
|
754,854
|
|
|
Total liabilities
|
|
|
|
|
|
439,639
|
|
|
411,854
|
|
|
Capital expenditure, including intangible assets (i)
|
|
|
|
|
|
(32,789
|
)
|
|
(61,100
|
)
|
|
|
|
|
|
|
|
|
|
|
|
France, Germany, the Netherlands, and the
UK
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recurring revenue
|
|
|
|
|
|
44,448
|
|
|
38,013
|
|
|
Non-recurring revenue
|
|
|
|
|
|
2,138
|
|
|
2,292
|
|
|
Revenue
|
|
|
|
|
|
46,586
|
|
|
40,305
|
|
|
Adjusted EBITDA
|
|
|
|
|
|
25,167
|
|
|
21,577
|
|
|
Gross margin
|
|
|
|
|
|
63.2
|
%
|
|
62.6
|
%
|
|
Adjusted EBITDA margin
|
|
|
|
|
|
54.0
|
%
|
|
53.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
|
|
|
550,804
|
|
|
461,638
|
|
|
Total liabilities
|
|
|
|
|
|
127,036
|
|
|
98,395
|
|
|
Capital expenditure, including intangible assets (i)
|
|
|
|
|
|
(20,693
|
)
|
|
(52,493
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Rest of Europe
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recurring revenue
|
|
|
|
|
|
26,508
|
|
|
24,266
|
|
|
Non-recurring revenue
|
|
|
|
|
|
1,285
|
|
|
1,241
|
|
|
Revenue
|
|
|
|
|
|
27,793
|
|
|
25,507
|
|
|
Adjusted EBITDA
|
|
|
|
|
|
14,464
|
|
|
13,408
|
|
|
Gross margin
|
|
|
|
|
|
61.3
|
%
|
|
61.4
|
%
|
|
Adjusted EBITDA margin
|
|
|
|
|
|
52.0
|
%
|
|
52.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
|
|
|
202,046
|
|
|
188,967
|
|
|
Total liabilities
|
|
|
|
|
|
41,166
|
|
|
42,723
|
|
|
Capital expenditure, including intangible assets (i)
|
|
|
|
|
|
(11,249
|
)
|
|
(7,923
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
|
|
|
|
|
(7,958
|
)
|
|
(7,649
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
|
|
|
69,677
|
|
|
104,249
|
|
|
Total liabilities
|
|
|
|
|
|
271,437
|
|
|
270,736
|
|
|
Capital expenditure, including intangible assets (i)
|
|
|
|
|
|
(847
|
)
|
|
(684
|
)
|
|
|
|
|
|
|
|
|
|
|
|
(i) Capital expenditure, including intangible assets, represents
payments to acquire property, plant and equipment and intangible
assets, as recorded in the consolidated statement of cash
flows as "Purchase of property, plant and equipment" and "Purchase
of intangible assets", respectively.
|
|
INTERXION HOLDING NV
|
|
NOTES TO CONSOLIDATED INCOME STATEMENT: ADJUSTED EBITDA
RECONCILIATION
|
|
(in €'000 ? except where stated otherwise)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
|
|
Mar-31
|
|
Mar-31
|
|
|
|
|
|
|
|
2013
|
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation to Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net profit
|
|
|
|
|
|
6,970
|
|
|
8,696
|
|
|
Income tax expense
|
|
|
|
|
|
3,355
|
|
|
3,929
|
|
|
Profit before taxation
|
|
|
|
|
|
10,325
|
|
|
12,625
|
|
|
Net finance expense
|
|
|
|
|
|
6,451
|
|
|
4,435
|
|
|
Operating profit
|
|
|
|
|
|
16,776
|
|
|
17,060
|
|
|
Depreciation, amortization and impairments
|
|
|
|
|
|
14,011
|
|
|
9,655
|
|
|
EBITDA
|
|
|
|
|
|
30,787
|
|
|
26,715
|
|
|
Share-based payments
|
|
|
|
|
|
1,009
|
|
|
739
|
|
|
Income from sub-leases on unused data center sites
|
|
|
|
|
|
(123
|
)
|
|
(118
|
)
|
|
Adjusted EBITDA
|
|
|
|
|
|
31,673
|
|
|
27,336
|
|
|
|
|
|
|
|
|
|
|
|
|
France, Germany, the Netherlands, and the
UK
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit
|
|
|
|
|
|
15,912
|
|
|
16,209
|
|
|
Depreciation, amortization and impairments
|
|
|
|
|
|
9,123
|
|
|
5,325
|
|
|
EBITDA
|
|
|
|
|
|
25,035
|
|
|
21,534
|
|
|
Share-based payments
|
|
|
|
|
|
255
|
|
|
161
|
|
|
Income from sub-leases on unused data center sites
|
|
|
|
|
|
(123
|
)
|
|
(118
|
)
|
|
Adjusted EBITDA
|
|
|
|
|
|
25,167
|
|
|
21,577
|
|
|
|
|
|
|
|
|
|
|
|
|
Rest of Europe
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit
|
|
|
|
|
|
10,175
|
|
|
9,695
|
|
|
Depreciation, amortization and impairments
|
|
|
|
|
|
4,183
|
|
|
3,606
|
|
|
EBITDA
|
|
|
|
|
|
14,358
|
|
|
13,301
|
|
|
Share-based payments
|
|
|
|
|
|
106
|
|
|
107
|
|
|
Adjusted EBITDA
|
|
|
|
|
|
14,464
|
|
|
13,408
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit/(loss)
|
|
|
|
|
|
(9,311
|
)
|
|
(8,844
|
)
|
|
Depreciation, amortization and impairments
|
|
|
|
|
|
705
|
|
|
724
|
|
|
EBITDA
|
|
|
|
|
|
(8,606
|
)
|
|
(8,120
|
)
|
|
Share-based payments
|
|
|
|
|
|
648
|
|
|
471
|
|
|
Adjusted EBITDA
|
|
|
|
|
|
(7,958
|
)
|
|
(7,649
|
)
|
|
INTERXION HOLDING NV
|
|
CONSOLIDATED BALANCE SHEET
|
|
(in €'000 ? except where stated otherwise)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at
|
|
|
|
|
|
|
|
31-Mar
|
|
31-Dec
|
|
|
|
|
|
|
|
2013
|
|
2012
|
|
Non-current assets
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment
|
|
|
|
|
|
622,198
|
|
620,931
|
|
Intangible assets
|
|
|
|
|
|
18,520
|
|
18,638
|
|
Deferred tax assets
|
|
|
|
|
|
29,928
|
|
30,376
|
|
Financial fixed assets
|
|
|
|
|
|
774
|
|
774
|
|
Other non-current assets
|
|
|
|
|
|
4,827
|
|
4,959
|
|
|
|
|
|
|
|
676,247
|
|
675,678
|
|
Current assets
|
|
|
|
|
|
|
|
|
|
Trade and other current assets
|
|
|
|
|
|
85,754
|
|
74,854
|
|
Cash and cash equivalents
|
|
|
|
|
|
60,526
|
|
68,692
|
|
|
|
|
|
|
|
146,280
|
|
143,546
|
|
Total assets
|
|
|
|
|
|
822,527
|
|
819,224
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
|
|
|
|
|
|
|
|
|
Share capital
|
|
|
|
|
|
6,841
|
|
6,818
|
|
Share premium
|
|
|
|
|
|
479,694
|
|
477,326
|
|
Foreign currency translation reserve
|
|
|
|
|
|
7,356
|
|
9,403
|
|
Accumulated deficit
|
|
|
|
|
|
(111,003)
|
|
(117,973)
|
|
|
|
|
|
|
|
382,888
|
|
375,574
|
|
Non-current liabilities
|
|
|
|
|
|
|
|
|
|
Trade payables and other liabilities
|
|
|
|
|
|
11,456
|
|
11,194
|
|
Deferred tax liabilities
|
|
|
|
|
|
2,620
|
|
2,414
|
|
Provision for onerous lease contracts
|
|
|
|
|
|
7,191
|
|
7,848
|
|
Borrowings
|
|
|
|
|
|
296,621
|
|
288,085
|
|
|
|
|
|
|
|
317,888
|
|
309,541
|
|
Current liabilities
|
|
|
|
|
|
|
|
|
|
Trade payables and other liabilities
|
|
|
|
|
|
112,562
|
|
127,778
|
|
Income tax liabilities
|
|
|
|
|
|
3,902
|
|
2,301
|
|
Provision for onerous lease contracts
|
|
|
|
|
|
3,901
|
|
3,978
|
|
Borrowings
|
|
|
|
|
|
1,386
|
|
52
|
|
|
|
|
|
|
|
121,751
|
|
134,109
|
|
Total liabilities
|
|
|
|
|
|
439,639
|
|
443,650
|
|
Total liabilities and shareholders' equity
|
|
|
|
|
|
822,527
|
|
819,224
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTERXION HOLDING NV
|
|
NOTES TO THE CONSOLIDATED BALANCE SHEET: BORROWINGS
|
|
(in €'000 ? except where stated otherwise)
|
|
(unaudited)
|
|
|
|
|
|
|
|
As at
|
|
|
|
|
|
|
|
31-Mar
|
|
31-Dec
|
|
|
|
|
|
|
|
2013
|
|
2012
|
|
Borrowings net of cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents (iii)
|
|
|
|
|
|
60,526
|
|
68,692
|
|
9.50% Senior Secured Notes due 2017 (iv)
|
|
|
|
|
|
256,463
|
|
256,268
|
|
Mortgages
|
|
|
|
|
|
19,531
|
|
9,903
|
|
Financial leases
|
|
|
|
|
|
20,408
|
|
20,361
|
|
Other borrowings
|
|
|
|
|
|
1,605
|
|
1,605
|
|
Borrowings excluding Revolving Credit Facility deferred financing
costs
|
|
|
|
298,007
|
|
288,137
|
|
Revolving credit facility deferred financing costs (v)
|
|
|
|
|
|
(1,268)
|
|
(1,371)
|
|
Total borrowings
|
|
|
|
|
|
296,739
|
|
286,766
|
|
Borrowings net of cash and cash equivalents
|
|
|
|
|
|
236,213
|
|
218,074
|
|
|
|
|
|
|
|
|
|
|
|
(iii) Cash and cash equivalents include €4.8 million as of March
31, 2013 and €5.0 million as of December 31, 2012, which is
restricted and held as collateral to support the issuance of
bank guarantees on behalf of a number of subsidiary companies.
|
|
(iv) €260 million 9.50% Senior Secured Notes due 2017 include
premium on additional issue and are shown after deducting
underwriting discounts and commissions, offering fees and
expenses.
|
|
(v) Deferred financing costs of €1.3 million incurred in
connection with the €60 million revolving credit facility, which is
currently undrawn.
|
|
|
|
|
|
|
|
|
|
|
|
INTERXION HOLDING NV
|
|
CONSOLIDATED STATEMENT OF CASH FLOWS
|
|
(in €'000 ? except where stated otherwise)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
|
|
31-Mar
|
|
31-Mar
|
|
|
|
|
|
|
|
2013
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the period
|
|
|
|
|
|
6,970
|
|
|
8,696
|
|
|
Depreciation, amortization and impairments
|
|
|
|
|
|
14,011
|
|
|
9,655
|
|
|
Unwinding provision for onerous lease contracts
|
|
|
|
|
|
(826
|
)
|
|
(785
|
)
|
|
Share-based payments
|
|
|
|
|
|
1,009
|
|
|
739
|
|
|
Net finance expense
|
|
|
|
|
|
6,451
|
|
|
4,435
|
|
|
Income tax expense
|
|
|
|
|
|
3,355
|
|
|
3,929
|
|
|
|
|
|
|
|
|
30,970
|
|
|
26,669
|
|
|
Movements in trade and other current assets
|
|
|
|
|
|
(6,787
|
)
|
|
(6,927
|
)
|
|
Movements in trade and other liabilities
|
|
|
|
|
|
(588
|
)
|
|
5,677
|
|
|
Cash generated from operations
|
|
|
|
|
|
23,595
|
|
|
25,419
|
|
|
Interest paid (vi)
|
|
|
|
|
|
(10,031
|
)
|
|
(9,974
|
)
|
|
Interest received
|
|
|
|
|
|
285
|
|
|
148
|
|
|
Income tax paid
|
|
|
|
|
|
(436
|
)
|
|
(711
|
)
|
|
Net cash flows from operating activities
|
|
|
|
|
|
13,413
|
|
|
14,882
|
|
|
Cash flows from investing activities
|
|
|
|
|
|
|
|
|
|
Purchase of property, plant and equipment
|
|
|
|
|
|
(30,920
|
)
|
|
(59,695
|
)
|
|
Purchase of intangible assets
|
|
|
|
|
|
(1,869
|
)
|
|
(1,405
|
)
|
|
Acquisition of other investments
|
|
|
|
|
|
-
|
|
|
(774
|
)
|
|
Net cash flows from investing activities
|
|
|
|
|
|
(32,789
|
)
|
|
(61,874
|
)
|
|
Cash flows from financing activities
|
|
|
|
|
|
|
|
|
|
Proceeds from exercised options
|
|
|
|
|
|
1,611
|
|
|
2,550
|
|
|
Secured bank loans
|
|
|
|
|
|
9,621
|
|
|
-
|
|
|
Other borrowings
|
|
|
|
|
|
(13
|
)
|
|
(57
|
)
|
|
Net cash flows from financing activities
|
|
|
|
|
|
11,219
|
|
|
2,493
|
|
|
Effect of exchange rate changes on cash
|
|
|
|
|
|
(9
|
)
|
|
10
|
|
|
Net movement in cash and cash equivalents
|
|
|
|
|
|
(8,166
|
)
|
|
(44,489
|
)
|
|
Cash and cash equivalents, beginning of period
|
|
|
|
|
|
68,692
|
|
|
142,669
|
|
|
Cash and cash equivalents, end of period
|
|
|
|
|
|
60,526
|
|
|
98,180
|
|
|
|
|
|
|
|
|
|
|
|
|
(vi) Interest paid is reported net of cash interest capitalized,
which is reported as part of "Purchase of property, plant and
equipment".
|
|
|
INTERXION HOLDING NV
|
|
|
Status of Announced Expansion Projects as at 8 May 2013
|
|
|
|
|
|
Market
|
|
Project
|
|
Capital
Expenditure(a,b)
|
|
Equipped
|
|
Target Opening
|
|
|
|
|
|
|
|
Space (a)
|
|
|
|
|
|
|
|
|
(€ million)
|
|
(Sqm)
|
|
|
|
|
Paris
|
|
PAR 7: Phase 1 New Build
|
|
€ 70
|
|
4,700
|
|
2Q 2012 (opened) (c)
|
|
|
London
|
|
LON 2: New Build
|
|
€ 38
|
|
1,500
|
|
3Q 2012 (opened) (d)
|
|
|
Madrid
|
|
MAD 2: Phase 1 New Build
|
|
€ 10
|
|
800
|
|
4Q 2012 (opened) (e)
|
|
|
Frankfurt
|
|
FRA 6: Phase 3 Expansion
|
|
€ 5
|
|
600
|
|
1Q 2013 (opened)
|
|
|
Stockholm
|
|
STO 2: Phase 1 New Build
|
|
€ 11
|
|
500
|
|
2Q 2013
|
|
|
Copenhagen
|
|
CPH 1: Expansion
|
|
€ 2
|
|
300
|
|
2Q 2013
|
|
|
|
|
|
(a) Capital expenditure and Equipped Space are approximate and
may change.
|
|
|
(b) Capital expenditure reflects the total cost for the listed
project at full power and capacity and may not be all invested in
the current year.
|
|
|
(c) Opened 500 sqm in 2Q 2012 and 1500 sqm in 3Q 2012; remaining
2700 sqm opened in 1Q 2013.
|
|
|
(d) Opened 1100 sqm in 3Q 2012; remaining 400 sqm opened in 1Q
2013.
|
|
|
|
|
(e) Opened 200 sqm in 4Q 2012; remaining 600 sqm opened in 1Q
2013.
|
|
|
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