[March 05, 2014] |
|
Interxion Reports Q4 and Full Year 2013 Results
AMSTERDAM --(Business Wire)--
Interxion Holding NV (NYSE: INXN), a leading European provider of cloud
and carrier-neutral colocation data centre services, announced its
results today for the three months and year ended 31 December 2013.
"Interxion delivered a good performance in the fourth quarter and solid
financial and operating results in 2013 with the Big 4 segment, which
comprises our four largest countries, recording organic recurring
revenue growth of 14%," said David Ruberg, Interxion's Chief Executive
Officer. "In addition, we had a very strong level of bookings in the
fourth quarter of 2013, with momentum continuing into the first quarter
of 2014 as certain market segments continue to improve. We obtained
orders from multiple cloud infrastructure providers across multiple
locations, including Amsterdam, Frankfurt, Stockholm, and Vienna. As a
result, nearly 70% of our announced capital expenditure for 2014 is
dedicated to satisfying these orders."
Financial Highlights
-
Revenue for the fourth quarter and full year increased by 7% and 11%
to €78.2 million and €307.1 million, respectively (4Q 2012: €72.9
million; FY 2012: €277.1 million)
-
Adjusted EBITDA for the fourth quarter and full year increased by 8%
and 15% to €33.8 million and €131.8 million, respectively (4Q 2012:
€31.2 million; FY 2012: €115.0 million)
-
Adjusted EBITDA margin for the fourth quarter and full year increased
to 43.2% and 42.9%, respectively (4Q 2012: 42.8%; FY 2012: 41.5%)
-
Net profit for the fourth quarter increased by 73% to €9.8 million.
Full year 2013 net profit was €6.8 million (4Q 2012: €5.6 million; FY
2012: €31.6 million)
-
Earnings per diluted share for the fourth quarter increased by 72% to
€0.14. Full year 2013 earnings per diluted share were €0.10 (4Q 2012:
€0.08; FY 2012: €0.46)
-
Capital Expenditures, including intangible assets1, were
€55.3 million in the fourth quarter and €143.4 million in the full
year 2013.
1 Capital expenditures, including intangible assets,
represent payments to acquire property, plant, and equipment and
intangible assets, as recorded in the consolidated statement of cash
flows as "Purchase of property, plant and equipment" and "Purchase of
intangible assets" respectively.
Operating Highlights
-
Equipped Space increased by 800 square metres in the fourth quarter
and 6,100 square metres for the year to 80,100 square metres
-
Revenue Generating Space increased by 600 square metres in the fourth
quarter and 3,500 square metres for the full year to 59,700 square
metres
-
Utilisation Rate was 75% at the end of the year (Year end 2012: 76%)
-
Expansion projects in Zurich and Vienna were completed in 4Q 2013
-
New data centres in Stockholm and Vienna announced.
Quarterly Review
Revenue for the fourth quarter of 2013 was €78.2 million, a 7% increase
over the fourth quarter of 2012 and a slight increase over the third
quarter of 2013. Recurring revenue was €74.4 million, an 8% increase
over the fourth quarter of 2012 and a 1% increase over the third quarter
of 2013. Recurring revenue in the quarter was 95% of total revenue.
Cost of sales in the fourth quarter of 2013 was €31.4 million, an 8%
increase over the fourth quarter of 2012 and a 2% decrease over the
third quarter of 2013.
Gross profit was €46.8 million in the fourth quarter of 2013, a 6%
increase over the fourth quarter of 2012 and a 1% increase over the
third quarter of 2013.
Sales and marketing costs in the fourth quarter were €6.4 million, up
16% compared to both the prior year quarter and the third quarter of
2013, partly due to increased sales commissions. Other general and
administrative costs2 were €6.7 million, a decrease of 8%
compared to the fourth quarter of 2012 and a 6% decrease compared to the
third quarter of 2013.
Adjusted EBITDA for the fourth quarter of 2013 was €33.8 million, up 8%
compared to the fourth quarter of 2012 and a slight increase compared to
the third quarter of 2013. Adjusted EBITDA margin grew to 43.2% compared
to 42.8% in the fourth quarter of 2012 and 43.1% in the third quarter
2013.
Depreciation, amortisation, and impairments in the fourth quarter of
2013 was €13.5 million, an increase of 4% compared to the fourth quarter
of 2012 and a decrease of 11% from the third quarter of 2013. Beginning
with the fourth quarter of 2013, Interxion adjusted the estimated useful
lives of certain assets to more accurately reflect their useful lives
based on the company's experience of operating and maintaining data
centre assets for the last 15 years. This change of estimated useful
lives has reduced the depreciation charge in the fourth quarter by €2.0
million.
Operating profit during the fourth quarter of 2013 was €19.0 million, an
increase of 29% over the fourth quarter of 2012 and an increase of 9%
compared to the third quarter of 2013.
Net finance costs for the fourth quarter of 2013 were €5.6 million, a 1%
decrease compared to the fourth quarter of 2012, and an 85% decrease
compared to the third quarter of 2013 during which the company
recognized a €31.0 million one-time charge related to its refinancing
transaction. Excluding this one-time charge, net finance costs decreased
21% compared to the adjusted third quarter of 2013.
Income tax expense for the fourth quarter of 2013 was €3.7 million, an
increase of 6% compared to the fourth quarter of 2012. Interxion had a
€4.1 million income tax benefit in the third quarter of 2013 which was
impacted by the one-time refinancing charge mentioned above.
Net profit was €9.8 million in the fourth quarter of 2013, up 73% from
the fourth quarter of 2012. Interxion had a €16.5 million net loss in
the third quarter of 2013 which was impacted by the €31.0 million
one-time refinancing charge mentioned above. Earnings per share in the
fourth quarter 2013 were €0.14 on a weighted average of 69.5 million
diluted shares, compared with €0.08 on a weighted average of 69.1
million diluted shares in the fourth quarter of 2012.
Cash generated from operations, defined as cash generated from operating
activities before interest and corporate income tax payments and
receipts, was €23.0 million, a 30% decrease from the fourth quarter of
2012, and a 28% decrease from the third quarter of 2013, both the result
of changes in working capital.
Capital expenditures, including intangible assets, were €55.3 million in
the fourth quarter 2013 compared to €28.2 million in the fourth quarter
of 2012 and €26.5 million in the third quarter of 2013.
Cash and cash equivalents and short term investments were €45.7 million
at 31 December 2013, compared to €68.7 million at year end 2012. Total
borrowings were €364.0 million at year end 2013 compared to €288.1
million at year end 2012, as the company invested in additional data
centre capacity, refinanced its debt with €65 million of incremental
long term debt and €40 million additional revolving credit facility
capacity, and entered into several property mortgages during the year.
At 5 March 2014, an amount of €20 million is drawn under the revolving
credit facility.
Equipped space at the end of the fourth quarter of 2013 was 80,100
square metres compared to 74,000 square metres at the end of fourth
quarter of 2012 and 79,300 square metres at the end of the third quarter
2013. Utilisation rate, the ratio of revenue-generating space to
equipped space, was 75% at year-end 2013 compared to 76% at year-end
2012 and 75% at the end of the third quarter 2013.
2 Other general administrative costs represents general and
administrative costs excluding depreciation, amortisation, impairments,
share based payments and increase/(decrease) in provision for onerous
lease contracts.
Annual Review
Revenue for the full year 2013 was €307.1 million, an 11% increase over
full year 2012. Recurring revenue for 2013 was €291.3 million, a 12%
increase over 2012, and accounted for 95% of total revenue in 2013, up
from 94% in 2012.
Gross profit was €183.0 million in 2013, a 12% increase over 2012.
Sales and marketing costs for 2013 were €22.8 million, a 14% increase
over 2012.
Adjusted EBITDA for 2013 was €131.8 million, a 15% increase over 2012.
Adjusted EBITDA margin for 2013 expanded to 42.9% from 41.5% in 2012.
Net profit was €6.8 million in 2013 compared to €31.6 million in 2012.
Diluted earnings per share in 2013 were €0.10 on a weighted average of
69.3 million diluted shares, compared with €0.46 on a weighted average
of 68.3 million diluted shares in 2012. Net profit and earnings per
share in 2013 were impacted by the €31.0 million pre-tax one-time charge
mentioned above.
Cash generated from operations, defined as cash generated from operating
activities before interest and corporate income tax payments and
receipts, was €102.7 million in 2013 compared to €111.7 million in 2012.
Capital expenditures, including intangible assets, were €143.4 million
in 2013 compared to €178.3 million in 2012.
During 2013, Interxion opened new capacity in 8 of its 11 countries
representing approximately 6,100 square metres of equipped space. The
company installed 3,500 revenue generating square metres in 2013.
Business Outlook
The company today is providing guidance for full year 2014:
Revenue
|
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€334 million - €344 million
|
Adjusted EBITDA
|
|
€145 million - €152 million
|
Capital Expenditures (including intangibles)
|
|
€140 million - €160 million
|
Conference Call to Discuss Results
The company will host a conference call at 8:30 a.m. ET (1:30 pm GMT,
2:30 pm CET) today 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 42521897. 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 11 March 2014. 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 42521897.
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, amortisation
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 €100 million revolving credit facility and
€325 million 6.00% Senior Secured Notes due 2020. 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.
Adjusted diluted earnings per share amounts are determined on Adjusted
Net Profit3. A reconciliation from reported Net Profit to
Adjusted Net Profit is 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.
3 We define Adjusted Net Profit as net profit excluding the
impact of the refinancing charge, capitalized interest, change in asset
useful lives, deferred tax adjustments, Dutch crisis tax, and the
related corporate income tax effect.
About Interxion
Interxion (NYSE: INXN) is a leading provider of carrier and cloud
neutral colocation data centre services in Europe and serves a wide
range of customers through 36 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 more than 500 connectivity providers and 19 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.
|
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INTERXION HOLDING NV
|
CONSOLIDATED INCOME STATEMENT
|
(in €'000 ? except per share data and where stated otherwise)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Year Ended
|
|
|
31 Dec
|
|
31 Dec
|
|
31 Dec
|
|
31 Dec
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
78,154
|
|
|
72,880
|
|
|
307,111
|
|
|
277,121
|
|
Cost of sales
|
|
(31,372
|
)
|
|
(28,953
|
)
|
|
(124,141
|
)
|
|
(113,082
|
)
|
Gross profit
|
|
46,782
|
|
|
43,927
|
|
|
182,970
|
|
|
164,039
|
|
Other income
|
|
42
|
|
|
120
|
|
|
341
|
|
|
463
|
|
Sales and marketing costs
|
|
(6,366
|
)
|
|
(5,503
|
)
|
|
(22,818
|
)
|
|
(20,100
|
)
|
General and administrative costs
|
|
(21,446
|
)
|
|
(23,786
|
)
|
|
(90,134
|
)
|
|
(79,243
|
)
|
|
|
|
|
|
|
|
|
|
Operating profit
|
|
19,012
|
|
|
14,758
|
|
|
70,359
|
|
|
65,159
|
|
Net finance expense
|
|
(5,590
|
)
|
|
(5,657
|
)
|
|
(57,453
|
)
|
|
(17,746
|
)
|
|
|
|
|
|
|
|
|
|
Profit before taxation
|
|
13,422
|
|
|
9,101
|
|
|
12,906
|
|
|
47,413
|
|
Income tax expense
|
|
(3,650
|
)
|
|
(3,452
|
)
|
|
(6,082
|
)
|
|
(15,782
|
)
|
Net profit
|
|
9,772
|
|
|
5,649
|
|
|
6,824
|
|
|
31,631
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share: (€)
|
|
0.14
|
|
|
0.08
|
|
|
0.10
|
|
|
0.47
|
|
Diluted earnings per share: (€)
|
|
0.14
|
|
|
0.08
|
|
|
0.10
|
|
|
0.46
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares outstanding at the end of the period (shares in
thousands)
|
|
68,867
|
|
|
68,176
|
|
|
68,867
|
|
|
68,176
|
|
Weighted average number of shares for Basic EPS (shares in thousands)
|
|
68,834
|
|
|
68,021
|
|
|
68,584
|
|
|
67,309
|
|
Weighted average number of shares for Diluted EPS (shares in
thousands)
|
|
69,476
|
|
|
69,052
|
|
|
69,345
|
|
|
68,262
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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As at
|
|
|
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31 Dec
|
|
31 Dec
|
Capacity metrics
|
|
|
|
|
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2013
|
|
2012
|
Equipped space (in square meters)
|
|
|
|
|
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80,100
|
|
|
74,000
|
|
Revenue generating space (in square meters)
|
|
59,700
|
|
|
56,200
|
|
Utilisation rate
|
|
|
|
|
|
75
|
%
|
|
76
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
INTERXION HOLDING NV
|
NOTES TO CONSOLIDATED INCOME STATEMENT: SEGMENT INFORMATION
|
(in €'000 ? except where stated otherwise)
|
(unaudited)
|
|
|
|
|
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|
|
|
|
|
|
Three Months Ended
|
|
Year Ended
|
|
|
31 Dec
|
|
31 Dec
|
|
31 Dec
|
|
31 Dec
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recurring revenue
|
|
74,416
|
|
|
69,002
|
|
|
291,274
|
|
|
259,249
|
|
Non-recurring revenue
|
|
3,738
|
|
|
3,878
|
|
|
15,837
|
|
|
17,872
|
|
Revenue
|
|
78,154
|
|
|
72,880
|
|
|
307,111
|
|
|
277,121
|
|
Adjusted EBITDA
|
|
33,762
|
|
|
31,187
|
|
|
131,837
|
|
|
115,015
|
|
Gross margin
|
|
59.9
|
%
|
|
60.3
|
%
|
|
59.6
|
%
|
|
59.2
|
%
|
Adjusted EBITDA margin
|
|
43.2
|
%
|
|
42.8
|
%
|
|
42.9
|
%
|
|
41.5
|
%
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
910,775
|
|
|
819,224
|
|
|
910,775
|
|
|
819,224
|
|
Total liabilities
|
|
522,873
|
|
|
443,650
|
|
|
522,873
|
|
|
443,650
|
|
Capital expenditure, including intangible assets (i)
|
|
(55,346
|
)
|
|
(28,191
|
)
|
|
(143,381
|
)
|
|
(178,331
|
)
|
|
|
|
|
|
|
|
|
|
France, Germany, the Netherlands, and the
UK
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recurring revenue
|
|
46,473
|
|
|
42,849
|
|
|
182,165
|
|
|
159,136
|
|
Non-recurring revenue
|
|
2,378
|
|
|
2,491
|
|
|
10,293
|
|
|
12,640
|
|
Revenue
|
|
48,851
|
|
|
45,340
|
|
|
192,458
|
|
|
171,776
|
|
Adjusted EBITDA
|
|
26,582
|
|
|
24,321
|
|
|
104,373
|
|
|
90,121
|
|
Gross margin
|
|
63.1
|
%
|
|
62.7
|
%
|
|
62.6
|
%
|
|
61.4
|
%
|
Adjusted EBITDA margin
|
|
54.4
|
%
|
|
53.6
|
%
|
|
54.2
|
%
|
|
52.5
|
%
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
619,356
|
|
|
546,842
|
|
|
619,356
|
|
|
546,842
|
|
Total liabilities
|
|
148,884
|
|
|
139,576
|
|
|
148,884
|
|
|
139,576
|
|
Capital expenditure, including intangible assets (i)
|
|
(34,360
|
)
|
|
(20,090
|
)
|
|
(93,676
|
)
|
|
(145,080
|
)
|
|
|
|
|
|
|
|
|
|
Rest of Europe
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recurring revenue
|
|
27,943
|
|
|
26,153
|
|
|
109,109
|
|
|
100,113
|
|
Non-recurring revenue
|
|
1,360
|
|
|
1,387
|
|
|
5,544
|
|
|
5,232
|
|
Revenue
|
|
29,303
|
|
|
27,540
|
|
|
114,653
|
|
|
105,345
|
|
Adjusted EBITDA
|
|
14,975
|
|
|
14,379
|
|
|
59,097
|
|
|
55,068
|
|
Gross margin
|
|
61.4
|
%
|
|
62.4
|
%
|
|
61.2
|
%
|
|
61.5
|
%
|
Adjusted EBITDA margin
|
|
51.1
|
%
|
|
52.2
|
%
|
|
51.5
|
%
|
|
52.3
|
%
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
223,274
|
|
|
197,802
|
|
|
223,274
|
|
|
197,802
|
|
Total liabilities
|
|
39,708
|
|
|
48,183
|
|
|
39,708
|
|
|
48,183
|
|
Capital expenditure, including intangible assets (i)
|
|
(20,464
|
)
|
|
(7,196
|
)
|
|
(47,016
|
)
|
|
(29,014
|
)
|
|
|
|
|
|
|
|
|
|
Corporate and other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
|
(7,795
|
)
|
|
(7,513
|
)
|
|
(31,633
|
)
|
|
(30,174
|
)
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
68,145
|
|
|
74,580
|
|
|
68,145
|
|
|
74,580
|
|
Total liabilities
|
|
334,281
|
|
|
255,891
|
|
|
334,281
|
|
|
255,891
|
|
Capital expenditure, including intangible assets (i)
|
|
(522
|
)
|
|
(905
|
)
|
|
(2,689
|
)
|
|
(4,237
|
)
|
|
|
|
|
|
|
|
|
|
(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
|
|
Year Ended
|
|
|
31 Dec
|
|
31 Dec
|
|
31 Dec
|
|
31 Dec
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation to Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net profit
|
|
9,772
|
|
|
5,649
|
|
|
6,824
|
|
|
31,631
|
|
Income tax expense
|
|
3,650
|
|
|
3,452
|
|
|
6,082
|
|
|
15,782
|
|
Profit before taxation
|
|
13,422
|
|
|
9,101
|
|
|
12,906
|
|
|
47,413
|
|
Net finance expense
|
|
5,590
|
|
|
5,657
|
|
|
57,453
|
|
|
17,746
|
|
Operating profit
|
|
19,012
|
|
|
14,758
|
|
|
70,359
|
|
|
65,159
|
|
Depreciation, amortisation and impairments
|
|
13,532
|
|
|
13,071
|
|
|
57,670
|
|
|
43,993
|
|
EBITDA
|
|
32,544
|
|
|
27,829
|
|
|
128,029
|
|
|
109,152
|
|
Share-based payments
|
|
1,260
|
|
|
2,640
|
|
|
4,149
|
|
|
5,488
|
|
Increase/(decrease) in provision for onerous lease contracts
|
|
-
|
|
|
838
|
|
|
-
|
|
|
838
|
|
Income from sub-leases on unused data centre sites
|
|
(42
|
)
|
|
(120
|
)
|
|
(341
|
)
|
|
(463
|
)
|
Adjusted EBITDA
|
|
33,762
|
|
|
31,187
|
|
|
131,837
|
|
|
115,015
|
|
|
|
|
|
|
|
|
|
|
France, Germany, the Netherlands, and the
UK
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit
|
|
17,610
|
|
|
15,325
|
|
|
66,581
|
|
|
63,336
|
|
Depreciation, amortisation and impairments
|
|
8,703
|
|
|
8,059
|
|
|
37,371
|
|
|
25,686
|
|
EBITDA
|
|
26,313
|
|
|
23,384
|
|
|
103,952
|
|
|
89,022
|
|
Share-based payments
|
|
311
|
|
|
219
|
|
|
762
|
|
|
724
|
|
Increase/(decrease) in provision for onerous lease contracts
|
|
-
|
|
|
838
|
|
|
-
|
|
|
838
|
|
Income from sub-leases on unused data centre sites
|
|
(42
|
)
|
|
(120
|
)
|
|
(341
|
)
|
|
(463
|
)
|
Adjusted EBITDA
|
|
26,582
|
|
|
24,321
|
|
|
104,373
|
|
|
90,121
|
|
|
|
|
|
|
|
|
|
|
Rest of Europe
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit
|
|
10,847
|
|
|
9,992
|
|
|
41,482
|
|
|
38,969
|
|
Depreciation, amortisation and impairments
|
|
4,037
|
|
|
4,298
|
|
|
17,269
|
|
|
15,691
|
|
EBITDA
|
|
14,884
|
|
|
14,290
|
|
|
58,751
|
|
|
54,660
|
|
Share-based payments
|
|
91
|
|
|
89
|
|
|
346
|
|
|
408
|
|
Adjusted EBITDA
|
|
14,975
|
|
|
14,379
|
|
|
59,097
|
|
|
55,068
|
|
|
|
|
|
|
|
|
|
|
Corporate and Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit/(loss)
|
|
(9,445
|
)
|
|
(10,559
|
)
|
|
(37,704
|
)
|
|
(37,146
|
)
|
Depreciation, amortisation and impairments
|
|
792
|
|
|
714
|
|
|
3,030
|
|
|
2,616
|
|
EBITDA
|
|
(8,653
|
)
|
|
(9,845
|
)
|
|
(34,674
|
)
|
|
(34,530
|
)
|
Share-based payments
|
|
858
|
|
|
2,332
|
|
|
3,041
|
|
|
4,356
|
|
Adjusted EBITDA
|
|
(7,795
|
)
|
|
(7,513
|
)
|
|
(31,633
|
)
|
|
(30,174
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTERXION HOLDING NV
|
CONSOLIDATED BALANCE SHEET
|
(in €'000 ? except where stated otherwise)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at
|
|
|
|
|
|
|
31 Dec
|
|
31 Dec
|
|
|
|
|
|
|
2013
|
|
2012
|
Non-current assets
|
|
|
|
|
|
|
|
|
Property, plant and equipment
|
|
|
|
|
|
698,748
|
|
|
620,931
|
|
Intangible assets
|
|
|
|
|
|
17,878
|
|
|
18,638
|
|
Deferred tax assets
|
|
|
|
|
|
34,446
|
|
|
30,376
|
|
Financial assets
|
|
|
|
|
|
774
|
|
|
774
|
|
Other non-current assets
|
|
|
|
|
|
16,536
|
|
|
4,959
|
|
|
|
|
|
|
|
768,382
|
|
|
675,678
|
|
Current assets
|
|
|
|
|
|
|
|
|
Trade and other current assets
|
|
|
|
|
|
96,703
|
|
|
74,854
|
|
Cash and cash equivalents
|
|
|
|
|
|
45,690
|
|
|
68,692
|
|
|
|
|
|
|
|
142,393
|
|
|
143,546
|
|
Total assets
|
|
|
|
|
|
910,775
|
|
|
819,224
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
|
|
|
|
|
|
|
|
Share capital
|
|
|
|
|
|
6,887
|
|
|
6,818
|
|
Share premium
|
|
|
|
|
|
485,347
|
|
|
477,326
|
|
Foreign currency translation reserve
|
|
6,757
|
|
|
9,403
|
|
Hedging reserve, net of tax
|
|
|
|
|
|
60
|
|
|
-
|
|
Accumulated deficit
|
|
|
|
|
|
(111,149
|
)
|
|
(117,973
|
)
|
|
|
|
|
|
|
387,902
|
|
|
375,574
|
|
Non-current liabilities
|
|
|
|
|
|
|
|
|
Trade payables and other liabilities
|
|
11,537
|
|
|
11,194
|
|
Deferred tax liabilities
|
|
|
|
|
|
4,147
|
|
|
2,414
|
|
Provision for onerous lease contracts
|
|
4,855
|
|
|
7,848
|
|
Borrowings
|
|
|
|
|
|
362,209
|
|
|
288,085
|
|
|
|
|
|
|
|
382,748
|
|
|
309,541
|
|
Current liabilities
|
|
|
|
|
|
|
|
|
Trade payables and other liabilities
|
|
|
|
|
|
132,093
|
|
|
127,778
|
|
Income tax liabilities
|
|
|
|
|
|
2,229
|
|
|
2,301
|
|
Provision for onerous lease contracts
|
|
4,020
|
|
|
3,978
|
|
Borrowings
|
|
|
|
|
|
1,783
|
|
|
52
|
|
|
|
|
|
|
|
140,125
|
|
|
134,109
|
|
Total liabilities
|
|
|
|
|
|
522,873
|
|
|
443,650
|
|
Total liabilities and shareholders' equity
|
|
910,775
|
|
|
819,224
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTERXION HOLDING NV
|
NOTES TO THE CONSOLIDATED BALANCE SHEET: BORROWINGS
|
(in €'000 ? except where stated otherwise)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at
|
|
|
|
|
|
|
31 Dec
|
|
31 Dec
|
|
|
|
|
|
|
2013
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings net of cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents (ii)
|
|
|
|
|
|
45,690
|
|
|
68,692
|
|
|
|
|
|
|
|
|
|
|
6.0% Senior Secured Notes due 2020 (iii)
|
|
317,610
|
|
|
-
|
|
9.5% Senior Secured Notes due 2017 (iv)
|
|
-
|
|
|
256,268
|
|
Mortgages
|
|
|
|
|
|
24,257
|
|
|
9,903
|
|
Financial leases
|
|
|
|
|
|
20,520
|
|
|
20,361
|
|
Other borrowings
|
|
|
|
|
|
1,605
|
|
|
1,605
|
|
Borrowings excluding Revolving Credit Facility deferred financing
costs
|
|
363,992
|
|
|
288,137
|
|
Revolving credit facility deferred financing costs (v)
|
|
(1,258
|
)
|
|
(1,371
|
)
|
Total borrowings
|
|
|
|
|
|
362,734
|
|
|
286,766
|
|
|
|
|
|
|
|
|
|
|
Borrowings net of cash and cash equivalents
|
|
317,044
|
|
|
218,074
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(ii) Cash and cash equivalents include €4.1 million as of 31
December 2013 and €5.0 million as of 31 December 2012, which is
restricted and held as collateral to support the issuance of
bank guarantees on behalf of a number of subsidiary companies.
|
(iii) €325 million 6.0% Senior Secured Notes due 2020 are shown
after deducting underwriting discounts and commissions, offering
fees and expenses.
|
(iv) €260 million 9.5% Senior Secured Notes due 2017 are shown
after deducting underwriting discounts and commissions, offering
fees and expenses.
|
(v) Deferred financing costs of €1.3 million as of 31 December
2013 were incurred in connection with the €100 million revolving
credit facility.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTERXION HOLDING NV
|
CONSOLIDATED STATEMENT OF CASH FLOWS
|
(in €'000 ? except where stated otherwise)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Year Ended
|
|
|
31 Dec
|
|
31 Dec
|
|
31 Dec
|
|
31 Dec
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit for the period
|
|
9,772
|
|
|
5,649
|
|
|
6,824
|
|
|
31,631
|
|
Depreciation, amortisation and impairments
|
|
13,532
|
|
|
13,071
|
|
|
57,670
|
|
|
43,993
|
|
Unwinding provision for onerous lease contracts
|
|
(829
|
)
|
|
44
|
|
|
(3,285
|
)
|
|
(2,328
|
)
|
Share-based payments
|
|
1,260
|
|
|
2,640
|
|
|
4,149
|
|
|
5,488
|
|
Net finance expense
|
|
5,590
|
|
|
5,657
|
|
|
57,453
|
|
|
17,746
|
|
Income tax expense
|
|
3,650
|
|
|
3,452
|
|
|
6,082
|
|
|
15,782
|
|
|
|
32,975
|
|
|
30,513
|
|
|
128,893
|
|
|
112,312
|
|
Movements in trade and other current assets
|
|
(12,803
|
)
|
|
(78
|
)
|
|
(22,712
|
)
|
|
(7,154
|
)
|
Movements in trade and other liabilities
|
|
2,804
|
|
|
2,415
|
|
|
(3,510
|
)
|
|
6,543
|
|
Cash generated from operations
|
|
22,976
|
|
|
32,850
|
|
|
102,671
|
|
|
111,701
|
|
Interest paid (vi)
|
|
(813
|
)
|
|
(474
|
)
|
|
(22,747
|
)
|
|
(18,081
|
)
|
Interest received
|
|
137
|
|
|
273
|
|
|
569
|
|
|
1,007
|
|
Income tax paid
|
|
(3,840
|
)
|
|
(1,923
|
)
|
|
(7,930
|
)
|
|
(5,545
|
)
|
Net cash flows from operating activities
|
|
18,460
|
|
|
30,726
|
|
|
72,563
|
|
|
89,082
|
|
Cash flows from investing activities
|
|
|
|
|
|
|
|
|
Purchase of property, plant and equipment
|
|
(54,819
|
)
|
|
(26,990
|
)
|
|
(140,251
|
)
|
|
(172,036
|
)
|
Purchase of intangible assets
|
|
(527
|
)
|
|
(1,201
|
)
|
|
(3,130
|
)
|
|
(6,295
|
)
|
Acquisition financial asset
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(774
|
)
|
Net cash flows from investing activities
|
|
(55,346
|
)
|
|
(28,191
|
)
|
|
(143,381
|
)
|
|
(179,105
|
)
|
Cash flows from financing activities
|
|
|
|
|
|
|
|
|
Proceeds from exercised options
|
|
468
|
|
|
1,231
|
|
|
4,500
|
|
|
7,956
|
|
Payments related to mortgages
|
|
(1,167
|
)
|
|
-
|
|
|
(1,167
|
)
|
|
-
|
|
Proceeds from mortgages
|
|
333
|
|
|
9,890
|
|
|
15,490
|
|
|
9,890
|
|
Proceeds 6.00% Senior Secured Notes due 2020
|
|
(769
|
)
|
|
-
|
|
|
317,045
|
|
|
-
|
|
Repayment 9.50% Senior Secured Notes due 2017
|
|
-
|
|
|
-
|
|
|
(286,478
|
)
|
|
-
|
|
Payments for Revolving Credit Facility
|
|
(239
|
)
|
|
-
|
|
|
(1,398
|
)
|
|
(1,159
|
)
|
Other borrowings
|
|
(28
|
)
|
|
(64
|
)
|
|
(81
|
)
|
|
(804
|
)
|
Net cash flows from financing activities
|
|
(1,402
|
)
|
|
11,057
|
|
|
47,911
|
|
|
15,883
|
|
Effect of exchange rate changes on cash
|
|
(25
|
)
|
|
(52
|
)
|
|
(95
|
)
|
|
163
|
|
Net movement in cash and cash equivalents
|
|
(38,313
|
)
|
|
13,540
|
|
|
(23,002
|
)
|
|
(73,977
|
)
|
Cash and cash equivalents, beginning of period
|
|
84,003
|
|
|
55,152
|
|
|
68,692
|
|
|
142,669
|
|
Cash and cash equivalents, end of period
|
|
45,690
|
|
|
68,692
|
|
|
45,690
|
|
|
68,692
|
|
|
|
|
|
|
|
|
|
|
(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
|
NOTES TO CONSOLIDATED INCOME STATEMENT: ADJUSTED NET PROFIT
RECONCILIATION
|
(in € millions ? except per share data and where stated otherwise)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Year Ended
|
|
|
31 Dec
|
|
31 Dec
|
|
31 Dec
|
|
31 Dec
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
|
|
|
|
|
|
|
|
Net profit - as reported
|
|
9.8
|
|
|
5.6
|
|
|
6.8
|
|
|
31.6
|
|
|
|
|
|
|
|
|
|
|
Add back
|
|
|
|
|
|
|
|
|
+ Refinancing charges
|
|
-
|
|
|
-
|
|
|
31.0
|
|
|
-
|
|
+ Deferred tax asset adjustment
|
|
-
|
|
|
-
|
|
|
0.6
|
|
|
-
|
|
+ Dutch crisis wage tax
|
|
0.4
|
|
|
1.9
|
|
|
0.4
|
|
|
1.9
|
|
+ Adjustments to onerous lease
|
|
-
|
|
|
0.8
|
|
|
-
|
|
|
0.8
|
|
|
|
0.4
|
|
|
2.7
|
|
|
32.0
|
|
|
2.7
|
|
Reverse
|
|
|
|
|
|
|
|
|
- Change in useful life of assets
|
|
(2.0
|
)
|
|
-
|
|
|
(2.0
|
)
|
|
-
|
|
- Interest Capitalised
|
|
(0.4
|
)
|
|
(1.3
|
)
|
|
(1.7
|
)
|
|
(9.2
|
)
|
|
|
(2.4
|
)
|
|
(1.3
|
)
|
|
(3.7
|
)
|
|
(9.2
|
)
|
|
|
|
|
|
|
|
|
|
Tax effect of above add backs & reversals
|
|
0.7
|
|
|
(0.4
|
)
|
|
(6.9
|
)
|
|
1.6
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net profit
|
|
8.5
|
|
|
6.6
|
|
|
28.2
|
|
|
26.7
|
|
|
|
|
|
|
|
|
|
|
Reported Basic EPS: (€)
|
|
0.14
|
|
|
0.08
|
|
|
0.10
|
|
|
0.47
|
|
Reported Diluted EPS: (€)
|
|
0.14
|
|
|
0.08
|
|
|
0.10
|
|
|
0.46
|
|
|
|
|
|
|
|
|
|
|
Adjusted Basic EPS: (€)
|
|
0.12
|
|
|
0.10
|
|
|
0.41
|
|
|
0.40
|
|
Adjusted Diluted EPS: (€)
|
|
0.12
|
|
|
0.10
|
|
|
0.41
|
|
|
0.39
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTERXION HOLDING NV
|
Status of Announced Expansion Projects as at 5 March 2014
|
with Target Open Dates in 2013 & 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market
|
|
Project
|
|
CAPEX(a, b)
|
|
Equipped Space(a)
|
|
Target Opening Dates
|
|
|
|
|
(€million)
|
|
(Sqm)
|
|
|
|
|
|
|
|
|
|
|
|
Frankfurt
|
|
FRA 6: Phase 3 Expansion
|
|
5
|
|
600
|
|
1Q 2013 (opened)
|
Copenhagen
|
|
CPH 1: Expansion
|
|
2
|
|
300
|
|
2Q 2013 (opened)
|
Stockholm
|
|
STO 2: Phase 1 New Build
|
|
11
|
|
500
|
|
2Q 2013 (opened)
|
Vienna
|
|
VIE 1: Phase 4 Expansion
|
|
1
|
|
400
|
|
3Q 2013 (opened)
|
Vienna
|
|
VIE 1: Phase 5 Expansion
|
|
4
|
|
300
|
|
4Q 2013 (opened)
|
Zurich
|
|
ZUR 1: Phase 4 Expansion
|
|
4
|
|
500
|
|
4Q 2013 (opened)
|
Amsterdam
|
|
AMS 7: Phases 1-4 New Build
|
|
80
|
|
4,600
|
|
1Q 2014 (opened) (c)
|
Brussels
|
|
BRU 1: Phase 5 Expansion
|
|
2
|
|
300
|
|
1Q 2014 (opened)
|
Frankfurt
|
|
FRA 9: Phase 1 New Build
|
|
13
|
|
800
|
|
1Q 2014 (opened)
|
Stockholm
|
|
STO 2: Phase 2 Expansion
|
|
6
|
|
500
|
|
1Q 2014 (opened)
|
Frankfurt
|
|
FRA 8: Phases 1 & 2 New Build
|
|
30
|
|
1,800
|
|
2Q 2014 (d)
|
Stockholm
|
|
STO 3: New Build
|
|
12
|
|
900
|
|
4Q 2014
|
Vienna
|
|
VIE 2: Phases 1 & 2 New Build
|
|
25
|
|
1,200
|
|
4Q 2014 (e)
|
Total
|
|
|
|
€ 195
|
|
12,700
|
|
|
|
|
|
|
|
|
|
|
|
(a) CAPEX and Equipped Space are approximate and may change.
|
(b) CAPEX reflects the total 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 (1,000 sqm) became operational in 1Q 2014; phase 2
(1,000 sqm) is scheduled to be operational in 3Q 2014; phase
3 (1,300 sqm) is scheduled for 4Q 2014; phase 4 (1,300 sqm) is
scheduled for 1Q 2015.
|
(d) Phase 1 (900 sqm) scheduled to be operational in the second
quarter of 2014; phase 2 (900 sqm) is scheduled to be operational
in the fourth quarter of 2014.
|
(e) Phase 1 (600 sqm) is scheduled to be operational in 4Q 2014;
additional capacity of approximately 600 sqm is scheduled to
be operational in 1H 2015.
|
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