[May 04, 2016] |
|
Interxion Reports First Quarter 2016 Results
Interxion Holding NV (NYSE: INXN), a leading European provider of
carrier and cloud-neutral colocation data centre services, announced its
results today for the three months ended 31 March 2016.
Financial Highlights
-
Revenue increased by 10% to €102.0 million (1Q 2015: €92.5 million).
-
Recurring Revenue increased by 12% to €97.2 million (1Q 2015: €87.1
million).
-
Adjusted EBITDA1 increased by 13% to €45.9 million (1Q
2015: €40.6 million).
-
Adjusted EBITDA margin increased to 45.0% (1Q 2015: 43.9%).
-
Net profit increased to €10.2 million (1Q 2015: €4.4 million).
-
Adjusted net profit1 increased by 13% to €10.0 million (1Q
2015: €8.9 million).
-
Earnings per diluted share were €0.14 (1Q 2015: €0.06).
-
Adjusted earnings per diluted share1 were €0.14 (1Q 2015:
€0.13).
-
Capital Expenditures, including intangible assets2, were
€50.0 million (1Q 2015: €67.6 million).
-
Subsequent to the quarter end, Interxion issued €150 million of 6.00%
Senior Secured Notes due 2020 at 104.50%.
__________________
1 Adjusted EBITDA, Adjusted net profit, and Adjusted earnings
per diluted share are non-IFRS figures intended to adjust for unusual
items and are not measures of financial performance under IFRS. Full
definitions can be found in the "Use of non-IFRS information" section
later in this press release. Reconciliations of Adjusted EBITDA and
Adjusted net profit to Net profit can be found in the financial tables
later in this press release.
2 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 400 square metres to 101,600 square metres.
-
Revenue Generating Space increased by 1,300 square metres to 80,400
square metres.
-
Utilisation Rate at the end of the quarter was 79%.
-
Interxion's tenth data centre in Frankfurt (FRA10) opened in the first
quarter, with 1,200 square metres becoming available. Interxion's
second data centre in Copenhagen (CPH2) opened subsequent to the end
of the first quarter, with 500 square metres becoming available.
"Interxion again posted solid financial and operational results in the
first quarter, demonstrating the value of our Communities of Interest
strategy," said David Ruberg, Interxion's Chief Executive Officer. "The
demand from magnetic cloud platform providers continues to grow as
enterprise use of cloud begins to migrate from the experimentation phase
to the initial production phase. These key platform providers continue
to value the attractiveness of our campus communities and broad Western
European footprint. Interxion is well positioned to capture future
demand as enterprises seek the advantages of the hybrid multi-cloud
solutions, either directly or through systems integrators."
Quarterly Review
Revenue in the first quarter of 2016 was €102.0 million, a 10% increase
over the first quarter of 2015 and a 1% increase over the fourth quarter
of 2015. Recurring revenue was €97.2 million, a 12% increase over the
first quarter of 2015 and a 2% increase over the fourth quarter of 2015.
Recurring revenue in the quarter was 95% of total revenue.
Cost of sales in the first quarter of 2016 was €39.1 million, an 8%
increase over the first quarter of 2015 and a slight decrease over the
fourth quarter of 2015.
Gross profit was €62.9 million in the first quarter of 2016, a 12%
increase over the first quarter of 2015 and a 2% increase over the
fourth quarter of 2015. Gross profit margin was 61.6% in the first
quarter of 2016 compared to 60.8% in the first quarter of 2015 and 61.1%
in the fourth quarter of 2015.
Sales and marketing costs in the first quarter of 2016 were €7.7
million, a 16% increase over the first quarter of 2015 and a 5% increase
from the fourth quarter of 2015.
Other general and administrative costs were €9.2 million in the first
quarter of 2016, a 4% increase over the first quarter of 2015 and a 1%
increase from the fourth quarter of 2015. Other general and
administrative costs exclude depreciation, amortisation, impairments,
share-based payments, M&A transaction costs and provision for onerous
lease contracts.
Adjusted EBITDA for the first quarter of 2016 was €45.9 million, a 13%
increase over the first quarter of 2015 and a 2% increase over the
fourth quarter of 2015. Adjusted EBITDA margin was 45.0% in the first
quarter of 2016 compared to 43.9% in the first quarter of 2015 and 44.6%
in the fourth quarter of 2015.
Depreciation, amortisation, and impairments in the first quarter of 2016
was €21.5 million, an increase of 18% from the first quarter of 2015 and
a 6% increase from the fourth quarter of 2015.
Operating profit in the first quarter of 2016 was €22.9 million, an
increase of 70% from the first quarter of 2015, and a slight increase
from the fourth quarter of 2015. Each of the first quarter 2015, fourth
quarter 2015, and first quarter 2016, were impacted by M&A transaction
related items. Excluding these items, operating profit was €23.1 million
in the first quarter of 2016, an increase of 14% over the first quarter
of 2015 and a 1% decrease over the fourth quarter of 2015.
Net finance costs for the first quarter of 2016 were €8.0 million, a 21%
increase over the first quarter of 2015, and a 2% decrease from the
fourth quarter of 2015.
Income tax expense for the first quarter of 2016 was €4.7 million, a 94%
increase over the first quarter of 2015, and an 83% increase from the
fourth quarter of 2015.
Net profit was €10.2 million in the first quarter of 2016, a 131%
increase over the first quarter of 2015, and a 16% decrease from the
fourth quarter of 2015.
Adjusted net profit was €10.0 million in the first quarter of 2016, a
13% increase over the first quarter of 2015, and a 17% decrease from the
fourth quarter of 2015.
Cash generated from operations, defined as cash generated from operating
activities before interest and corporate income tax payments and
receipts, was €50.4 million in the first quarter of 2016, compared to
€34.2 million in the first quarter of 2015, and €38.1 million in the
fourth quarter of 2015.
Capital expenditures, including intangible assets, were €50.0 million in
the first quarter of 2016 compared to €67.6 million in the first quarter
of 2015 and €42.0 million in the fourth quarter of 2015.
Cash and cash equivalents were €44.6 million at 31 March 2016, compared
to €58.6 million at year end 2015. Total borrowings, net of deferred
revolving facility financing fees, were €554.9 million at 31 March 2016
compared to €555.1 million at year end 2015. As of 31 March 2016, the
Company's revolving credit facility was undrawn. On 11 April 2016, the
Company issued €150 million of 6.00% Senior Secured Notes due 2020,
raising net proceeds of approximately €155 million.
Equipped space at the end of the first quarter of 2016 was 101,600
square metres compared to 94,800 square metres at the end of the first
quarter of 2015 and 101,200 square metres at the end of the fourth
quarter of 2015. Utilisation rate, the ratio of revenue-generating space
to equipped space, was 79% at the end of the first quarter of 2016,
compared with 78% at the end of the first quarter of 2015 and 78% at the
end of the fourth quarter of 2015.
Business Outlook
Interxion today reaffirms guidance for its Revenue, Adjusted EBITDA and
Capital expenditures (including intangibles) for full year 2016:
Revenue
|
|
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€416 million - €431 million
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Adjusted EBITDA
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€185 million - €195 million
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Capital expenditures (including intangibles)
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€200 million - €220 million
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Conference Call to Discuss Results
Interxion will host a conference call today at 8:30 a.m. ET (1:30 pm
BST, 2:30 pm CET) to discuss its First Quarter 2016 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 17 May 2016. 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 81735348.
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.
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, M&A transaction costs, movement in
provision for onerous lease contracts and income from sub-leases of
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
facility and our 6.00% Senior Secured Notes due 2020. A reconciliation
from Profit for the period attributable to shareholders ("Net profit")
to EBITDA and EBITDA to Adjusted EBITDA is provided in the notes to our
condensed consolidated interim financial statements.
Adjusted net profit is defined as Net profit excluding the impact of M&A
transaction costs, adjustments for onerous lease contracts, interest
capitalised, and the related corporate income tax effect with respect to
the foregoing items.
Other companies may, however, present EBITDA, Adjusted EBITDA, Adjusted
EBITDA margin and Adjusted net profit differently than we do. EBITDA,
Adjusted EBITDA, Adjusted EBITDA margin and Adjusted net profit 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 profit as indicators of our operating
performance or any other measure of performance implemented in
accordance with IFRS. Interxion does not provide forward-looking
estimates of Net profit, Operating profit, depreciation, amortisation,
and impairments, share-based payments, M&A transaction costs or
increase/decrease in provision for onerous lease contracts, and income
from sub-leases of unused data centre sites, which it uses to reconcile
to Adjusted EBITDA. The Company is, therefore, unable to provide
forward-looking reconciling information for Adjusted EBITDA.
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 42 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.
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INTERXION HOLDING NV
|
CONSOLIDATED INCOME STATEMENTS
|
(in €'000 ? except per share data and where stated otherwise)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Mar-31
|
|
|
Mar-31
|
|
|
|
2016
|
|
|
2015
|
|
|
|
|
|
|
|
|
Revenue
|
|
102,000
|
|
|
92,482
|
|
Cost of sales
|
|
(39,119
|
)
|
|
(36,282
|
)
|
Gross Profit
|
|
62,881
|
|
|
56,200
|
|
Other income
|
|
98
|
|
|
63
|
|
Sales and marketing costs
|
|
(7,724
|
)
|
|
(6,679
|
)
|
General and administrative costs
|
|
(32,386
|
)
|
|
(36,159
|
)
|
|
|
|
|
|
|
|
Operating profit
|
|
22,869
|
|
|
13,425
|
|
Net Finance expense
|
|
(7,958
|
)
|
|
(6,585
|
)
|
|
|
|
|
|
|
|
Profit or loss before income taxes
|
|
14,911
|
|
|
6,840
|
|
Income tax expense
|
|
(4,692
|
)
|
|
(2,415
|
)
|
Net income
|
|
10,219
|
|
|
4,425
|
|
|
|
|
|
|
|
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Basic earnings per share: (€)
|
|
0.15
|
|
|
0.06
|
|
Diluted earnings per share: (€)
|
|
0.14
|
|
|
0.06
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Number of shares outstanding at the end of the period (shares in
thousands)
|
|
70,158
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|
|
69,559
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|
Weighted average number of shares for Basic EPS (shares in thousands)
|
|
70,011
|
|
|
69,393
|
|
Weighted average number of shares for Diluted EPS (shares in
thousands)
|
|
70,975
|
|
|
70,329
|
|
|
|
|
|
|
|
|
|
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|
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As at
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Mar-31
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Mar-31
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Capacity metrics
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2016
|
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2015
|
|
Equipped space (in square meters)
|
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101,600
|
|
|
94,800
|
|
Revenue generating space (in square meters)
|
|
80,400
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|
|
74,000
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Utilization Rate
|
|
79
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%
|
|
78
|
%
|
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INTERXION HOLDING NV
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NOTES TO CONSOLIDATED INCOME STATEMENTS: SEGMENT INFORMATION
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(in €'000 ? except where stated otherwise)
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(unaudited)
|
|
|
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|
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|
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|
Three Months Ended
|
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Mar-31
|
|
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Mar-31
|
|
|
|
2016
|
|
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2015
|
|
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
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Recurring revenue
|
|
97,211
|
|
|
87,051
|
|
Non-recurring revenue
|
|
4,789
|
|
|
5,431
|
|
Revenue
|
|
102,000
|
|
|
92,482
|
|
Adjusted EBITDA
|
|
45,920
|
|
|
40,605
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|
Gross profit margin
|
|
61.6
|
%
|
|
60.8
|
%
|
Adjusted EBITDA margin
|
|
45.0
|
%
|
|
43.9
|
%
|
|
|
|
|
|
|
|
Total assets
|
|
1,253,886
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|
|
1,188,761
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Total liabilities
|
|
738,881
|
|
|
731,366
|
|
Capital expenditure, including intangible assets (a)
|
|
(50,002
|
)
|
|
(67,570
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)
|
|
|
|
|
|
|
|
France, Germany, the Netherlands, and the
UK
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recurring revenue
|
|
62,266
|
|
|
54,983
|
|
Non-recurring revenue
|
|
3,276
|
|
|
3,627
|
|
Revenue
|
|
65,542
|
|
|
58,610
|
|
Adjusted EBITDA
|
|
36,181
|
|
|
31,370
|
|
Gross profit margin
|
|
62.4
|
%
|
|
62.0
|
%
|
Adjusted EBITDA margin
|
|
55.2
|
%
|
|
53.5
|
%
|
|
|
|
|
|
|
|
Total assets
|
|
876,049
|
|
|
824,515
|
|
Total liabilities
|
|
187,441
|
|
|
181,390
|
|
Capital expenditure, including intangible assets (a)
|
|
(36,757
|
)
|
|
(33,766
|
)
|
|
|
|
|
|
|
|
Rest of Europe
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recurring revenue
|
|
34,945
|
|
|
32,068
|
|
Non-recurring revenue
|
|
1,513
|
|
|
1,804
|
|
Revenue
|
|
36,458
|
|
|
33,872
|
|
Adjusted EBITDA
|
|
21,515
|
|
|
18,978
|
|
Gross profit margin
|
|
66.9
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%
|
|
64.6
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%
|
Adjusted EBITDA margin
|
|
59.0
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%
|
|
56.0
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%
|
|
|
|
|
|
|
|
Total assets
|
|
317,481
|
|
|
312,666
|
|
Total liabilities
|
|
56,436
|
|
|
58,898
|
|
Capital expenditure, including intangible assets (a)
|
|
(10,282
|
)
|
|
(33,125
|
)
|
|
|
|
|
|
|
|
Corporate and other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
|
(11,776
|
)
|
|
(9,743
|
)
|
|
|
|
|
|
|
|
Total assets
|
|
60,356
|
|
|
51,580
|
|
Total liabilities
|
|
495,004
|
|
|
491,078
|
|
Capital expenditure, including intangible assets (a)
|
|
(2,963
|
)
|
|
(679
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) 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.
|
|
|
|
|
|
|
|
|
|
|
|
|
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INTERXION HOLDING NV
|
NOTES TO CONSOLIDATED INCOME STATEMENTS: ADJUSTED EBITDA
RECONCILIATION
|
(in €'000 ? except where stated otherwise)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Mar-31
|
|
|
Mar-31
|
|
|
|
2016
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation to Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net profit
|
|
10,219
|
|
|
4,425
|
|
Income tax expense
|
|
4,692
|
|
|
2,415
|
|
Profit before taxation
|
|
14,911
|
|
|
6,840
|
|
Net finance expense
|
|
7,958
|
|
|
6,585
|
|
Operating profit
|
|
22,869
|
|
|
13,425
|
|
Depreciation, amortisation and impairments
|
|
21,478
|
|
|
18,215
|
|
EBITDA
|
|
44,347
|
|
|
31,640
|
|
Share-based payments
|
|
1,442
|
|
|
2,241
|
|
Increase/(decrease) in provision for onerous lease contracts
|
|
-
|
|
|
(100
|
)
|
M&A transaction costs (b)
|
|
229
|
|
|
6,887
|
|
Income from sub-leases on unused data centre sites
|
|
(98
|
)
|
|
(63
|
)
|
Adjusted EBITDA
|
|
45,920
|
|
|
40,605
|
|
|
|
|
|
|
|
|
France, Germany, the Netherlands, and the
UK
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit
|
|
21,682
|
|
|
19,483
|
|
Depreciation, amortisation and impairments
|
|
14,292
|
|
|
11,717
|
|
EBITDA
|
|
35,974
|
|
|
31,200
|
|
Share-based payments
|
|
305
|
|
|
333
|
|
Increase/(decrease) in provision for onerous lease contracts
|
|
-
|
|
|
(100
|
)
|
Income from sub-leases on unused data centre sites
|
|
(98
|
)
|
|
(63
|
)
|
Adjusted EBITDA
|
|
36,181
|
|
|
31,370
|
|
|
|
|
|
|
|
|
Rest of Europe
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit
|
|
15,267
|
|
|
13,347
|
|
Depreciation, amortisation and impairments
|
|
6,144
|
|
|
5,435
|
|
EBITDA
|
|
21,411
|
|
|
18,782
|
|
Share-based payments
|
|
104
|
|
|
196
|
|
Adjusted EBITDA
|
|
21,515
|
|
|
18,978
|
|
|
|
|
|
|
|
|
Corporate and Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit/(loss)
|
|
(14,080
|
)
|
|
(19,405
|
)
|
Depreciation, amortisation and impairments
|
|
1,042
|
|
|
1,063
|
|
EBITDA
|
|
(13,038
|
)
|
|
(18,342
|
)
|
Share-based payments
|
|
1,033
|
|
|
1,712
|
|
M&A transaction costs (a)
|
|
229
|
|
|
6,887
|
|
Adjusted EBITDA
|
|
(11,776
|
)
|
|
(9,743
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) M&A transaction costs are costs associated with the evaluation,
diligence and
|
conclusion or termination of merger or acquisition activity. In the
quarter ended 31
|
March 2015, M&A transaction costs included €6.9 million related to
the abandoned merger
|
with TelecityGroup. In the quarter ended 31 March 2016, M&A
transaction costs included
|
€0.2 million related to other activity including the evaluation of
potential asset
|
acquisitions.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTERXION HOLDING NV
|
CONSOLIDATED BALANCE SHEET
|
(in €'000 ? except where stated otherwise)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
As at
|
|
|
Mar-31
|
|
|
Dec-31
|
|
|
|
2016
|
|
|
2015
|
|
Non-current assets
|
|
|
|
|
|
|
Property, plant and equipment
|
|
1,020,125
|
|
|
999,072
|
|
Intangible assets
|
|
24,600
|
|
|
23,194
|
|
Deferred tax assets
|
|
21,705
|
|
|
23,024
|
|
Financial assets
|
|
924
|
|
|
-
|
|
Other non-current assets
|
|
7,501
|
|
|
6,686
|
|
|
|
1,074,855
|
|
|
1,051,976
|
|
Current assets
|
|
|
|
|
|
|
Trade receivables and other current assets
|
|
134,419
|
|
|
141,534
|
|
Cash and cash equivalents
|
|
44,612
|
|
|
58,554
|
|
|
|
179,031
|
|
|
200,088
|
|
Total assets
|
|
1,253,886
|
|
|
1,252,064
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
|
|
|
|
|
|
Share capital
|
|
7,017
|
|
|
6,992
|
|
Share premium
|
|
510,598
|
|
|
507,296
|
|
Foreign currency translation reserve
|
|
14,972
|
|
|
20,865
|
|
Hedging reserve, net of tax
|
|
(278
|
)
|
|
(213
|
)
|
Accumulated deficit
|
|
(17,304
|
)
|
|
(27,523
|
)
|
|
|
515,005
|
|
|
507,417
|
|
Non-current liabilities
|
|
|
|
|
|
|
Trade payables and other liabilities
|
|
12,387
|
|
|
12,049
|
|
Deferred tax liabilities
|
|
9,251
|
|
|
9,951
|
|
Borrowings
|
|
550,614
|
|
|
550,812
|
|
|
|
572,252
|
|
|
572,813
|
|
Current liabilities
|
|
|
|
|
|
|
Trade payables and other liabilities
|
|
156,301
|
|
|
162,629
|
|
Income tax liabilities
|
|
4,730
|
|
|
2,738
|
|
Provision for onerous lease contracts
|
|
647
|
|
|
1,517
|
|
Borrowings
|
|
4,951
|
|
|
4,951
|
|
|
|
166,629
|
|
|
171,835
|
|
Total liabilities
|
|
738,881
|
|
|
744,647
|
|
Total liabilities and shareholders' equity
|
|
1,253,886
|
|
|
1,252,064
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTERXION HOLDING NV
|
NOTES TO THE CONSOLIDATED BALANCE SHEET: BORROWINGS
|
(in €'000 ? except where stated otherwise)
|
(unaudited)
|
|
|
|
As at
|
|
|
Mar-31
|
|
|
Dec-31
|
|
|
|
2016
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings net of cash and cash equivalents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents (a)
|
|
44,612
|
|
|
58,554
|
|
|
|
|
|
|
|
|
6.00% Senior Secured Notes due 2020 (b)
|
|
475,470
|
|
|
475,503
|
|
Mortgages
|
|
43,800
|
|
|
44,073
|
|
Financial leases
|
|
34,690
|
|
|
34,582
|
|
Other borrowings
|
|
1,605
|
|
|
1,605
|
|
Borrowings excluding Revolving Facility deferred financing costs
|
|
555,565
|
|
|
555,763
|
|
Revolving Facility deferred financing costs (c)
|
|
(639
|
)
|
|
(710
|
)
|
Total borrowings
|
|
554,926
|
|
|
555,053
|
|
|
|
|
|
|
|
|
Borrowings net of cash and cash equivalents
|
|
510,314
|
|
|
496,499
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Cash and cash equivalents include €4.1 million as of 31 March
2016 and €4.9 million
|
as of 31 December 2015, which is restricted and held as collateral
to support the
|
issuance of bank guarantees on behalf of a number of subsidiary
companies.
|
(b) €475 million 6.00% Senior Secured Notes due 2020 include a
premium on the additional
|
issuance and are shown after deducting underwriting discounts and
commissions, offering
|
fees and expenses.
|
(c) Deferred financing costs of €0.6 million as of 31 March 2016
were incurred in
|
connection with the €100 million revolving facility.
|
|
|
|
|
|
|
|
|
|
|
INTERXION HOLDING NV
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(in €'000 ? except where stated otherwise)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Mar-31
|
|
|
Mar-31
|
|
|
|
2016
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net profit
|
|
10,219
|
|
|
4,425
|
|
Depreciation, amortisation and impairments
|
|
21,478
|
|
|
18,215
|
|
Provision for onerous lease contracts
|
|
(880
|
)
|
|
(925
|
)
|
Share-based payments
|
|
1,401
|
|
|
2,241
|
|
Net finance expense
|
|
7,958
|
|
|
6,585
|
|
Income tax expense
|
|
4,692
|
|
|
2,415
|
|
|
|
44,868
|
|
|
32,956
|
|
Movements in trade receivables and other current assets
|
|
5,041
|
|
|
(1,631
|
)
|
Movements in trade payables and other liabilities
|
|
506
|
|
|
2,874
|
|
Cash generated from operations
|
|
50,415
|
|
|
34,199
|
|
Interest and fees paid (a)
|
|
(14,362
|
)
|
|
(13,574
|
)
|
Interest received
|
|
7
|
|
|
49
|
|
Income tax paid
|
|
(1,054
|
)
|
|
(2,320
|
)
|
Net cash flows from / (used in) operating activities
|
|
35,006
|
|
|
18,354
|
|
Cash flows from investing activities
|
|
|
|
|
|
|
Purchase of property, plant and equipment
|
|
(47,446
|
)
|
|
(65,318
|
)
|
Purchase of intangible assets
|
|
(2,556
|
)
|
|
(2,252
|
)
|
Net cash flows from / (used in) investing activities
|
|
(50,002
|
)
|
|
(67,570
|
)
|
Cash flows from financing activities
|
|
|
|
|
|
|
Proceeds from exercised options
|
|
1,926
|
|
|
2,178
|
|
Repayment of mortgages
|
|
(320
|
)
|
|
(320
|
)
|
Net cash flows from / (used in) financing activities
|
|
1,606
|
|
|
1,858
|
|
Effect of exchange rate changes on cash
|
|
(552
|
)
|
|
1,417
|
|
Net increase / (decrease) in cash and cash equivalents
|
|
(13,942
|
)
|
|
(45,941
|
)
|
Cash and cash equivalents, beginning of period
|
|
58,554
|
|
|
99,923
|
|
Cash and cash equivalents, end of period
|
|
44,612
|
|
|
53,982
|
|
|
|
|
|
|
|
|
(a) 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 STATEMENTS: ADJUSTED NET PROFIT
RECONCILIATION
|
(in €'000 ? except per share data and where stated otherwise)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Mar-31
|
|
|
Mar-31
|
|
|
|
2016
|
|
|
2015
|
|
|
|
(€ in '000 - except per share data)
|
|
|
|
|
|
|
|
Net profit - as reported
|
|
10,219
|
|
|
4,425
|
|
|
|
|
|
|
|
|
Add back
|
|
|
|
|
|
|
+ M&A transaction costs
|
|
229
|
|
|
6,887
|
|
|
|
229
|
|
|
6,887
|
|
Reverse
|
|
|
|
|
|
|
- Increase / (decrease) in provision for onerous lease contracts
|
|
-
|
|
|
(100
|
)
|
- Interest capitalised
|
|
(465
|
)
|
|
(881
|
)
|
|
|
(465
|
)
|
|
(981
|
)
|
|
|
|
|
|
|
|
Tax effect of above add backs & reversals
|
|
59
|
|
|
(1,400
|
)
|
|
|
|
|
|
|
|
Adjusted net profit
|
|
10,042
|
|
|
8,931
|
|
|
|
|
|
|
|
|
Reported basic EPS: (€)
|
|
0.15
|
|
|
0.06
|
|
Reported diluted EPS: (€)
|
|
0.14
|
|
|
0.06
|
|
|
|
|
|
|
|
|
Adjusted basic EPS: (€)
|
|
0.14
|
|
|
0.13
|
|
Adjusted diluted EPS: (€)
|
|
0.14
|
|
|
0.13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTERXION HOLDING NV
|
Status of Announced Expansion Projects as at 4 May 2016
|
with Target Open Dates after 1 January 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CAPEX (a)(b)
|
|
Equipped Space (a)
|
|
Market
|
|
|
|
Project
|
|
(€ million)
|
|
(sqm)
|
|
Target Opening Dates
|
|
|
|
|
|
|
|
|
|
|
|
Amsterdam
|
|
|
|
AMS 8: Phases 1 - 2 New Build
|
|
50
|
|
2,600
|
|
4Q 2016
|
Copenhagen
|
|
|
|
CPH2: Phase 1 New Build
|
|
4
|
|
500
|
|
2Q 2016 (c)
|
Dublin
|
|
|
|
DUB3: Phases 1 - 2 New Build
|
|
28
|
|
1,200
|
|
4Q 2016
|
Dusseldorf
|
|
|
|
DUS 2: Phase 1 - 2 New Build
|
|
16
|
|
1,200
|
|
4Q 2015 - 2Q 2016 (d)
|
Frankfurt
|
|
|
|
FRA 10: Phases 1 - 4 New Build
|
|
92
|
|
4,800
|
|
1Q 2016 - 4Q 2016 (e)
|
Marseille
|
|
|
|
MRS 1: Phase 2 (continued)
|
|
10
|
|
800
|
|
3Q 2016
|
Paris
|
|
|
|
PAR7: Phase 2
|
|
14
|
|
1,100
|
|
2Q 2017
|
Vienna
|
|
|
|
VIE 2: New Build
|
|
65
|
|
4,200
|
|
4Q 2014 - 3Q 2017 (f)
|
Total
|
|
|
|
|
|
€ 279
|
|
16,400
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) CAPEX and Equipped space are approximate and may change. Figures
are rounded to nearest 100 sqm
|
unless otherwise noted.
|
(b) CAPEX reflects the total spend for the projects listed at full
power and capacity and the amounts
|
shown in the table above may be invested over the duration of more
than one fiscal year.
|
(c) Phase 1 (500 square metres) became operational in 2Q 2016.
|
(d) Phase 1 (600 square metres) became operational in 4Q 2015. Phase
2 (600 square metres) is
|
scheduled to become operational in 2Q 2016.
|
(e) Phase 1 (1,200 square metres) became operational in 1Q 2016;
phases 2, 3 & 4 (1,200 square metres
|
each) are scheduled to become operational in 2Q 2016, 4Q 2016, and
4Q 2016 respectively.
|
(f) In 4Q 2014, 1,300 square metres became operational; in 1Q 2015,
600 square metres became
|
operational; in 2Q 2015, 600 square metres became operational. In 4Q
2015, 300 square metres became
|
operational. In 4Q 2016, 300 sqm is scheduled to become operational;
another 1,100 square metres is
|
scheduled to become operational between 2Q 2017 and 3Q 2017.
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20160504005330/en/
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