Interxion Holding NV INXN, a leading European provider of carrier and cloud neutral colocation data centre services, today announced its results for the three months ended 30 September 2013.
Financial Highlights
- Revenue increased by 11% to €78.1 million (Q3 2012: €70.4 million).
- Big 4 reporting segment's recurring revenue increased by 16% to €46.1 million (Q3 2012: €39.8 million).
- Adjusted EBITDA increased by 17% to €33.7 million (Q3 2012: €28.7 million).
- Adjusted EBITDA margin increased to 43.1% (Q3 2012: 40.8%).
- Debt refinancing closed on 3 July, reducing interest costs and extending maturities. One-time costs of €31.0 million related to the refinancing were recognized in the quarter.
- Net loss was €16.5 million (Q3 2012: €8.6 million profit).
- Capital expenditure, including intangible assets, was €26.5 million.
Operating Highlights
- Expansion project in Vienna completed; announced expansion projects in Frankfurt, Stockholm and Zurich on schedule.
- Equipped Space increased by 400 square metres to 79,300 square metres.
- Revenue Generating Space increased by 900 square metres to 59,100 square metres.
- Utilisation Rate at the end of the quarter increased to 75%.
“Fundamentals for the carrier neutral data centre industry in Europe remain healthy. Interxion's third quarter results reflect continued steady execution by the Company, supported by solid demand across our target customer segments,” said Interxion Chief Executive Officer, David Ruberg. “Our Communities of Interest strategy is delivering competitive differentiation in the marketplace, steady organic growth, and attractive returns as we focus on creating long term customer and shareholder value from our highly connected data centres.”
Quarterly Review
Revenue in the third quarter of 2013 was €78.1 million, an 11% increase over the third quarter of 2012 and 2% up on the second quarter of 2013. Recurring revenue, which was 94% of total revenue, was €73.7 million, a 13% increase over the third quarter of 2012 and 2% up on the second quarter of 2013. Recurring revenue in the Big 4 reporting segment was €46.1 million, a 16% increase over the third quarter of 2012 and 2% up on the second quarter of 2013.
Cost of sales in the third quarter of 2013 was €31.9 million, an 8% increase over the third quarter of 2012 and 2% up on the second quarter of 2013.
Gross profit was €46.2 million in the third quarter 2013, a 13% increase over the third quarter of 2012 and 2% up on the second quarter of 2013. Gross profit margin in the third quarter of 2013 was 59.2%, compared with 58.3% in the same quarter of 2012 and 59.1% in the second quarter of 2013.
Sales and marketing costs in the third quarter 2013 were €5.5 million, an 8% increase over the third quarter of 2012 but unchanged from the second quarter of 2013.
General and administrative costs1 in the third quarter 2013 were €7.1 million, a decrease of 2% compared with the third quarter of 2012 and 1% higher than the second quarter of 2013. Depreciation and amortisation in the third quarter 2013 was €15.2 million, a 38% increase over the third quarter of 2012 as a result of significant capital expenditures in the second half of 2012 and 2% up on the second quarter of 2013.
Net financing costs in the third quarter of 2013 were €38.1 million. On 3 July, Interxion closed a refinancing transaction that replaced €260 million of 9.50% Senior Secured Notes due 2017 with €325 million of 6.00% Senior Secured Notes due 2020. The Company also replaced its €60.0 million revolving credit facility with a €100.0 million revolving credit facility. Interxion recognised a €31.0 million one-time charge related to the refinancing transaction at the time of closing. Excluding the costs associated with the refinancing transactions, net financing costs in the third quarter were €7.1 million, an increase of 87% compared with the third quarter of 2012 (primarily as a result of lower interest capitalization) and 3% lower than the second quarter of 2013.
Income tax benefit was €4.1 million in the third quarter of 2013, compared with income tax expense of €4.3 million in the third quarter of 2012. Income taxes for the quarter were impacted by the one-time charge related to the refinancing transaction. The underlying effective tax rate for the quarter was 30% compared to 33% in the same period last year.
Net loss was €16.5 million in the third quarter 2013, compared with a net profit of €8.6 million in the third quarter of 2012 and a net profit of €6.6 million in the second quarter 2013. Loss per share was €0.24 on a weighted average of 69.5 million diluted shares, compared with earnings per share of €0.12 on a weighted average of 68.7 million diluted shares in the third quarter of 2012 and earnings per share of €0.10 on a weighted average of 69.4 million diluted shares in the second quarter 2013. Adjusted diluted earnings per share2 for the quarter was €0.10, compared with €0.10 for the third quarter 2012 and €0.09 in the second quarter 2013.
Adjusted EBITDA in the third quarter of 2013 was €33.7 million, a 17% increase over the third quarter 2012 and 3% up on the second quarter of 2013. Adjusted EBITDA margin increased to 43.1%, compared with 40.8% in the third quarter of 2012 and 42.8% in the second quarter 2013.
Cash generated from operations, defined as cash generated from operating activities before interest and corporate income tax payments and receipts, was €32.0 million in the third quarter 2013 compared to €24.1 million in both the third quarter 2012 and the second quarter 2013. Capital expenditure, including intangible assets, was €26.5 million in the third quarter of 2013, compared to €46.5 million in the third quarter 2012 and €28.8 million in the second quarter 2013.
Cash and cash equivalents were €84.0 million at 30 September 2013, up from €68.7 million at year-end 2012. Total borrowings were €364.6 million at the end of the third quarter 2013 compared to €288.1 million at the end of 2012. The Company's €100.0 million revolving credit facility was undrawn at the end of the third quarter 2013.
Equipped Space at the end of the third quarter 2013 was 79,300 square metres, compared with 69,600 square metres at the end of the third quarter of 2012 and 78,900 square metres at the end of the second quarter of 2013. Revenue Generating Space at the end of the third quarter 2013 was 59,100 square metres, compared with 51,200 square metres at the end of the third quarter of 2012 and 58,200 square metres at the end of the second quarter of 2013. Utilisation rate, the ratio of Revenue Generating Space to Equipped Space, was 75% at the end of the third quarter 2013, compared to 74% at the end of both the third quarter of 2012 and the second quarter of 2013.
Interxion's previously announced expansion projects remain on schedule:
- ZUR 1.4 (Zurich): 500 square metres is scheduled to open in the fourth quarter of 2013.
- FRA 9 (Frankfurt): 800 square metres is scheduled to open in the first quarter of 2014.
- STO 2.2 (Stockholm): 500 square metres is scheduled to open in the first quarter of 2014.
- FRA 8 (Frankfurt): Phase 1, with approximately 900 square metres, is scheduled to open in the first half of 2014. Phase 2, with another 900 square metres, is scheduled to open in the second half of 2014.
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 EST (1:30pm GMT and 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 77292235. 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 12 November 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 550 000. The replay access number is 77292235.
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 Profit. A reconciliation from reported Net Profit/(Loss) 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.
About Interxion
Interxion INXN is a leading provider of cloud and carrier-neutral colocation data centre services in Europe, serving a wide range of customers through 34 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 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.
1 excluding depreciation, amortisation, impairments, increase/(decrease) in provision for onerous lease contracts, and share-based payments
2 Diluted earnings per share adjusted for one-time refinancing costs after tax, capitalised interest after tax and one-time deferred tax asset movements.
| INTERXION HOLDING NV | ||||||||||||
| CONSOLIDATED INCOME STATEMENT | ||||||||||||
| (in €'000 ― except per share data and where stated otherwise) | ||||||||||||
| (unaudited) | ||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||
| 30 Sep | 30 Sep | 30 Sep | 30 Sep | |||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||
| Revenue | 78,051 | 70,425 | 228,957 | 204,241 | ||||||||
| Cost of sales | (31,860 | ) | (29,400 | ) | (92,769 | ) | (84,129 | ) | ||||
| Gross profit | 46,191 | 41,025 | 136,188 | 120,112 | ||||||||
| Other income | 106 | 111 | 299 | 343 | ||||||||
| Sales and marketing costs | (5,465 | ) | (5,083 | ) | (16,452 | ) | (14,597 | ) | ||||
| General and administrative costs | (23,321 | ) | (19,443 | ) | (68,688 | ) | (55,457 | ) | ||||
| Operating profit | 17,511 | 16,610 | 51,347 | 50,401 | ||||||||
| Net finance expense | (38,082 | ) | (3,778 | ) | (51,863 | ) | (12,089 | ) | ||||
| Profit/(loss) before taxation | (20,571 | ) | 12,832 | (516 | ) | 38,312 | ||||||
| Income tax benefit/(expense) | 4,053 | (4,270 | ) | (2,432 | ) | (12,330 | ) | |||||
| Net profit/(loss) | (16,518 | ) | 8,562 | (2,948 | ) | 25,982 | ||||||
| Basic earnings per share: (€) | (0.24 | ) | 0.13 | (0.04 | ) | 0.39 | ||||||
| Diluted earnings per share: (€) | (0.24 | ) | 0.12 | (0.04 | ) | 0.38 | ||||||
| Number of shares outstanding at the end of the period (shares in thousands) | 68,810 | 67,950 | 68,810 | 67,950 | ||||||||
| Weighted average number of shares for Basic EPS (shares in thousands) | 68,737 | 67,776 | 68,500 | 67,069 | ||||||||
| Weighted average number of shares for Diluted EPS (shares in thousands) | 69,487 | 68,659 | 69,283 | 67,936 | ||||||||
| As at | ||||||||||||
| 30 Sep | 30 Sep | |||||||||||
| Capacity metrics | 2013 | 2012 | ||||||||||
| Equipped space (in square meters) | 79,300 | 69,600 | ||||||||||
| Revenue generating space (in square meters) | 59,100 | 51,200 | ||||||||||
| Utilisation rate | 75 | % | 74 | % | ||||||||
| INTERXION HOLDING NV | ||||||||||||
| NOTES TO CONSOLIDATED INCOME STATEMENT: SEGMENT INFORMATION | ||||||||||||
| (in €'000 ― except where stated otherwise) | ||||||||||||
| (unaudited) | ||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||
| 30 Sep | 30 Sep | 30 Sep | 30 Sep | |||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||
| Consolidated | ||||||||||||
| Recurring revenue | 73,708 | 65,101 | 216,858 | 190,247 | ||||||||
| Non-recurring revenue | 4,343 | 5,324 | 12,099 | 13,994 | ||||||||
| Revenue | 78,051 | 70,425 | 228,957 | 204,241 | ||||||||
| Adjusted EBITDA | 33,671 | 28,726 | 98,075 | 83,828 | ||||||||
| Gross margin | 59.2 | % | 58.3 | % | 59.5 | % | 58.8 | % | ||||
| Adjusted EBITDA margin | 43.1 | % | 40.8 | % | 42.8 | % | 41.0 | % | ||||
| Total assets | 885,658 | 769,644 | 885,658 | 769,644 | ||||||||
| Total liabilities | 508,180 | 400,504 | 508,180 | 400,504 | ||||||||
| Capital expenditure, including intangible assets (i) | (26,467 | ) | (46,468 | ) | (88,035 | ) | (150,140 | ) | ||||
| France, Germany, the Netherlands, and the UK | ||||||||||||
| Recurring revenue | 46,057 | 39,828 | 135,692 | 116,287 | ||||||||
| Non-recurring revenue | 2,713 | 3,950 | 7,915 | 10,149 | ||||||||
| Revenue | 48,770 | 43,778 | 143,607 | 126,436 | ||||||||
| Adjusted EBITDA | 26,587 | 22,395 | 77,791 | 65,800 | ||||||||
| Gross margin | 62.1 | % | 60.1 | % | 62.5 | % | 60.9 | % | ||||
| Adjusted EBITDA margin | 54.5 | % | 51.2 | % | 54.2 | % | 52.0 | % | ||||
| Total assets | 590,500 | 518,004 | 590,500 | 518,004 | ||||||||
| Total liabilities | 135,540 | 90,654 | 135,540 | 90,654 | ||||||||
| Capital expenditure, including intangible assets (i) | (17,595 | ) | (37,935 | ) | (59,316 | ) | (124,990 | ) | ||||
| Rest of Europe | ||||||||||||
| Recurring revenue | 27,651 | 25,273 | 81,166 | 73,960 | ||||||||
| Non-recurring revenue | 1,630 | 1,374 | 4,184 | 3,845 | ||||||||
| Revenue | 29,281 | 26,647 | 85,350 | 77,805 | ||||||||
| Adjusted EBITDA | 14,931 | 13,805 | 44,122 | 40,689 | ||||||||
| Gross margin | 60.6 | % | 60.8 | % | 61.1 | % | 61.2 | % | ||||
| Adjusted EBITDA margin | 51.0 | % | 51.8 | % | 51.7 | % | 52.3 | % | ||||
| Total assets | 207,318 | 192,261 | 207,318 | 192,261 | ||||||||
| Total liabilities | 41,438 | 41,141 | 41,438 | 41,141 | ||||||||
| Capital expenditure, including intangible assets (i) | (7,998 | ) | (7,047 | ) | (26,552 | ) | (21,818 | ) | ||||
| Corporate and other | ||||||||||||
| Adjusted EBITDA | (7,847 | ) | (7,474 | ) | (23,838 | ) | (22,661 | ) | ||||
| Total assets | 87,840 | 59,379 | 87,840 | 59,379 | ||||||||
| Total liabilities | 331,202 | 268,709 | 331,202 | 268,709 | ||||||||
| Capital expenditure, including intangible assets (i) | (874 | ) | (1,486 | ) | (2,167 | ) | (3,332 | ) | ||||
| (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 | Nine Months Ended | |||||||||||
| 30 Sep | 30 Sep | 30 Sep | 30 Sep | |||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||
| Reconciliation to Adjusted EBITDA | ||||||||||||
| Consolidated | ||||||||||||
| Net profit/(loss) | (16,518 | ) | 8,562 | (2,948 | ) | 25,982 | ||||||
| Income tax expense/(benefit) | (4,053 | ) | 4,270 | 2,432 | 12,330 | |||||||
| Profit/(loss) before taxation | (20,571 | ) | 12,832 | (516 | ) | 38,312 | ||||||
| Net finance expense | 38,082 | 3,778 | 51,863 | 12,089 | ||||||||
| Operating profit | 17,511 | 16,610 | 51,347 | 50,401 | ||||||||
| Depreciation, amortisation and impairments | 15,211 | 11,031 | 44,138 | 30,922 | ||||||||
| EBITDA | 32,722 | 27,641 | 95,485 | 81,323 | ||||||||
| Share-based payments | 1,055 | 1,196 | 2,889 | 2,848 | ||||||||
| Income from sub-leases on unused data centre sites | (106 | ) | (111 | ) | (299 | ) | (343 | ) | ||||
| Adjusted EBITDA | 33,671 | 28,726 | 98,075 | 83,828 | ||||||||
| France, Germany, the Netherlands, and the UK | ||||||||||||
| Operating profit | 16,745 | 15,798 | 48,971 | 48,011 | ||||||||
| Depreciation, amortisation and impairments | 9,761 | 6,526 | 28,668 | 17,627 | ||||||||
| EBITDA | 26,506 | 22,324 | 77,639 | 65,638 | ||||||||
| Share-based payments | 187 | 182 | 451 | 505 | ||||||||
| Income from sub-leases on unused data centre sites | (106 | ) | (111 | ) | (299 | ) | (343 | ) | ||||
| Adjusted EBITDA | 26,587 | 22,395 | 77,791 | 65,800 | ||||||||
| Rest of Europe | ||||||||||||
| Operating profit | 10,218 | 9,796 | 30,635 | 28,977 | ||||||||
| Depreciation, amortisation and impairments | 4,638 | 3,904 | 13,232 | 11,393 | ||||||||
| EBITDA | 14,856 | 13,700 | 43,867 | 40,370 | ||||||||
| Share-based payments | 75 | 105 | 255 | 319 | ||||||||
| Adjusted EBITDA | 14,931 | 13,805 | 44,122 | 40,689 | ||||||||
| Corporate and Other | ||||||||||||
| Operating profit/(loss) | (9,452 | ) | (8,984 | ) | (28,259 | ) | (26,587 | ) | ||||
| Depreciation, amortisation and impairments | 812 | 601 | 2,238 | 1,902 | ||||||||
| EBITDA | (8,640 | ) | (8,383 | ) | (26,021 | ) | (24,685 | ) | ||||
| Share-based payments | 793 | 909 | 2,183 | 2,024 | ||||||||
| Adjusted EBITDA | (7,847 | ) | (7,474 | ) | (23,838 | ) | (22,661 | ) | ||||
| INTERXION HOLDING NV | |||||||||||||
| CONSOLIDATED BALANCE SHEET | |||||||||||||
| (in €'000 ― except where stated otherwise) | |||||||||||||
| (unaudited) | |||||||||||||
| As at | |||||||||||||
| 30 Sep | 31 Dec | ||||||||||||
| 2013 | 2012 | ||||||||||||
| Non-current assets | |||||||||||||
| Property, plant and equipment | 658,279 | 620,931 | |||||||||||
| Intangible assets | 17,997 | 18,638 | |||||||||||
| Deferred tax assets | 35,548 | 30,376 | |||||||||||
| Financial assets | 774 | 774 | |||||||||||
| Other non-current assets | 4,899 | 4,959 | |||||||||||
| 717,497 | 675,678 | ||||||||||||
| Current assets | |||||||||||||
| Trade and other current assets | 84,158 | 74,854 | |||||||||||
| Cash and cash equivalents | 84,003 | 68,692 | |||||||||||
| 168,161 | 143,546 | ||||||||||||
| Total assets | 885,658 | 819,224 | |||||||||||
| Shareholders' equity | |||||||||||||
| Share capital | 6,881 | 6,818 | |||||||||||
| Share premium | 483,899 | 477,326 | |||||||||||
| Foreign currency translation reserve | 7,564 | 9,403 | |||||||||||
| Hedging reserve | 55 | - | |||||||||||
| Accumulated deficit | (120,921 | ) | (117,973 | ) | |||||||||
| 377,478 | 375,574 | ||||||||||||
| Non-current liabilities | |||||||||||||
| Trade payables and other liabilities | 11,142 | 11,194 | |||||||||||
| Deferred tax liabilities | 3,629 | 2,414 | |||||||||||
| Provision for onerous lease contracts | 5,632 | 7,848 | |||||||||||
| Borrowings | 362,781 | 288,085 | |||||||||||
| 383,184 | 309,541 | ||||||||||||
| Current liabilities | |||||||||||||
| Trade payables and other liabilities | 115,160 | 127,778 | |||||||||||
| Income tax liabilities | 4,051 | 2,301 | |||||||||||
| Provision for onerous lease contracts | 3,998 | 3,978 | |||||||||||
| Borrowings | 1,787 | 52 | |||||||||||
| 124,996 | 134,109 | ||||||||||||
| Total liabilities | 508,180 | 443,650 | |||||||||||
| Total liabilities and shareholders' equity | 885,658 | 819,224 | |||||||||||
| INTERXION HOLDING NV | ||||||
| NOTES TO THE CONSOLIDATED BALANCE SHEET: BORROWINGS | ||||||
| (in €'000 ― except where stated otherwise) | ||||||
| (unaudited) | ||||||
| As at | ||||||
| 30 Sep | 31 Dec | |||||
| 2013 | 2012 | |||||
| Borrowings net of cash and cash equivalents | ||||||
| Cash and cash equivalents (ii) | 84,003 | 68,692 | ||||
| 6.0% Senior Secured Notes due 2020 (iii) | 317,384 | 256,268 | ||||
| Mortgages | 25,090 | 9,903 | ||||
| Financial leases | 20,489 | 20,361 | ||||
| Other borrowings | 1,605 | 1,605 | ||||
| Borrowings excluding Revolving Credit Facility deferred financing costs | 364,568 | 288,137 | ||||
| Revolving credit facility deferred financing costs (iv) | (1,290 | ) | (1,371 | ) | ||
| Total borrowings | 363,278 | 286,766 | ||||
| Borrowings net of cash and cash equivalents | 279,275 | 218,074 | ||||
|
(ii) Cash and cash equivalents include €4.1 million as of 30 September 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) Deferred financing costs of €1.3 million as of 30 September 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 | Nine Months Ended | |||||||||||
| 30 Sep | 30 Sep | 30 Sep | 30 Sep | |||||||||
| 2013 | 2012 | 2013 | 2012 | |||||||||
| Profit/(loss) for the period | (16,518 | ) | 8,562 | (2,948 | ) | 25,982 | ||||||
| Depreciation, amortisation and impairments | 15,211 | 11,031 | 44,138 | 30,922 | ||||||||
| Unwinding provision for onerous lease contracts | (825 | ) | (793 | ) | (2,456 | ) | (2,372 | ) | ||||
| Share-based payments | 1,055 | 1,196 | 2,889 | 2,848 | ||||||||
| Net finance expense | 38,082 | 3,778 | 51,863 | 12,089 | ||||||||
| Income tax expense/(benefit) | (4,053 | ) | 4,270 | 2,432 | 12,330 | |||||||
| 32,952 | 28,044 | 95,918 | 81,799 | |||||||||
| Movements in trade and other current assets | (1,105 | ) | (3,291 | ) | (9,909 | ) | (7,076 | ) | ||||
| Movements in trade and other liabilities | 156 | (687 | ) | (6,314 | ) | 4,128 | ||||||
| Cash generated from operations | 32,003 | 24,066 | 79,695 | 78,851 | ||||||||
| Interest paid (v) | (10,763 | ) | (7,476 | ) | (21,934 | ) | (17,607 | ) | ||||
| Interest received | 145 | 414 | 432 | 734 | ||||||||
| Income tax paid | (2,020 | ) | (1,320 | ) | (4,090 | ) | (3,622 | ) | ||||
| Net cash flows from operating activities | 19,365 | 15,684 | 54,103 | 58,356 | ||||||||
| Cash flows from investing activities | ||||||||||||
| Purchase of property, plant and equipment | (25,959 | ) | (43,823 | ) | (85,432 | ) | (145,046 | ) | ||||
| Purchase of intangible assets | (508 | ) | (2,645 | ) | (2,603 | ) | (5,094 | ) | ||||
| Acquisition financial asset | - | - | - | (774 | ) | |||||||
| Net cash flows from investing activities | (26,467 | ) | (46,468 | ) | (88,035 | ) | (150,914 | ) | ||||
| Cash flows from financing activities | ||||||||||||
| Proceeds from exercised options | 1,289 | 1,621 | 4,032 | 6,725 | ||||||||
| Proceeds from / (Payments related to) mortgages | (167 | ) | - | 15,157 | - | |||||||
| Proceeds 6.00% Senior Secured Notes due 2020 | 317,814 | - | 317,814 | - | ||||||||
| Repayment 9.50% Senior Secured Notes due 2017 | (286,478 | ) | - | (286,478 | ) | - | ||||||
| Payments for Revolving Credit Facility | (1,159 | ) | (204 | ) | (1,159 | ) | (1,159 | ) | ||||
| Other borrowings | (28 | ) | (59 | ) | (53 | ) | (740 | ) | ||||
| Net cash flows from financing activities | 31,271 | 1,358 | 49,313 | 4,826 | ||||||||
| Effect of exchange rate changes on cash | (9 | ) | 92 | (70 | ) | 215 | ||||||
| Net movement in cash and cash equivalents | 24,160 | (29,334 | ) | 15,311 | (87,517 | ) | ||||||
| Cash and cash equivalents, beginning of period | 59,843 | 84,486 | 68,692 | 142,669 | ||||||||
| Cash and cash equivalents, end of period | 84,003 | 55,152 | 84,003 | 55,152 | ||||||||
| (v) 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 | |||||||||||
| 30 Sep | 30 June | 30 Sep | |||||||||
| 2013 | 2013 | 2012 | |||||||||
| Net Profit/(Loss) - as reported | (16.5 | ) | 6.6 | 8.6 | |||||||
| Add back | |||||||||||
| + Refinancing charges | 31.0 | - | - | ||||||||
| + Deferred tax asset adjustment | 0.6 | - | - | ||||||||
| 31.6 | - | - | |||||||||
| Reverse | |||||||||||
| - Interest Capitalised | (0.3 | ) | (0.3 | ) | (2.7 | ) | |||||
| (0.3 | ) | (0.3 | ) | (2.7 | ) | ||||||
| Tax effect of above add backs & reversals | (7.7 | ) | 0.1 | 0.7 | |||||||
| Adjusted Net Profit | 7.1 | 6.4 | 6.5 | ||||||||
| Reported Basic EPS: (€) | (0.24 | ) | 0.10 | 0.13 | |||||||
| Reported Diluted EPS: (€) | (0.24 | ) | 0.10 | 0.12 | |||||||
| Adjusted Basic EPS: (€) | 0.10 | 0.09 | 0.10 | ||||||||
| Adjusted Diluted EPS: (€) | 0.10 | 0.09 | 0.10 | ||||||||
| INTERXION HOLDING NV | ||||||||
| Status of Announced Expansion Projects as at 6 November 2013 | ||||||||
| 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) | ||||
| Zurich | ZUR 1: Phase 4 Expansion | 4 | 500 | 4Q 2013 | ||||
| Frankfurt | FRA 9: Phase 1 New Build | 13 | 800 | 1Q 2014 | ||||
| Stockholm | STO 2: Phase 2 Expansion | 6 | 500 | 1Q 2014 | ||||
| Frankfurt | FRA 8: Phases 1 & 2 New Build | 30 | 1,800 | 1H 2014 (c) | ||||
| Total | € 72 | 5,400 | ||||||
| (a) CAPEX and Equipped Space are approximate and may change. | ||||||||
| (b) CAPEX reflects the total for the listed project 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 scheduled to be operational in the first half of 2014; phase 2 is scheduled to be operational in the second half of 2014. | ||||||||
Interxion Holding NV
Investor Relations:
Jim
Huseby, +1-813-644-9399
IR@interxion.com
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