Interxion Holding NV (NYSE: INXN), a leading European provider
of carrier-neutral collocation data centre services, announced its
results today for the three months and year ended 31 December
2011.
Interxion Chief Executive Officer, David Ruberg, stated, “In
Interxion’s first year as a public company, we continued our track
record of strong performance by consistently executing on our
business strategy, achieving continued organic growth across all
key metrics while positioning the company for continued growth in
2012 and beyond.
“Our fourth quarter and full year results demonstrate our
focused execution, the strength of our business model, and the
favourable secular trends in our industry. Despite economic
uncertainty across the Eurozone in 2011, Interxion recorded 17%
organic revenue growth and 23% adjusted EBITDA growth for the year,
while accelerating our disciplined expansion program.”
Annual Review
Revenue for the full year 2011 was €244.3 million, a 17%
increase over full year 2010. Recurring revenue for 2011 was €228.3
million, an 18% increase over 2010, and 93% of total revenue in
2011, the same as 2010.
Net profit was €25.6 million in 2011, up 74% from 2010.
Adjusted EBITDA for 2011 was €97.6 million, up 23% year over
year. Adjusted EBITDA margin for full year 2011 expanded to 40.0%
from 38.0% in 2010.
Cash generated from operations, defined as cash generated from
operating activities before interest and corporate income tax
payments and receipts, was €90.0 million compared to €85.3 million
in 2010. Capital Expenditures, including intangible assets, were
€162.0 million in 2011 compared to €100.4 million in 2010.
During 2011, Interxion completed expansion projects in
Dusseldorf, London, Vienna, and Dublin and added 1,800 square
metres of equipped space. Revenue generating space grew by 3,400
square metres in 2011.
The company also announced and commenced construction on
expansion projects in Stockholm, Frankfurt, London, Paris, and
Amsterdam representing over 12,000 square metres of equipped space,
all of which are scheduled for completion in 2012.
Quarterly Review
Revenue for the fourth quarter of 2011 was €64.4 million, a 16%
increase over the fourth quarter of 2010 and a 4% increase over the
third quarter of 2011. Recurring revenue was €59.7 million, a 16%
increase over the fourth quarter of 2010 and a 3% increase over the
third quarter of 2011. Recurring revenue was 93% of total
revenue.
Cost of sales for the fourth quarter increased by 9% to €25.5
million compared to the fourth quarter 2010. Gross profit margin
increased to 60.4% compared to 58.1% in the same quarter of 2010.
Sales and marketing costs in the fourth quarter were €4.6 million,
up 22% compared to the prior year quarter. General and
administrative costs, excluding depreciation, amortisation,
impairments, exceptional general and administrative costs, and
share-based payments were €7.2 million, an increase of 5% compared
to the prior year quarter. Depreciation, amortisation, and
impairments decreased by 3% compared to the prior year quarter to
€8.4 million.
Net financing costs for the fourth quarter of 2011 were €5.0
million, compared to €6.1 million in the fourth quarter of
2010.
Net profit was €10.6 million in the fourth quarter of 2011, up
12% from the fourth quarter of 2010.
Adjusted EBITDA for the fourth quarter of 2011 was €27.1
million, up 27% year over year. Adjusted EBITDA margin expanded to
42.1% compared to 38.5% in the prior year quarter.
Cash generated from operations, defined as cash generated from
operating activities before interest and corporate income tax
payments and receipts, was €22.6 million. Capital Expenditures,
including intangible assets, were €68.5 million in the fourth
quarter 2011 and included €19.1 million relating to the purchase of
the land and buildings of our Paris 3 and Paris 5 data centres.
Cash and equivalents and short term investments were €142.7
million at 31 December 2011, up from €99.1 million at year end
2010.
Equipped space at the end of the fourth quarter 2011 was 62,800
square metres compared to 61,000 square metres at the end of fourth
quarter 2010 and 62,200 square metres at the end of the third
quarter 2011. Utilisation rate, the ratio of revenue-generating
space to equipped space, was 75%, up from 72% in the fourth quarter
2010, and up from 74% in the third quarter 2011.
Business Outlook
The company today is providing guidance for full year 2012:
Revenue €275 million - €285 million Adjusted EBITDA
€112 million - €120 million Capital Expenditures (including
intangibles) €170 million - €190 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 49634657. 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 6 March 2012. To access the
replay, U.S. callers may dial toll free 1866 247 4222; callers
outside the U.S. may dial direct +44 (0) 1452 55 00 00. The replay
access number is 49634657#.
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.
Adjusted EBITDA
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 and exceptional and
non-recurring items, and to include share of profits (losses) of
non-group companies. We present Adjusted EBITDA as additional
information because we believe this measure is used by certain
investors in their analysis and because it is used in the financial
covenants in our €50 million revolving credit facility and €260
million 9.50% Senior Secured Notes due 2017. However, other
companies may present Adjusted EBITDA differently than we do.
Adjusted EBITDA is not a measure of financial performance under
IFRS and should not be considered as a measure of liquidity or as
an alternative to operating profit, net income or any other measure
of performance derived in accordance with IFRS as an indicator of
our operating performance.
A reconciliation of Adjusted EBITDA to EBITDA and operating
profit is provided in the Notes to Consolidated Income Statement:
Group Metrics.
Interxion does not provide forward-looking estimates of
Operating Profit, Depreciation, amortization, and impairments,
Share-based payments, or Exception items, which it uses to
reconcile to Adjusted EBITDA. Therefore, the company is unable to
provide reconciling information. Interxion intends to
calculate Adjusted EBITDA in future periods consistent with how it
is calculated for the periods presented within this press
release.
About Interxion
Interxion (NYSE: INXN) is a leading provider of carrier-neutral
collocation data centre services in Europe, serving a wide range of
customers through 28 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 400 carriers and
ISPs and 18 European Internet exchanges across its footprint,
Interxion has created content and connectivity hubs that foster
growing customer communities of interest. For more information,
please visit www.interxion.com.
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.
INTERXION HOLDING NV
CONSOLIDATED INCOME STATEMENTS (in €'000 - except per share
data and where stated otherwise) (unaudited)
Three
Months Ended Year Ended 31-Dec 31-Dec
31-Dec 31-Dec
2011 2010
2011
2010
Revenue 64,390
55,555 244,310 208,379 Cost of sales (25,495 )
(23,287 ) (101,766 ) (91,154 )
Gross profit 38,895
32,268 142,544 117,225 Other income 146 132
487 425 Sales and marketing costs (4,643 ) (3,810 ) (17,680 )
(15,072 ) General and administrative costs (16,869 ) (16,175 )
(67,258 ) (55,892 )
Operating profit 17,529
12,415 58,093 46,686 Net finance expense
(4,955 ) (6,123 ) (22,784 ) (29,444 )
Profit before taxation
12,574 6,292 35,309 17,242 Income tax
expense (1,925 ) 3,222 (9,737 ) (2,560 )
Net profit
10,649 9,514 25,572
14,682 Basic earnings per share: (€) (i) 0.16
0.21 0.40 0.33 Diluted earnings per share: (€) (i) 0.16 0.20 0.39
0.31 Number of shares outstanding at the end of the
period (shares in thousands) 66,129 44,354 66,129 44,354 Weighted
average number of shares for Basic EPS (shares in thousands) 66,052
44,351 64,176 44,352 Weighted average number of shares for Diluted
EPS (shares in thousands) 67,449 47,635 65,896 47,707
Capacity Metrics Equipped space (in sqm) 62,800
61,000 62,800 61,000 Revenue generating space (in sqm) 47,100
43,700 47,100 43,700 Utilisation rate 75 % 72 % 75 % 72 %
(i) Number of shares have been adjusted to take account of the 1
for 5 reverse stock split which took place on 2 February 2011.
INTERXION HOLDING NV
NOTES TO CONSOLIDATED INCOME STATEMENT: SEGMENT INFORMATION
(in €'000 - except where stated otherwise) (unaudited)
Three Months Ended Year Ended 31-Dec
31-Dec
31-Dec 31-Dec
2011 2010
2011 2010
Consolidated
Recurring revenue 59,717 51,422 228,328 192,973
Non-recurring Revenue 4,673 4,133 15,982
15,406
Revenue 64,390 55,555
244,310 208,379 Adjusted
EBITDA 27,101 21,380 97,637
79,203 Gross Margin 60.4
% 58.1 % 58.3 % 56.3
% Adjusted EBITDA Margin 42.1 %
38.5 % 40.0 % 38.0 %
Total assets 744,281 546,762 744,281 546,762 Total
liabilities 413,720 391,493 413,720 391,493 Capital expenditures,
including intangible assets (ii) (68,543 ) (19,732 ) (161,956 )
(100,394 )
France, Germany, Netherlands, and
UK Recurring revenue 36,184 30,502 136,460
114,689 Non-recurring Revenue 3,440 1,568 10,352
9,161
Revenue 39,624
32,070 146,812 123,850
Adjusted EBITDA 21,558 15,933
74,774 58,060 Gross Margin
62.2 % 60.8 % 59.8 %
57.3 % Adjusted EBITDA Margin 54.4
% 49.7 % 50.9 % 46.9
% Total assets 412,160 279,735 412,160 279,735 Total
liabilities 97,779 81,339 97,779 81,339 Capital expenditures,
including intangible assets (ii) (60,230 ) (12,167 ) (122,880 )
(59,419 )
Rest of Europe
Recurring revenue 23,533 20,920 91,868 78,284 Non-recurring Revenue
1,233 2,565 5,630 6,245
Revenue
24,766 23,485 97,498
84,529 Adjusted EBITDA 13,253
12,118 50,676 43,010
Gross Margin 62.7 % 60.3 %
61.4 % 60.4 % Adjusted EBITDA
Margin 53.5 % 51.6 % 52.0
% 50.9 % Total assets 181,186 150,026
181,186 150,026 Total liabilities 40,774 35,335 40,774 35,335
Capital expenditures, including intangible assets (ii) (6,913 )
(6,644 ) (35,366 ) (35,709 )
Corporate and
Other
Adjusted EBITDA (7,710 ) (6,671
) (27,813 ) (21,867 )
Total assets 150,935 117,001 150,935 117,001 Total liabilities
275,167 274,819 275,167 274,819 Capital expenditures, including
intangible assets (ii) (1,400 ) (921 ) (3,710 ) (5,266 )
(ii) 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.
INTERXION HOLDING NV
NOTES TO CONSOLIDATED INCOME STATEMENT: SEGMENT INFORMATION
(in €'000 - except where stated otherwise) (unaudited)
Three Months Ended Year Ended 31-Dec
31-Dec
31-Dec 31-Dec
2011 2010
2011 2010
Reconciliation of adjusted
EBITDA Consolidated
Adjusted EBITDA 27,101 21,380
97,637 79,203 Income from subleases on
unused data center sites 146 132 487 425
Exceptional income 146 132
487 425
(Increase)/decrease in provision for onerous lease contracts - 143
(18 ) (150 ) IPO transaction costs (iii) - - (1,725 ) - Share-based
payments (1,347 ) (615 ) (2,736 ) (1,684 )
Exceptional general
and administrative costs (1,347 ) (472
) (4,479 ) (1,834 )
EBITDA 25,900 21,040
93,645 77,794 Depreciation,
amortization and impairments (8,371 ) (8,625 ) (35,552 ) (31,108 )
Operating profit 17,529 12,415
58,093 46,686 France,
Germany, Netherlands, and UK Adjusted
EBITDA 21,558 15,933 74,774
58,060 Income from subleases on unused data
center sites 146 132 487 425
Exceptional income 146 132
487 425 (Increase)/decrease in
provision for onerous lease contracts - 143 (18 ) (150 )
Share-based payments (368 ) (418 ) (368 ) (418 )
Exceptional
general and administrative costs (368 )
(275 ) (386 ) (568 )
EBITDA 21,336 15,790
74,875 57,917 Depreciation,
amortization and impairments (5,272 ) (5,002 ) (21,289 ) (18,659 )
Operating profit 16,064 10,788
53,586 39,258 Rest of
Europe Adjusted EBITDA 13,253
12,118 50,676 43,010
Share-based payments (324 ) (233 ) (324 ) (233 )
Exceptional general and administrative costs (324
) (233 ) (324 ) (233
) EBITDA 12,929 11,885
50,352 42,777 Depreciation,
amortization and impairments (2,673 ) (3,141 ) (12,371 ) (10,972 )
Operating profit 10,256 8,744
37,981 31,805 Corporate
and Other Adjusted EBITDA (7,710
) (6,671 ) (27,813 )
(21,867 ) IPO transaction costs (iii) - - (1,725 ) -
Share-based payments (655 ) 36 (2,044 ) (1,033 )
Exceptional general and administrative costs (655
) 36 (3,769 ) (1,033
) EBITDA (8,365 ) (6,635
) (31,582 ) (22,900 )
Depreciation, amortization and impairments (426 ) (482 ) (1,892 )
(1,477 )
Operating profit (8,791 )
(7,117 ) (33,474 ) (24,377
) (iii) The IPO transaction costs represent the write
off of the proportion of the IPO costs allocated to selling
shareholders at the Initial Public Offering.
INTERXION HOLDING NV CONSOLIDATED BALANCE SHEET (in
€'000 - except where stated otherwise) (unaudited)
As at 31-Dec 31-Dec
2011 2010
Non-current assets Property, plant and equipment 477,798
342,420 Intangible assets 12,542 6,005 Deferred tax assets 39,557
39,841 Other non-current assets 3,841 3,709
533,738 391,975 Current assets Trade and other
current assets 67,874 55,672 Cash and cash equivalents 142,669
99,115
210,543 154,787
Total assets 744,281 546,762
Shareholders’ equity Share capital 6,613 4,434 Share
premium 466,166 321,078 Foreign currency translation reserve 7,386
4,933 Accumulated deficit (149,604 ) (175,176 )
330,561
155,269 Non-current liabilities Trade payables and
other liabilities 10,294 7,795 Deferred tax liabilities 1,742 660
Provision for onerous lease contracts 10,618 13,260 Borrowings
257,267 257,403
279,921 279,118
Current liabilities Trade payables and other liabilities
127,639 106,038 Current tax liabilities 2,249 868 Provision for
onerous lease contracts 3,108 3,073 Borrowings 803 2,396
133,799 112,375 Total
liabilities 413,720 391,493
Total liabilities and shareholders’ equity 744,281
546,762 INTERXION
HOLDING NV NOTES TO THE CONSOLIDATED BALANCE SHEET:
BORROWINGS (in €'000 - except where stated otherwise)
(unaudited)
As at 31-Dec 31-Dec
2011 2010
Borrowings net of cash
and cash equivalents Cash and cash equivalents
(iv) 142,669 99,115 9.5%
Senior Secured Notes due 2017 (v) 255,560 254,924 Financial Leases
337 765 Other Borrowings 2,173 4,110
Borrowings
excluding revolving credit facility deferred financing costs
258,070 259,799 Revolving credit
facility deferred financing costs (vi) (667 ) (1,283 )
Total
Borrowings 257,403 258,516
Borrowings net of cash and cash
equivalents 114,734 159,401
(iv) Cash and cash equivalents includes
€4.8 million as of December 31, 2011 and €4.2 million as of
December 31, 2010, which is restricted and held as collateral to
support the issuance of bank guarantees on behalf of a number of
subsidiary companies.
(v) €260 million 9.5% Senior Secured Notes
due 2017 include premium on additional issue and are shown after
deducting underwriting discounts and commissions, offering fees and
expenses.
(vi) We reported deferred financing costs
of €0.7 million in connection with entering into our €50 million
revolving credit facility which was undrawn at the end of the
period.
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
2011 2010
2011 2010
Profit for the period 10,649 9,514 25,572
14,682 Depreciation, amortization and impairments 8,371 8,625
35,552 31,108 IPO transaction costs - - 1,725 - Provision for
onerous lease contracts (822 ) (1,329 ) (3,125 ) (3,157 )
Share-based payments 1,347 615 2,736 1,684 Net finance expense
4,955 6,412 22,784 29,444 Income tax expense 1,925 (3,222 )
9,737 2,560 26,425 20,615 94,981 76,321 Movements in
trade and other current assets (8,947 ) 2,129 (16,942 ) 511
Movements in trade and other liabilities 5,096 4,265
12,009 8,476
Cash generated from operations
22,574 27,009 90,048 85,308 Interest
paid (294 ) (802 ) (24,472 ) (9,980 ) Interest received 1,010 53
2,251 390 Income tax paid (2,240 ) (389 ) (3,784 ) (1,339 )
Net
cash flows from operating activities 21,050
25,871 64,043 74,379 Cash flow from
investing activities Purchase of property, plant and equipment
(65,432 ) (19,058 ) (154,559 ) (98,171 ) Disposals of property,
plant and equipment - 230 945 230 Purchase of intangible assets
(3,111 ) (674 ) (7,397 ) (2,223 ) Proceeds /(acquisition)
short-term investments 40,000 - - -
Net cash flows from investing activities (28,543
) (19,502 ) (161,011 )
(100,164 ) Cash flow from financing activities
Proceeds from exercised options 452 6 3,474 6 Proceeds from
issuance new shares - - 142,952 - Repayment of 'Liquidation Price'
to former preferred shareholders - - (3,055 ) -
Proceeds/(repayment) bank facilities - - - (159,046 ) Proceeds from
Senior Secured Notes and RCF - 63,446 (645 ) 254,276 Other
Borrowings (131 ) (1,312 ) (2,396 ) (2,488 )
Net cash flows from
financing activities 321 62,140 140,330
92,748 Effect of exchange rate changes on cash 302 14
192 149
Net movement in cash and cash
equivalents (6,870 ) 68,523 43,554
67,112 Cash and cash equivalents, beginning of period
149,539 30,592 99,115 32,003
Cash
and cash equivalents, end of period 142,669
99,115 142,669 99,115
INTERXION HOLDING NV
Announced Expansion Projects 2011
Market Project CAPEX (a, b) Equipped
Space (a) Target Completion
(€ million) (Sqm)
Düsseldorf DUS 1 : Phase 2 Power Expansion € 7 500 (c) 2Q 2011
(completed) London LON 1 : Phase 9 Expansion € 7 525 2Q 2011
(completed) Vienna VIE 1 : Phase 3 Expansion € 5 600 (d) 3Q 2011
(completed) Dublin DUB 2 : Phase 3 Expansion € 8 640 4Q 2011
(completed) Stockholm STO 1: Phase 4 Expansion € 5 500 1Q 2012
(completed) Frankfurt FRA 7: New Build € 21 1,550 1Q 2012 London
LON 2: New Build € 38 1,700 2Q 2012 Paris PAR 7 : Phase 1 New Build
€ 70 4,500 2Q 2012 Amsterdam AMS 6: New Build € 60 4,000 4Q 2012
Total € 221 14,515 (a) CAPEX and
Equipped Space are approximate and may change after project
completion. (b) CAPEX reflects the total for the listed project and
may not be all invested in the current year. (c) Previously
included in equipped space (d) Announced as a 2 phase project with
1300 sqm and €12 million capex
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