Interxion Holding NV (NYSE: INXN), a leading European provider
of carrier-neutral colocation data centre services, announced its
results today for the three months ended 30 June 2012.
Highlights
- Revenue for the quarter increased by
13% to €68.0 million (Q2 2011: €60.0 million)
- Adjusted EBITDA for the quarter
increased by 19% to €27.8 million (Q2 2011: €23.3 million)
- Adjusted EBITDA margin for the quarter
increased to 40.8% (Q2 2011: 38.9%)
- Net profit increased by 67% to €8.7
million (Q2 2011: €5.2 million)
- Capital expenditure, including
intangible assets, was €42.6 million
“Interxion continued its strong execution in the second quarter,
delivering financial results that were consistent with our
expectations,” said Interxion Chief Executive Officer, David
Ruberg. “We continue to see broad-based customer demand for our
high quality, connectivity driven data centres, and we are pleased
to have announced the opening of the initial phases of new data
centres in the London and Paris markets.”
Quarterly Review
Revenue for the second quarter of 2012 was €68.0 million, a 13%
increase over the second quarter of 2011 and a 3% increase over the
first quarter of 2012. Recurring revenue was €62.9 million, a 12%
increase over the second quarter of 2011 and a 1% increase over the
first quarter of 2012. Recurring revenue was 92% of total
revenue.
Cost of sales for the second quarter increased by 11% to €28.2
million, compared with the second quarter of 2011. Gross profit
margin increased to 58.5%, compared with 57.5% in the same quarter
of 2011. Sales and marketing costs in the second quarter were €4.7
million, up 2% compared with the same quarter in the previous year.
General and administrative costs, excluding depreciation,
amortisation, impairments, increase in provision for onerous lease
contracts, and share-based payments, were €7.3 million, an increase
of 11% compared with the second quarter of 2011. Depreciation,
amortisation, and impairments increased by 7%, compared with the
previous-year second quarter, to €10.2 million.
Net financing costs for the second quarter of 2012 were €3.9
million, compared with €6.0 million in the second quarter of 2011,
primarily as a result of higher interest capitalization because of
increased data centre construction.
Net profit was €8.7 million in the second quarter of 2012, up
67% from the second quarter of 2011. Earnings per share in the
second quarter of 2012 were €0.13, an increase of 63%, on a
weighted average of 68.0 million diluted shares compared to €0.08
on a weighted average of 67.5 million diluted shares in the second
quarter of 2011.
Adjusted EBITDA for the second quarter of 2012 was €27.8
million, up 19% year-on-year. Adjusted EBITDA margin expanded to
40.8%, compared with 38.9% in the second quarter of the previous
year.
Cash generated from operations, defined as cash generated from
operating activities before interest and corporate income tax
payments and receipts, was €29.4 million, up 27% year-on-year.
Capital Expenditure, including intangible assets, was €42.6 million
in the second quarter 2012.
Cash and cash equivalents were €84.5 million at 30 June 2012,
down from €142.7 million at year-end 2011. The company’s revolving
credit facility was amended during the quarter and remains
undrawn.
Equipped space at the end of the second quarter 2012 was 65,300
square metres compared with 61,500 square metres at the end of the
second quarter of 2011 and 64,800 square metres at the end of the
first quarter of 2012. Revenue generating space was 48,600 square
metres at the end of the second quarter 2012, compared to 45,300
square metres at the end of the second quarter of 2011 and 47,500
square metres at the end of the first quarter of 2012. Utilisation
rate, the ratio of revenue-generating space to equipped space, was
74%, the same as the second quarter of 2011, and up from 73% in the
first quarter of 2012.
Business Outlook
The company today reaffirmed its guidance for 2012:
Revenue €275 million – €285 million Adjusted EBITDA
€112 million – €120 million Capital Expenditure (including
intangibles) €170 million – €190 million
Conference Call to Discuss Results
The company will host a conference call today at 8:30am ET
(1:30pm BST, 2:30pm CET) to discuss the results.
To participate in this call, US callers may dial toll free,
1-866-966-9439; callers outside the US may dial direct, +44 (0)1452
555 566. The conference ID for this call is 97898814. This event
will also be webcast live over the Internet in listen-only mode at
investors.interxion.com.
A replay of the call will be available from shortly after it
ends until 14 August 2012. To access the replay, US callers may
dial toll free, 1-866-247-4222; callers outside the US may dial
direct, +44 (0)1452 550 000. The replay access number is
97898814#.
Forward-looking Statements
This press release contains forward-looking statements that
involve risks and uncertainties. Actual results may differ
materially from expectations discussed in such forward-looking
statements. Factors that might cause such differences include, but
are not limited to, the difficulty of reducing operating expenses
in the short term, inability to utilise the capacity of newly
planned data centres and data centre expansions, significant
competition, the cost and supply of electrical power, data centre
industry over-capacity, performance under service-level agreements,
and other risks described from time to time in Interxion's filings
with the Securities and Exchange Commission. Interxion does not
assume any obligation to update the forward-looking information
contained in this press release.
Use of Non-IFRS Information
EBITDA is defined as operating profit plus depreciation,
amortization and impairment of assets. We define Adjusted EBITDA as
EBITDA adjusted to exclude share-based payments, increase/decrease
in provision for onerous lease contracts, IPO transaction costs,
and income from sub-leases on unused data centre sites. Adjusted
EBITDA margin is defined as Adjusted EBITDA as a percentage of
revenue. We present EBITDA, Adjusted EBITDA and Adjusted EBITDA
margin as additional information because we understand that they
are measures used by certain investors and because they are used in
our financial covenants in our €60 million revolving credit
facility and €260 million 9.50% Senior Secured Notes due 2017.
However, other companies may present EBITDA, Adjusted EBITDA and
Adjusted EBITDA margin differently than we do. EBITDA, Adjusted
EBITDA and Adjusted EBITDA margin are not measures of financial
performance under IFRS and should not be considered as an
alternative to operating profit or as a measure of liquidity or an
alternative to net income as indicators of our operating
performance or any other measure of performance derived in
accordance with IFRS.
A reconciliation from Operating Profit to EBITDA and Adjusted
EBITDA is provided in the Notes to Consolidated Income Statement:
Adjusted EBITDA reconciliation later in this press release.
Interxion does not provide forward-looking estimates of
Operating Profit, Depreciation, Amortization, and Impairments,
Share-based Payments, or increase/decrease in provision for onerous
lease contracts, IPO transaction costs, abandoned transaction
costs, income from sub-leases on unused data centre sites and net
insurance compensation benefit, which it uses to reconcile to
Adjusted EBITDA. The Company is, therefore, unable to provide
reconciling information for Adjusted EBITDA.
About Interxion
Interxion (NYSE: INXN) is a leading provider of carrier-neutral
colocation data centre services in Europe, serving a wide range of
customers through 31 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.
INTERXION HOLDING NV CONSOLIDATED INCOME
STATEMENT (in €'000 - except per share data and where stated
otherwise) (unaudited)
Three Months Ended Six Months Ended 30-Jun
30-Jun
30-Jun 30-Jun
2012 2011
2012 2011
Revenue 68,004 60,023 133,816
117,915 Cost of sales (28,230 ) (25,522 ) (54,729 ) (50,302
)
Gross profit 39,774 34,501 79,087
67,613 Other income 114 115 232 242 Sales and marketing
costs (4,664 ) (4,591 ) (9,514 ) (8,803 ) General and
administrative costs (18,493 ) (16,496 ) (36,014 ) (33,795 )
Operating profit 16,731 13,529 33,791
25,257 Net finance expense (3,876 ) (5,986 ) (8,311 )
(12,574 )
Profit before taxation 12,855 7,543
25,480 12,683 Income tax expense (4,131 ) (2,319 )
(8,060 ) (4,651 )
Net profit 8,724
5,224 17,420 8,032
Basic earnings per share: (€) 0.13 0.08 0.26 0.13 Diluted earnings
per share: (€) 0.13 0.08 0.26 0.12 Number of shares
outstanding at the end of the period (shares in thousands) 67,599
65,619 67,599 65,619 Weighted average number of shares for Basic
EPS (shares in thousands) 67,140 65,579 66,741 62,398 Weighted
average number of shares for Diluted EPS (shares in thousands)
68,021 67,536 67,693 64,534
Capacity
Metrics Equipped space (in square meters) 65,300 61,500
65,300 61,500 Revenue generating space (in square meters) 48,600
45,300 48,600 45,300 Utilisation rate 74 % 74 % 74 % 74 %
INTERXION HOLDING NV NOTES TO CONSOLIDATED INCOME
STATEMENT: SEGMENT INFORMATION (in €'000 - except where stated
otherwise) (unaudited)
Three Months Ended Six Months Ended
30-Jun 30-Jun
30-Jun 30-Jun
2012 2011
2012 2011
Consolidated Recurring
revenue 62,867 56,244 125,146 110,386 Non-recurring Revenue 5,137
3,779 8,670 7,529
Revenue
68,004 60,023 133,816
117,915 Adjusted EBITDA 27,766
23,321 55,102 45,531
Gross Margin 58.5 % 57.5 %
59.1 % 57.3 % Adjusted EBITDA
Margin 40.8 % 38.9 % 41.2
% 38.6 % Total assets 774,738 702,513
774,738 702,513 Total liabilities 416,989 395,984 416,989 395,984
Capital expenditure, including intangible assets (i) (42,572 )
(18,952 ) (103,672 ) (38,470 )
France, Germany,
Netherlands, and UK Recurring revenue 38,446
33,561 76,459 65,806 Non-recurring Revenue 3,907 2,535
6,199 4,962
Revenue 42,353
36,096 82,658 70,768
Adjusted EBITDA 21,828 17,964
43,405 34,743 Gross
Margin 60.2 % 58.5 % 61.3
% 58.5 % Adjusted EBITDA Margin
51.5 % 49.8 % 52.5 %
49.1 % Total assets 494,213 296,740 494,213
296,740 Total liabilities 99,136 86,519 99,136 86,519 Capital
expenditure, including intangible assets (i) (34,562 ) (9,479 )
(87,055 ) (21,819 )
Rest of Europe
Recurring revenue 24,421 22,683 48,687 44,580 Non-recurring
Revenue 1,230 1,244 2,471 2,567
Revenue 25,651 23,927
51,158 47,147 Adjusted EBITDA
13,476 12,165 26,884
24,267 Gross Margin 61.5 %
61.0 % 61.4 % 61.0 %
Adjusted EBITDA Margin 52.5 % 50.8
% 52.6 % 51.5 % Total
assets 189,219 160,436 189,219 160,436 Total liabilities 40,837
37,139 40,837 37,139 Capital expenditure, including intangible
assets (i) (6,848 ) (8,539 ) (14,771 ) (14,803 )
Corporate and Other
Adjusted EBITDA (7,538 ) (6,808
) (15,187 ) (13,479 )
Total assets 91,306 245,337 91,306 245,337 Total liabilities
277,016 272,326 277,016 272,326 Capital expenditure, including
intangible assets (i) (1,162 ) (934 ) (1,846 ) (1,848 )
(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 Six Months
Ended 30-Jun 30-Jun
30-Jun 30-Jun
2012
2011
2012 2011
Reconciliation to
adjusted EBITDA Consolidated
Operating profit 16,731 13,529
33,791 25,257 Depreciation, amortization and
impairments 10,236 9,568 19,891 18,094
EBITDA 26,967 23,097 53,682
43,351 Share-based payments 913 339 1,652 679
Increase/(decrease) in provision for onerous lease contracts - - -
18 IPO transaction costs (ii) - - - 1,725 Income from sub-leases on
unused data center sites (114 ) (115 ) (232 ) (242 )
Adjusted
EBITDA 27,766 23,321 55,102
45,531 France, Germany,
Netherlands, and UK Operating profit
16,004 12,265 32,213 23,915
Depreciation, amortization and impairments 5,776 5,753
11,101 10,899
EBITDA 21,780
18,018 43,314 34,814 Share-based payments 162
61 323 153 Increase/(decrease) in provision for onerous lease
contracts - - - 18 Income from sub-leases on unused data center
sites (114 ) (115 ) (232 ) (242 )
Adjusted EBITDA
21,828 17,964 43,405
34,743 Rest of Europe
Operating profit 9,486
8,835
19,181
17,858 Depreciation, amortization and impairments 3,883
3,289
7,489
6,287
EBITDA 13,369
12,124
26,670
24,145 Share-based payments 107
41
214
122
Adjusted EBITDA 13,476
12,165
26,884
24,267 Corporate and Other
Operating Profit/(Loss) (8,759 )
(7,571 )
(17,603 )
(16,516 ) Depreciation, amortization and impairments
577
526
1,301
908
EBITDA (8,182 )
(7,045 )
(16,302 )
(15,608 ) Share-based payments 644
237
1,115
404 IPO transaction costs (ii) -
-
-
1,725
Adjusted EBITDA (7,538 )
(6,808 )
(15,187 )
(13,479 ) (ii) The IPO transaction costs
represent the write off of the proportion of the IPO costs
allocated to the selling shareholders at the Initial Public
Offering.
INTERXION HOLDING NV CONSOLIDATED
BALANCE SHEET (in €'000 - except where stated otherwise)
(unaudited)
As at 30-Jun 31-Dec
2012 2011
Non-current
Assets Property, plant and equipment 562,122 477,798 Intangible
assets 17,330 12,542 Deferred tax assets 33,919 39,557 Financial
fixed assets 774 – Other non-current assets 4,575 3,841
618,720 533,738 Current Assets Trade
and other current assets 71,532 67,874 Cash and cash equivalents
84,486 142,669
156,018 210,543
Total Assets 774,738 744,281
Shareholders’ Equity Share capital 6,760 6,613
Share premium 472,775 466,166 Foreign currency translation reserve
10,398 7,386 Accumulated deficit (132,184 ) (149,604 )
357,749 330,561 Non-current Liabilities Trade
payables and other liabilities 10,893 10,294 Deferred tax
liabilities 1,995 1,742 Provision for onerous lease contracts 9,237
10,618 Borrowings 257,594 257,267
279,719
279,921 Current Liabilities Trade payables and other
liabilities 130,984 127,639 Income tax liabilities 3,002 2,249
Provision for onerous lease contracts 3,136 3,108 Borrowings 148
803
137,270 133,799
Total Liabilities 416,989 413,720
Total Liabilities and Shareholders’ Equity
774,738 744,281 INTERXION
HOLDING NV NOTES TO THE CONSOLIDATED BALANCE SHEET:
BORROWINGS (in €'000 - except where stated otherwise)
(unaudited)
As
at 30-Jun 31-Dec
2012 2011
Borrowings Net of Cash and Cash Equivalents
Cash and Cash Equivalents (iii) 84,486
142,669 9.5% Senior Secured Notes due 2017
(iv) 255,914 255,560 Financial Leases 223 337 Other Borrowings
1,605 2,173
Borrowings Excluding Revolving Credit
Facility Deferred Financing Costs 257,742
258,070 Revolving credit facility deferred financing
costs (v) (1,523 ) (667 )
Total Borrowings 256,219
257,403 Borrowings Net of
Cash and Cash Equivalents 171,733 114,734
(iii) Cash and cash equivalents includes €4.9
million as of June 30, 2012 and €4.8 million as of December 31,
2011, which is restricted and held as collateral to support the
issuance of bank guarantees on behalf of a number of subsidiary
companies. (iv) €260 million 9.5% Senior Secured Notes due 2017
include premium on additional issue and are shown after deducting
underwriting discounts and commissions, offering fees and expenses.
(v) Deferred financing costs of €1.5 million incurred in connection
with the €60 million revolving credit facility, which is currently
undrawn.
INTERXION HOLDING NV CONSOLIDATED
STATEMENT OF CASH FLOWS (in €'000 - except where stated
otherwise) (unaudited)
Three Months Ended Six Months Ended
30-Jun 30-Jun
30-Jun 30-Jun
2012 2011
2012 2011 Profit for the period 8,724 5,224
17,420 8,032 Depreciation, amortization and impairments 10,236
9,568 19,891 18,094 IPO transaction costs - - - 1,725 Unwinding
provision for onerous lease contracts (794 ) (779 ) (1,579 ) (1,553
) Share-based payments 913 339 1,652 679 Net finance expense 3,876
5,986 8,311 12,574 Income tax expense 4,131 2,319
8,060 4,651 27,086 22,657 53,755 44,202 Movements in
trade and other current assets 3,142 1,603 (3,785 ) (5,680 )
Movements in trade and other liabilities (862 ) (1,225 ) 4,815
5,190
Cash Generated from Operations
29,366 23,035 54,785 43,712 Interest
paid (157 ) (421 ) (10,131 ) (12,580 ) Interest received 172 266
320 537 Income tax paid (1,591 ) (465 ) (2,302 ) (1,152 )
Net
Cash Flows from Operating Activities 27,790
22,415 42,672 30,517 Cash Flow from
Investing Activities Purchase of property, plant and equipment
(41,528 ) (16,240 ) (101,223 ) (35,364 ) Disposals of property,
plant and equipment - 945 - 945 Purchase of intangible assets
(1,044 ) (2,712 ) (2,449 ) (3,106 ) Acquisition financial fixed
assets - - (774 ) - Movement in short-term investments -
(90,000 ) - (90,000 )
Net Cash Flows from Investing
Activities (42,572 ) (108,007 )
(104,446 ) (127,525 ) Cash Flow from
Financing Activities Proceeds from exercised options 2,554 -
5,104 2,324 Proceeds from issuance of new shares - (400 ) - 142,952
Repayment of "Liquidation Price" to former preferred shareholders -
- - (3,055 ) Proceeds from Senior Secured Notes and RCF (955 ) (206
) (955 ) (645 ) Other Borrowings (624 ) (849 ) (681 ) (1,588 )
Net Cash Flows from Financing Activities 975
(1,455 ) 3,468 139,988 Effect of
exchange rate changes on cash 113 (241 ) 123 (124 )
Net Movement in Cash and Cash Equivalents (13,694
) (87,288 ) (58,183 )
42,856 Cash and cash equivalents, beginning of period 98,180
229,259 142,669 99,115
Cash and Cash
Equivalents, End of Period 84,486 141,971
84,486 141,971
INTERXION HOLDING NV Announced Expansion Projects
with Target Open Dates in 2012 & 2013
Market Project
CAPEX (a, b)
Equipped Space (a) Target Opening
(€ million) (Sqm) Stockholm STO
1: Phase 4 Expansion € 5 500 1Q 2012 (opened) Frankfurt FRA 7: New
Build € 21 1,500 1Q 2012 (opened) Paris PAR 7 : Phase 1 New Build €
70 4,500 2Q 2012 (opened) (c) London LON 2: New Build € 38 1,600 3Q
2012 (opened) (d) Amsterdam AMS 6: New Build € 60 4,000 4Q 2012
Madrid MAD 2: New Build € 10 800 1Q 2013
Total € 204
12,900 (a) CAPEX and Equipped Space are approximate
and may change after project completion. (b) CAPEX reflects the
total for the listed project at full power and capacity and may not
be all invested in the current year. (c) 500 sqm opened in 2Q 2012;
1500 sqm to be opened in 3Q 2012; remainder by end of 1Q 2013 (d)
500 sqm opened in July; additional 400 sqm to open in August;
remaining 700 sqm to open by year end 2012.
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