Interxion Holding NV (NYSE: INXN), a leading European provider
of carrier and cloud neutral colocation data centre services, today
announced its results for the three months ended 31 March 2013.
Financial Highlights
- Revenue increased by 13% to €74.4
million (Q1 2012: €65.8 million)
- Adjusted EBITDA increased by 16% to
€31.7 million (Q1 2012: €27.3 million)
- Adjusted EBITDA margin increased to
42.6% (Q1 2012: 41.5%)
- Net profit was €7.0 million (Q1 2012:
€8.7 million)
- Capital expenditure, including
intangible assets, was €32.8 million
Operating Highlights
- Expansion projects in Frankfurt,
London, Madrid, and Paris completed
- Equipped Space increased by 4,100
square metres in Q1 2013 to 78,100 square metres
- Revenue Generating Space increased by
800 square metres in Q1 2013 to 57,000 square metres
- Utilisation Rate at the end of the
quarter was 73%
“Interxion delivered another quarter of solid financial and
operating results in an unfavourable macroeconomic environment,”
said Interxion Chief Executive Officer, David Ruberg. “We believe
that our focus on implementing our market strategy of building
communities of interest in our data centres, combined with our
commitment to providing high quality sales, marketing, and customer
support, continues to foster sustainable and profitable
growth.”
Quarterly Review
Revenue in the first quarter of 2013 was €74.4 million, a 13%
increase over the first quarter of 2012 and 2% up on the fourth
quarter of 2012. Recurring revenue, which was 95% of total revenue,
was €71.0 million, a 14% increase over the first quarter of 2012
and 3% up on the fourth quarter of 2012.
Cost of sales in the first quarter of 2013 was €29.6 million, a
12% increase over the first quarter of 2012 and 2% up on the fourth
quarter of 2012.
Gross profit was €44.8 million in the first quarter 2013, a 14%
increase over the first quarter of 2012 and 2% up on the fourth
quarter of 2012. Gross profit margin in the first quarter of 2013
was 60.2%, compared with 59.7% in the same quarter of 2012 and
60.3% in the fourth quarter of 2012.
Sales and marketing costs in the first quarter 2013 were €5.5
million, a 13% increase over the first quarter of 2012 and in line
with the fourth quarter of 2012.
General and administrative costs1 in the first quarter 2013 were
€7.6 million, an increase of 7% compared with the first quarter of
2012 and 5% up on the fourth quarter of 2012. Depreciation and
amortisation in the first quarter 2013 was €14.0 million, a 45%
increase over the first quarter of 2012 and 7% up on the fourth
quarter of 2012.
Net financing costs in the first quarter of 2013 were €6.5
million, an increase of 45% compared with the first quarter of
2012, and was primarily the result of a reduction in capitalised
interest in the quarter.
Net profit was €7.0 million in the first quarter 2013, a
decrease of 20% compared with the first quarter of 2012, while
earnings per share were €0.10 on a weighted average of 69.1 million
diluted shares, compared with €0.13 on a weighted average of 67.4
million diluted shares in the first quarter of 2012.
Adjusted EBITDA in the first quarter of 2013 was €31.7 million,
up 16% year-on-year. Adjusted EBITDA margin increased to 42.6%,
compared with 41.5% in the first quarter of 2012.
Cash generated from operations, defined as cash generated from
operating activities before interest and corporate income tax
payments and receipts, was €23.6 million in the first quarter 2013
compared to €25.4 million in the first quarter 2012. Capital
expenditure, including intangible assets, was €32.8 million in the
first quarter of 2013, compared to €61.1 million in the first
quarter 2012.
Cash and cash equivalents were €60.5 million at 31 March 2013,
down from €68.7 million at year-end 2012. Total borrowings were
€298.0 million at the end of the first quarter 2013 compared with
€288.1 million at the end of 2012. During the quarter, the company
entered into a €10 million mortgage in connection with two of its
data centres in Paris. The company’s €60.0 million revolving credit
facility remains undrawn.
Equipped Space at the end of the first quarter 2013 was 78,100
square metres, compared with 64,800 square metres at the end of the
first quarter of 2012 and 74,000 square metres at the end of the
fourth quarter of 2012. Revenue Generating Space at the end of the
first quarter 2013 was 57,000 square metres, compared with 47,500
square metres at the end of the first quarter of 2012 and 56,200
square metres at the end of the fourth quarter of 2012. Utilisation
rate, the ratio of Revenue Generating Space to Equipped Space, was
73% at the end of the quarter, the same as the first quarter of
2012 and compared with 76% at the end of the fourth quarter of
2012.
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 ET
(1:30pm BST, 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 32692134. 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 14 May 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 55 00 00. The replay
access number is 32692134.
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, 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 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.
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 (NYSE: INXN) is a leading provider of cloud and
carrier-neutral colocation data centre services in Europe, serving
a wide range of customers through 33 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 18 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
INTERXION HOLDING NV CONSOLIDATED INCOME STATEMENT
(in €'000 ― except per share data and where stated otherwise)
(unaudited)
Three Months Ended
Mar-31 Mar-31
2013 2012
Revenue 74,379 65,812 Cost of sales (29,615 )
(26,499 )
Gross profit 44,764 39,313 Other
income 123 118 Sales and marketing costs (5,495 ) (4,850 ) General
and administrative costs (22,616 ) (17,521 )
Operating profit 16,776 17,060 Net finance
expense (6,451 ) (4,435 )
Profit before
taxation 10,325 12,625 Income tax expense (3,355
) (3,929 )
Net profit 6,970 8,696
Basic earnings per share: (€) 0.10 0.13 Diluted
earnings per share: (€) 0.10 0.13 Number of shares
outstanding at the end of the period (shares in thousands) 68,411
66,902 Weighted average number of shares for Basic EPS (shares in
thousands) 68,225 66,335 Weighted average number of shares for
Diluted EPS (shares in thousands) 69,109 67,439
Capacity metrics Equipped space (in square meters)
78,100 64,800 Revenue generating space (in square meters) 57,000
47,500 Utilisation rate 73 % 73 %
INTERXION HOLDING NV
NOTES TO CONSOLIDATED INCOME STATEMENT: SEGMENT INFORMATION
(in €'000 ― except where stated otherwise) (unaudited)
Three Months Ended
Mar-31 Mar-31
2013 2012
Consolidated
Recurring revenue 70,956 62,279 Non-recurring revenue 3,423
3,533
Revenue 74,379
65,812 Adjusted EBITDA 31,673
27,336 Gross margin 60.2 %
59.7 % Adjusted EBITDA margin 42.6
% 41.5 % Total assets 822,527 754,854
Total liabilities 439,639 411,854 Capital expenditure, including
intangible assets (i) (32,789 ) (61,100 )
France, Germany,
the Netherlands, and the UK
Recurring revenue 44,448 38,013 Non-recurring revenue 2,138
2,292
Revenue 46,586
40,305 Adjusted EBITDA 25,167
21,577 Gross margin 63.2 %
62.6 % Adjusted EBITDA margin 54.0
% 53.5 % Total assets 550,804 461,638
Total liabilities 127,036 98,395 Capital expenditure, including
intangible assets (i) (20,693 ) (52,493 )
Rest of
Europe
Recurring revenue 26,508 24,266 Non-recurring revenue 1,285
1,241
Revenue 27,793
25,507 Adjusted EBITDA 14,464
13,408 Gross margin 61.3 %
61.4 % Adjusted EBITDA margin 52.0
% 52.6 % Total assets 202,046 188,967
Total liabilities 41,166 42,723 Capital expenditure, including
intangible assets (i) (11,249 ) (7,923 )
Corporate and
other
Adjusted EBITDA (7,958 )
(7,649 ) Total assets 69,677 104,249 Total
liabilities 271,437 270,736 Capital expenditure, including
intangible assets (i) (847 ) (684 ) (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 Mar-31 Mar-31
2013 2012
Reconciliation to
Adjusted EBITDA
Consolidated
Net profit 6,970 8,696 Income tax
expense 3,355 3,929
Profit before taxation
10,325 12,625 Net finance expense 6,451 4,435
Operating profit 16,776 17,060
Depreciation, amortization and impairments 14,011 9,655
EBITDA 30,787 26,715 Share-based
payments 1,009 739 Income from sub-leases on unused data center
sites (123 ) (118 )
Adjusted EBITDA 31,673
27,336
France, Germany,
the Netherlands, and the UK
Operating profit 15,912 16,209
Depreciation, amortization and impairments 9,123 5,325
EBITDA 25,035 21,534 Share-based
payments 255 161 Income from sub-leases on unused data center sites
(123 ) (118 )
Adjusted EBITDA 25,167
21,577
Rest of
Europe
Operating profit 10,175 9,695
Depreciation, amortization and impairments 4,183 3,606
EBITDA 14,358 13,301 Share-based
payments 106 107
Adjusted EBITDA 14,464
13,408
Corporate and
Other
Operating profit/(loss) (9,311 )
(8,844 ) Depreciation, amortization and impairments
705 724
EBITDA (8,606 )
(8,120 ) Share-based payments 648 471
Adjusted EBITDA (7,958 ) (7,649
) INTERXION HOLDING NV CONSOLIDATED BALANCE
SHEET (in €'000 ― except where stated otherwise) (unaudited)
As at 31-Mar
31-Dec
2013 2012
Non-current assets Property, plant
and equipment 622,198 620,931 Intangible assets 18,520 18,638
Deferred tax assets 29,928 30,376 Financial fixed assets 774 774
Other non-current assets 4,827 4,959
676,247 675,678
Current assets Trade and other current assets 85,754 74,854
Cash and cash equivalents 60,526 68,692
146,280
143,546 Total assets 822,527 819,224
Shareholders’ equity Share capital 6,841 6,818 Share
premium 479,694 477,326 Foreign currency translation reserve 7,356
9,403 Accumulated deficit (111,003) (117,973)
382,888
375,574 Non-current liabilities Trade payables and
other liabilities 11,456 11,194 Deferred tax liabilities 2,620
2,414 Provision for onerous lease contracts 7,191 7,848 Borrowings
296,621 288,085
317,888 309,541 Current
liabilities Trade payables and other liabilities 112,562
127,778 Income tax liabilities 3,902 2,301 Provision for onerous
lease contracts 3,901 3,978 Borrowings 1,386 52
121,751
134,109 Total liabilities 439,639
443,650 Total liabilities and shareholders’ equity
822,527 819,224 INTERXION HOLDING
NV NOTES TO THE CONSOLIDATED BALANCE SHEET: BORROWINGS
(in €'000 ― except where stated otherwise) (unaudited)
As at
31-Mar 31-Dec
2013 2012
Borrowings net of cash
and cash equivalents Cash and cash equivalents
(iii) 60,526 68,692 9.50% Senior Secured Notes
due 2017 (iv) 256,463 256,268 Mortgages 19,531 9,903 Financial
leases 20,408 20,361 Other borrowings 1,605 1,605
Borrowings
excluding Revolving Credit Facility deferred financing costs
298,007 288,137 Revolving credit facility deferred
financing costs (v) (1,268) (1,371)
Total borrowings
296,739 286,766 Borrowings net of cash and cash
equivalents 236,213 218,074 (iii) Cash and
cash equivalents include €4.8 million as of March 31, 2013 and €5.0
million as of December 31, 2012, 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 9.50% 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 €1.3
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
31-Mar 31-Mar
2013 2012 Profit for the
period 6,970 8,696 Depreciation, amortization and impairments
14,011 9,655 Unwinding provision for onerous lease contracts (826 )
(785 ) Share-based payments 1,009 739 Net finance expense 6,451
4,435 Income tax expense 3,355 3,929 30,970 26,669
Movements in trade and other current assets (6,787 ) (6,927 )
Movements in trade and other liabilities (588 ) 5,677
Cash generated from operations 23,595 25,419
Interest paid (vi) (10,031 ) (9,974 ) Interest received 285 148
Income tax paid (436 ) (711 )
Net cash flows from operating
activities 13,413 14,882 Cash flows from
investing activities Purchase of property, plant and equipment
(30,920 ) (59,695 ) Purchase of intangible assets (1,869 ) (1,405 )
Acquisition of other investments – (774 )
Net cash flows
from investing activities (32,789 )
(61,874 ) Cash flows from financing activities
Proceeds from exercised options 1,611 2,550 Secured bank loans
9,621 – Other borrowings (13 ) (57 )
Net cash flows from
financing activities 11,219 2,493 Effect of
exchange rate changes on cash (9 ) 10
Net movement in
cash and cash equivalents (8,166 ) (44,489
) Cash and cash equivalents, beginning of period 68,692
142,669
Cash and cash equivalents, end of
period 60,526 98,180 (vi)
Interest paid is reported net of cash interest capitalized, which
is reported as part of “Purchase of property, plant and equipment".
INTERXION HOLDING NV Status of Announced Expansion
Projects as at 8 May 2013 Market
Project
Capital
Expenditure(a,b)
Equipped Target Opening
Space (a)
(€ million) (Sqm) Paris PAR 7:
Phase 1 New Build € 70 4,700 2Q 2012 (opened) (c) London LON 2: New
Build € 38 1,500 3Q 2012 (opened) (d) Madrid MAD 2: Phase 1 New
Build € 10 800 4Q 2012 (opened) (e) Frankfurt FRA 6: Phase 3
Expansion € 5 600 1Q 2013 (opened) Stockholm STO 2: Phase 1 New
Build € 11 500 2Q 2013 Copenhagen CPH 1: Expansion € 2 300 2Q 2013
(a) Capital expenditure and Equipped Space are approximate
and may change. (b) Capital expenditure reflects the total cost for
the listed project at full power and capacity and may not be all
invested in the current year. (c) Opened 500 sqm in 2Q 2012 and
1500 sqm in 3Q 2012; remaining 2700 sqm opened in 1Q 2013. (d)
Opened 1100 sqm in 3Q 2012; remaining 400 sqm opened in 1Q 2013.
(e) Opened 200 sqm in 4Q 2012; remaining 600 sqm opened in 1Q 2013.
InterXion Holding NV (NYSE:INXN)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024
InterXion Holding NV (NYSE:INXN)
Graphique Historique de l'Action
De Juil 2023 à Juil 2024