AMSTERDAM–(BUSINESS WIRE)–
Interxion Holding NV (INXN), a leading European provider of carrier-neutral colocation data centre services, announced its results today for the three months and year ended 31 December 2012.
Financial Highlights
- Revenue for the fourth quarter and full year increased by 13% to €72.9 million and €277.1 million, respectively (4Q 2011: €64.4 million; FY 2011: €244.3 million)
- Adjusted EBITDA for the fourth quarter and full year increased by 15% and 18% to €31.2 million and €115.0 million, respectively (4Q 2011: €27.1 million; FY 2011: €97.6 million)
- Adjusted EBITDA margin for the fourth quarter and full year increased to 42.8% and 41.5%, respectively (4Q 2011: 42.1%; FY 2011: 40.0%)
- Net profit for the fourth quarter and full year was €5.6 million and €31.6 million, respectively (4Q 2011: €10.6 million; FY 2011: €25.6 million)
- Capital Expenditures, including intangible assets1, were €178.3 million
Operating Highlights
- Equipped Space increased by 4,400 square metres in the fourth quarter and 11,200 square metres for the year to 74,000 square metres
- Revenue Generating Space increased by 5,000 square metres in the fourth quarter and 9,100 square metres for the full year to 56,200 square metres
- Utilisation Rate increased to 76% at the end of the year (FY 2011: 75%)
- Announced expansion projects remain on schedule
Interxion Chief Executive Officer, David Ruberg, stated: “Interxion continued to execute in 2012, delivering strong financial results, despite a difficult macro environment. We added record amounts of equipped space and revenue generating square metres, while increasing our utilisation rate. Both revenue and adjusted EBITDA exhibited double digit growth, while positioning ourselves for continued growth into the future.”
“In the fourth quarter, we continued our momentum by adding a record quarterly amount of revenue generating square metres. Compared to our third quarter, recurring revenue increased by 6% and adjusted EBITDA margins grew by 200 basis points,” continued Ruberg.
Quarterly Review
Revenue for the fourth quarter of 2012 was €72.9 million, a 13% increase over the fourth quarter of 2011 and a 3% increase over the third quarter of 2012. Recurring revenue was €69.0 million, a 16% increase over the fourth quarter of 2011 and a 6% increase over the third quarter of 2012. Recurring revenue in the quarter was 95% of total revenue.
Cost of sales in the fourth quarter 2012 was €29.0 million, a 14% increase over the fourth quarter of 2011 and a 2% decrease over the third quarter of 2012.
Gross profit was €43.9 million in the fourth quarter 2012, a 13% increase over the fourth quarter 2011 and a 7% increase over the third quarter of 2012.
Sales and marketing costs in the fourth quarter were €5.5 million, up 19% compared to the prior year quarter. Other general and administrative costs2 were €7.2 million, an increase of 1% compared to the prior year quarter.
Adjusted EBITDA for the fourth quarter of 2012 was €31.2 million, up 15% year over year and 9% over the prior quarter. Adjusted EBITDA margin expanded to 42.8% compared to 42.1% in the fourth quarter 2011 and 40.8% in the third quarter 2012.
Depreciation, amortisation, and impairments in the fourth quarter 2012 was €13.1 million, an increase of 56% compared to the prior year quarter and consistent with the company’s data centre investment program.
Quarterly operating profit was adversely impacted by two one-time cost items. During the fourth quarter, the company reassessed its onerous contract provision and recognised an additional onerous lease expense of €0.8 million. Share based payments were €2.6 million in the quarter and were impacted by a €1.9 million provision relating to a one-time employment tax implemented as emergency legislation by the Dutch authorities.
Operating profit during the fourth quarter of 2012 was €14.8 million, a decrease of 16% over the fourth quarter 2011 and a decrease of 11% compared to the third quarter 2012. The operating profit comparisons to prior periods are impacted by the two one-time costs mentioned above.
Net financing costs for the fourth quarter of 2012 were €5.7 million, a 14% increase compared to the fourth quarter 2011, and a 50% increase compared to the third quarter 2012, due to lower capitalised interest as construction projects were completed.
Income tax expense for the fourth quarter of 2012 was €3.5 million, an increase of 79% compared to the fourth quarter 2011. The comparison was negatively impacted by the recognition of a €2.7 million deferred tax asset in the prior year quarter.
Net profit was €5.6 million in the fourth quarter of 2012, down 47% from the fourth quarter of 2011, and down 34% sequentially.
Cash generated from operations, defined as cash generated from operating activities before interest and corporate income tax payments and receipts, was €32.9 million, a 46% increase from the fourth quarter of 2011, and a 36% increase from the third quarter of 2012.
Capital Expenditures, including intangible assets, were €28.2 million in the fourth quarter 2012.
Cash and equivalents and short term investments were €68.7 million at 31 December 2012, compared to €142.7 million at year end 2011, as the company invested in additional data centre capacity.
Equipped space at the end of the fourth quarter 2012 was 74,000 square metres compared to 62,800 square metres at the end of fourth quarter 2011 and 69,600 square metres at the end of the third quarter 2012. Utilisation rate, the ratio of revenue-generating space to equipped space, was 76%, up from 75% in the fourth quarter 2011, and up from 74% in the third quarter 2012.
Annual Review
Revenue for the full year 2012 was €277.1 million, a 13% increase over full year 2011. Recurring revenue for 2012 was €259.2 million, a 14% increase over 2011, and 94% of total revenue in 2012, up from 93% in 2011.
Gross profit was €164.0 million, a 15% increase over full year 2011.
Adjusted EBITDA for 2012 was €115.0 million, up 18% year over year. Adjusted EBITDA margin for full year 2012 expanded to 41.5% from 40.0% in 2011.
Net profit was €31.6 million in 2012, up 24% from 2011.
Cash generated from operations, defined as cash generated from operating activities before interest and corporate income tax payments and receipts, was €111.7 million compared to €90.0 million in 2011.
Capital Expenditures, including intangible assets, were €178.3 million in 2012 compared to €162.0 million in 2011.
During 2012, Interxion opened new capacity in Frankfurt, Stockholm, Paris, London, Amsterdam, Madrid and Zurich representing approximately 11,200 square metres of equipped space. The company installed 9,100 revenue generating square metres in 2012. Utilisation was 76% at 31 December 2012 compared to 75% at 31 December 2011.
Business Outlook
The company today is providing guidance for full year 2013:
| Revenue | €307 million – €322 million | ||
| Adjusted EBITDA | €130 million – €140 million | ||
| Capital Expenditures (including intangibles) | €130 million – €150 million | ||
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 95254723. 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 5 March 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 95254723.
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 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 Operating Profit, Depreciation, amortisation, and impairments, Share-based Payments, or Increase/decrease in provision for onerous lease contracts, IPO transaction costs, 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 carrier-neutral collocation 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 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.
2 Other general administrative costs represents General and administrative costs excluding depreciation, amortisation, impairments, share-based payments and increase/(decrease) in provision for onerous lease contracts.
| INTERXION HOLDING NV | |||||||||||||
| CONSOLIDATED INCOME STATEMENT | |||||||||||||
| (in €’000 – except per share data and where stated otherwise) | |||||||||||||
| (unaudited) | |||||||||||||
|
Three Months Ended
|
Year Ended
|
||||||||||||
|
31-Dec
2012 |
31-Dec
2011 |
31-Dec
2012 |
31-Dec
2011 |
||||||||||
| Revenue | 72,880 | 64,390 | 277,121 | 244,310 | |||||||||
| Cost of sales | (28,953 | ) | (25,495 | ) | (113,082 | ) | (101,766 | ) | |||||
| Gross profit | 43,927 | 38,895 | 164,039 | 142,544 | |||||||||
| Other income | 120 | 146 | 463 | 487 | |||||||||
| Sales and marketing costs | (5,503 | ) | (4,643 | ) | (20,100 | ) | (17,680 | ) | |||||
| General and administrative costs | (23,786 | ) | (16,869 | ) | (79,243 | ) | (67,258 | ) | |||||
| Operating profit | 14,758 | 17,529 | 65,159 | 58,093 | |||||||||
| Net finance expense | (5,657 | ) | (4,955 | ) | (17,746 | ) | (22,784 | ) | |||||
| Profit before taxation | 9,101 | 12,574 | 47,413 | 35,309 | |||||||||
| Income tax expense | (3,452 | ) | (1,925 | ) | (15,782 | ) | (9,737 | ) | |||||
|
Net profit
|
5,649 | 10,649 | 31,631 | 25,572 | |||||||||
| Basic earnings per share: (€) | 0.08 | 0.16 | 0.47 | 0.40 | |||||||||
| Diluted earnings per share: (€) | 0.08 | 0.16 | 0.46 | 0.39 | |||||||||
| Number of shares outstanding at the end of the period (shares in thousands) | 68,176 | 66,129 | 68,176 | 66,129 | |||||||||
| Weighted average number of shares for Basic EPS (shares in thousands) | 68,021 | 66,052 | 67,309 | 64,176 | |||||||||
| Weighted average number of shares for Diluted EPS (shares in thousands) | 69,052 | 67,449 | 68,262 | 65,896 | |||||||||
|
Capacity Metrics
|
|||||||||||||
| Equipped space (in square meters) | 74,000 | 62,800 | 74,000 | 62,800 | |||||||||
| Revenue generating space (in square meters) | 56,200 | 47,100 | 56,200 | 47,100 | |||||||||
| Utilisation rate | 76 | % | 75 | % | 76 | % | 75 | % | |||||
| INTERXION HOLDING NV | ||||||||||||
| NOTES TO CONSOLIDATED INCOME STATEMENT: SEGMENT INFORMATION | ||||||||||||
| (in €’000 – except where stated otherwise) | ||||||||||||
| (unaudited) | ||||||||||||
| Three Months Ended | Year Ended | |||||||||||
| 31-Dec 2012 |
31-Dec 2011 |
31-Dec 2012 |
31-Dec 2011 |
|||||||||
|
Consolidated
|
||||||||||||
| Recurring revenue | 69,002 | 59,717 | 259,249 | 228,328 | ||||||||
| Non-recurring Revenue | 3,878 | 4,673 | 17,872 | 15,982 | ||||||||
| Revenue | 72,880 | 64,390 | 277,121 | 244,310 | ||||||||
| Adjusted EBITDA | 31,187 | 27,101 | 115,015 | 97,637 | ||||||||
| Gross Margin | 60.3 | % | 60.4 | % | 59.2 | % | 58.3 | % | ||||
| Adjusted EBITDA Margin | 42.8 | % | 42.1 | % | 41.5 | % | 40.0 | % | ||||
| Total assets | 819,224 | 744,281 | 819,224 | 744,281 | ||||||||
| Total liabilities | 443,650 | 413,720 | 443,650 | 413,720 | ||||||||
| Capital expenditure, including intangible assets (i) | (28,191 | ) | (68,543 | ) | (178,331 | ) | (161,956 | ) | ||||
|
France, Germany, Netherlands, and UK
|
||||||||||||
| Recurring revenue | 42,849 | 36,184 | 159,136 | 136,460 | ||||||||
| Non-recurring Revenue | 2,491 | 3,440 | 12,640 | 10,352 | ||||||||
| Revenue | 45,340 | 39,624 | 171,776 | 146,812 | ||||||||
| Adjusted EBITDA | 24,321 | 21,558 | 90,121 | 74,774 | ||||||||
| Gross Margin | 62.7 | % | 62.2 | % | 61.4 | % | 59.8 | % | ||||
| Adjusted EBITDA Margin | 53.6 | % | 54.4 | % | 52.5 | % | 50.9 | % | ||||
| Total assets | 546,842 | 412,160 | 546,842 | 412,160 | ||||||||
| Total liabilities | 139,576 | 97,779 | 139,576 | 97,779 | ||||||||
| Capital expenditure, including intangible assets (i) | (20,090 | ) | (60,230 | ) | (145,080 | ) | (122,880 | ) | ||||
|
Rest of Europe
|
||||||||||||
| Recurring revenue | 26,153 | 23,533 | 100,113 | 91,868 | ||||||||
| Non-recurring Revenue | 1,387 | 1,233 | 5,232 | 5,630 | ||||||||
| Revenue | 27,540 | 24,766 | 105,345 | 97,498 | ||||||||
| Adjusted EBITDA | 14,379 | 13,253 | 55,068 | 50,676 | ||||||||
| Gross Margin | 62.4 | % | 62.7 | % | 61.5 | % | 61.4 | % | ||||
| Adjusted EBITDA Margin | 52.2 | % | 53.5 | % | 52.3 | % | 52.0 | % | ||||
| Total assets | 197,802 | 181,186 | 197,802 | 181,186 | ||||||||
| Total liabilities | 48,183 | 40,774 | 48,183 | 40,774 | ||||||||
| Capital expenditure, including intangible assets (i) | (7,196 | ) | (6,913 | ) | (29,014 | ) | (35,366 | ) | ||||
|
Corporate and Other
|
||||||||||||
| Adjusted EBITDA | (7,513 | ) | (7,710 | ) | (30,174 | ) | (27,813 | ) | ||||
| Total assets | 74,580 | 150,935 | 74,580 | 150,935 | ||||||||
| Total liabilities | 255,891 | 275,167 | 255,891 | 275,167 | ||||||||
| Capital expenditure, including intangible assets (i) | (905 | ) | (1,400 | ) | (4,237 | ) | (3,710 | ) | ||||
|
(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
|
Year Ended | |||||||||||
| 31-Dec 2012 |
31-Dec 2011 |
31-Dec 2012 |
31-Dec 2011 |
|||||||||
|
Reconciliation to Adjusted EBITDA
|
||||||||||||
|
Consolidated
|
||||||||||||
| Operating profit | 14,758 | 17,529 | 65,159 | 58,093 | ||||||||
| Depreciation, amortization and impairments | 13,071 | 8,371 | 43,993 | 35,552 | ||||||||
| EBITDA | 27,829 | 25,900 | 109,152 | 93,645 | ||||||||
| Share-based payments | 2,640 | 1,347 | 5,488 | 2,736 | ||||||||
| Increase/(decrease) in provision for onerous lease contracts | 838 | – | 838 | 18 | ||||||||
| IPO transaction costs (ii) | – | – | – | 1,725 | ||||||||
| Income from sub-leases on unused data center sites | (120 | ) | (146 | ) | (463 | ) | (487 | ) | ||||
| Adjusted EBITDA | 31,187 | 27,101 | 115,015 | 97,637 | ||||||||
|
France, Germany, Netherlands, and UK
|
||||||||||||
| Operating profit | 15,325 | 16,286 | 63,336 | 53,586 | ||||||||
| Depreciation, amortization and impairments | 8,059 | 5,272 | 25,686 | 21,289 | ||||||||
| EBITDA | 23,384 | 21,558 | 89,022 | 74,875 | ||||||||
| Share-based payments | 219 | 146 | 724 | 368 | ||||||||
| Increase/(decrease) in provision for onerous lease contracts | 838 | – | 838 | 18 | ||||||||
| Income from sub-leases on unused data center sites | (120 | ) | (146 | ) | (463 | ) | (487 | ) | ||||
| Adjusted EBITDA | 24,321 | 21,558 | 90,121 | 74,774 | ||||||||
|
Rest of Europe
|
||||||||||||
| Operating profit | 9,992 | 10,448 | 38,969 | 37,981 | ||||||||
| Depreciation, amortization and impairments | 4,298 | 2,673 | 15,691 | 12,371 | ||||||||
| EBITDA | 14,290 | 13,121 | 54,660 | 50,352 | ||||||||
| Share-based payments | 89 | 132 | 408 | 324 | ||||||||
| Adjusted EBITDA | 14,379 | 13,253 | 55,068 | 50,676 | ||||||||
|
Corporate and Other
|
||||||||||||
| Operating Profit/(Loss) | (10,559 | ) | (9,205 | ) | (37,146 | ) | (33,474 | ) | ||||
| Depreciation, amortization and impairments | 714 | 426 | 2,616 | 1,892 | ||||||||
| EBITDA | (9,845 | ) | (8,779 | ) | (34,530 | ) | (31,582 | ) | ||||
| Share-based payments | 2,332 | 1,069 | 4,356 | 2,044 | ||||||||
| IPO transaction costs (ii) | – | – | – | 1,725 | ||||||||
| Adjusted EBITDA | (7,513 | ) | (7,710 | ) | (30,174 | ) | (27,813 | ) | ||||
|
(ii) “IPO transaction costs” represent expenses associated with the write off of the proportion of the IPO costs allocated to the selling shareholders at the Initial Public Offering.
|
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| INTERXION HOLDING NV | ||||||
| CONSOLIDATED BALANCE SHEET | ||||||
| (in €’000 – except where stated otherwise) | ||||||
| (unaudited) | ||||||
| As at | ||||||
|
31-Dec
2012 |
31-Dec
2011 |
|||||
|
Non-current Assets
|
||||||
| Property, plant and equipment | 620,931 | 477,798 | ||||
| Intangible assets | 18,638 | 12,542 | ||||
| Deferred tax assets | 30,376 | 39,557 | ||||
| Financial fixed assets | 774 | – | ||||
| Other non-current assets | 4,959 | 3,841 | ||||
| 675,678 | 533,738 | |||||
| Current Assets | ||||||
| Trade and other current assets | 74,854 | 67,874 | ||||
| Cash and cash equivalents | 68,692 | 142,669 | ||||
| 143,546 | 210,543 | |||||
| Total Assets | 819,224 | 744,281 | ||||
| Shareholders’ Equity | ||||||
| Share capital | 6,818 | 6,613 | ||||
| Share premium | 477,326 | 466,166 | ||||
| Foreign currency translation reserve | 9,403 | 7,386 | ||||
| Accumulated deficit | (117,973 | ) | (149,604 | ) | ||
| 375,574 | 330,561 | |||||
| Non-current Liabilities | ||||||
| Trade payables and other liabilities | 11,194 | 10,294 | ||||
| Deferred tax liabilities | 2,414 | 1,742 | ||||
| Provision for onerous lease contracts | 7,848 | 10,618 | ||||
| Borrowings | 288,085 | 257,267 | ||||
| 309,541 | 279,921 | |||||
| Current Liabilities | ||||||
| Trade payables and other liabilities | 127,778 | 127,639 | ||||
| Income tax liabilities | 2,301 | 2,249 | ||||
| Provision for onerous lease contracts | 3,978 | 3,108 | ||||
| Borrowings | 52 | 803 | ||||
| 134,109 | 133,799 | |||||
| Total Liabilities | 443,650 | 413,720 | ||||
| Total Liabilities and Shareholders’ Equity | 819,224 | 744,281 | ||||
| INTERXION HOLDING NV | ||||||
| NOTES TO THE CONSOLIDATED BALANCE SHEET: BORROWINGS | ||||||
| (in €’000 – except where stated otherwise) | ||||||
| (unaudited) | ||||||
| As at | ||||||
|
31-Dec
2012 |
31-Dec
2011 |
|||||
|
Borrowings Net of Cash and Cash Equivalents
|
||||||
| Cash and Cash Equivalents (iii) | 68,692 | 142,669 | ||||
| 9.5% Senior Secured Notes due 2017 (iv) | 256,268 | 255,560 | ||||
| Mortgage loans | 9,903 | – | ||||
| Financial Leases | 20,361 | 337 | ||||
| Other Borrowings | 1,605 | 2,173 | ||||
| Borrowings Excluding Revolving Credit Facility Deferred Financing Costs | 288,137 | 258,070 | ||||
| Revolving credit facility deferred financing costs (v) | (1,371 | ) | (667 | ) | ||
| Total Borrowings | 286,766 | 257,403 | ||||
| Borrowings Net of Cash and Cash Equivalents | 218,074 | 114,734 | ||||
|
(iii) Cash and cash equivalents includes €5.0 million as of December 31, 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 €1.4 million incurred in connection with the €60 million revolving credit facility, which is currently undrawn.
|
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| INTERXION HOLDING NV | ||||||||||||
| CONSOLIDATED STATEMENT OF CASH FLOWS | ||||||||||||
| (in €’000 – except where stated otherwise) | ||||||||||||
| (unaudited) | ||||||||||||
|
Three Months Ended
|
Year Ended | |||||||||||
|
31-Dec
2012 |
31-Dec 2011 |
31-Dec 2012 |
31-Dec 2011 |
|||||||||
| Profit for the period | 5,649 | 10,649 | 31,631 | 25,572 | ||||||||
| Depreciation, amortization and impairments | 13,071 | 8,371 | 43,993 | 35,552 | ||||||||
| IPO transaction costs | – | – | – | 1,725 | ||||||||
| Unwinding provision for onerous lease contracts | 44 | (822 | ) | (2,328 | ) | (3,125 | ) | |||||
| Share-based payments | 2,640 | 1,347 | 5,488 | 2,736 | ||||||||
| Net finance expense | 5,657 | 4,955 | 17,746 | 22,784 | ||||||||
| Income tax expense | 3,452 | 1,925 | 15,782 | 9,737 | ||||||||
| 30,513 | 26,425 | 112,312 | 94,981 | |||||||||
| Movements in trade and other current assets | (78 | ) | (8,947 | ) | (7,154 | ) | (16,942 | ) | ||||
| Movements in trade and other liabilities | 2,415 | 5,096 | 6,543 | 12,009 | ||||||||
| Cash Generated from Operations | 32,850 | 22,574 | 111,701 | 90,048 | ||||||||
| Interest paid (vi) | (474 | ) | (294 | ) | (18,081 | ) | (24,472 | ) | ||||
| Interest received | 273 | 1,010 | 1,007 | 2,251 | ||||||||
| Income tax paid | (1,923 | ) | (2,240 | ) | (5,545 | ) | (3,784 | ) | ||||
| Net Cash Flows from Operating Activities | 30,726 | 21,050 | 89,082 | 64,043 | ||||||||
| Cash Flows from Investing Activities | ||||||||||||
| Purchase of property, plant and equipment | (26,990 | ) | (65,432 | ) | (172,036 | ) | (154,559 | ) | ||||
| Disposals of property, plant and equipment | – | – | – | 945 | ||||||||
| Purchase of intangible assets | (1,201 | ) | (3,111 | ) | (6,295 | ) | (7,397 | ) | ||||
| Acquisition financial fixed assets | – | – | (774 | ) | – | |||||||
| Movement in short-term investments | – | 40,000 | – | – | ||||||||
| Net Cash Flows from Investing Activities | (28,191 | ) | (28,543 | ) | (179,105 | ) | (161,011 | ) | ||||
| Cash Flows from Financing Activities | ||||||||||||
| Proceeds from exercised options | 1,231 | 452 | 7,956 | 3,474 | ||||||||
| Proceeds from issuance of new shares at IPO | – | – | – | 142,952 | ||||||||
| Repayment of “Liquidation Price” to former preferred shareholders | – | – | – | (3,055 | ) | |||||||
| Secured bank loans | 9,890 | – | 9,890 | – | ||||||||
| Senior Secured Notes and RCF | – | – | (1,159 | ) | (645 | ) | ||||||
| Other Borrowings | (64 | ) | (131 | ) | (804 | ) | (2,396 | ) | ||||
| Net Cash Flows from Financing Activities | 11,057 | 321 | 15,883 | 140,330 | ||||||||
| Effect of exchange rate changes on cash | (52 | ) | 302 | 163 | 192 | |||||||
| Net Movement in Cash and Cash Equivalents | 13,540 | (6,870 | ) | (73,977 | ) | 43,554 | ||||||
| Cash and cash equivalents, beginning of period | 55,152 | 149,539 | 142,669 | 99,115 | ||||||||
| Cash and Cash Equivalents, End of Period | 68,692 | 142,669 | 68,692 | 142,669 | ||||||||
|
(vi) Interest paid is reported net of cash interest capitalized which is reported as part of “Purchase of property, plant and equipment”.
|
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| INTERXION HOLDING NV | ||||||||
| Status of Announced Expansion Projects as at 27 February 2013 | ||||||||
| with Target Open Dates in 2012 & 2013 | ||||||||
| Market | Project |
CAPEX (a, b)
(€ million) |
Equipped
Space (a) (Sqm) |
Target Opening
|
||||
| Frankfurt | FRA 7: New Build | € 21 | 1,500 | 1Q 2012 (opened) | ||||
| Stockholm | STO 1: Phase 4 Expansion | € 5 | 500 | 1Q 2012 (opened) | ||||
| Paris | PAR 7 : Phase 1 New Build | € 70 | 4,500 | 2Q 2012 (opened) (c) | ||||
| Amsterdam | AMS 6: New Build | € 60 | 4,400 | 3Q 2012 (opened) (d) | ||||
| London | LON 2: New Build | € 38 | 1,500 | 3Q 2012 (opened) (e) | ||||
| Amsterdam | AMS 5: Phase 4 Expansion | € 12 | 1,000 | 4Q 2012 (opened) | ||||
| Zurich | ZUR 1: Phase 3 Expansion | € 4 | 600 | 4Q 2012 (opened) | ||||
| Madrid | MAD 2: Phase 1 New Build | € 10 | 800 | 4Q 2012 (opened) (f) | ||||
| Frankfurt | FRA 6: Phase 3 Expansion | € 5 | 600 | 1Q 2013 | ||||
| Stockholm | STO 2: Phase 1 New Build | € 11 | 500 | 2Q 2013 | ||||
| Copenhagen | CPH 1: Expansion | € 2 | 300 | 2Q 2013 | ||||
| Total | € 238 | 16,200 | ||||||
| (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 may not be all invested in the current year. | ||||||||
| (c) Opened 500 sqm in 2Q 2012 and 1500 sqm in 3Q 2012; remaining 2500 sqm scheduled to open in 1Q 2013. | ||||||||
| (d) Opened 1700 sqm in 3Q 2012 for early customer access; 2700 sqm opened in 4Q 2012. | ||||||||
| (e) 1100 sqm opened in 3Q 2012; 400 sqm opened in 1Q 2013. | ||||||||
| (f) Opened 200 sqm in 4Q 2012; remaining 600 sqm scheduled to open in 1Q 2013. | ||||||||
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