SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Report on Form 6-K dated 7 May 2015
(Commission File No. 001-35053)
INTERXION
HOLDING N.V.
(Translation of Registrant’s Name into English)
Tupolevlaan 24, 1119 NX Schiphol-Rijk, The Netherlands, +31 20 880 7600
(Address of Principal Executive Office)
Indicate by check mark whether
the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a
Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the
Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7) ): ¨
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the
registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the
home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if
discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
This report contains Interxion Holding N.V.’s (1) first quarter 2015 earnings press release and
(2) presentation materials to be used during a conference call with investors on 7 May 2015.
|
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|
| Exhibit |
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|
| 99.1 |
|
The press release “Interxion Reports First Quarter 2015 Results”, dated 7 May 2015. |
|
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| 99.2 |
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Presentation materials to be used during a conference call with investors on 7 May 2015. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
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| INTERXION HOLDING N.V. |
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| By: |
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/s/ David C. Ruberg |
| Name: |
|
David C. Ruberg |
| Title: |
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Chief Executive Officer |
Date: 7 May 2015
Exhibit 99.1
Press Release, 7 May 2015
Interxion Reports First Quarter 2015 Results
Strong Quarter with Growth Across Key Financial and Operating Metrics
AMSTERDAM 7 May 2015 – Interxion Holding NV (NYSE: INXN), a leading European provider of cloud and carrier-neutral colocation data centre
services, announced its results today for the three months ended 31 March 2015.
Financial Highlights
| |
• |
|
Revenue increased by 15% to €92.5 million (1Q 2014: €80.6 million). |
| |
• |
|
Adjusted EBITDA increased by 18% to €40.6 million (1Q 2014: €34.5 million). |
| |
• |
|
Adjusted EBITDA margin increased to 43.9% (1Q 2014: 42.9%). |
| |
• |
|
M&A transaction costs were €6.9 million before tax. |
| |
• |
|
Net profit decreased to €4.4 million (1Q 2014: €10.4 million). |
| |
• |
|
Earnings per diluted share were €0.06 (1Q 2014: €0.15). |
| |
• |
|
Capital Expenditures, including intangible assets1, were €67.6 million (1Q 2014: €57.0 million). |
| 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. |
1
Press Release, 7 May 2015
Operating Highlights
| |
• |
|
Equipped Space increased by 1,300 square metres to 94,800 square metres. |
| |
• |
|
Revenue Generating Space increased by 3,000 square metres to 74,000 square metres. |
| |
• |
|
Utilisation Rate at the end of the quarter was 78%. |
| |
• |
|
Completed Expansion projects in Amsterdam and Vienna. |
| |
• |
|
Completed purchase of Vienna campus. |
“Interxion delivered a strong financial and operating performance
in the first quarter, building on the momentum we saw in 2014,” said David Ruberg, Interxion’s Chief Executive Officer. “We continued to capitalise on strong customer orders and installations, resulting in a 21 percent year-over-year
increase in revenue generating space and a utilisation rate of 78 percent, consistent with our disciplined strategy to expand to meet customer needs. The steady improvement across our key performance metrics reflects the underlying strength of our
business model, the attractiveness of our communities of interest strategy and our disciplined capital expansion plan. Looking ahead, our expansion plans remain on track, with a number of value-enhancing projects scheduled for completion as we
progress through the year.”
Quarterly Review
Revenue in the first quarter of 2015 was €92.5 million, a 15% increase over the first quarter of 2014 and a 3% increase over the fourth quarter of
2014. Recurring revenue was €87.1 million, a 15% increase over the first quarter of 2014 and a 4% increase over the fourth quarter of 2014. Recurring revenue in the quarter was 94% of total revenue.
2
Press Release, 7 May 2015
Cost of sales in the first quarter of 2015 was €36.3 million, an 11% increase over the first
quarter of 2014 and a 2% decrease over the fourth quarter of 2014.
Gross profit was €56.2 million in the first quarter of 2015, a 17% increase
over the first quarter of 2014 and a 6% increase over the fourth quarter of 2014. Gross profit margin in the first quarter of 2015 was 60.8%, compared with 59.6% in the first quarter of 2014 and 58.9% in the fourth quarter of 2014.
Sales and marketing costs in the first quarter of 2015 were €6.7 million, up 14% compared to the first quarter of 2014 and a 2% increase over the
fourth quarter of 2014.
Other general and administrative costs2 were €8.9 million, a 17%
increase compared to the first quarter of 2014 and a 15% increase compared to the fourth quarter of 2014.
Adjusted EBITDA for the first quarter of 2015
was €40.6 million, up 18% compared to the first quarter of 2014 and a 5% increase compared to the fourth quarter of 2014. Adjusted EBITDA margin was 43.9% in the first quarter of 2015 compared to 42.9% in the first quarter of 2014 and
43.0% in the fourth quarter of 2014.
Depreciation, amortisation, and impairments in the first quarter of 2015 was €18.2 million, an increase of
30% compared to the first quarter of 2014 and an increase of 5% from the fourth quarter of 2014.
Operating profit during the first quarter of 2015 was
€13.4 million, a decrease of 33% compared to the first quarter of 2014 and a decrease of 29% from the fourth quarter of 2014. M&A transaction costs relating to the previously announced transaction with TelecityGroup were
€6.9 million in the first quarter of 2015. Excluding M&A transaction costs, operating profit was €20.3 million in the first quarter of 2015, an increase of 2% compared to the first quarter of 2014 and an increase of 6%
compared to the fourth quarter of 2014.
| 2 |
Other general administrative costs represents general and administrative costs excluding depreciation, amortisation, impairments, share based payments, M&A transaction costs, and increase/(decrease) in provision for
onerous lease contracts. |
3
Press Release, 7 May 2015
Net finance costs for the first quarter of 2015 were €6.6 million, a 22% increase compared to the
first quarter of 2014, and a 18% decrease compared to the fourth quarter of 2014.
Income tax expense for the first quarter of 2015 was
€2.4 million, a 43% decrease compared to the first quarter of 2014, and a 30% decrease compared to the fourth quarter of 2014.
Net profit was
€4.4 million in the first quarter of 2015, a 57% decrease compared to €10.4 million in the first quarter of 2014, and a 40% decrease compared to €7.4 million in the fourth quarter of 2014.
Adjusted net profit3, was €8.9 million in the first quarter of 2015, a 9% decrease compared to
the first quarter of 2014, and a 23% increase compared to the fourth quarter of 2014.
Cash generated from operations, defined as cash generated from
operating activities before interest and corporate income tax payments and receipts, was €34.2 million in the first quarter of 2015, slightly lower than the first quarter of 2014, and a 16% decrease from the fourth quarter of 2014.
Capital expenditures, including intangible assets and the purchase of the Vienna campus, were €67.6 million in the first quarter of 2015 compared to
€57.0 million in the first quarter of 2014 and €47.8 million in the fourth quarter of 2014.
Cash and cash equivalents were
€54.0 million at 31 March 2015, compared to €99.9 million at year end 2014. Total borrowings, net of deferred revolving facility financing fees, were €541.7 million at 31 March 2015 compared to
€560.6 million at year end 2014. As of 31 March 2015, the company’s revolving credit facility was undrawn.
| 3 |
We define Adjusted Net Profit as net profit excluding the impact of the refinancing charge, capitalised interest, deferred tax adjustments, Dutch
crisis tax, M&A transaction costs, increase/decrease in provision for onerous lease contracts, and the related corporate income tax effect. |
4
Press Release, 7 May 2015
Equipped space at the end of the first quarter of 2015 was 94,800 square metres compared to 82,900 square
metres at the end of first quarter of 2014 and 93,500 square metres at the end of the fourth quarter 2014. Utilisation rate, the ratio of revenue-generating space to equipped space, was 78% at the end of the first quarter of 2015, compared with 74%
at the end of the first quarter of 2014 and 76% at the end of the fourth quarter of 2014.
Business Outlook
Interxion today reaffirms its guidance for its expected results as an independent company for full year 2015:
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| Revenue |
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€375 million – €388 million |
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| Adjusted EBITDA |
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€162 million – €172 million |
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| Capital expenditures (including intangibles) |
|
€180 million – €200 million |
Conference Call to Discuss Results
Interxion will host a conference call today at 8:30 a.m. ET (1:30 pm BST, 2:30 pm CET) to discuss Interxion’s first quarter 2015 results.
To participate on this call, U.S. callers may dial toll free 1-866-966-1396; callers outside the U.S. may dial direct
+44 (0) 2071 928 000. The conference ID for this call is ‘INXN’. 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 13 May 2015. 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 23610917.
5
Press Release, 7 May 2015
Forward-looking Statements
This communication contains forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be
accurate and actual results and future events could differ materially from those anticipated in such forward-looking statements. Factors that could cause actual results and future events to differ materially from Interxion’s expectations
include, but are not limited to, the difficulty of reducing operating expenses in the short term, the 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, certain other risks detailed herein and other risks described from time to time in Interxion’s filings with the United States Securities and
Exchange Commission (the “SEC”). In addition, the negotiations for the business combination may not advance, and even if they do, it may not be possible to enter into definitive documentation on satisfactory terms and close the agreement.
Interxion does not assume any obligation to update the forward-looking information contained in this report.
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, Dutch crisis tax, M&A
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 €100 million revolving credit facility and €475 million 6.00% Senior Secured Notes due 2020.
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.
6
Press Release, 7 May 2015
Adjusted diluted earnings per share amounts are determined on Adjusted Net Profit. A reconciliation from
reported Net Profit to Adjusted Net Profit is included elsewhere in this press release.
Other companies, however, may present EBITDA, Adjusted EBITDA,
Adjusted EBITDA margin and Adjusted Net Profit differently than we do. EBITDA, Adjusted EBITDA, Adjusted EBITDA margin and Adjusted Net Profit 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.
Interxion does not provide forward-looking estimates of Net profit, Operating profit, depreciation, amortisation, and impairments, share-based payments,
transaction costs 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.
No Offer or Solicitation
This communication is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to
purchase or subscribe for any securities or the solicitation of any vote in any jurisdiction pursuant to the proposed transactions or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of
applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and applicable United Kingdom regulations. Subject to certain exceptions to
be approved by the relevant regulators or certain facts to be ascertained, the public offer will not be made directly or indirectly, in or into any jurisdiction where to do so would constitute a violation of the laws of such jurisdiction, or by use
of the mails or by any means or instrumentality (including without limitation, facsimile transmission, telephone and the internet) of interstate or foreign commerce, or any facility of a national securities exchange, of any such jurisdiction. No
prospectus is required in accordance with Directive 2003/71/EC, as amended, in connection with this communication.
7
Press Release, 7 May 2015
Important Information
TelecityGroup has not commenced and may not make an offer to purchase Interxion shares as described in this communication. In the event that TelecityGroup
makes an offer (as the same may be varied or extended in accordance with applicable law), TelecityGroup will file a registration statement on Form F-4, which will include a prospectus and joint proxy statement of TelecityGroup and Interxion, and a
Tender Offer statement on Schedule TO (the “Schedule TO”). If an offer is made it will be made exclusively by means of, and subject to, the terms and conditions set out in, an offer document containing and setting out the terms and
conditions of the offer and a letter of transmittal and form of acceptance to be delivered to Interxion, filed with the SEC and mailed to Interxion shareholders. Any offer in the United States will be made by TelecityGroup or an affiliate of
TelecityGroup and not by any other person.
The release, publication or distribution of this communication in certain jurisdictions may be restricted by
law and therefore persons in such jurisdictions into which this communication is released, published or distributed should inform themselves about and observe such restrictions.
IF AN OFFER IS MADE, SHAREHOLDERS OF INTERXION ARE URGED TO READ ANY DOCUMENTS REGARDING THE OFFER WHEN THEY BECOME AVAILABLE (INCLUDING THE EXHIBITS THERETO)
AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE OFFER.
If an offer is made, the registration statement, the joint proxy statement, the Schedule TO
and other related documents will be available electronically without charge at the SEC’s website, www.sec.gov, after they have been filed. Any materials filed with the SEC may also be obtained without charge at TelecityGroup’s website,
www.telecitygroup.com. This communication does not constitute an offer or a solicitation in any jurisdiction in which such offer or solicitation is unlawful. An offer will not be made in, nor will deposits be accepted in, any jurisdiction in which
the making or acceptance thereof would not be in compliance with the laws of such jurisdiction. However, if an offer is made, TelecityGroup may, in its sole discretion, take such action as it may deem necessary to extend an offer in any such
jurisdiction.
-ENDS-
8
Press Release, 7 May 2015
About Interxion
Interxion (NYSE: INXN) is a leading provider of carrier and cloud-neutral colocation data centre services in Europe, serving a wide range of customers through
39 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 over 500 connectivity providers, 20 European Internet exchanges, and most leading cloud and digital media platforms across its footprint, Interxion has
created connectivity, cloud, content and finance hubs that foster growing customer communities of interest. For more information, please visit www.interxion.com.
Contact information:
Interxion
Jim Huseby
Investor Relations
Tel: +1-813-644-9399
IR@interxion.com
9
Press Release, 7 May 2015
INTERXION HOLDING NV
CONSOLIDATED INCOME STATEMENT
(in €’000 — except per share data and where stated otherwise)
(unaudited)
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended |
|
| |
|
31 Mar |
|
|
31 Mar |
|
| |
|
2015 |
|
|
2014 |
|
| Revenue |
|
|
92,482 |
|
|
|
80,610 |
|
| Cost of sales |
|
|
(36,282 |
) |
|
|
(32,578 |
) |
|
|
|
|
|
|
|
|
|
| Gross profit |
|
|
56,200 |
|
|
|
48,032 |
|
| Other income |
|
|
63 |
|
|
|
60 |
|
| Sales and marketing costs |
|
|
(6,679 |
) |
|
|
(5,880 |
) |
| General and administrative costs |
|
|
(36,159 |
) |
|
|
(22,231 |
) |
|
|
|
|
|
|
|
|
|
| Operating profit |
|
|
13,425 |
|
|
|
19,981 |
|
| Net finance expense |
|
|
(6,585 |
) |
|
|
(5,401 |
) |
|
|
|
|
|
|
|
|
|
| Profit before taxation |
|
|
6,840 |
|
|
|
14,580 |
|
| Income tax expense |
|
|
(2,415 |
) |
|
|
(4,221 |
) |
|
|
|
|
|
|
|
|
|
| Net profit |
|
|
4,425 |
|
|
|
10,359 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic earnings per share: (€) |
|
|
0.06 |
|
|
|
0.15 |
|
| Diluted earnings per share: (€) |
|
|
0.06 |
|
|
|
0.15 |
|
|
|
|
| Number of shares outstanding at the end of the period (shares in thousands) |
|
|
69,559 |
|
|
|
68,898 |
|
| Weighted average number of shares for Basic EPS (shares in thousands) |
|
|
69,393 |
|
|
|
68,871 |
|
| Weighted average number of shares for Diluted EPS (shares in thousands) |
|
|
70,329 |
|
|
|
69,619 |
|
|
|
|
|
|
|
|
|
|
| |
|
As at |
|
| |
|
31 Mar |
|
|
31 Mar |
|
| Capacity metrics |
|
2015 |
|
|
2014 |
|
| Equipped space (in square meters) |
|
|
94,800 |
|
|
|
82,900 |
|
| Revenue generating space (in square meters) |
|
|
74,000 |
|
|
|
61,400 |
|
| Utilisation rate |
|
|
78 |
% |
|
|
74 |
% |
10
Press Release, 7 May 2015
INTERXION HOLDING NV
NOTES TO CONSOLIDATED INCOME STATEMENT: SEGMENT INFORMATION
(in €’000 — except where stated otherwise)
(unaudited)
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended |
|
| |
|
31 Mar |
|
|
31 Mar |
|
| |
|
2015 |
|
|
2014 |
|
| Consolidated |
|
|
|
|
|
|
|
|
| Recurring revenue |
|
|
87,051 |
|
|
|
75,871 |
|
| Non-recurring revenue |
|
|
5,431 |
|
|
|
4,739 |
|
|
|
|
|
|
|
|
|
|
| Revenue |
|
|
92,482 |
|
|
|
80,610 |
|
|
|
|
|
|
|
|
|
|
| Adjusted EBITDA |
|
|
40,605 |
|
|
|
34,545 |
|
|
|
|
|
|
|
|
|
|
| Gross profit margin |
|
|
60.8 |
% |
|
|
59.6 |
% |
| Adjusted EBITDA margin |
|
|
43.9 |
% |
|
|
42.9 |
% |
| Total assets |
|
|
1,188,761 |
|
|
|
941,658 |
|
| Total liabilities |
|
|
731,366 |
|
|
|
542,343 |
|
| Capital expenditure, including intangible assets (i) |
|
|
(67,570 |
) |
|
|
(57,005 |
) |
|
|
|
| France, Germany, the Netherlands, and the UK |
|
|
|
|
|
|
|
|
| Recurring revenue |
|
|
54,983 |
|
|
|
47,640 |
|
| Non-recurring revenue |
|
|
3,627 |
|
|
|
3,132 |
|
|
|
|
|
|
|
|
|
|
| Revenue |
|
|
58,610 |
|
|
|
50,772 |
|
|
|
|
|
|
|
|
|
|
| Adjusted EBITDA |
|
|
31,370 |
|
|
|
27,294 |
|
|
|
|
|
|
|
|
|
|
| Gross profit margin |
|
|
62.0 |
% |
|
|
61.8 |
% |
| Adjusted EBITDA margin |
|
|
53.5 |
% |
|
|
53.8 |
% |
| Total assets |
|
|
824,515 |
|
|
|
645,929 |
|
| Total liabilities |
|
|
181,390 |
|
|
|
138,082 |
|
| Capital expenditure, including intangible assets (i) |
|
|
(33,766 |
) |
|
|
(43,592 |
) |
|
|
|
| Rest of Europe |
|
|
|
|
|
|
|
|
| Recurring revenue |
|
|
32,068 |
|
|
|
28,231 |
|
| Non-recurring revenue |
|
|
1,804 |
|
|
|
1,607 |
|
|
|
|
|
|
|
|
|
|
| Revenue |
|
|
33,872 |
|
|
|
29,838 |
|
|
|
|
|
|
|
|
|
|
| Adjusted EBITDA |
|
|
18,978 |
|
|
|
15,798 |
|
|
|
|
|
|
|
|
|
|
| Gross profit margin |
|
|
64.6 |
% |
|
|
62.2 |
% |
| Adjusted EBITDA margin |
|
|
56.0 |
% |
|
|
52.9 |
% |
| Total assets |
|
|
312,666 |
|
|
|
237,874 |
|
| Total liabilities |
|
|
58,898 |
|
|
|
43,981 |
|
| Capital expenditure, including intangible assets (i) |
|
|
(33,125 |
) |
|
|
(12,683 |
) |
|
|
|
| Corporate and other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Adjusted EBITDA |
|
|
(9,743 |
) |
|
|
(8,547 |
) |
|
|
|
|
|
|
|
|
|
| Total assets |
|
|
51,580 |
|
|
|
57,855 |
|
| Total liabilities |
|
|
491,078 |
|
|
|
360,280 |
|
| Capital expenditure, including intangible assets (i) |
|
|
(679 |
) |
|
|
(730 |
) |
| (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. |
11
Press Release, 7 May 2015
INTERXION HOLDING NV
NOTES TO CONSOLIDATED INCOME STATEMENT: ADJUSTED EBITDA RECONCILIATION
(in €’000 — except where stated otherwise)
(unaudited)
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended |
|
| |
|
31 Mar |
|
|
31 Mar |
|
| |
|
2015 |
|
|
2014 |
|
| Reconciliation to Adjusted EBITDA |
|
|
|
|
|
|
|
|
| Consolidated |
|
|
|
|
|
|
|
|
| Net profit |
|
|
4,425 |
|
|
|
10,359 |
|
| Income tax expense |
|
|
2,415 |
|
|
|
4,221 |
|
|
|
|
|
|
|
|
|
|
| Profit before taxation |
|
|
6,840 |
|
|
|
14,580 |
|
| Net finance expense |
|
|
6,585 |
|
|
|
5,401 |
|
|
|
|
|
|
|
|
|
|
| Operating profit |
|
|
13,425 |
|
|
|
19,981 |
|
| Depreciation, amortisation and impairments |
|
|
18,215 |
|
|
|
13,981 |
|
|
|
|
|
|
|
|
|
|
| EBITDA |
|
|
31,640 |
|
|
|
33,962 |
|
| Share-based payments |
|
|
2,241 |
|
|
|
643 |
|
| Increase/(decrease) in provision for onerous lease contracts |
|
|
(100 |
) |
|
|
— |
|
| M&A transaction costs |
|
|
6,887 |
|
|
|
— |
|
| Income from sub-leases on unused data centre sites |
|
|
(63 |
) |
|
|
(60 |
) |
|
|
|
|
|
|
|
|
|
| Adjusted EBITDA |
|
|
40,605 |
|
|
|
34,545 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| France, Germany, the Netherlands, and the UK |
|
|
|
|
|
|
|
|
| Operating profit |
|
|
19,483 |
|
|
|
18,284 |
|
| Depreciation, amortisation and impairments |
|
|
11,717 |
|
|
|
8,919 |
|
|
|
|
|
|
|
|
|
|
| EBITDA |
|
|
31,200 |
|
|
|
27,203 |
|
| Share-based payments |
|
|
333 |
|
|
|
151 |
|
| Increase/(decrease) in provision for onerous lease contracts |
|
|
(100 |
) |
|
|
— |
|
| Income from sub-leases on unused data centre sites |
|
|
(63 |
) |
|
|
(60 |
) |
|
|
|
|
|
|
|
|
|
| Adjusted EBITDA |
|
|
31,370 |
|
|
|
27,294 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Rest of Europe |
|
|
|
|
|
|
|
|
| Operating profit |
|
|
13,347 |
|
|
|
11,468 |
|
| Depreciation, amortisation and impairments |
|
|
5,435 |
|
|
|
4,280 |
|
|
|
|
|
|
|
|
|
|
| EBITDA |
|
|
18,782 |
|
|
|
15,748 |
|
| Share-based payments |
|
|
196 |
|
|
|
50 |
|
|
|
|
|
|
|
|
|
|
| Adjusted EBITDA |
|
|
18,978 |
|
|
|
15,798 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Corporate and Other |
|
|
|
|
|
|
|
|
| Operating profit/(loss) |
|
|
(19,405 |
) |
|
|
(9,771 |
) |
| Depreciation, amortisation and impairments |
|
|
1,063 |
|
|
|
782 |
|
|
|
|
|
|
|
|
|
|
| EBITDA |
|
|
(18,342 |
) |
|
|
(8,989 |
) |
| Share-based payments |
|
|
1,712 |
|
|
|
442 |
|
| M&A transaction costs |
|
|
6,887 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
| Adjusted EBITDA |
|
|
(9,743 |
) |
|
|
(8,547 |
) |
|
|
|
|
|
|
|
|
|
12
Press Release, 7 May 2015
INTERXION HOLDING NV
CONSOLIDATED BALANCE SHEET
(in €’000 — except where stated otherwise)
(unaudited)
|
|
|
|
|
|
|
|
|
| |
|
As at |
|
| |
|
31 Mar |
|
|
31 Dec |
|
| |
|
2015 |
|
|
2014 |
|
| Non-current assets |
|
|
|
|
|
|
|
|
| Property, plant and equipment |
|
|
944,232 |
|
|
|
895,184 |
|
| Intangible assets |
|
|
21,055 |
|
|
|
18,996 |
|
| Deferred tax assets |
|
|
31,107 |
|
|
|
30,064 |
|
| Financial assets |
|
|
774 |
|
|
|
774 |
|
| Other non-current assets |
|
|
7,180 |
|
|
|
5,750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,004,348 |
|
|
|
950,768 |
|
| Current assets |
|
|
|
|
|
|
|
|
| Trade and other current assets |
|
|
128,781 |
|
|
|
120,762 |
|
| Short term investments |
|
|
1,650 |
|
|
|
1,650 |
|
| Cash and cash equivalents |
|
|
53,982 |
|
|
|
99,923 |
|
|
|
|
|
|
|
|
|
|
|
|
|
184,413 |
|
|
|
222,335 |
|
|
|
|
|
|
|
|
|
|
| Total assets |
|
|
1,188,761 |
|
|
|
1,173,103 |
|
|
|
|
|
|
|
|
|
|
| Shareholders’ equity |
|
|
|
|
|
|
|
|
| Share capital |
|
|
6,956 |
|
|
|
6,932 |
|
| Share premium |
|
|
499,181 |
|
|
|
495,109 |
|
| Foreign currency translation reserve |
|
|
23,193 |
|
|
|
10,440 |
|
| Hedging reserve, net of tax |
|
|
(271 |
) |
|
|
(247 |
) |
| Accumulated deficit |
|
|
(71,664 |
) |
|
|
(76,089 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
457,395 |
|
|
|
436,145 |
|
| Non-current liabilities |
|
|
|
|
|
|
|
|
| Trade payables and other liabilities |
|
|
12,353 |
|
|
|
12,211 |
|
| Deferred tax liabilities |
|
|
9,217 |
|
|
|
7,029 |
|
| Provision for onerous lease contracts |
|
|
625 |
|
|
|
1,491 |
|
| Borrowings |
|
|
540,319 |
|
|
|
540,530 |
|
|
|
|
|
|
|
|
|
|
|
|
|
562,514 |
|
|
|
561,261 |
|
| Current liabilities |
|
|
|
|
|
|
|
|
| Trade payables and other liabilities |
|
|
157,930 |
|
|
|
146,502 |
|
| Income tax liabilities |
|
|
5,153 |
|
|
|
4,690 |
|
| Provision for onerous lease contracts |
|
|
3,423 |
|
|
|
3,443 |
|
| Borrowings |
|
|
2,346 |
|
|
|
21,062 |
|
|
|
|
|
|
|
|
|
|
|
|
|
168,852 |
|
|
|
175,697 |
|
|
|
|
|
|
|
|
|
|
| Total liabilities |
|
|
731,366 |
|
|
|
736,958 |
|
|
|
|
|
|
|
|
|
|
| Total liabilities and shareholders’ equity |
|
|
1,188,761 |
|
|
|
1,173,103 |
|
|
|
|
|
|
|
|
|
|
13
Press Release, 7 May 2015
INTERXION HOLDING NV
NOTES TO THE CONSOLIDATED BALANCE SHEET: BORROWINGS
(in €’000 — except where stated otherwise)
(unaudited)
|
|
|
|
|
|
|
|
|
| |
|
As at |
|
| |
|
31 Mar |
|
|
31 Dec |
|
| |
|
2015 |
|
|
2014 |
|
| Borrowings net of cash and cash equivalents |
|
|
|
|
|
|
|
|
| Cash and cash equivalents (ii) |
|
|
53,982 |
|
|
|
99,923 |
|
|
|
|
|
|
|
|
|
|
| 6.00% Senior Secured Notes due 2020 (iii) |
|
|
475,608 |
|
|
|
475,643 |
|
| Mortgages |
|
|
31,187 |
|
|
|
31,487 |
|
| Financial leases |
|
|
34,265 |
|
|
|
52,858 |
|
| Other borrowings |
|
|
1,605 |
|
|
|
1,605 |
|
|
|
|
|
|
|
|
|
|
| Borrowings excluding Revolving Facility deferred financing costs |
|
|
542,665 |
|
|
|
561,593 |
|
|
|
|
|
|
|
|
|
|
| Revolving Facility deferred financing costs (iv) |
|
|
(923 |
) |
|
|
(995 |
) |
|
|
|
|
|
|
|
|
|
| Total borrowings |
|
|
541,742 |
|
|
|
560,598 |
|
|
|
|
|
|
|
|
|
|
| Borrowings net of cash and cash equivalents |
|
|
487,760 |
|
|
|
460,675 |
|
|
|
|
|
|
|
|
|
|
| (ii) |
Cash and cash equivalents include €4.2 million as of 31 March 2015 and €5.3 million as of 31 December 2014, which is restricted and held as collateral to support the issuance of bank
guarantees on behalf of a number of subsidiary companies. |
| (iii) |
€475 million 6.00% Senior Secured Notes due 2020 include a premium on the additional issuance and are shown after deducting underwriting discounts and commissions, offering fees and expenses.
|
| (iv) |
Deferred financing costs of €0.9 million as of 31 March 2015 were incurred in connection with the €100 million revolving facility. |
14
Press Release, 7 May 2015
INTERXION HOLDING NV
CONSOLIDATED STATEMENT OF CASH FLOWS
(in €’000 — except where stated otherwise)
(unaudited)
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended |
|
| |
|
31 Mar |
|
|
31 Mar |
|
| |
|
2015 |
|
|
2014 |
|
| Profit for the period |
|
|
4,425 |
|
|
|
10,359 |
|
| Depreciation, amortisation and impairments |
|
|
18,215 |
|
|
|
13,981 |
|
| Provision for onerous lease contracts |
|
|
(925 |
) |
|
|
(819 |
) |
| Share-based payments |
|
|
2,241 |
|
|
|
643 |
|
| Net finance expense |
|
|
6,585 |
|
|
|
5,401 |
|
| Income tax expense |
|
|
2,415 |
|
|
|
4,221 |
|
|
|
|
|
|
|
|
|
|
|
|
|
32,956 |
|
|
|
33,786 |
|
| Movements in trade and other current assets |
|
|
(1,631 |
) |
|
|
(800 |
) |
| Movements in trade and other liabilities |
|
|
2,874 |
|
|
|
1,306 |
|
|
|
|
|
|
|
|
|
|
| Cash generated from operations |
|
|
34,199 |
|
|
|
34,292 |
|
| Interest and fees paid (*) |
|
|
(13,574 |
) |
|
|
(10,826 |
) |
| Interest received |
|
|
49 |
|
|
|
67 |
|
| Income tax paid |
|
|
(2,320 |
) |
|
|
(358 |
) |
|
|
|
|
|
|
|
|
|
| Net cash flows from operating activities |
|
|
18,354 |
|
|
|
23,175 |
|
| Cash flows from investing activities |
|
|
|
|
|
|
|
|
| Purchase of property, plant and equipment |
|
|
(65,318 |
) |
|
|
(56,391 |
) |
| Purchase of intangible assets |
|
|
(2,252 |
) |
|
|
(614 |
) |
|
|
|
|
|
|
|
|
|
| Net cash flows from investing activities |
|
|
(67,570 |
) |
|
|
(57,005 |
) |
| Cash flows from financing activities |
|
|
|
|
|
|
|
|
| Proceeds from exercised options |
|
|
2,178 |
|
|
|
256 |
|
| Repayment of mortgages |
|
|
(320 |
) |
|
|
(167 |
) |
| Proceeds Revolving Facility |
|
|
— |
|
|
|
30,000 |
|
| Repayment of other borrowings |
|
|
— |
|
|
|
(11 |
) |
|
|
|
|
|
|
|
|
|
| Net cash flows from financing activities |
|
|
1,858 |
|
|
|
30,078 |
|
| Effect of exchange rate changes on cash |
|
|
1,417 |
|
|
|
1 |
|
|
|
|
|
|
|
|
|
|
| Net movement in cash and cash equivalents |
|
|
(45,941 |
) |
|
|
(3,751 |
) |
| Cash and cash equivalents, beginning of period |
|
|
99,923 |
|
|
|
45,690 |
|
|
|
|
|
|
|
|
|
|
| Cash and cash equivalents, end of period |
|
|
53,982 |
|
|
|
41,939 |
|
|
|
|
|
|
|
|
|
|
| (*) |
Interest paid is reported net of cash interest capitalised, which is reported as part of “Purchase of property, plant and equipment”. |
15
Press Release, 7 May 2015
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 |
|
| |
|
31 Mar |
|
|
31 Mar |
|
| |
|
2015 |
|
|
2014 |
|
| Net profit - as reported |
|
|
4.4 |
|
|
|
10.4 |
|
| Add back |
|
|
|
|
|
|
|
|
| + M&A transaction costs |
|
|
6.9 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
6.9 |
|
|
|
— |
|
| Reverse |
|
|
|
|
|
|
|
|
| - Adjustments to onerous lease |
|
|
(0.1 |
) |
|
|
— |
|
| - Interest capitalised |
|
|
(0.9 |
) |
|
|
(0.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
(1.0 |
) |
|
|
(0.8 |
) |
| Tax effect of above add backs & reversals |
|
|
(1.4 |
) |
|
|
0.2 |
|
|
|
|
|
|
|
|
|
|
| Adjusted Net profit |
|
|
8.9 |
|
|
|
9.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Reported Basic EPS: (€) |
|
|
0.06 |
|
|
|
0.15 |
|
| Reported Diluted EPS: (€) |
|
|
0.06 |
|
|
|
0.15 |
|
| Adjusted Basic EPS: (€) |
|
|
0.13 |
|
|
|
0.14 |
|
| Adjusted Diluted EPS: (€) |
|
|
0.13 |
|
|
|
0.14 |
|
16
Press Release, 7 May 2015
INTERXION HOLDING NV
Status of Announced Expansion Projects as at 7 May 2015
with Target Open Dates after 1 January 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
| Market |
|
Project |
|
CAPEX (a, b)
(€million) |
|
|
Equipped
Space (a)
(sqm) |
|
|
Target Opening Dates |
| Amsterdam |
|
AMS 7: Phases 1 - 6 New Build |
|
|
115 |
|
|
|
7,400 |
|
|
1Q 2014 - 2Q 2015 (c) |
| Dusseldorf |
|
DUS 1: Phase 3 Expansion |
|
|
3 |
|
|
|
400 |
|
|
2Q 2015 |
| Frankfurt |
|
FRA 10: Phases 1 - 2 New Build |
|
|
92 |
|
|
|
4,800 |
|
|
1H 2016 (d) |
| Madrid |
|
MAD 2: Phase 2 Expansion |
|
|
4 |
|
|
|
800 |
|
|
3Q 2015 |
| Marseille |
|
MRS 1: Phases 1 - 2 |
|
|
20 |
|
|
|
1,400 |
|
|
4Q 2014 - 2Q 2015(e) |
| Stockholm |
|
STO 4: New Build |
|
|
15 |
|
|
|
1,100 |
|
|
2Q 2015 |
| Vienna |
|
VIE 2: New Build |
|
|
42 |
|
|
|
2,800 |
|
|
4Q 2014 - 4Q 2015 (f) |
| Total |
|
|
|
€ |
291 |
|
|
|
18,700 |
|
|
|
| (a) |
CAPEX and Equipped Space are approximate and may change. Figures are rounded to nearest 100 sqm unless otherwise noted. |
| (b) |
CAPEX reflects the total spend for the projects listed 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 (1,100 square metres) became operational in 1Q 2014; phase 2 (1,000 square metres) became operational in 2Q 2014; Phase 3 (1,500 square metres) became operational in 3Q 2014; phase 4 (1,300 square metres) became
operational in 4Q 2014; phase 5 (1,300 square metres) became operational in 1Q 2015; Phase 6 (1,200 square meters) is scheduled for 2Q 2015. |
| (d) |
Phases 1 and 2 (1,200 square metres each) are scheduled to become operational in 1H 2016. Construction of phases 3 & 4 (1,200 square metres each) has not yet been announced. |
| (e) |
Phase 1 (600 square metres) became operational in 4Q 2014. Phase 2 (800 square metres) is scheduled to become available in 2Q 2015. Marseille costs include the purchase of land, buildings, and data centre equipment.
|
| (f) |
In 4Q 2014, 1,300 square metres became operational; in 1Q 2015, 600 square metres became operational; in 2Q 2015, 600 square metres are scheduled to become operational. In 4Q 2015, 300 square metres are scheduled to
become operational. |
17
|
|
|
NYSE: INXN
7 May 2015
©
Copyright Interxion Holding N.V., 2015.
Exhibit 99.2 |
|
|
|
2
This document includes forward-looking statements. All statements other than statements of
historical fact included in this document regarding our business, financial condition, results of operations and certain of our plans, objectives, assumptions, projections, expectations or beliefs with respect
to these items and statements regarding other future events or prospects, are forward-looking
statements. These statements include, without limitation, those concerning: our strategy and our ability to achieve it; expectations regarding sales, profitability and growth; plans for the construction of
new data centres; our possible or assumed future results of operations; research and development,
capital expenditure and investment plans; adequacy of capital; and financing plans. The words “aim,” “may,” “will,” “expect,” “anticipate,” “believe,” “future,”
“continue,” “help,” “estimate,” “plan,”
“schedule,” “intend,” “should,” “shall” or the negative or
other variations thereof as well as other statements regarding matters that are not historical fact, are or may constitute forward-looking statements.
In addition, this document includes forward-looking statements relating to our potential exposure
to various types of market risks, such as foreign exchange rate risk, interest rate risks and other risks related to financial assets and liabilities. We have based these forward-looking statements on our
management’s current view with respect to future events and financial performance. These views
reflect the best judgment of our management but involve a number of risks and uncertainties which could cause actual results to differ materially from those predicted in our forward-looking
statements and from past results, performance or achievements. Although we believe that the estimates
reflected in the forward-looking statements are reasonable, such estimates may prove to be incorrect. By their nature, forward-looking statements involve risk and uncertainty because they
relate to events and depend on circumstances that will occur in the future. There are a number of
factors that could cause actual results and developments to differ materially from these expressed or implied by these forward-looking statements. These factors include, among other things:
operating expenses cannot be easily reduced in the short term;
inability to utilise the capacity of newly planned data centres and data centre expansions;
significant competition;
cost and supply of electrical power;
data centre industry over-capacity; and
performance under service level agreements.
All forward-looking statements included in this document are based on information available to us
on the date of this document. The Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future events or otherwise. All
subsequent written and oral forward-looking statements attributable to us or persons acting on our
behalf are expressly qualified in their entirety by the cautionary statements contained throughout this document. Furthermore, the negotiations for the business combination may not advance, and
even if they do, it may not be possible to enter into definitive documentation on satisfactory terms
and close the agreement. This document contains references to certain
non-IFRS financial measures. For definitions of terms such as “Adjusted EBITDA”, “Adjusted Net Profit”, “Equipped Space”, “LTM”, and “Recurring Revenue” and a detailed reconciliation
between the non-IFRS financial results presented in this document and the corresponding IFRS
measures, please refer to the appendix. Certain financial and other information presented in
this document has not been audited or reviewed by our independent auditors. Certain numerical,
financial data, other amounts and percentages in this document may not sum due to rounding. In addition, certain figures in this document have been rounded to the nearest whole number.
No Offer or Solicitation
This communication is not intended to and does not constitute an offer to sell or the solicitation of
an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities or the solicitation of any vote in any jurisdiction pursuant to the proposed transactions or otherwise, nor shall
there be any sale, issuance or transfer of securities in any jurisdiction in contravention of
applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and applicable United Kingdom
regulations. Subject to certain exceptions to be approved by the relevant regulators or certain facts
to be ascertained, the public offer will not be made directly or indirectly, in or into any jurisdiction where to do so would constitute a violation of the laws of such jurisdiction, or by use of the mails or
by any means or instrumentality (including without limitation, facsimile transmission, telephone and
the internet) of interstate or foreign commerce, or any facility of a national securities exchange, of any such jurisdiction. No prospectus is required in accordance with Directive 2003/71/EC, as
amended, in connection with this communication.
Important Information
TelecityGroup has not commenced and may not make an offer to purchase Interxion shares as described in
this communication. In the event that TelecityGroup makes an offer (as the same may be varied or extended in accordance with applicable law), TelecityGroup will file a registration
statement on Form F-4, which will include a prospectus and joint proxy statement of TelecityGroup
and Interxion, and a Tender Offer statement on Schedule TO (the “Schedule TO”). If an offer is made it will be made exclusively by means of, and subject to, the terms and conditions set out in, an
offer document containing and setting out the terms and conditions of the offer and a letter of
transmittal and form of acceptance to be delivered to Interxion, filed with the SEC and mailed to Interxion shareholders. Any offer in the United States will be made by TelecityGroup or an affiliate of
TelecityGroup and not by any other person.
The release, publication or distribution of this communication in certain jurisdictions may be
restricted by law and therefore persons in such jurisdictions into which this communication is released, published or distributed should inform themselves about and observe such restrictions.
IF AN OFFER IS MADE, SHAREHOLDERS OF INTERXION ARE URGED TO READ ANY DOCUMENTS REGARDING THE OFFER WHEN
THEY BECOME AVAILABLE (INCLUDING THE EXHIBITS THERETO) AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE OFFER.
If an offer is made, the registration statement, the joint proxy statement, the Schedule TO and other
related documents will be available electronically without charge at the SEC’s website, www.sec.gov, after they have been filed. Any materials filed with the SEC may also be obtained without
charge at TelecityGroup’s website, www.telecitygroup.com. This communication does not constitute
an offer or a solicitation in any jurisdiction in which such offer or solicitation is unlawful. An offer will not be made in, nor will deposits be accepted in, any jurisdiction in which the making or
acceptance thereof would not be in compliance with the laws of such jurisdiction. However, if an offer
is made, TelecityGroup may, in its sole discretion, take such action as it may deem necessary to extend an offer in any such jurisdiction.
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4
Consistent Execution Drives Strong Financial and Operating Performance
Revenue grew 15% Y/Y, 3% Q/Q
Adjusted EBITDA grew 18% Y/Y, 5%
Q/Q
Adjusted EBITDA margin of 43.9%,
increased by 100 bps Y/Y
Capital Expenditure of €67.6 Million
including intangibles
Financial Execution
Completed Expansions in
Amsterdam and Vienna
Completed purchase of Vienna
campus
Equipped Space grew by 1,300 sqm
Revenue Generating Space grew by
3,000 sqm
Utilisation increased to 78%
Operational Execution
Announced All-Share Merger with TelecityGroup |
|
|
|
5
Adjusted EBITDA & Margin
(€
millions)
Revenue
(€
millions)
80.6
75.9
42.9%
42.9%
43.1%
43.0%
43.9%
Strong Revenue Growth and Expanding Adjusted EBITDA Margin
83.6
78.7
Margin
Non-
Recurring
Revenue
Recurring
Revenue
Adjusted
EBITDA
89.9
87.1
80.9
86.4
92.5
83.7
Q1 Revenue €92.5 Million
Grew 15% Y/Y and 3% Q/Q
Q1 Recurring Revenue €87.1 Million
Grew 15% Y/Y and 4% Q/Q
94% of total revenue
Q1 Adjusted EBITDA €40.6 Million
Grew 18% Y/Y and 5% Q/Q
Q1 Adjusted EBITDA margin 43.9%
34.5
35.9
38.7
40.6
37.3 |
|
|
|
6
Equipped & Revenue Generating Space
(1,000’s sqm)
Utilisation
74%
75%
77%
76%
78%
Order -Driven Customer Installations Drive Higher Utilisation
Available
Equipped
Space
Revenue
Generating
Space
88.6
94.8
93.5
Equipped Space of 94,800 sqm
Grew 14% Y/Y
1,300 sqm added in quarter
Revenue Generating Space of
74,000 sqm
Grew 21% Y/Y
3,000 sqm installed in quarter
Utilisation rate 78% |
|
|
| 7
Market
Data
Centre
Project
Project
CapEx
(€
millions)
Equipped
Space (sqm)
Scheduled
Opening by
Phase
Project
Opened
Amsterdam
AMS7
Phases 1 –
6 New Build
115
7,400
6,200
1Q14 –
2Q15
Düsseldorf
DUS1
Phase 3
3
400
0
2Q15
Frankfurt
FRA10
New Build
92
4,800
0
1H16
Madrid
MAD2
Phase 2
4
800
0
3Q15
Marseille
MRS1
Phases 1 –
2
20
1,400
600
4Q14 –
2Q15
Stockholm
STO4
Phase 1 New Build
15
1,100
0
2Q15
Vienna
VIE2
New Build
42
2,800
1,900
4Q14 –
4Q15
Announced Projects With Expansions Scheduled to Open after 1 Jan
2015
(See Appendix for detailed schedule)
Projects completed in Q1:
AMS7: opened 1,300 sqm
VIE2: opened 600 sqm
HIL1: exited 600 sqm
New demand-driven expansions in
Düsseldorf and Madrid
DUS1.3: Scheduled to open 400 sqm
in 2Q15
MAD2.2: Scheduled to open 800
sqm in 3Q15
Customer Available Power:
109 MW at end of 1Q15
Potential of 153 MW from current
data centres and announced projects
Notes:
As of 7 May 2015.
CapEx and Equipped Space are approximate and may change.
CapEx
reflects
the
total
spend
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. |
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|
| 8
Platform Providers
(1)
Enterprises
Interxion’s Target Segments
Digital Media &
CDNs`
Financial
Services
Managed Service
Providers
Network Providers
(1)
Selected providers in these segments, plus systems integrators, are deploying cloud
platforms. (2)
Percentage of monthly recurring revenue. Remaining Monthly Recurring Revenue (March 2015
12%, March 2014 12%) allocated to systems integrators, on-line retail, and public
customer segments. Continued Strong Momentum from Magnetic Cloud Customers
10%
9%
12%
26%
31%
10 %
9 %
11%
24%
34 %
March 2015
(2)
March 2014
(2) |
|
|
|
10
€
millions
(except per share amounts)
Q1 2014
Q4 2014
Q1 2015
Q1 2015 vs. Q1 2015 vs.
Q1 2014
Q4 2014
Recurring revenue
75.9
83.7
87.1
15%
4%
Non-recurring revenue
4.7
6.2
5.4
15%
-12%
Revenue
80.6
89.9
92.5
15%
3%
Gross profit
48.0
53.0
56.2
17%
6%
Gross profit margin
59.6%
58.9%
60.8%
+120bps
+190 bps
Adjusted EBITDA
(1)
34.5
38.7
40.6
18%
5%
Adjusted EBITDA margin
42.9%
43.0%
43.9%
+100 bps
+90 bps
Net profit / (loss)
10.4
7.4
4.4
-57%
-40%
EPS (diluted)
€0.15
€0.11
€0.06
-58%
-40%
Adjusted
net
profit
(2)
9.8
7.2
8.9
-9%
23%
Adjusted EPS (diluted)
(2)
€0.14
€0.10
€0.13
-11%
22%
(1)
Adjustments
to
EBITDA
include
share-based
payments,
increase/decrease
in
provision
for
onerous
lease
contracts,
M&A
transaction
cost,
and
income
from
sub-leases
on unused data centre sites.
(2)
Adjustments to net profit include refinancing charges, adjustments to onerous
leases, Dutch crisis tax, capitalised interest, deferred tax adjustments, M&A transaction
costs and the related corporate income tax effect. See appendix for
reconciliation. Revenue grew 15% Y/Y
and 3% Q/Q
13% Y/Y and 2% Q/Q
constant currency
Recurring ARPUs
remained firm Q/Q
Gross margin grew to
60.8%, up 120bps Y/Y
and 190 bps Q/Q
Adjusted EBITDA
margin grew to 43.9%
Net Profit impacted by
€6.9 million of M&A
transaction cost |
|
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|
11
53.8 %
Revenue
Adjusted
EBITDA
53.4 %
53.3 %
51.4 %
53.5%
52.9 %
52.9 %
53.1%
53.9%
Adjusted
EBITDA
margin
56.0%
Note:
Analysis
excludes
“Corporate
&
Other”
segment.
Revenue grew 14% Y/Y, 1% Q/Q
Recurring revenue grew 14% Y/Y, 3% Q/Q
Adjusted EBITDA grew 20% Y/Y, 5% Q/Q
Strength in Austria, Ireland and Sweden
Revenue grew 15% Y/Y, 4% Q/Q
Recurring revenue grew 15% Y/Y, 4% Q/Q
Adjusted EBITDA grew 15% Y/Y, 8% Q/Q
Strength in France, Germany and The Netherlands
Strong Revenue and Adjusted EBITDA Growth in Both Reporting Segments
(€
millions)
France, Germany, the Netherlands, and the UK
Rest of Europe |
|
|
|
12
Order-Driven Capital Expenditures
Capital Expenditures, including Intangible Assets
By Geography (Q1 2015)
By Category (Q1 2015)
(€
millions)
(€
millions)
(€
millions)
67.6
47.8
57.0
54.4
57.0
VIE
Property
19.4 |
|
|
| 13
Cash position supplements solid
operating cash flow
€100 million RCF remains undrawn
Completed Vienna campus purchase
€18.7 million finance lease liability extinguished
Blended interest rate 6.1%
Q1 2015 LTM Cash ROGIC 12%
Significant covenant headroom
(1)
Total
Borrowings
=
6.00%
Senior
Secured
Notes
due
2020
including
premium
on
additional
issue
and
are
shown
after
deducting
underwriting
discounts
and
commissions,
offering
fees
and
expenses
+
Mortgages
+
Financial
Leases
+
Revolving
facility
borrowings
+
Other
Borrowings
–
Revolving
facility
deferred
financing
costs.
(2)
Gross
Leverage
Ratio
=
(6.00%
Senior
Secured
Notes
due
2020
at
face
value
+
Mortgages
+
Financial
Leases
+
Revolving
facility
borrowings+
Other
Borrowings)
/
LTM
Adjusted
EBITDA.
(3)
Net
Leverage
Ratio
=
(6.00%
Senior
Secured
Notes
due
2020
at
face
value
+
Mortgages
+
Financial
Leases
+
Revolving
facility
balance
+
Other
Borrowings
–
Cash
&
Cash
Equivalents)
/
LTM
Adjusted
EBITDA.
€
millions
31-Mar-15
31-Dec-14
Cash & Cash Equivalents
54.0
99.9
Total Borrowings
(1)
541.7
560.6
Shareholders Equity
457.4
436.1
Total Capitalisation
999.1
996.7
Total Borrowings / Total
Capitalisation
54.2%
56.2%
Gross Leverage Ratio
(2)
3.6x
3.8x
Net Leverage Ratio
(3)
3.2x
3.2x
Strong Balance Sheet Provides Financial Flexibility |
|
|
| 14
Attractive Cash Returns from Fully Built-Out
(1)
Data Centres
29 Fully Built-Out Data
Centres
(1)(2)
Space fully equipped
Some power upgrades yet to
come
As at 1 January 2014
68,500 sqm of equipped
space
82% utilisation
26% annual cash return
(1)
Fully Built-Out Data Centre: a data centre for which materially all equippable space is equipped.
However, note, future power upgrades can further increase the capacity of a fully built out data
centre.
(2)
29 Fully Built-Out Data Centres as at 1 January 2014: AMS1, AMS2, AMS3, AMS4, AMS5, AMS6, BRU1,
CPH1, DUB1, DUB 2, DUS1, FRA1, FRA2, FRA3, FRA4, FRA5, FRA6, FRA7, LON1, LON2, MAD1, PAR1, PAR2,
PAR3, PAR4, PAR5, PAR6, STO1 and VIE1. (3)
Represents total investments in Data Centre Assets, including freehold land and buildings,
infrastructure and equipment, Intangible assets, and assets under construction as at 31 December
2014.
(€
millions)
26% |
|
|
|
17
Ideal
location
to
interconnect
Europe
with
more
than
half
of
the
world’s
population
1
Africa:
1.1 billion (15%)
Middle East:
0.4 billion (5%)
Indian Sub-Continent:
1.8 billion (24%)
South East Asia: 0.6 billion (8%)
Much more than an interconnection location: value addition and creation within the
Interxion data centre
Perfectly suited to host mobile digital content applications like social media that
are spearheading Internet penetration in underdeveloped countries
Evolution of the communities of interest will follow the same patterns already seen,
or being seen, in other geographies
1
Source: WCIS |
|
|
|
18
Range
(in €
millions)
Revenue
Adjusted EBITDA
Capital
Expenditures
€375 –
388
€162 –
172
€180 –
200 |
|
|
|
Amsterdam •
Brussels •
Copenhagen •
Dublin •
Dusseldorf •
Frankfurt •
London •
Madrid •
Marseille •
Paris •
Stockholm •
Vienna •
Zurich
www.interxion.com
QUESTIONS
& ANSWERS |
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|
21
Revenue by Quarter
(€
millions)
Adjusted EBITDA by Quarter
(€
millions)
Y/Y
Growth
(1)
CAGR calculated as 1Q15 vs. 1Q10.
(2)
Big 4 % defined as percentage of total revenue from France, Germany, Netherlands,
and UK reporting segment. (3)
Adjusted EBITDA margin calculated as Adjusted EBITDA divided by Revenue.
Adjusted
EBITDA
Margin
(3)
Big 4
%
(2)
18%
19%
25%
23%
21%
19%
13%
16%
14%
13%
14%
13%
13%
13%
11%
7%
8%
9%
11%
15%
15%
60%
60%
60%
58%
60%
60%
59%
62%
61%
62%
62%
62%
63%
63%
62%
63%
63%
62%
63%
63%
63%
36%
39%
38%
38%
38%
39%
40%
42%
42%
41%
41%
43%
43%
43%
43%
43%
43%
43%
43%
43%
44%
17.4
19.6
20.8
21.4
22.2
23.3
25.0
27.1
27.3
27.8
28.7
31.2
31.7
32.7
33.7
33.8
34.5
35.9
37.3
38.7
40.6
1Q’10
2Q’10
3Q’10
4Q’10
1Q’11
2Q’11
3Q’11
4Q’11
1Q’12
2Q’12
3Q’12
4Q’12
1Q’13
2Q’13
3Q’13
4Q’13
1Q’14
2Q’14
3Q’14
4Q’14
1Q’15
47.8
50.4
54.6
55.6
57.9
60.0
62.0
64.4
65.8
68.0
70.4
72.9
74.4
76.5
78.1
78.2
80.6
83.6
86.4
89.9
92.5
1Q’10
2Q’10
3Q’10
4Q’10
1Q’11
2Q’11
3Q’11
4Q’11
1Q’12
2Q’12
3Q’12
4Q’12
1Q’13
2Q’13
3Q’13
4Q’13
1Q’14
2Q’14
3Q’14
4Q’14
1Q’15
34 Consecutive Quarters of Sequential Organic Revenue and Adjusted EBITDA Growth |
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|
22
Data Centre Recurring Revenue
Development
Space Installed
ARPU increases over time as IT
workloads increase:
Customers initially contract for space and
modest power reservation
(1)
As workloads increase, larger power
reservation fees are required and energy
consumption increases
Power Reservation & Energy Consumption
Customer ARPU Development
(1)
Power Reservation is the fee for infrastructure power (cooling, power distribution,
etc.). Revenue grows from space, power
reservation, and energy consumption
over time
As data centres fill with customers:
Revenue mix initially tilted toward space
As space becomes more fully utilised,
revenue growth from power reservation and
energy consumption can continue
Revenue Develops Over Time as Power Reservation and Energy Consumption Increase
|
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|
23
€
in millions
(except as noted)
2013
2014
2015
2013
2014
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
FY
FY
Recurring revenue
71.0
72.2
73.7
74.4
75.9
78.7
80.9
83.7
87.1
291.3
319.2
Non-recurring revenue
3.4
4.3
4.3
3.7
4.7
4.9
5.6
6.2
5.4
15.8
21.4
Total Revenue
74.4
76.5
78.1
78.2
80.6
83.6
86.4
89.9
92.5
307.1
340.6
Gross Profit
44.8
45.2
46.2
46.8
48.0
49.6
50.9
53.0
56.2
183.0
201.6
Gross Margin
60.2%
59.1%
59.2%
59.9%
59.6%
59.4%
58.9%
58.9%
60.8%
59.6%
59.2%
Adj EBITDA
31.7
32.7
33.7
33.8
34.5
35.9
37.3
38.7
40.6
131.8
146.4
Adj EBITDA Margin
42.6%
42.8%
43.1%
43.2%
42.9%
42.9%
43.1%
43.0%
43.9%
42.9%
43.0%
Net Profit / (loss)
7.0
6.6
(16.5)
(1)
9.8
10.4
8.3
9.0
7.4
4.4
(2)
6.8
(1)
35.1
CapEx Paid
32.8
28.8
26.5
55.3
57.0
54.4
57.0
47.8
67.6
143.4
216.3
Expansion/Upgrade
28.8
27.1
25.0
52.8
52.7
51.0
51.2
43.7
64.2
133.6
198.7
Maintenance & Other
2.1
1.5
1.0
2.0
3.7
2.6
5.0
2.9
1.1
6.7
14.3
Intangibles
1.9
0.2
0.5
0.5
0.6
0.8
0.8
1.2
2.3
3.1
3.3
Cash Generated from
Operations
23.6
24.1
32.0
23.0
34.3
26.9
33.6
40.5
34.2
102.7
135.4
Gross PP&E
870.0
900.0
933.5
987.2
1,045.4
1,105.8
1,183.1
1,235.6
1,308.8
987.2
1,235.6
Gross Intangible Assets
23.5
23.7
24.3
24.9
25.5
26.5
27.5
28.0
30.5
24.9
28.0
LTM Cash ROGIC
13%
13%
14%
13%
13%
12%
12%
11%
12%
13%
11%
The Company’s growth has been 100% organic; hence, gross goodwill is zero for all periods. (1)
Includes €31 million in one-time charges related to debt refinancing; see Adjusted Net Profit
reconciliation elsewhere in this Appendix
(2)
Includes € 6.9 million of M&A transaction cost. ; see Adjusted Net Profit reconciliation
elsewhere in this Appendix.
|
|
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|
24
€
in millions
(except as noted)
2013
2014
2015
2013
2014
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
FY
FY
BIG 4
Recurring revenue
44.4
45.2
46.1
46.5
47.6
49.3
51.0
52.7
55.0
182.2
200.6
Non-recurring revenue
2.1
3.1
2.7
2.4
3.1
2.9
3.9
3.7
3.6
10.3
13.6
Total Revenue
46.6
48.3
48.8
48.9
50.8
52.2
54.9
56.4
58.6
192.5
214.2
Gross Profit Margin
63.2%
62.1%
62.1%
63.1%
61.8%
61.2%
60.5%
60.1%
62.0%
62.6%
60.9%
Adj EBITDA
25.2
26.0
26.6
26.6
27.3
27.9
29.2
29.0
31.4
104.4
113.4
Adj EBITDA Margin
54.0%
54.0%
54.5%
54.4%
53.8%
53.4%
53.3%
51.4%
53.5%
54.2%
52.9%
REST OF EUROPE
Recurring revenue
26.5
27.0
27.7
27.9
28.2
29.4
29.9
31.0
32.1
109.1
118.6
Non-recurring revenue
1.3
1.3
1.6
1.4
1.6
2.0
1.7
2.5
1.8
5.5
7.8
Total Revenue
27.8
28.3
29.3
29.3
29.8
31.4
31.6
33.5
33.9
114.7
126.4
Gross Profit Margin
61.3%
61.4%
60.6%
61.4%
62.2%
62.3%
61.5%
62.3%
64.6%
61.2%
62.1%
Adj EBITDA
14.5
14.7
14.9
15.0
15.8
16.6
16.8
18.1
19.0
59.1
67.3
Adj EBITDA Margin
52.0%
52.1%
51.0%
51.1%
52.9%
52.9%
53.1%
53.9%
56.0%
51.5%
53.2%
CORPORATE & OTHER
Adj EBITDA
(8.0)
(8.0)
(7.8)
(7.8)
(8.5)
(8.7)
(8.7)
(8.4)
(9.7)
(31.6)
(34.3) |
|
|
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25
(1)
All figures at the end of the period.
(2)
Recurring ARPU: Monthly recurring revenue per square metre calculated as {reported
recurring revenue in the quarter divided by 3} divided by {sum of prior and current
quarter end reported revenue generating space divided by 2}.
(3)
Utilisation as at the relevant date.
Space figures in square metres
(1)
Recurring ARPU in €
Customer Available Power in MW
(1)
2013
2014
2015
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Equipped Space
78,100
78,900
79,300
80,100
82,900
86,000
88,600
93,500
94,800
Equipped Space added
4,100
800
400
800
2,800
3,100
2,600
4,900
1,300
Revenue Generating Space
57,000
58,200
59,100
59,700
61,400
64,300
68,500
71,000
74,000
RGS added
800
1,200
900
600
1,700
2,900
4,200
2,500
3,000
Recurring ARPU
(2)
418
418
419
418
418
418
406
400
400
Utilisation (%)
(3)
73%
74%
75%
75%
74%
75%
77%
76%
78%
Customer Available Power
79
81
81
82
86
90
96
99
109
Potential Customer Power
108
113
114
127
139
139
145
145
153
Data Centres in Operation
33
34
34
34
36
37
38
40
39 |
|
|
|
26
Space figures in square
metres
(1)
2013
2014
2015E
(2)
2016E
(2)
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2E
Q3E
Q4E
BIG 4
France
2,700
600
800
Germany
600
800
1,800
100
1,800
400
2,400
Netherlands
(3)
(200)
1,100
1,000
1,500
1,300
700
UK
400
100
100
Subtotal
3,500
1,900
2,900
1,700
3,700
700
2,400
REST OF EUROPE
Austria
400
300
1,300
600
600
300
Belgium
300
Denmark
300
Ireland
Spain
600
800
Sweden
500
500
900
1,100
Switzerland
500
100
Subtotal
600
800
400
800
800
100
900
1,300
600
800
300
Total Additional
Equipped Space
4,100
800
400
800
2,800
3,100
2,600
4,900
1,300
4,200
800
300
2,400
(1)
Figures rounded to nearest net 100 sqm for each country unless otherwise
noted. (2)
Future
expansion
additions
based
on
announced
schedule,
which
is
subject
to
change;
additions
scheduled
for
the
first
half
are
noted
in
the
second
quarter
and
additions
scheduled
for
the
second
half are noted in the fourth quarter.
(3)
HIL1 space reduced in 1Q13 and exited in 1Q15.
1,200
100
2,400
1,800 |
|
|
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27
Reconciliation to Adjusted Net Profit
€
in millions (except as noted)
2013
2014
2015
2013
2014
Q1
Q2
Q3
Q4
(1)
Q1
Q2
Q3
Q4
Q1
FY
FY
Net Profit / (Loss) –
as reported
7.0
6.6
(16.5)
9.8
10.4
8.3
9.0
7.4
4.4
6.8
35.1
Add back
+ Refinancing charges
31.0
0.6
31.0
0.6
+ M&A transaction costs
0.3
6.9
0.3
+ Deferred tax asset adjustment
0.6
0.6
+ NL Crisis Wage Tax
0.4
0.4
31.6
0.4
0.6
0.3
6.9
32.0
0.9
Reverse
-
Adjustment to onerous leases
(0.8)
(0.1)
(0.8)
-
Interest Capitalised
(0.7)
(0.3)
(0.3)
(0.4)
(0.8)
(0.8)
(1.3)
(0.6)
(0.9)
(1.7)
(3.6)
(0.7)
(0.3)
(0.3)
(0.4)
(0.8)
(1.6)
(1.3)
(0.6)
(1.0)
(1.7)
(4.4)
Tax effect of above add backs &
reversals
0.2
0.1
(7.7)
0.2
0.3
0.3
0.2
(1.4)
(7.6)
0.9
Adjusted Net Profit
6.5
6.4
7.1
9.8
9.8
7.6
8.0
7.2
8.9
29.5
32.5
Reported Basic EPS (€)
0.10
0.10
(0.24)
0.14
0.15
0.12
0.13
0.11
0.06
0.10
0.51
Reported Diluted EPS (€)
0.10
0.10
(0.24)
0.14
0.15
0.12
0.13
0.11
0.06
0.10
0.50
Adjusted Basic EPS (€)
0.10
0.09
0.10
0.14
0.14
0.11
0.12
0.10
0.13
0.43
0.47
Adjusted Diluted EPS (€)
0.09
0.09
0.10
0.14
0.14
0.11
0.11
0.10
0.13
0.43
0.46
(1) With effect from Q4 2013, the company changed the estimated lives of certain
data centre assets categories and applied this change on a prospective basis. In Q4 2013, the impact of the change had a
€1.3 million after tax positive effect. |
|
|
|
28
Reconciliation to Adjusted EBITDA
€
in millions (except as noted)
2010
2011
2012
2013
2014
2015
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Net profit / (loss)
(4.7)
4.0
5.9
9.5
2.8
5.2
6.9
10.6
8.7
8.7
8.6
5.6
7.0
6.6
(16.5)
(1)
9.8
10.4
8.3
9.0
7.4
4.4
Income tax expense / (benefit)
1.2
2.9
1.6
(3.2)
2.3
2.3
3.2
1.9
3.9
4.1
4.3
3.5
3.4
3.1
(4.1)
3.7
4.2
3.9
3.9
3.5
2.4
Profit / (loss) before taxation
(3.5)
6.9
7.5
6.3
5.1
7.5
10.1
12.6
12.6
12.9
12.8
9.1
10.3
9.7
(20.6)
13.4
14.6
12.2
12.8
10.8
6.8
Net finance expense
13.5
4.8
5.1
6.1
6.6
6.0
5.3
5.0
4.4
3.9
3.8
5.7
6.5
7.3
38.1
(1)
5.6
5.4
7.5
7.0
8.0
6.6
Operating profit
10.0
11.7
12.6
12.4
11.7
13.5
15.3
17.5
17.1
16.7
16.6
14.8
16.8
17.1
17.5
19.0
20.0
19.7
19.8
18.8
13.4
Depreciation, amortisation and
impairments
7.2
7.5
7.8
8.6
8.5
9.6
9.1
8.4
9.7
10.2
11.0
13.1
14.0
14.9
15.2
13.5
14.0
14.9
16.0
17.3
18.2
EBITDA
17.2
19.2
20.4
21.0
20.3
23.1
24.4
25.9
26.7
27.0
27.6
27.8
30.8
32.0
32.7
32.5
34.0
34.6
35.9
36.2
31.6
Share-based payments
0.3
0.4
0.4
0.6
0.3
0.3
0.7
1.3
0.7
0.9
1.2
2.6
1.0
0.8
1.1
1.3
0.6
2.1
1.5
2.3
2.2
Increase/(decrease) in provision
for onerous lease contracts
0.1
0.1
0.1
(0.1)
0.0
0.8
(0.8)
(0.1)
IPO transaction costs
1.7
M&A transaction costs
0.3
6.9
Income from sub-leases on
unused data centre sites
(0.1)
(0.1)
(0.1)
(0.1)
(0.1)
(0.1)
(0.1)
(0.1)
(0.1)
(0.1)
(0.1)
(0.1)
(0.1)
(0.1)
(0.1)
(0.0)
(0.1)
(0.1)
(0.1)
(0.1)
(0.1)
Adjusted EBITDA
17.4
19.6
20.8
21.4
22.2
23.3
25.0
27.1
27.3
27.8
28.7
31.2
31.7
32.7
33.7
33.8
34.5
35.9
37.3
38.7
40.6
(1)
Includes €31 million in one-time charges related to debt refinancing; see
Adjusted Net Profit reconciliation elsewhere in this Appendix |
|
|
|
29
Reconciliation to Segment Adjusted EBITDA
€
in millions
2013
2014
2015
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
BIG 4
Operating profit
15.9
16.3
16.7
17.6
18.3
18.7
18.4
17.6
19.5
Depreciation, amortisation and impairments
9.1
9.8
9.8
8.7
8.9
9.5
10.5
11.2
11.7
EBITDA
25.0
26.1
26.5
26.3
27.2
28.3
28.9
28.7
31.2
Share-based payments
0.3
0.0
0.2
0.3
0.2
0.5
0.3
0.4
0.3
Increase/(decrease) in provision for onerous lease
contracts
(0.8)
(0.1)
Income from sub-leases on unused data centre sites
(0.1)
(0.1)
(0.1)
(0.0)
(0.1)
(0.1)
(0.1)
(0.1)
(0.1)
Adjusted EBITDA
25.2
26.0
26.6
26.6
27.3
27.9
29.2
29.0
31.4
ROE
Operating profit
10.2
10.2
10.2
10.8
11.5
11.8
11.9
12.6
13.3
Depreciation, amortisation and impairments
4.2
4.4
4.6
4.0
4.3
4.5
4.6
5.1
5.4
EBITDA
14.4
14.7
14.8
14.9
15.7
16.3
16.5
17.8
18.8
Share-based payments
0.1
0.1
0.1
0.1
0.1
0.3
0.3
0.3
0.2
Adjusted EBITDA
14.5
14.7
14.9
15.0
15.8
16.6
16.8
18.1
19.0
CORPORATE & OTHER
Operating profit/(loss)
(9.3)
(9.5)
(9.5)
(9.4)
(9.8)
(10.9)
(10.4)
(11.4)
(19.4)
Depreciation, amortisation and impairments
0.7
0.7
0.8
0.8
0.8
0.8
0.9
1.0
1.1
EBITDA
(8.6)
(8.8)
(8.6)
(8.7)
(9.0)
(10.0)
(9.6)
(10.4)
(18.3)
Share-based payments
0.6
0.7
0.8
0.9
0.4
1.4
0.8
1.7
1.7
M&A transaction costs
0.3
6.9
Adjusted EBITDA
(8.0)
(8.0)
(7.8)
(7.8)
(8.5)
(8.7)
(8.7)
(8.4)
(9.7) |
|
|
|
30
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,
increase/decrease
in
provision
for
onerous
lease
contracts,
IPO
transaction
costs,
abandoned
transaction
costs,
M&A
transaction
costs, income
from
sub-leases
on
unused
data
centre
sites
and
net
insurance
compensation
benefit.
Adjusted
diluted
earnings
per
share:
Adjusted
diluted
earnings
per
share
amounts
are
determined
on
Adjusted
net
profit.
Adjusted
net
profit:
Net
profit/loss
excluding
the
impact
of
the
refinancing
charges,
M&A
transaction
cost,
deferred
tax
adjustments,
Dutch
crisis
tax,
adjustments
to onerous
leases,
capitalised
interest,
and
the
related
corporate
income
tax
effect.
Big
4:
France,
Germany,
the
Netherlands,
and
the
UK
CAGR:
Compound
Annual
Growth
Rate
Capital
expenditures
including
intangible
assets:
represent
payments
to
acquire
property,
plant
&
equipment
and
intangible
assets
as
recorded
on
our
consolidated statement
of
cash
flows
as
"Purchase
of
property,
plant
and
equipment"
and
"Purchase
of
intangible
assets“,
respectively.
Investments
in
intangibles
assets
include power
grid
rights
and
software
development.
Cash
ROGIC:
Cash
Return
on
Gross
Invested
Capital
(Cash
ROGIC)
defined
as
(Adjusted
EBITDA
less
maintenance
and
other
capex)
divided
by
{Average
of
opening and
closing
(gross
PP&E
plus
gross
intangible
assets
plus
gross
goodwill)}.
Corporate
and
Other:
Unallocated
items
comprised
of
mainly
general
and
administrative
expenses,
assets
and
liabilities
associated
with
our
headquarters
operations, provisions
for
onerous
contracts
(relating
to
the
discounted
amount
of
future
losses
expected
to
be
incurred
in
respect
of
unused
data
centre
sites
over
the
term
of
the relevant
leases)
and
revenue
and
expenses
related
to
those
onerous
contracts,
loans
and
borrowings
and
related
expenses
and
income
tax
assets
and
liabilities.
CDNs:
Content
Distribution
Networks
Churn:
contracted
Monthly
Recurring
Revenue
which
came
to
an
end
during
the
month
as
a
percentage
of
the
total
contracted
Monthly
Recurring
Revenue
at
the
beginning
of
the
month.
Customer
Available
Power:
the
current
installed
electrical
customer
capacity.
Equipped
Space:
the
amount
of
data
centre
space
that,
on
the
relevant
date,
is
equipped
and
either
sold
or
could
be
sold,
without
making
any
significant
additional
investments
to
common
infrastructure.
IAAS:
Infrastructure
as
a
Service
LTM:
Last
Twelve
Months
ended
31
March
2015,
unless
otherwise
noted.
MW:
Megawatts
PAAS:
Platform
as
a
Service
SAAS:
Software
as
a
Service
SQM:
Square
metres
Recurring
ARPU:
Monthly
recurring
revenue
per
square
metre
calculated
as
{reported
recurring
revenue
divided
by
the
number
of
months
in
the
period}
divided
by
{the sum
of
prior
and
current
period
end
reported
revenue
generating
space
divided
by
2}.
Recurring
Revenue:
revenue
that
is
incurred
from
colocation
and
associated
power
charges,
office
space,
amortised
set-up
fees
and
certain
recurring
managed
services
(but
excluding
any
ad
hoc
managed
services)
provided
by
us
directly
or
through
third
parties.
Rents
received
for
the
sublease
of
unused
sites
are
excluded.
Rest
of
Europe
/
ROE:
Austria,
Belgium,
Denmark,
Ireland,
Spain,
Sweden,
and
Switzerland.
Revenue
Generating
Space:
the
amount
of
Equipped
Space
that
is
under
contract
and
billed
on
the
relevant
date.
Utilisation
Rate:
on
the
relevant
date,
Revenue
Generating
Space
as
a
percentage
of
Equipped
Space.
Some
Equipped
Space
is
not
fully
utilised
due
to
customers'
specific
requirements
regarding
the
layout
of
their
equipment.
In
practice,
therefore,
Utilisation
Rate
does
not
reach
100%.
YTM:
Yield
to
maturity |
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