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Interxion Reports Second Quarter 2019 Results

07/08/2019

Revenue Growth of 14% Year Over Year

Demand Drives New Investments in Frankfurt, Paris, Marseille and Stockholm

AMSTERDAM--(BUSINESS WIRE)--Aug. 7, 2019-- Interxion Holding NV (NYSE:INXN), a leading European provider of carrier and cloud-neutral colocation data centre services, today announced its results for the three-month period ended 30 June 2019 and further investments in four markets.

Financial Highlights

  • Revenue increased by 14% to €158.5 million (2Q 2018: €138.8 million).
  • Recurring revenue(1) increased by 14% to €150.0 million (2Q 2018: €131.7 million).
  • Net income increased by €8.0 million to €8.6 million (2Q 2018: €0.6 million).
  • Adjusted net income(1) decreased by 16% to €7.5 million (2Q 2018: €8.9 million).
  • Diluted earnings per share increased by €0.11 to €0.12 (2Q 2018: €0.01).
  • Adjusted diluted earnings per share(1) decreased by 16% to €0.10 (2Q 2018: €0.12).
  • Adjusted EBITDA(1) increased by 26% to €80.2 million (2Q 2018: €63.4 million).
  • Adjusted EBITDA margin(1) increased to 50.6% (2Q 2018: 45.7%).
  • Capital expenditure, including intangible assets(2), were €123.5 million (2Q 2018: €120.5 million).

Operating Highlights

  • Equipped space(3) increased by 6,500 square metres (“sqm”) during the quarter to 154,800 sqm metres.
  • Revenue generating space(4) increased by 2,600 sqm during the quarter to 121,600 sqm.
  • Utilisation rate(5) at the end of the quarter was 79%.
  • During the second quarter, Interxion completed the following capacity additions:
    • 2,000 sqm in Vienna;
    • 1,300 sqm in Madrid;
    • 1,100 sqm in Marseille;
    • 800 sqm in Stockholm;
    • 600 sqm in London;
    • 400 sqm in Paris; and
    • 300 sqm in Dusseldorf.

“As reflected in the solid second quarter results, Interxion continues to experience favourable demand, driven primarily by the cloud and content platform providers,” said David Ruberg, Interxion’s Chief Executive Officer. “In response to customer demand and orders, we are announcing today incremental investments in Frankfurt, Paris, Marseille and Stockholm. Our recent equity issuance and credit rating upgrade support our ongoing expansion activity, with a focus on sustaining our attractive returns."

Quarterly Review

As previously noted, the implementation of International Financial Reporting Standard 16 - Leases (“IFRS 16”) on 1 January 2019 reclassified certain expense items, thus impacting the comparability of our results to periods prior to the implementation of IFRS 16. This accounting change had no impact on our revenues or underlying net cash flows. A reconciliation from Adjusted EBITDA and Adjusted EBITDA margin reported after giving effect to IFRS 16 to corresponding measures excluding the impact of IFRS 16 are provided later in this press release.

Revenue in the second quarter of 2019 was €158.5 million, a 14% increase over the second quarter of 2018 and a 5% increase over the first quarter of 2019. Recurring revenue was €150.0 million, a 14% increase over the second quarter of 2018 and a 3% increase over the first quarter of 2019. Recurring revenue in the second quarter represented 95% of total revenue. On a constant currency(6) basis, revenue in the second quarter of 2019 was 14% higher than in the second quarter of 2018.

Cost of sales in the second quarter of 2019 was €54.7 million, a 2% increase over the second quarter of 2018 and a 9% increase over the first quarter of 2019.

Gross profit was €103.7 million in the second quarter of 2019, a 22% increase over the second quarter of 2018 and a 3% increase over the first quarter of 2019. Gross profit margin was 65.5% in the second quarter of 2019, compared with 61.3% in the second quarter of 2018 and 66.7% in the first quarter of 2019.

Sales and marketing costs in the second quarter of 2019 were €9.4 million, a 2% decrease over the second quarter of 2018 and a 3% increase over the first quarter of 2019.

General and administrative costs, excluding the items we adjust for in the determination of Adjusted EBITDA, were €14.2 million in the second quarter of 2019, a 17% increase over the second quarter of 2018 and a 4% decrease from the first quarter of 2019.

Depreciation and amortisation in the second quarter of 2019 were €44.3 million, a 38% increase over the second quarter of 2018 and a 6% increase over the first quarter of 2019.

Operating income in the second quarter of 2019 was €29.6 million, an increase of 12% over the second quarter of 2018 and a 1% decrease from the first quarter of 2019.

Net finance expense for the second quarter of 2019 was €17.1 million, a 25% decrease from the second quarter of 2018 and a 3% increase over the first quarter of 2019.

Income tax expense for the second quarter of 2019 was €3.6 million, a 30% increase over the second quarter of 2018 and a 24% decrease from the first quarter of 2019.

Net income was €8.6 million in the second quarter of 2019, an €8.0 million increase over the second quarter of 2018 and a 3% increase from the first quarter of 2019.

Adjusted net income was €7.5 million in the second quarter of 2019, a 16% decrease from the second quarter of 2018 and a 6% increase from the first quarter of 2019.

Adjusted EBITDA for the second quarter of 2019 was €80.2 million, a 26% increase over the second quarter of 2018 and a 4% increase over the first quarter of 2019. Adjusted EBITDA margin was 50.6% in the second quarter of 2019 compared to 45.7% in the second quarter of 2018 and 51.0% in the first quarter of 2019.

Adjusted EBITDA excluding the effects of IFRS 16 for the second quarter was €71.5 million, a 13% increase over the second quarter of 2018 and a 3% increase over the first quarter of 2019. Adjusted EBITDA margin excluding the effects of IFRS 16 in the second quarter of 2019, was 45.1%, compared to 45.7% in the second quarter of 2018 and 45.7% in the first quarter of 2019.

Net cash flows from operating activities in the second quarter of 2019 were €35.8 million compared to €31.6 million in the second quarter of 2018 and €71.3 million in the first quarter of 2019.

Cash generated from operations(1) in the second quarter of 2019 was €71.8 million compared to €55.1 million in the second quarter of 2018 and €79.9 million in the first quarter of 2019.

Capital expenditure, including intangible assets, in the second quarter of 2019 were €123.5 million compared with €120.5 million in the second quarter of 2018 and €144.1 million in the first quarter of 2019.

Cash and cash equivalents were €55.6 million at 30 June 2019, compared with €186.1 million at year end 2018.

Total borrowings and lease liabilities net of cash and cash equivalents were €1,672.2 million in aggregate at 30 June 2019, compared with €1,104.1 million at 31 December 2018. Excluding lease liabilities, total borrowings were €1,276.7 million at 30 June 2019, compared with €1,239.8 million at 31 December 2018.

As at 30 June 2019, €40 million was drawn under Interxion’s €300 million unsecured revolving credit facility. The full amount was repaid after the end of the quarter.

On 1 July 2019, Interxion issued 4.6 million ordinary shares in a public offering generating net proceeds of €283.2 million.

Equipped space at the end of the second quarter of 2019 was 154,800 square metres, compared to 132,600 square metres at the end of the second quarter of 2018 and 148,300 square metres at the end of the first quarter of 2019. Revenue generating space at the end of the second quarter of 2019 was 121,600 square metres, compared to 106,200 square metres at the end of the second quarter of 2018 and 119,000 square metres at the end of the first quarter of 2019. Utilisation rate, the ratio of revenue generating space to equipped space, was 79% at the end of the second quarter of 2019, compared to 80% at the end of the second quarter of 2018 and 80% at the end of the first quarter of 2019.

Investment Initiatives in Frankfurt, Marseille, Stockholm and Paris

In response to continued customer demand and orders, Interxion will expand existing data centres in Frankfurt and Marseille and construct a new data centre in Stockholm (“STO6”). Additionally, Interxion has added to its land ownership in Paris.

In Frankfurt, Interxion will add capacity in its FRA15 data centre by constructing Phases 3 and 4. These phases will add an additional 4,700 square metres of equipped space and are scheduled to open in 3Q 2021. The capital expenditure associated with the final two phases of FRA15 is expected to be approximately €40 million.

In Marseille, Interxion will construct the second phase of its MRS3 data centre. This phase will provide approximately 2,400 sqm of equipped space and is scheduled to open in 3Q 2020. The capital expenditure associated with this phase of MRS3 is expected to be approximately €31 million.

In Stockholm, STO6 will be constructed in four phases, delivering a total of 3,300 sqm of equipped space and 5 megawatts (“MW”) of customer available power when fully built out. The first phase of STO6, which is expected to provide approximately 500 sqm, is scheduled to open in 2Q 2020. The second phase is expected to provide approximately 600 sqm and is scheduled to open in 4Q 2020. The capital expenditure associated with the first two phases of STO6 is expected to be approximately €21 million.

In Paris, Interxion completed the acquisition of the land on which its PAR7 data centre is located, for €19 million. The PAR7 site is adjacent to additional land of 68,000 sqm, over which we have a purchase option. This site has an industrial zoning rating and access to 50 MW of available power.

Business Outlook

Interxion today is reaffirming guidance for Revenue, Adjusted EBITDA and Capital expenditure (including intangibles) for full year 2019:

Revenue

€632 million – €647 million

Adjusted EBITDA

€324 million – €334 million

Capital expenditure (including intangibles)

€570 million – €600 million

Conference Call to Discuss Results

Interxion will host a conference call today at 8:30 a.m. ET (1:30 p.m. BST, 2:30 p.m. CET) to discuss the 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 21 August 2019. To access the replay, U.S. callers may dial toll free 1-866-331-1332; callers outside the U.S. may dial direct +44 (0) 3333 009 785. The replay access number is 3364477.

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, delays in remediating the material weakness in internal control over financial reporting and/or making disclosure controls and procedures effective, 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”).

Interxion does not assume any obligation to update the forward-looking information contained in this press release.

Non-IFRS Financial Measures

These materials include non-IFRS financial measures and ratios, including (i) Adjusted EBITDA; (ii) Adjusted EBITDA margin, (iii) Adjusted EBITDA excluding the impact of IFRS 16; (iv) Adjusted EBITDA margin excluding the impact of IFRS 16; (v) Recurring revenue; (vi) Revenue on a constant currency basis; (vii) Adjusted net income; (viii) Adjusted basic earnings per share; (ix) Adjusted diluted earnings per share and (x) Cash generated from operations, that are not required by, or presented in accordance with, IFRS.

Other companies may present Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBITDA excluding the impact of IFRS 16, Adjusted EBITDA margin excluding the impact of IFRS 16, Recurring revenue, Revenue on a constant currency basis, Adjusted net income, Adjusted basic earnings per share, Adjusted diluted earnings per share and Cash generated from operations differently than we do. None of these measures are measures of financial performance under IFRS and should not be considered as a measure of liquidity or as an alternative to Profit for the period attributable to shareholders (“Net income”) or as indicators of our operating performance or any other measure of performance implemented in accordance with IFRS.

Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBITDA excluding the impact of IFRS 16, Adjusted EBITDA margin excluding the impact of IFRS 16, Recurring revenue and Revenue on a constant currency basis

We define Adjusted EBITDA as Net income adjusted for income tax expense, net finance expense and the following items, which may occur in any period, and which management believes are not representative of our operating performance:

  • Depreciation and amortisation – property, plant and equipment and intangible assets (except goodwill) are depreciated and amortised on a straight-line basis over the estimated useful life. We believe that these costs do not represent our operating performance.
  • Share-based payments – represents primarily the fair value at the date of grant of employee equity awards, which is recognized as an expense over the vesting period. In certain cases, the fair value is redetermined for market conditions at each reporting date, until the final date of grant is achieved. We believe that this expense does not represent our operating performance.
  • Income or expense related to the evaluation and execution of potential mergers or acquisitions (“M&A”) – under IFRS, gains and losses associated with M&A activity are recognized in the period in which such gains or losses are incurred. We exclude these effects because we believe they are not reflective of our ongoing operating performance.
  • Adjustments related to terminated and unused data centre sites – these gains and losses relate to historical leases entered into for certain brownfield sites, with the intention of developing data centres, which were never developed, and for which management has no intention of developing into data centres. We believe the impact of gains and losses related to unused data centres is not reflective of our business activities and our ongoing operating performance.

In certain circumstances, we may also adjust for other items that management believes are not representative of our current ongoing performance. Examples include: adjustments for the cumulative effect of a change in accounting principle or estimate, impairment losses, litigation gains and losses or windfall gains and losses. Adjusted EBITDA margin is defined as Adjusted EBITDA as a percentage of revenue.

In addition, we present Adjusted EBITDA excluding the impact of IFRS 16 for comparative purposes with regard to Adjusted EBITDA presented in periods prior to 1 January 2019, the effective date of IFRS 16. Adjusted EBITDA margin excluding the impact of IFRS 16 is defined as Adjusted EBITDA excluding the impact of IFRS 16 as a percentage of revenue.

For a reconciliation of Net income to Adjusted EBITDA and from Adjusted EBITDA to Adjusted EBITDA excluding the impact of IFRS 16, see the notes to the Condensed Consolidated Interim Financial Statements. Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBITDA excluding the impact of IFRS 16, Adjusted EBITDA margin excluding the impact of IFRS 16 and other key performance indicators may not be indicative of our historical results of operations based on IFRS, nor are they meant to be predictive of future results under IFRS.

We define Recurring revenue as revenue incurred from colocation and associated power charges, office space, amortised set-up fees, cross-connects and certain recurring managed services (but excluding any ad hoc managed services) provided by us directly or through third parties, excluding rents received for the sublease of unused sites. Management believes that the exclusion of these items provides useful supplemental information to revenue from colocation and associated power charges to aid investors in evaluating the recurring revenue performance of our business. For a reconciliation of Revenue to Recurring revenue, see the notes to the Condensed Consolidated Interim Financial Statements.

We present constant currency information for revenue to provide a framework for assessing how our underlying businesses performed excluding the effect of foreign currency rate fluctuations. To present this information, current and comparative prior period results for entities reporting in currencies other than Euro are converted into Euro using the average exchange rates from the prior period rather than the actual exchange rates in effect during the current period. We believe that revenue growth is a key indicator of how a company is progressing from period to period and presenting constant currency information for revenue provides useful supplemental information to investors regarding our on-going operational performance because it helps us and our investors evaluate the on-going operating performance of the business after removing the impact of currency exchange rates.

We believe Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBITDA excluding the impact of IFRS 16, Adjusted EBITDA margin excluding the impact of IFRS 16, Recurring revenue and Revenue on a constant currency basis provide useful supplemental information to investors regarding our ongoing operational performance. These measures help us and our investors evaluate the ongoing operating performance of the business after removing the impact of our capital structure (primarily interest expense), our asset base (primarily depreciation and amortisation) and the implementation of new accounting standards. Management believes that the presentation of Adjusted EBITDA and Adjusted EBITDA excluding the impact of IFRS 16, when combined with the primary IFRS presentation of Net income, provides a more complete analysis of our operating performance. Management also believes the use of Adjusted EBITDA and Adjusted EBITDA excluding the impact of IFRS 16 facilitates comparisons between us and other data centre operators (including other data centre operators that are REITs) and other infrastructure-based businesses. Adjusted EBITDA excluding the impact of IFRS 16 is also a relevant measure used in the financial covenants of our revolving credit facility and our 4.75% Senior Notes due 2025. Pursuant to the terms of our revolving credit facility and our 4.75% Senior Notes due 2025, the calculation of Adjusted EBITDA for the purposes of the financial covenants is determined in accordance with IFRS as of the date of the financing agreements and therefore does not include the impact of IFRS 16.

Adjusted net income, Adjusted basic earnings per share and Adjusted diluted earnings per share

We define Adjusted net income as Net income adjusted for the following items and the related income tax effect, which may occur in any period, and which management believes are not reflective of our operating performance:

  • Income or expense related to the evaluation and execution of potential mergers or acquisitions (“M&A”) – under IFRS, gains and losses associated with M&A activity are recognized in the period in which such gains or losses are incurred. We exclude these effects because we believe they are not reflective of our ongoing operating performance.
  • Adjustments related to provisions – these adjustments are made for adjustments in provisions that are not reflective of the ongoing operating performance of Interxion. These adjustments may include changes in provisions for onerous lease contracts.
  • Adjustments related to capitalized interest – under IFRS, we are required to calculate and capitalize interest allocated to the investment in data centres and exclude it from Net income. We believe that reversing the impact of capitalized interest provides information about the impact of the total interest costs and facilitates comparisons with other data centre operators.

In certain circumstances, we may also adjust for other items that management believes are not representative of our current ongoing performance. Examples include: adjustments for the cumulative effect of a change in accounting principle or estimate, impairment losses, litigation gains and losses or windfall gains and losses.

Management believes that the exclusion of certain items listed above provides useful supplemental information to Net income to aid investors in evaluating the operating performance of our business and comparing our operating performance with other data centre operators and infrastructure companies. We believe the presentation of Adjusted net income, when combined with Net income prepared in accordance with IFRS, is beneficial to a complete understanding of our performance. A reconciliation from reported Net income to Adjusted net income is provided in notes to the Condensed Consolidated Interim Financial Statements.

Adjusted basic earnings per share and Adjusted diluted earnings per share amounts are determined on Adjusted net income.

Cash generated from operations

Cash generated from operations is defined as Net cash flows from operating activities, excluding interest and corporate income tax payments and receipts. Management believes that the exclusion of these items provides useful supplemental information to Net cash flows from operating activities to aid investors in evaluating the cash generating performance of our business.

Additional Key Performance Indicators

In addition to Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBITDA excluding the impact of IFRS 16, Adjusted EBITDA margin excluding the impact of IFRS 16, Recurring revenue, Revenue on a constant currency basis, Adjusted net income, Adjusted basic earnings per share, Adjusted diluted earnings per share and Cash generated from operations, our management also uses the following key performance indicators as measures to evaluate our performance:

  • Equipped space: the amount of data centre space that, on the date indicated, is equipped and either sold or could be sold, without making any significant additional investments to common infrastructure. Equipped space at a particular data centre may decrease if either (a) the power requirements of customers at a data centre change so that all or a portion of the remaining space can no longer be sold because the space does not have enough power capacity and/or common infrastructure to support it without further investment or (b) if the design and layout of a data centre changes to meet among others, fire regulations or customer requirements, and necessitates the introduction of common space (such as corridors) which cannot be sold to individual customers;
  • Revenue generating space: the amount of Equipped space that is under contract and billed on the date indicated;
  • Utilisation rate: on the date indicated, Revenue generating space as a percentage of Equipped space. Some Equipped space is not fully utilised because of customers’ specific requirements regarding the layout of their equipment. In practice, therefore, Utilisation rate does not reach 100%.

IFRS 16 – Leases

We adopted International Financial Reporting Standard 16 – Leases, from 1 January 2019. Under IFRS 16, operating leases are recognized as right of use assets and lease liabilities, and certain components of revenue are recognized as lease revenue.

The impact of IFRS 16 on revenue, gross profit, operating income, Adjusted EBITDA, depreciation and amortisation and net finance expense for the three-month and six-month periods ended 30 June 2019 and total assets and total liabilities as at 30 June 2019 is provided in the tables attached to this press release.

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 53 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 700 connectivity providers, 21 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.

1 All of the following items are non-IFRS measures intended to adjust for certain items and are not measures of financial performance under IFRS: “Adjusted EBITDA”, “Adjusted EBITDA margin”, “Adjusted EBITDA excluding the impact of IFRS 16”, “Adjusted EBITDA margin excluding the impact of IFRS 16”, “Recurring revenue”, “Revenue on a constant currency basis”, “Adjusted net income”, “Adjusted basic earnings per share”, “Adjusted diluted earnings per share” and “Cash generated from operations”. Complete definitions can be found in the “Non-IFRS Financial Measures” section in this press release. Reconciliations of Net income to Adjusted EBITDA, Adjusted EBITDA to Adjusted EBITDA excluding the impact of IFRS 16, Net income to Adjusted net income and Revenue to Recurring revenue, can be found in the financial tables later in this press release.

2 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.

3 Equipped space is the amount of data centre space that, on the date indicated, is equipped and either sold or could be sold, without making any significant additional investments to common infrastructure.

4 Revenue generating space is the amount of Equipped space that is under contract and billed on the date indicated.

5 Utilisation rate represents Revenue generating space as a percentage of Equipped space.

6 We present constant currency information to assess how our underlying businesses performed excluding the effect of foreign currency rate fluctuations. To present this information, current and comparative prior period results for entities reporting in currencies other than Euro are converted into Euro using the average exchange rates from the prior period rather than the actual exchange rates in effect during the current period.

 
INTERXION HOLDING NV
CONDENSED CONSOLIDATED INCOME STATEMENTS
(in €'000 ― except per share data and where stated otherwise)
(unaudited)
                   
      Three Months Ended   Six Months Ended
     

Jun-30

 

Jun-30

 

Jun-30

 

Jun-30

     

2019

 

2018

 

2019

 

2018

                   
Revenue    

158,476

 

 

138,824

 

 

310,007

 

 

272,660

 

Cost of sales    

(54,729

)

 

(53,701

)

 

(105,123

)

 

(106,398

)

Gross Profit    

103,747

 

 

85,123

 

 

204,884

 

 

166,262

 

Other income    

-

 

 

-

 

 

-

 

 

86

 

Sales and marketing costs    

(9,397

)

 

(9,601

)

 

(18,551

)

 

(18,309

)

General and administrative costs    

(64,798

)

 

(49,250

)

 

(126,942

)

 

(94,894

)

                   
Operating income    

29,552

 

 

26,272

 

 

59,391

 

 

53,145

 

Net finance expense    

(17,148

)

 

(22,895

)

 

(33,810

)

 

(34,299

)

Share of result of equity-accounted investees, net of tax    

(163

)

 

-

 

 

(163

)

 

-

 

                   
Profit before income taxes    

12,241

 

 

3,377

 

 

25,418

 

 

18,846

 

Income tax expense    

(3,627

)

 

(2,795

)

 

(8,405

)

 

(6,608

)

Net income    

8,614

 

 

582

 

 

17,013

 

 

12,238

 

Basic earnings per share(a): (€)    

0.12

 

 

0.01

 

 

0.24

 

 

0.17

 

Diluted earnings per share(b): (€)    

0.12

 

 

0.01

 

 

0.23

 

 

0.17

 

                   
                   
Number of shares outstanding at the end of the period (shares in thousands)  

71,888

 

 

71,609

 

 

71,888

 

 

71,609

 

Weighted average number of shares for Basic EPS (shares in thousands)  

71,876

 

 

71,481

 

 

71,843

 

 

71,455

 

Weighted average number of shares for Diluted EPS (shares in thousands)  

72,457

 

 

71,946

 

 

72,398

 

 

71,902

 

                   
                   
              As at
             

Jun-30

 

Jun-30

Capacity metrics            

2019

 

2018

Equipped space (in square meters)            

154,800

 

 

132,600

 

Revenue generating space (in square meters)            

121,600

 

 

106,200

 

Utilisation rate            

79

%

 

80

%

                   
(a) Basic earnings per share are calculated as net income divided by the weighted average number of shares for Basic EPS.
(b) Diluted earnings per share are calculated as net income divided by the weighted average number of shares for Diluted EPS.
 
 
INTERXION HOLDING NV
NOTES TO CONDENSED CONSOLIDATED INCOME STATEMENTS: REPORTING SEGMENT INFORMATION
(in €'000 ― except where stated otherwise)
(unaudited)
                   
      Three Months Ended   Six Months Ended
      Jun-30   Jun-30   Jun-30   Jun-30
     

2019

 

2018

 

2019

 

2018

Consolidated                  
Recurring revenue    

149,975

 

 

131,709

 

 

295,253

 

 

258,671

 

Non-recurring revenue    

8,501

 

 

7,115

 

 

14,754

 

 

13,989

 

Revenue    

158,476

 

 

138,824

 

 

310,007

 

 

272,660

 

Net income    

8,614

 

 

582

 

 

17,013

 

 

12,238

 

Net income margin    

5.4

%

 

0.4

%

 

5.5

%

 

4.5

%

Operating income    

29,552

 

 

26,272

 

 

59,391

 

 

53,145

 

Operating income margin    

18.6

%

 

18.9

%

 

19.2

%

 

19.5

%

Adjusted EBITDA    

80,158

 

 

63,431

 

 

157,435

 

 

124,306

 

Gross profit margin    

65.5

%

 

61.3

%

 

66.1

%

 

61.0

%

Adjusted EBITDA margin    

50.6

%

 

45.7

%

 

50.8

%

 

45.6

%

                   
Total assets    

2,743,383

 

 

1,975,113

 

 

2,743,383

 

 

1,975,113

 

Total liabilities(a)    

2,082,604

 

 

1,368,236

 

 

2,082,604

 

 

1,368,236

 

Capital expenditure, including intangible assets(b)    

(123,477

)

 

(120,515

)

 

(267,558

)

 

(216,709

)

                   
France, Germany, the Netherlands, and the UK                  
Recurring revenue    

100,673

 

 

87,317

 

 

197,536

 

 

170,771

 

Non-recurring revenue    

4,962

 

 

4,196

 

 

9,399

 

 

8,653

 

Revenue    

105,635

 

 

91,513

 

 

206,935

 

 

179,424

 

Operating income    

33,584

 

 

30,311

 

 

66,896

 

 

57,946

 

Operating income margin    

31.8

%

 

33.1

%

 

32.3

%

 

32.3

%

Adjusted EBITDA    

62,935

 

 

51,388

 

 

124,056

 

 

99,366

 

Gross profit margin    

66.3

%

 

63.2

%

 

66.9

%

 

62.2

%

Adjusted EBITDA margin    

59.6

%

 

56.2

%

 

59.9

%

 

55.4

%

                   
Total assets    

1,968,376

 

 

1,360,299

 

 

1,968,376

 

 

1,360,299

 

Total liabilities(a)    

623,050

 

 

275,898

 

 

623,050

 

 

275,898

 

Capital expenditure, including intangible assets(b)    

(77,780

)

 

(82,556

)

 

(177,405

)

 

(153,130

)

                   
Rest of Europe                  
Recurring revenue    

49,302

 

 

44,392

 

 

97,717

 

 

87,900

 

Non-recurring revenue    

3,539

 

 

2,919

 

 

5,355

 

 

5,336

 

Revenue    

52,841

 

 

47,311

 

 

103,072

 

 

93,236

 

Operating income    

20,628

 

 

18,643

 

 

41,637

 

 

38,242

 

Operating income margin    

39.0

%

 

39.4

%

 

40.4

%

 

41.0

%

Adjusted EBITDA    

32,593

 

 

27,171

 

 

64,835

 

 

54,742

 

Gross profit margin    

69.8

%

 

65.0

%

 

70.8

%

 

66.3

%

Adjusted EBITDA margin    

61.7

%

 

57.4

%

 

62.9

%

 

58.7

%

                   
Total assets    

685,304

 

 

443,999

 

 

685,304

 

 

443,999

 

Total liabilities(a)    

210,740

 

 

84,045

 

 

210,740

 

 

84,045

 

Capital expenditure, including intangible assets(b)    

(37,891

)

 

(29,805

)

 

(79,476

)

 

(52,472

)

                   
Corporate and other                  
Operating income    

(24,660

)

 

(22,682

)

 

(49,142

)

 

(43,043

)

Adjusted EBITDA    

(15,370

)

 

(15,128

)

 

(31,456

)

 

(29,802

)

                   
Total assets    

89,703

 

 

170,815

 

 

89,703

 

 

170,815

 

Total liabilities(a)    

1,248,814

 

 

1,008,293

 

 

1,248,814

 

 

1,008,293

 

Capital expenditure, including intangible assets(b)    

(7,806

)

 

(8,154

)

 

(10,677

)

 

(11,107

)

                   
                   
(a) Certain comparative figures as at 30 June 2018 have been restated compared to the amounts disclosed on Form 6-K furnished on 2 August 2018. For further details see Note 2 and Note 28 of our 2018 Consolidated Financial Statements included on Form 20-F, filed with the SEC on 30 April 2019.
(b) Capital expenditure, including intangible assets, represents payments to acquire property, plant and equipment and intangible assets, as recorded in the condensed consolidated statements of cash flows as "Purchase of property, plant and equipment" and "Purchase of intangible assets," respectively.
 
 
INTERXION HOLDING NV
NOTES TO CONDENSED CONSOLIDATED INCOME STATEMENTS: ADJUSTED EBITDA RECONCILIATION
(in €'000 ― except where stated otherwise)
(unaudited)
                   
      Three Months Ended   Six Months Ended
      Jun-30   Jun-30   Jun-30   Jun-30
     

2019

 

2018

 

2019

 

2018

                   
Reconciliation to Adjusted EBITDA                  
                   
Consolidated                  
                   
Net income    

8,614

 

 

582

 

 

17,013

 

 

12,238

 

Income tax expense    

3,627

 

 

2,795

 

 

8,405

 

 

6,608

 

Profit before taxation    

12,241

 

 

3,377

 

 

25,418

 

 

18,846

 

Share of result of equity-accounted investees, net of tax    

163

 

 

-

 

 

163

 

 

-

 

Net finance expense    

17,148

 

 

22,895

 

 

33,810

 

 

34,299

 

Operating income    

29,552

 

 

26,272

 

 

59,391

 

 

53,145

 

Depreciation and amortisation    

44,320

 

 

32,191

 

 

85,998

 

 

61,750

 

Share-based payments    

5,725

 

 

3,927

 

 

11,405

 

 

7,249

 

Income or expense related to the evaluation and execution of potential mergers or acquisitions:                  

M&A transaction costs(a)

   

561

 

 

1,041

 

 

641

 

 

2,248

 

Items related to sub-leases on unused data centre sites(b)    

-

 

 

-

 

 

-

 

 

(86

)

Adjusted EBITDA(c)    

80,158

 

 

63,431

 

 

157,435

 

 

124,306

 

                   
France, Germany, the Netherlands, and the UK                  
                   
Operating income    

33,584

 

 

30,311

 

 

66,896

 

 

57,946

 

Depreciation and amortisation    

29,010

 

 

20,818

 

 

56,417

 

 

40,903

 

Share-based payments    

341

 

 

259

 

 

743

 

 

603

 

Items related to sub-leases on unused data centre sites(b)    

-

 

 

-

 

 

-

 

 

(86

)

Adjusted EBITDA(c)    

62,935

 

 

51,388

 

 

124,056

 

 

99,366

 

                   
Rest of Europe                  
                   
Operating income    

20,628

 

 

18,643

 

 

41,637

 

 

38,242

 

Depreciation and amortisation    

11,728

 

 

8,223

 

 

22,608

 

 

15,971

 

Share-based payments    

237

 

 

305

 

 

590

 

 

529

 

Adjusted EBITDA(c)    

32,593

 

 

27,171

 

 

64,835

 

 

54,742

 

                   
Corporate and Other                  
                   
Operating loss    

(24,660

)

 

(22,682

)

 

(49,142

)

 

(43,043

)

Depreciation and amortisation    

3,582

 

 

3,150

 

 

6,973

 

 

4,876

 

Share-based payments    

5,147

 

 

3,363

 

 

10,072

 

 

6,117

 

Income or expense related to the evaluation and execution of potential mergers or acquisitions:                  
M&A transaction costs(a)    

561

 

 

1,041

 

 

641

 

 

2,248

 

Adjusted EBITDA(c)    

(15,370

)

 

(15,128

)

 

(31,456

)

 

(29,802

)

                   
 
(a) “M&A transaction costs” are costs associated with the evaluation, diligence and conclusion or termination of merger or acquisition activity. These costs are included in “General and administrative costs.”
(b) “Items related to sub-leases on unused data centre sites” represents the income on sub-lease of portions of unused data centre sites to third parties. This income is treated as “Other income.”
(c) “Adjusted EBITDA” is a non-IFRS financial measure. See “Non-IFRS Financial Measures” for more information, including why we believe Adjusted EBITDA is useful, and the limitations on the use of Adjusted EBITDA.
 
INTERXION HOLDING NV
CONDENSED CONSOLIDATED BALANCE SHEET
(in €'000 ― except where stated otherwise)
(unaudited)
           
      As at
      Jun-30   Dec-31
     

2019

 

2018

Non-current assets          
Property, plant and equipment    

1,878,533

 

 

1,721,064

 

Right-of-use assets    

438,556

 

 

-

 

Intangible assets    

66,492

 

 

64,331

 

Goodwill    

38,900

 

 

38,900

 

Deferred tax assets    

24,607

 

 

21,807

 

Investment in associate    

3,583

 

 

-

 

Other investments    

12,606

 

 

7,906

 

Other non-current assets    

15,934

 

 

16,843

 

     

2,479,211

 

 

1,870,851

 

Current assets          
Trade receivables and other current assets    

208,611

 

 

205,613

 

Cash and cash equivalents    

55,561

 

 

186,090

 

     

264,172

 

 

391,703

 

Total assets    

2,743,383

 

 

2,262,554

 

           
Shareholders’ equity          
Share capital    

7,188

 

 

7,170

 

Share premium    

564,592

 

 

553,425

 

Foreign currency translation reserve    

2,965

 

 

3,541

 

Hedging reserve, net of tax    

(179

)

 

(165

)

Accumulated profit    

86,213

 

 

69,449

 

     

660,779

 

 

633,420

 

Non-current liabilities          
Borrowings    

1,235,214

 

 

1,266,813

 

Lease liabilities    

423,508

 

 

-

 

Deferred tax liabilities    

16,912

 

 

16,875

 

Other non-current liabilities    

17,974

 

 

34,054

 

     

1,693,608

 

 

1,317,742

 

Current liabilities          
Trade payables and other current liabilities    

311,880

 

 

280,877

 

Lease liabilities    

27,563

 

 

-

 

Income tax liabilities    

8,048

 

 

7,185

 

Borrowings    

41,505

 

 

23,330

 

     

388,996

 

 

311,392

 

Total liabilities    

2,082,604

 

 

1,629,134

 

Total liabilities and shareholders’ equity    

2,743,383

 

 

2,262,554

 

               
   
  INTERXION HOLDING NV
  NOTES TO THE CONDENSED CONSOLIDATED BALANCE SHEET: BORROWINGS AND LEASE LIABILITIES NET OF CASH AND CASH EQUIVALENTS
  (in €'000 ― except where stated otherwise)
  (unaudited)
                     
        As at        
        Jun-30   Dec-31        
       

2019

 

2018

       
  Borrowings and lease liabilities net of cash and cash equivalents                
                     
  Cash and cash equivalents    

55,561

 

186,090

       
                     
  4.75% Senior Notes due 2025(a)    

1,189,060

 

1,188,387

       
  Finance lease liabilities (IAS 17)(b)    

-

 

50,374

       
  Mortgages    

50,411

 

51,382

       
  Borrowings under our Revolving Facilities    

37,248

 

-

       
  Borrowings    

1,276,719

 

1,290,143

       
  Lease liabilities (IFRS 16)(b)    

451,071

 

-

       
  Total borrowings and lease liabilities    

1,727,790

 

1,290,143

       
                     
                     
  Borrowings and lease liabilities net of cash and cash equivalents(c)  

1,672,229

 

1,104,053

       
                     
  (a) The €1,200 million 4.75% Senior Notes due 2025 include a premium on additional issuances and are shown after deducting commissions, offering fees and expenses.
  (b) Under IFRS 16, finance lease liabilities are included in the aggregated amount of lease liabilities rather than presented separately.
  (c) Total borrowings and lease liabilities exclude deferred financing costs of €2.3 million as of 31 December 2018 which were incurred in connection with the €300 million Revolving Credit Facility, entered into on 18 June 2018. Total borrowings and lease liabilities include deferred financing costs of €2.7 million as of 30 June 2019. The deferred financing costs have been included as during the second quarter the Group has drawn €40.0 million under the Revolving Credit Facility.
   
INTERXION HOLDING NV
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in €'000 ― except where stated otherwise)
(unaudited)
               
      Three Months Ended   Six Months Ended
      Jun-30   Jun-30   Jun-30   Jun-30
     

2019

 

2018

 

2019

  2018(a)
                   
                   
Net income    

8,614

 

 

582

 

 

17,013

 

 

12,238

 

Depreciation and amortisation    

44,320

 

 

32,191

 

 

85,998

 

 

61,750

 

Share-based payments    

5,395

 

 

3,646

 

 

10,501

 

 

6,863

 

Net finance expense    

17,148

 

 

22,895

 

 

33,810

 

 

34,299

 

Share of result of equity-accounted investees, net of tax    

163

 

 

-

 

 

163

 

 

-

 

Income tax expense    

3,627

 

 

2,795

 

 

8,405

 

 

6,608

 

     

79,267

 

 

62,109

 

 

155,890

 

 

121,758

 

Movements in trade receivables and other assets    

(17,549

)

 

(13,858

)

 

(36,753

)

 

(20,055

)

Movements in trade payables and other liabilities    

10,035

 

 

6,858

 

 

32,481

 

 

11,486

 

Cash generated from operations    

71,753

 

 

55,109

 

 

151,618

 

 

113,189

 

Interest and fees paid(a)    

(29,435

)

 

(18,600

)

 

(34,300

)

 

(38,831

)

Income tax paid    

(6,529

)

 

(4,893

)

 

(10,188

)

 

(8,166

)

Net cash flows from operating activities    

35,789

 

 

31,616

 

 

107,130

 

 

66,192

 

Cash flows used in investing activities                  
Purchase of property, plant and equipment    

(119,972

)

 

(117,534

)

 

(260,667

)

 

(211,751

)

Financial investments - deposits    

(4

)

 

114

 

 

12,591

 

 

280

 

Acquisition of associate    

(3,745

)

 

-

 

 

(3,745

)

 

-

 

Purchase of intangible assets    

(3,505

)

 

(2,981

)

 

(6,891

)

 

(4,958

)

Loans provided    

(2,375

)

 

(834

)

 

(2,814

)

 

(1,251

)

Net cash flows used in investing activities    

(129,601

)

 

(121,235

)

 

(261,526

)

 

(217,680

)

Cash flows from financing activities                  
Proceeds from exercised options    

432

 

 

1,186

 

 

684

 

 

1,257

 

Repayment of mortgages    

(548

)

 

(4,948

)

 

(1,020

)

 

(5,496

)

Proceeds from revolving credit facilities    

40,000

 

 

69,376

 

 

40,000

 

 

148,814

 

Repayment of revolving facilities    

-

 

 

(250,724

)

 

-

 

 

(250,724

)

Proceeds 4.75% Senior Notes    

-

 

 

990,000

 

 

-

 

 

990,000

 

Principal elements of lease payments (2018: Financial lease obligation)    

(8,356

)

 

-

 

 

(14,885

)

 

-

 

Repayment 6.00% Senior Secured Notes    

-

 

 

(634,375

)

 

-

 

 

(634,375

)

Transaction costs 4.75% Senior Notes    

-

 

 

(1,192

)

 

(200

)

 

(1,192

)

Transaction costs revolving credit facility    

(142

)

 

(1,636

)

 

(745

)

 

(1,636

)

Net cash flows from financing activities    

31,386

 

 

167,687

 

 

23,834

 

 

246,648

 

Effect of exchange rate changes on cash    

(189

)

 

159

 

 

33

 

 

(81

)

Net increase / (decrease) in cash and cash equivalents    

(62,615

)

 

78,227

 

 

(130,529

)

 

95,079

 

Cash and cash equivalents, beginning of period    

118,176

 

 

55,336

 

 

186,090

 

 

38,484

 

Cash and cash equivalents, end of period    

55,561

 

 

133,563

 

 

55,561

 

 

133,563

 

                   
(a) Interest and fees paid is reported net of cash interest capitalized, which is reported as part of “Purchase of property, plant and equipment."
 
   
INTERXION HOLDING NV
NOTES TO CONDENSED CONSOLIDATED INCOME STATEMENTS AND BALANCE SHEET: IFRS 16 IMPACT RECONCILIATION
(in €'000)
(unaudited)
                       
  Three Months Ended   Six Months Ended
 

Jun-30

  Effect of
change due
to IFRS 16
 

Jun-30

 

Jun-30

  Effect of
change due
to IFRS 16
 

Jun-30

 

2019

   

2019

 

2019

   

2019

 

As Reported

   

Excl. IFRS 16

 

As Reported

   

Excl. IFRS 16

                       
Consolidated                      
Recurring revenue

149,975

 

 

-

 

 

149,975

 

 

295,253

 

 

-

 

 

295,253

 

Non-recurring revenue

8,501

 

 

-

 

 

8,501

 

 

14,754

 

 

-

 

 

14,754

 

Revenue

158,476

 

 

-

 

 

158,476

 

 

310,007

 

 

-

 

 

310,007

 

Gross profit

103,747

 

 

7,014

 

 

96,733

 

 

204,884

 

 

13,637

 

 

191,247

 

Gross profit margin

65.5

%

 

4.5

%

 

61.0

%

 

66.1

%

 

4.4

%

 

61.7

%

Operating income

29,552

 

 

1,265

 

 

28,287

 

 

59,391

 

 

2,799

 

 

56,593

 

Adjusted EBITDA

80,158

 

 

8,610

 

 

71,548

 

 

157,435

 

 

16,605

 

 

140,830

 

Adjusted EBITDA margin

50.6

%

 

5.4

%

 

45.1

%

 

50.8

%

 

5.4

%

 

45.4

%

Depreciation and amortisation

44,320

 

 

7,345

 

 

36,975

 

 

85,998

 

 

13,806

 

 

72,193

 

Net finance expense

17,148

 

 

3,072

 

 

14,076

 

 

33,810

 

 

6,151

 

 

27,659

 

                       
France, Germany, the Netherlands, and the UK                      
Recurring revenue

100,673

 

 

-

 

 

100,673

 

 

197,536

 

 

-

 

 

197,536

 

Non-recurring revenue

4,962

 

 

-

 

 

4,962

 

 

9,399

 

 

-

 

 

9,399

 

Revenue

105,635

 

 

-

 

 

105,635

 

 

206,935

 

 

-

 

 

206,935

 

Operating income

33,584

 

 

1,130

 

 

32,454

 

 

66,896

 

 

2,271

 

 

64,625

 

Adjusted EBITDA

62,935

 

 

5,536

 

 

57,399

 

 

124,056

 

 

10,663

 

 

113,392

 

Adjusted EBITDA margin

59.6

%

 

5.3

%

 

54.3

%

 

59.9

%

 

5.1

%

 

54.8

%

                       
Rest of Europe                      
Recurring revenue

49,302

 

 

-

 

 

49,302

 

 

97,717

 

 

-

 

 

97,717

 

Non-recurring revenue

3,539

 

 

-

 

 

3,539

 

 

5,355

 

 

-

 

 

5,355

 

Revenue

52,841

 

 

-

 

 

52,841

 

 

103,072

 

 

-

 

 

103,072

 

Operating income

20,628

 

 

132

 

 

20,496

 

 

41,637

 

 

508

 

 

41,128

 

Adjusted EBITDA

32,593

 

 

2,583

 

 

30,009

 

 

64,835

 

 

4,981

 

 

59,854

 

Adjusted EBITDA margin

61.7

%

 

4.9

%

 

56.8

%

 

62.9

%

 

4.8

%

 

58.1

%

                       
Corporate and Other                      
Operating income

(24,660

)

 

3

 

 

(24,663

)

 

(49,142

)

 

20

 

 

(49,162

)

Adjusted EBITDA

(15,370

)

 

491

 

 

(15,861

)

 

(31,456

)

 

961

 

 

(32,417

)

                       
                       
  As at            
 

Jun-30

  Effect of
change
due to IFRS 16
 

Jun-30

           
 

2019

   

2019

           
 

As Reported

   

Excl. IFRS 16

           
                       
Consolidated                      
Non-current assets

2,479,211

 

 

408,447

 

 

2,070,763

 

           
Current assets

264,172

 

 

(18,551

)

 

282,723

 

           
Non-current liabilities

1,693,608

 

 

368,478

 

 

1,325,130

 

           
Current liabilities

388,996

 

 

23,995

 

 

365,001

 

           
                       
France, Germany, the Netherlands, and the UK                      
Total assets

1,968,376

 

 

280,707

 

 

1,687,669

 

           
Total liabilities

623,050

 

 

282,618

 

 

340,433

 

           
                       
Rest of Europe                      
Total assets

685,304

 

 

105,928

 

 

579,376

 

           
Total liabilities

210,740

 

 

106,586

 

 

104,154

 

           
                       
Corporate and Other                      
Total assets

89,703

 

 

3,261

 

 

86,443

 

           
Total liabilities

1,248,814

 

 

3,268

 

 

1,245,546

 

           
                       
     
  INTERXION HOLDING NV  
  NOTES TO CONDENSED CONSOLIDATED INCOME STATEMENTS: ADJUSTED NET INCOME RECONCILIATION  
  (in €'000 ― except per share data and where stated otherwise)  
  (unaudited)  
                   
                       
        Three Months Ended   Six Months Ended  
       

Jun-30

 

Jun-30

 

Jun-30

 

Jun-30

 
       

2019

 

2018

 

2019

 

2018

 
           
                       
  Net income - as reported    

8,614

 

 

582

 

 

17,013

 

 

12,238

 

 
                       
  Add back                    
  + Charges related to termination of financing arrangements(a)  

-

 

 

11,171

 

 

-

 

 

11,171

 

 
  + M&A transaction costs    

561

 

 

1,041

 

 

641

 

 

2,248

 

 
       

561

 

 

12,212

 

 

641

 

 

13,419

 

 
  Reverse                    
  - Interest capitalized    

(2,102

)

 

(1,181

)

 

(3,982

)

 

(2,065

)

 
       

(2,102

)

 

(1,181

)

 

(3,982

)

 

(2,065

)

 
                       
  Tax effect of above add backs & reversals    

385

 

 

(2,758

)

 

835

 

 

(2,839

)

 
                       
  Adjusted net income    

7,458

 

 

8,855

 

 

14,507

 

 

20,753

 

 
                       
  Reported basic EPS: (€)    

0.12

 

 

0.01

 

 

0.24

 

 

0.17

 

 
  Reported diluted EPS: (€)    

0.12

 

 

0.01

 

 

0.23

 

 

0.17

 

 
                       
  Adjusted basic EPS: (€)    

0.10

 

 

0.12

 

 

0.20

 

 

0.29

 

 
  Adjusted diluted EPS: (€)    

0.10

 

 

0.12

 

 

0.20

 

 

0.29

 

 
                       
  (a) These charges relate to the repayment of the 6.00% Senior Secured Notes due 2020 and the termination of our revolving credit facility agreements in 2Q18.  
     
   
  INTERXION HOLDING NV
  Status of Announced Expansion Projects as at 7 August 2019
  with Target Open Dates after 31 March 2019
           
     

CAPEX(a)(b)

Equipped Space(a)

 
  Market Project

(€ million)

(sqm)

Schedule
           
  Amsterdam AMS10: Phases 1 - 3 New Build

195

9,500

4Q 2019 - 3Q 2020(c)
  Copenhagen CPH2: Phases 3 - 5

18

1,500

2Q 2018 - 4Q 2019(d)
  Dusseldorf DUS2: Phase 3

5

500

1Q 2019 - 2Q 2019(e)
  Frankfurt FRA14: Phases 1 - 2 New Build

76

4,600

3Q 2019 - 4Q 2019(f)
  Frankfurt FRA15: Phases 1 - 4 New Build

177

9,600

2Q 2020 - 3Q 2021(g)
  London LON3: New Build

35

1,800

1Q 2019 - 3Q 2019(h)
  Madrid MAD3: New Build

44

2,700

2Q 2019 - 4Q 2019(i)
  Marseille MRS2: Phase 2 - 4

72

4,200

2Q 2018 - 4Q 2019(j)
  Marseille MRS3: Phases 1 - 2 New Build

111

4,700

1Q 2020 - 3Q 2020(k)
  Paris PAR7.2: Phase B (cont.) - C

47

2,500

2Q 2018 -2Q 2019(l)
  Stockholm STO5: Phases 2 - 3

19

1,200

1Q 2018 - 2Q 2019(m)
  Stockholm STO6: Phase 1 - 2 New Build

21

1,100

2Q 2020 - 4Q 2020(n)
  Vienna VIE2: Phase 7 - 9

96

4,500

4Q 2017 - 4Q 2019(o)
  Zurich ZUR1: Phase 6

10

100

4Q 2019(p)
  Zurich ZUR2: Phases 1 - 2 New Build

93

3,600

3Q 2020(q)
           
  Total  

1,019

52,100

 
           
           
  (a) CAPEX and Equipped space are approximate and may change. SQM figures are rounded to nearest 100 sqm unless otherwise noted, and totals may not add due to rounding.
  (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 time.
  (c) AMS10: Phase 1 (2,700 sqm) is scheduled to open in 4Q 2019; phase 2 (4,100 sqm) is scheduled to open in 1Q 2020, phase 3 (2,700 sqm) is scheduled to open in 3Q 2020.
  (d) CPH2: Phases 3 and 4 (900 sqm total) opened in 2Q 2018; phase 5 (600 sqm) is scheduled to open in 4Q 2019.
  (e) DUS2: Phase 3 partially opened (300 sqm) in 1Q 2019 and the remaining 200 sqm opened in 2Q 2019.
  (f) FRA14: Phase 1 (2,400 sqm) is scheduled to open in 3Q 2019; phase 2 (2,200 sqm) is scheduled to open in 4Q 2019.
  (g) FRA15: Phase 1 (2,300 sqm) is scheduled to open in 2Q 2020, Phase 2 (2,600 sqm) is scheduled to open in 4Q 2020, Phase 3 (2,400 sqm) is scheduled to open in 1Q 2021
and Phase 4 (2,400 sqm) scheduled to open in 3Q 2021.
  (h) LON3: Phase 1 (300 sqm) opened in 1Q 2019 and Phase 2 (600 sqm) opened in 2Q 2019. Phase 3 (900 sqm) is scheduled to open in 3Q 2019.
  (i) MAD3: 1,300 sqm opened in 2Q 2019, 700 sqm is scheduled to open in 3Q 2019 and 700 sqm is scheduled to open in 4Q 2019.
  (j) MRS2: Phase 2 (700 sqm) opened in 2018; Phase 3 (1,100 sqm) opened in 2Q 2019 and Phase 4 (2,500 sqm) is scheduled to open in 3Q - 4Q 2019.
  (k) MRS3: Phase 1 (2,300 sqm) is scheduled to open in 1Q 2020 and Phase 2 (2,400 sqm) is scheduled to open in 3Q 2020.
  (l) PAR7.2: Phase B (cont.) (500 sqm) opened in 2Q 2018; Phase C part (1,500 sqm) opened in 4Q 2018 and the remaining part (500 sqm) opened in 2Q 2019.
  (m) STO5: Phases 2-3 - 100 sqm opened in 1Q 2018; 300 sqm became operational in 2Q 2018; 800 sqm opened in 2Q 2019.
  (n) STO6: Phase 1 (500 sqm) is scheduled to open in 2Q 2020 and Phase 2 (600 sqm) is scheduled to open in 4Q 2020.
  (o) VIE2: Phases 7-9; 2,300 sqm opened in 4Q 2017 through 3Q 2018; 2,000 sqm opened in 2Q 2019. The remaining 200 sqm is scheduled to open in 4Q 2019.
  (p) ZUR1: Phase 6 (100 sqm) is scheduled to open in 4Q 2019.
  (q) ZUR2: Phase 1 and Phase 2 are scheduled to open in 3Q 2020 (together 3,600 sqm).

 

Source: Interxion Holding NV

Interxion
Jim Huseby
Investor Relations
Tel: +1-813-644-9399
IR@interxion.com