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Interxion Reports Q4 and Full Year 2013 Results

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 and year ended 31 December 2013.

“Interxion delivered a good performance in the fourth quarter and solid financial and operating results in 2013 with the Big 4 segment, which comprises our four largest countries, recording organic recurring revenue growth of 14%,” said David Ruberg, Interxion’s Chief Executive Officer. “In addition, we had a very strong level of bookings in the fourth quarter of 2013, with momentum continuing into the first quarter of 2014 as certain market segments continue to improve. We obtained orders from multiple cloud infrastructure providers across multiple locations, including Amsterdam, Frankfurt, Stockholm, and Vienna. As a result, nearly 70% of our announced capital expenditure for 2014 is dedicated to satisfying these orders.”

Financial Highlights

  • Revenue for the fourth quarter and full year increased by 7% and 11% to €78.2 million and €307.1 million, respectively (4Q 2012: €72.9 million; FY 2012: €277.1 million)
  • Adjusted EBITDA for the fourth quarter and full year increased by 8% and 15% to €33.8 million and €131.8 million, respectively (4Q 2012: €31.2 million; FY 2012: €115.0 million)
  • Adjusted EBITDA margin for the fourth quarter and full year increased to 43.2% and 42.9%, respectively (4Q 2012: 42.8%; FY 2012: 41.5%)
  • Net profit for the fourth quarter increased by 73% to €9.8 million. Full year 2013 net profit was €6.8 million (4Q 2012: €5.6 million; FY 2012: €31.6 million)
  • Earnings per diluted share for the fourth quarter increased by 72% to €0.14. Full year 2013 earnings per diluted share were €0.10 (4Q 2012: €0.08; FY 2012: €0.46)
  • Capital Expenditures, including intangible assets1, were €55.3 million in the fourth quarter and €143.4 million in the full year 2013.

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.

Operating Highlights

  • Equipped Space increased by 800 square metres in the fourth quarter and 6,100 square metres for the year to 80,100 square metres
  • Revenue Generating Space increased by 600 square metres in the fourth quarter and 3,500 square metres for the full year to 59,700 square metres
  • Utilisation Rate was 75% at the end of the year (Year end 2012: 76%)
  • Expansion projects in Zurich and Vienna were completed in 4Q 2013
  • New data centres in Stockholm and Vienna announced.

Quarterly Review

Revenue for the fourth quarter of 2013 was €78.2 million, a 7% increase over the fourth quarter of 2012 and a slight increase over the third quarter of 2013. Recurring revenue was €74.4 million, an 8% increase over the fourth quarter of 2012 and a 1% increase over the third quarter of 2013. Recurring revenue in the quarter was 95% of total revenue.

Cost of sales in the fourth quarter of 2013 was €31.4 million, an 8% increase over the fourth quarter of 2012 and a 2% decrease over the third quarter of 2013.

Gross profit was €46.8 million in the fourth quarter of 2013, a 6% increase over the fourth quarter of 2012 and a 1% increase over the third quarter of 2013.

Sales and marketing costs in the fourth quarter were €6.4 million, up 16% compared to both the prior year quarter and the third quarter of 2013, partly due to increased sales commissions. Other general and administrative costs2 were €6.7 million, a decrease of 8% compared to the fourth quarter of 2012 and a 6% decrease compared to the third quarter of 2013.

Adjusted EBITDA for the fourth quarter of 2013 was €33.8 million, up 8% compared to the fourth quarter of 2012 and a slight increase compared to the third quarter of 2013. Adjusted EBITDA margin grew to 43.2% compared to 42.8% in the fourth quarter of 2012 and 43.1% in the third quarter 2013.

Depreciation, amortisation, and impairments in the fourth quarter of 2013 was €13.5 million, an increase of 4% compared to the fourth quarter of 2012 and a decrease of 11% from the third quarter of 2013. Beginning with the fourth quarter of 2013, Interxion adjusted the estimated useful lives of certain assets to more accurately reflect their useful lives based on the company’s experience of operating and maintaining data centre assets for the last 15 years. This change of estimated useful lives has reduced the depreciation charge in the fourth quarter by €2.0 million.

Operating profit during the fourth quarter of 2013 was €19.0 million, an increase of 29% over the fourth quarter of 2012 and an increase of 9% compared to the third quarter of 2013.

Net finance costs for the fourth quarter of 2013 were €5.6 million, a 1% decrease compared to the fourth quarter of 2012, and an 85% decrease compared to the third quarter of 2013 during which the company recognized a €31.0 million one-time charge related to its refinancing transaction. Excluding this one-time charge, net finance costs decreased 21% compared to the adjusted third quarter of 2013.

Income tax expense for the fourth quarter of 2013 was €3.7 million, an increase of 6% compared to the fourth quarter of 2012. Interxion had a €4.1 million income tax benefit in the third quarter of 2013 which was impacted by the one-time refinancing charge mentioned above.

Net profit was €9.8 million in the fourth quarter of 2013, up 73% from the fourth quarter of 2012. Interxion had a €16.5 million net loss in the third quarter of 2013 which was impacted by the €31.0 million one-time refinancing charge mentioned above. Earnings per share in the fourth quarter 2013 were €0.14 on a weighted average of 69.5 million diluted shares, compared with €0.08 on a weighted average of 69.1 million diluted shares in the fourth quarter of 2012.

Cash generated from operations, defined as cash generated from operating activities before interest and corporate income tax payments and receipts, was €23.0 million, a 30% decrease from the fourth quarter of 2012, and a 28% decrease from the third quarter of 2013, both the result of changes in working capital.

Capital expenditures, including intangible assets, were €55.3 million in the fourth quarter 2013 compared to €28.2 million in the fourth quarter of 2012 and €26.5 million in the third quarter of 2013.

Cash and cash equivalents and short term investments were €45.7 million at 31 December 2013, compared to €68.7 million at year end 2012. Total borrowings were €364.0 million at year end 2013 compared to €288.1 million at year end 2012, as the company invested in additional data centre capacity, refinanced its debt with €65 million of incremental long term debt and €40 million additional revolving credit facility capacity, and entered into several property mortgages during the year. At 5 March 2014, an amount of €20 million is drawn under the revolving credit facility.

Equipped space at the end of the fourth quarter of 2013 was 80,100 square metres compared to 74,000 square metres at the end of fourth quarter of 2012 and 79,300 square metres at the end of the third quarter 2013. Utilisation rate, the ratio of revenue-generating space to equipped space, was 75% at year-end 2013 compared to 76% at year-end 2012 and 75% at the end of the third quarter 2013.

2 Other general administrative costs represents general and administrative costs excluding depreciation, amortisation, impairments, share based payments and increase/(decrease) in provision for onerous lease contracts.

Annual Review

Revenue for the full year 2013 was €307.1 million, an 11% increase over full year 2012. Recurring revenue for 2013 was €291.3 million, a 12% increase over 2012, and accounted for 95% of total revenue in 2013, up from 94% in 2012.

Gross profit was €183.0 million in 2013, a 12% increase over 2012.

Sales and marketing costs for 2013 were €22.8 million, a 14% increase over 2012.

Adjusted EBITDA for 2013 was €131.8 million, a 15% increase over 2012. Adjusted EBITDA margin for 2013 expanded to 42.9% from 41.5% in 2012.

Net profit was €6.8 million in 2013 compared to €31.6 million in 2012. Diluted earnings per share in 2013 were €0.10 on a weighted average of 69.3 million diluted shares, compared with €0.46 on a weighted average of 68.3 million diluted shares in 2012. Net profit and earnings per share in 2013 were impacted by the €31.0 million pre-tax one-time charge mentioned above.

Cash generated from operations, defined as cash generated from operating activities before interest and corporate income tax payments and receipts, was €102.7 million in 2013 compared to €111.7 million in 2012.

Capital expenditures, including intangible assets, were €143.4 million in 2013 compared to €178.3 million in 2012.

During 2013, Interxion opened new capacity in 8 of its 11 countries representing approximately 6,100 square metres of equipped space. The company installed 3,500 revenue generating square metres in 2013.

Business Outlook

The company today is providing guidance for full year 2014:

Revenue   €334 million - €344 million
Adjusted EBITDA €145 million - €152 million
Capital Expenditures (including intangibles) €140 million - €160 million

Conference Call to Discuss Results

The company will host a conference call at 8:30 a.m. ET (1:30 pm GMT, 2:30 pm CET) today to discuss the results.

To participate on this call, U.S. callers may dial toll free 1-866-966-9439; callers outside the U.S. may dial direct +44 (0) 1452 555 566. The conference ID for this call is 42521897. 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 11 March 2014. 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 42521897.

Forward-looking Statements

This press release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from expectations discussed in such forward-looking statements. Factors that might cause such differences include, but are not limited to, the difficulty of reducing operating expenses in the short term, inability to utilise the capacity of newly planned data centres and data centre expansions, significant competition, the cost and supply of electrical power, data centre industry over-capacity, performance under service-level agreements, and other risks described from time to time in Interxion's filings with the Securities and Exchange Commission. Interxion does not assume any obligation to update the forward-looking information contained in this press release.

Use of Non-IFRS Information

EBITDA is defined as operating profit plus depreciation, 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, 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 €325 million 6.00% Senior Secured Notes due 2020. However, other companies may present EBITDA, Adjusted EBITDA and Adjusted EBITDA margin differently than we do. EBITDA, Adjusted EBITDA and Adjusted EBITDA margin are not measures of financial performance under IFRS and should not be considered as an alternative to operating profit or as a measure of liquidity or an alternative to net income as indicators of our operating performance or any other measure of performance derived in accordance with IFRS.

A reconciliation from Net profit to EBITDA and EBITDA to Adjusted EBITDA is provided in the notes to our consolidated income statement included elsewhere in this press release.

Adjusted diluted earnings per share amounts are determined on Adjusted Net Profit3. A reconciliation from reported Net Profit to Adjusted Net Profit is included elsewhere in this press release.

Interxion does not provide forward-looking estimates of Net profit, Operating profit, depreciation, amortisation, and impairments, share-based payments, or increase/decrease in provision for onerous lease contracts, and income from sub-leases on unused data centre sites, which it uses to reconcile to Adjusted EBITDA. The Company is, therefore, unable to provide forward-looking reconciling information for Adjusted EBITDA.

3 We define Adjusted Net Profit as net profit excluding the impact of the refinancing charge, capitalized interest, change in asset useful lives, deferred tax adjustments, Dutch crisis tax, and the related corporate income tax effect.

About Interxion

Interxion (NYSE: INXN) is a leading provider of carrier and cloud neutral colocation data centre services in Europe and serves a wide range of customers through 36 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 more than 500 connectivity providers and 19 European Internet exchanges, Interxion has created cloud, content, finance and connectivity hubs that foster growing customer communities of interest. For more information, please visit www.interxion.com.

       
INTERXION HOLDING NV
CONSOLIDATED INCOME STATEMENT
(in €'000 ― except per share data and where stated otherwise)
(unaudited)
 
Three Months Ended Year Ended
31 Dec 31 Dec 31 Dec 31 Dec
2013 2012 2013 2012
 
Revenue 78,154 72,880 307,111 277,121
Cost of sales (31,372 ) (28,953 ) (124,141 ) (113,082 )
Gross profit 46,782 43,927 182,970 164,039
Other income 42 120 341 463
Sales and marketing costs (6,366 ) (5,503 ) (22,818 ) (20,100 )
General and administrative costs (21,446 ) (23,786 ) (90,134 ) (79,243 )
       
Operating profit 19,012 14,758 70,359 65,159
Net finance expense (5,590 ) (5,657 ) (57,453 ) (17,746 )
       
Profit before taxation 13,422 9,101 12,906 47,413
Income tax expense (3,650 ) (3,452 ) (6,082 ) (15,782 )
Net profit 9,772   5,649   6,824   31,631  
 

Basic earnings per share: (€)

0.14 0.08 0.10 0.47
Diluted earnings per share: (€) 0.14 0.08 0.10 0.46
 
 
Number of shares outstanding at the end of the period (shares in thousands) 68,867 68,176 68,867 68,176
Weighted average number of shares for Basic EPS (shares in thousands) 68,834 68,021 68,584 67,309
Weighted average number of shares for Diluted EPS (shares in thousands) 69,476 69,052 69,345 68,262
 
 
As at
31 Dec 31 Dec

Capacity metrics

2013 2012
Equipped space (in square meters) 80,100 74,000
Revenue generating space (in square meters) 59,700 56,200
Utilisation rate 75 % 76 %
 
 
 
 
INTERXION HOLDING NV
NOTES TO CONSOLIDATED INCOME STATEMENT: SEGMENT INFORMATION
(in €'000 ― except where stated otherwise)
(unaudited)
 
Three Months Ended Year Ended
31 Dec 31 Dec 31 Dec 31 Dec
2013 2012 2013 2012

Consolidated

 
Recurring revenue 74,416 69,002 291,274 259,249
Non-recurring revenue 3,738   3,878   15,837   17,872  
Revenue 78,154   72,880   307,111   277,121  
Adjusted EBITDA 33,762   31,187   131,837   115,015  
Gross margin 59.9 % 60.3 % 59.6 % 59.2 %
Adjusted EBITDA margin 43.2 % 42.8 % 42.9 % 41.5 %
 
Total assets 910,775 819,224 910,775 819,224
Total liabilities 522,873 443,650 522,873 443,650
Capital expenditure, including intangible assets (i) (55,346 ) (28,191 ) (143,381 ) (178,331 )
 

France, Germany, the Netherlands, and the UK

 
Recurring revenue 46,473 42,849 182,165 159,136
Non-recurring revenue 2,378   2,491   10,293   12,640  
Revenue 48,851   45,340   192,458   171,776  
Adjusted EBITDA 26,582   24,321   104,373   90,121  
Gross margin 63.1 % 62.7 % 62.6 % 61.4 %
Adjusted EBITDA margin 54.4 % 53.6 % 54.2 % 52.5 %
 
Total assets 619,356 546,842 619,356 546,842
Total liabilities 148,884 139,576 148,884 139,576
Capital expenditure, including intangible assets (i) (34,360 ) (20,090 ) (93,676 ) (145,080 )
 

Rest of Europe

 
Recurring revenue 27,943 26,153 109,109 100,113
Non-recurring revenue 1,360   1,387   5,544   5,232  
Revenue 29,303   27,540   114,653   105,345  
Adjusted EBITDA 14,975   14,379   59,097   55,068  
Gross margin 61.4 % 62.4 % 61.2 % 61.5 %
Adjusted EBITDA margin 51.1 % 52.2 % 51.5 % 52.3 %
 
Total assets 223,274 197,802 223,274 197,802
Total liabilities 39,708 48,183 39,708 48,183
Capital expenditure, including intangible assets (i) (20,464 ) (7,196 ) (47,016 ) (29,014 )
 

Corporate and other

       
Adjusted EBITDA (7,795 ) (7,513 ) (31,633 ) (30,174 )
 
Total assets 68,145 74,580 68,145 74,580
Total liabilities 334,281 255,891 334,281 255,891
Capital expenditure, including intangible assets (i) (522 ) (905 ) (2,689 ) (4,237 )
 
(i) Capital expenditure, including intangible assets, represents payments to acquire property, plant and equipment and intangible assets, as recorded in the consolidated statement of cash flows as "Purchase of property, plant and equipment" and "Purchase of intangible assets", respectively.
 
 
INTERXION HOLDING NV
NOTES TO CONSOLIDATED INCOME STATEMENT: ADJUSTED EBITDA RECONCILIATION
(in €'000 ― except where stated otherwise)
(unaudited)
 
Three Months Ended Year Ended
31 Dec 31 Dec 31 Dec 31 Dec
2013 2012 2013 2012
 
 

Reconciliation to Adjusted EBITDA

 

Consolidated

 
Net profit 9,772 5,649 6,824 31,631
Income tax expense 3,650   3,452   6,082   15,782  
Profit before taxation 13,422 9,101 12,906 47,413
Net finance expense 5,590   5,657   57,453   17,746  
Operating profit 19,012 14,758 70,359 65,159
Depreciation, amortisation and impairments 13,532   13,071   57,670   43,993  
EBITDA 32,544 27,829 128,029 109,152
Share-based payments 1,260 2,640 4,149 5,488
Increase/(decrease) in provision for onerous lease contracts - 838 - 838
Income from sub-leases on unused data centre sites (42 ) (120 ) (341 ) (463 )
Adjusted EBITDA 33,762   31,187   131,837   115,015  
 

France, Germany, the Netherlands, and the UK

 
Operating profit 17,610 15,325 66,581 63,336
Depreciation, amortisation and impairments 8,703   8,059   37,371   25,686  
EBITDA 26,313 23,384 103,952 89,022
Share-based payments 311 219 762 724
Increase/(decrease) in provision for onerous lease contracts - 838 - 838
Income from sub-leases on unused data centre sites (42 ) (120 ) (341 ) (463 )
Adjusted EBITDA 26,582   24,321   104,373   90,121  
 

Rest of Europe

 
Operating profit 10,847

 

9,992

 

41,482

 

38,969
Depreciation, amortisation and impairments 4,037  

 

4,298  

 

17,269  

 

15,691  
EBITDA 14,884

 

14,290

 

58,751

 

54,660
Share-based payments 91  

 

89  

 

346  

 

408  
Adjusted EBITDA 14,975  

 

14,379  

 

59,097  

 

55,068  
 

Corporate and Other

 
Operating profit/(loss) (9,445 )

 

(10,559 )

 

(37,704 )

 

(37,146 )
Depreciation, amortisation and impairments 792  

 

714  

 

3,030  

 

2,616  
EBITDA (8,653 )

 

(9,845 )

 

(34,674 )

 

(34,530 )
Share-based payments 858  

 

2,332  

 

3,041  

 

4,356  
Adjusted EBITDA (7,795 )

 

(7,513 )

 

(31,633 )

 

(30,174 )
 
 
 
INTERXION HOLDING NV
CONSOLIDATED BALANCE SHEET
(in €'000 ― except where stated otherwise)
(unaudited)
 
As at
31 Dec 31 Dec
2013 2012
Non-current assets
Property, plant and equipment 698,748 620,931
Intangible assets 17,878 18,638
Deferred tax assets 34,446 30,376
Financial assets 774 774
Other non-current assets 16,536   4,959  
768,382 675,678
Current assets
Trade and other current assets 96,703 74,854
Cash and cash equivalents 45,690   68,692  
142,393   143,546  
Total assets 910,775   819,224  
 
Shareholders’ equity
Share capital 6,887 6,818
Share premium 485,347 477,326
Foreign currency translation reserve 6,757 9,403
Hedging reserve, net of tax 60 -
Accumulated deficit (111,149 ) (117,973 )
387,902 375,574
Non-current liabilities
Trade payables and other liabilities 11,537 11,194
Deferred tax liabilities 4,147 2,414
Provision for onerous lease contracts 4,855 7,848
Borrowings 362,209   288,085  
382,748 309,541
Current liabilities
Trade payables and other liabilities 132,093 127,778
Income tax liabilities 2,229 2,301
Provision for onerous lease contracts 4,020 3,978
Borrowings 1,783   52  
140,125   134,109  
Total liabilities 522,873   443,650  
Total liabilities and shareholders’ equity 910,775   819,224  
 
 
INTERXION HOLDING NV
NOTES TO THE CONSOLIDATED BALANCE SHEET: BORROWINGS
(in €'000 ― except where stated otherwise)
(unaudited)
 
As at
31 Dec 31 Dec
2013 2012
 
 

Borrowings net of cash and cash equivalents

 
Cash and cash equivalents (ii) 45,690   68,692  
 
6.0% Senior Secured Notes due 2020 (iii) 317,610 -
9.5% Senior Secured Notes due 2017 (iv) - 256,268
Mortgages 24,257 9,903
Financial leases 20,520 20,361
Other borrowings 1,605   1,605  
Borrowings excluding Revolving Credit Facility deferred financing costs 363,992   288,137  
Revolving credit facility deferred financing costs (v) (1,258 ) (1,371 )
Total borrowings 362,734   286,766  
   
Borrowings net of cash and cash equivalents 317,044   218,074  
 
 
(ii) Cash and cash equivalents include €4.1 million as of 31 December 2013 and €5.0 million as of 31 December 2012, which is restricted and held as collateral to support the issuance of bank guarantees on behalf of a number of subsidiary companies.
(iii) €325 million 6.0% Senior Secured Notes due 2020 are shown after deducting underwriting discounts and commissions, offering fees and expenses.
(iv) €260 million 9.5% Senior Secured Notes due 2017 are shown after deducting underwriting discounts and commissions, offering fees and expenses.
(v) Deferred financing costs of €1.3 million as of 31 December 2013 were incurred in connection with the €100 million revolving credit facility.
 
 
 
INTERXION HOLDING NV
CONSOLIDATED STATEMENT OF CASH FLOWS
(in €'000 ― except where stated otherwise)
(unaudited)
 
Three Months Ended Year Ended
31 Dec 31 Dec 31 Dec 31 Dec
2013 2012 2013 2012
 
 
Profit for the period 9,772 5,649 6,824 31,631
Depreciation, amortisation and impairments 13,532 13,071 57,670 43,993
Unwinding provision for onerous lease contracts (829 ) 44 (3,285 ) (2,328 )
Share-based payments 1,260 2,640 4,149 5,488
Net finance expense 5,590 5,657 57,453 17,746
Income tax expense 3,650   3,452   6,082   15,782  
32,975 30,513 128,893 112,312
Movements in trade and other current assets (12,803 ) (78 ) (22,712 ) (7,154 )
Movements in trade and other liabilities 2,804   2,415   (3,510 ) 6,543  
Cash generated from operations 22,976 32,850 102,671 111,701
Interest paid (vi) (813 ) (474 ) (22,747 ) (18,081 )
Interest received 137 273 569 1,007
Income tax paid (3,840 ) (1,923 ) (7,930 ) (5,545 )
Net cash flows from operating activities 18,460 30,726 72,563 89,082
Cash flows from investing activities
Purchase of property, plant and equipment (54,819 ) (26,990 ) (140,251 ) (172,036 )
Purchase of intangible assets (527 ) (1,201 ) (3,130 ) (6,295 )
Acquisition financial asset -   -   -   (774 )
Net cash flows from investing activities (55,346 ) (28,191 ) (143,381 ) (179,105 )
Cash flows from financing activities
Proceeds from exercised options 468 1,231 4,500 7,956
Payments related to mortgages (1,167 ) - (1,167 ) -
Proceeds from mortgages 333 9,890 15,490 9,890
Proceeds 6.00% Senior Secured Notes due 2020 (769 ) - 317,045 -
Repayment 9.50% Senior Secured Notes due 2017 - - (286,478 ) -
Payments for Revolving Credit Facility (239 ) - (1,398 ) (1,159 )
Other borrowings (28 ) (64 ) (81 ) (804 )
Net cash flows from financing activities (1,402 ) 11,057 47,911 15,883
Effect of exchange rate changes on cash (25 ) (52 ) (95 ) 163  
Net movement in cash and cash equivalents (38,313 ) 13,540 (23,002 ) (73,977 )
Cash and cash equivalents, beginning of period 84,003   55,152   68,692   142,669  
Cash and cash equivalents, end of period 45,690   68,692   45,690   68,692  
 
(vi) Interest paid is reported net of cash interest capitalized, which is reported as part of “Purchase of property, plant and equipment".
 
 
 
INTERXION HOLDING NV
NOTES TO CONSOLIDATED INCOME STATEMENT: ADJUSTED NET PROFIT RECONCILIATION
(in € millions ― except per share data and where stated otherwise)
(unaudited)
 
 
Three Months Ended Year Ended
31 Dec 31 Dec 31 Dec 31 Dec
2013 2012 2013 2012
 
Net profit - as reported 9.8 5.6 6.8 31.6
 
Add back
+ Refinancing charges - - 31.0 -
+ Deferred tax asset adjustment - - 0.6 -
+ Dutch crisis wage tax 0.4 1.9 0.4 1.9
+ Adjustments to onerous lease -   0.8   -   0.8  
0.4 2.7 32.0 2.7
Reverse
- Change in useful life of assets (2.0 ) - (2.0 ) -
- Interest Capitalised (0.4 ) (1.3 ) (1.7 ) (9.2 )
(2.4 ) (1.3 ) (3.7 ) (9.2 )
 
Tax effect of above add backs & reversals 0.7 (0.4 ) (6.9 ) 1.6
       
Adjusted Net profit 8.5   6.6   28.2   26.7  
 
Reported Basic EPS: (€) 0.14 0.08 0.10 0.47
Reported Diluted EPS: (€) 0.14 0.08 0.10 0.46
 
Adjusted Basic EPS: (€) 0.12 0.10 0.41 0.40
Adjusted Diluted EPS: (€) 0.12 0.10 0.41 0.39
 
     
INTERXION HOLDING NV
Status of Announced Expansion Projects as at 5 March 2014
with Target Open Dates in 2013 & 2014
 
 
Market Project

CAPEX(a, b)

Equipped
Space(a)

Target Opening Dates
        (€million)   (Sqm)    
 
Frankfurt FRA 6: Phase 3 Expansion 5 600 1Q 2013 (opened)
Copenhagen CPH 1: Expansion 2 300 2Q 2013 (opened)
Stockholm STO 2: Phase 1 New Build 11 500 2Q 2013 (opened)
Vienna VIE 1: Phase 4 Expansion 1 400 3Q 2013 (opened)
Vienna VIE 1: Phase 5 Expansion 4 300 4Q 2013 (opened)
Zurich ZUR 1: Phase 4 Expansion 4 500 4Q 2013 (opened)
Amsterdam AMS 7: Phases 1-4 New Build 80 4,600 1Q 2014 (opened) (c)
Brussels BRU 1: Phase 5 Expansion 2 300 1Q 2014 (opened)
Frankfurt FRA 9: Phase 1 New Build 13 800 1Q 2014 (opened)
Stockholm STO 2: Phase 2 Expansion 6 500 1Q 2014 (opened)
Frankfurt FRA 8: Phases 1 & 2 New Build 30 1,800 2Q 2014 (d)
Stockholm STO 3: New Build 12 900 4Q 2014
Vienna VIE 2: Phases 1 & 2 New Build 25 1,200 4Q 2014 (e)
Total € 195 12,700
 
(a) CAPEX and Equipped Space are approximate and may change.
(b) CAPEX reflects the total 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 (1,000 sqm) became operational in 1Q 2014; phase 2 (1,000 sqm) is scheduled to be operational in 3Q 2014; phase 3 (1,300 sqm) is scheduled for 4Q 2014; phase 4 (1,300 sqm) is scheduled for 1Q 2015.
(d) Phase 1 (900 sqm) scheduled to be operational in the second quarter of 2014; phase 2 (900 sqm) is scheduled to be operational in the fourth quarter of 2014.
(e) Phase 1 (600 sqm) is scheduled to be operational in 4Q 2014; additional capacity of approximately 600 sqm is scheduled to be operational in 1H 2015.

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