Revenue Growth of 12% Year Over Year
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 September
2019.
3Q 2019 Financial Highlights
- Revenue increased by 12% to €159.4 million (3Q 2018: €142.2
million).
- Recurring revenue(1) increased by 13% to €152.3 million (3Q
2018: €134.8 million).
- Net income increased by €10.6 million to €21.5 million (3Q
2018: €10.9 million).
- Adjusted net income(1) increased by €8.6 million to €20.2
million (3Q 2018: €11.6 million).
- Diluted earnings per share increased by €0.13 to €0.28 (3Q
2018: €0.15).
- Adjusted diluted earnings per share(1) increased by €0.10 to
€0.26 (3Q 2018: €0.16).
- Adjusted EBITDA(1) increased by 26% to €82.7 million (3Q 2018:
€65.8 million).
- Adjusted EBITDA margin(1) increased to 51.9% (3Q 2018:
46.3%).
- Capital expenditures, including intangible assets(2), were
€150.6 million (3Q 2018: €103.2 million).
3Q 2019 Operating Highlights
- Equipped space(3) increased by 5,000 square metres (“sqm”)
during the quarter to 159,800 sqm.
- Revenue generating space(4) increased by 1,100 sqm during the
quarter to 122,700 sqm.
- Utilisation rate(5) at the end of the quarter was 77%.
- During the third quarter, Interxion completed the following
capacity additions:
- 2,600 sqm in Frankfurt;
- 1,200 sqm in Marseille;
- 700 sqm in Madrid;
- 600 sqm in Copenhagen;
- 200 sqm in Vienna; and
- 100 sqm in Zurich.
- Closed 500 sqm satellite data centre that came with the Science
Park acquisition that was completed in 2017.
“Interxion posted solid results for the third quarter led by 13%
recurring revenue growth and strong margins. Favourable demand
trends for colocation reflect ongoing migration towards cloud and
digital content platforms by enterprises and consumers,” said David
Ruberg, Interxion’s Chief Executive Officer. “The platform
providers continue to expand their presence in Europe and seek line
of sight to substantial future capacity, which we are well placed
to deliver at our highly-connected campuses in key cities across
Europe.”
Interxion to Combine with Digital Realty
On 29 October 2019, Interxion and Digital Realty (NYSE:DLR)
announced they entered into a definitive agreement to combine their
businesses to create a leading global provider of data centre,
colocation and interconnection solutions. Under the terms of the
agreement, Interxion shareholders will receive a fixed exchange
ratio of 0.7067 Digital Realty shares per Interxion share. Based on
Digital Realty's closing stock price of $132.28 on 28 October 2019,
the transaction values Interxion at approximately $93.48 per
ordinary share, or approximately $8.4 billion of total enterprise
value, including assumed net debt. Completion of the transaction is
subject to customary closing conditions, including approval by
shareholders of Interxion and shareholders of Digital Realty.
“The combination of Interxion with Digital Realty is compelling
from a strategic perspective and brings together two highly
complementary businesses in terms of market positioning and
geographical footprint,” said David Ruberg, Interxion’s Chief
Executive Officer. “We are creating one of the largest data centre
operators in the world. This transaction offers our shareholders an
attractive return and, as you will see in forthcoming filings,
follows many discussions over several years with potential
strategic and financial acquirers of Interxion and other parties
that have sought to pursue transactions with us. We strongly
believe that the combination with Digital Realty will deliver
significant long-term value for all our stakeholders.”
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 the relevant
measures reported under IFRS 16 to the corresponding measures
excluding the impact of IFRS 16 is provided later in this press
release.
Revenue in the third quarter of 2019 was €159.4 million, a 12%
increase over the third quarter of 2018 and a 1% increase over the
second quarter of 2019. Recurring revenue was €152.3 million, a 13%
increase over the third quarter of 2018 and a 2% increase over the
second quarter of 2019. Recurring revenue in the third quarter
represented 96% of total revenue. On a constant currency(6) basis,
revenue in the third quarter of 2019 was also 12% higher than in
the third quarter of 2018.
Cost of sales in the third quarter of 2019 were €54.1 million, a
3% decrease from the third quarter of 2018 and a 1% decrease from
the second quarter of 2019.
Gross profit was €105.3 million in the third quarter of 2019, a
22% increase over the third quarter of 2018 and a 1% increase over
the second quarter of 2019. Gross profit margin was 66.0% in the
third quarter of 2019, compared with 60.7% in the third quarter of
2018 and 65.5% in the second quarter of 2019.
Sales and marketing costs in the third quarter of 2019 were €8.7
million, a 0.3% increase over the third quarter of 2018 and a 7%
decrease from the second quarter of 2019.
General and administrative costs, excluding the items we adjust
for in the determination of Adjusted EBITDA, were €13.9 million in
the third quarter of 2019, a 17% increase over the third quarter of
2018 and a 2% decrease from the second quarter of 2019.
Depreciation and amortisation in the third quarter of 2019 were
€45.3 million, a 38% increase over the third quarter of 2018 and a
2% increase over the second quarter of 2019.
Operating income in the third quarter of 2019 was €31.3 million,
an increase of 16% over the third quarter of 2018 and a 6% increase
over the second quarter of 2019.
Net finance expense for the third quarter of 2019 was €3.2
million, a 72% decrease from the third quarter of 2018 and a 81%
decrease from the second quarter of 2019. This includes the €9.5
million increase in the fair value of certain convertible loans
given to Icolo.
Income tax expense for the third quarter of 2019 was €6.5
million, a 46% increase over the third quarter of 2018 and a 79%
increase over the second quarter of 2019.
Net income was €21.5 million in the third quarter of 2019, an
97% increase over the third quarter of 2018 and a 149% increase
over the second quarter of 2019, partly driven by the fair value
adjustment of the Icolo convertible loans.
Adjusted net income was €20.2 million in the third quarter of
2019, a 74% increase over the third quarter of 2018 and a 171%
increase over the second quarter of 2019.
Adjusted EBITDA for the third quarter of 2019 was €82.7 million,
a 26% increase over the third quarter of 2018 and a 3% increase
over the second quarter of 2019. Adjusted EBITDA margin was 51.9%
in the third quarter of 2019, compared to 46.3% in the third
quarter of 2018 and 50.6% in the second quarter of 2019.
Adjusted EBITDA excluding the impact of IFRS 16(1) for the third
quarter was €74.2 million, a 13% increase over the third quarter of
2018 and a 4% increase over the second quarter of 2019. Adjusted
EBITDA margin excluding the effects of IFRS 16 in the third quarter
of 2019 was 46.5%, compared to 46.3% in the third quarter of 2018
and 45.1% in the second quarter of 2019.
Net cash flows from operating activities in the third quarter of
2019 were €67.3 million, compared to €53.9 million in the third
quarter of 2018 and €35.8 million in the second quarter of
2019.
Cash generated from operations(1) in the third quarter of 2019
was €77.4 million, compared to €60.9 million in the third quarter
of 2018 and €71.8 million in the second quarter of 2019.
Capital expenditures, including intangible assets, in the third
quarter of 2019 were €150.6 million, compared with €103.2 million
in the third quarter of 2018 and €123.5 million in the second
quarter of 2019.
Cash and cash equivalents were €205.8 million at 30 September
2019, compared with €186.1 million at year end 2018.
Total borrowings and lease liabilities net of cash and cash
equivalents were €1,502.3 million in aggregate at 30 September
2019, compared with €1,104.1 million at 31 December 2018. Excluding
lease liabilities, total borrowings were €1,254.7 million at 30
September 2019, compared with €1,239.8 million at 31 December
2018.
As at 30 September 2019, Interxion's €300 million unsecured
revolving credit facility was undrawn.
On 1 July 2019, Interxion issued 4.6 million new ordinary shares
in a public offering, which generated net proceeds of €281.6
million.
Equipped space at the end of the third quarter of 2019 was
159,800 square metres, compared to 140,300 square metres at the end
of the third quarter of 2018 and 154,800 square metres at the end
of the second quarter of 2019. Revenue generating space at the end
of the third quarter of 2019 was 122,700 square metres, compared to
111,200 square metres at the end of the third quarter of 2018 and
121,600 square metres at the end of the second quarter of 2019.
Utilisation rate, representing the ratio of revenue generating
space to equipped space, was 77% at the end of the third quarter of
2019, compared to 79% at the end of the third quarter of 2018 and
79% at the end of the second quarter of 2019.
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 nine-month periods ended 30
September 2019 and total assets and total liabilities as at 30
September 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 54 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.
Additional Information and Where to Find It
This communication is for information purposes only and does not
constitute an offer to sell or the solicitation of an offer to buy
any securities or a solicitation of any proxy, vote or approval
with respect to the proposed transaction or otherwise, nor shall
there be any sale of securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such
jurisdiction. In connection with the proposed transactions, Digital
Realty intends to file a Registration Statement on Form S-4 with
the U.S. Securities and Exchange Commission (the “SEC”), that will
include a proxy statement of Digital Realty, which also constitutes
a prospectus of Digital Realty. After the registration statement is
declared effective by the SEC, Digital Realty intends to mail a
definitive proxy statement/prospectus to shareholders of Digital
Realty and Digital Realty intends to cause its subsidiary to file a
Tender Offer Statement on Schedule TO (the “Schedule TO”) with the
SEC and soon thereafter Interxion intends to file a
Solicitation/Recommendation Statement on Schedule 14D-9 (the
“Schedule 14D-9”) with respect to the tender offer. The tender
offer for the outstanding ordinary shares of Interxion referred to
in this document has not yet commenced. The solicitation and offer
to purchase shares of Interxion’s ordinary shares will only be made
pursuant to the Schedule TO and related offer to purchase. This
material is not a substitute for the proxy statement/prospectus,
the Schedule TO, the Schedule 14D-9 or the Registration Statement
or for any other document that Digital Realty or Interxion may file
with the SEC and send to Digital Realty’s or Interxion’s
shareholders in connection with the proposed transactions.
BEFORE MAKING ANY VOTING OR INVESTMENT DECISION OR DECISION WITH
RESPECT TO THE TENDER OFFER, WE URGE INVESTORS OF DIGITAL REALTY
AND INTERXION TO READ THE REGISTRATION STATEMENT, PROXY
STATEMENT/PROSPECTUS, SCHEDULE TO (INCLUDING AN OFFER TO PURCHASE,
RELATED LETTER OF TRANSMITTAL AND OTHER OFFER DOCUMENTS) AND
SCHEDULE 14D-9, AS EACH MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO
TIME, AND OTHER RELEVANT DOCUMENTS FILED BY DIGITAL REALTY AND
INTERXION WITH THE SEC CAREFULLY WHEN THEY BECOME AVAILABLE BECAUSE
THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT DIGITAL REALTY,
INTERXION AND THE PROPOSED TRANSACTIONS.
Investors will be able to obtain free copies of the Registration
Statement, proxy statement/prospectus, Schedule TO and Schedule
14D-9, as each may be amended from time to time, and other relevant
documents filed by Digital Realty and Interxion with the SEC (when
they become available) at http://www.sec.gov, the SEC’s website, or
free of charge from Digital Realty’s website
(http://www.digitalrealty.com) or by contacting Digital Realty’s
Investor Relations Department at (415) 848-9311. These documents
are also available free of charge from Interxion’s website
(http://www.interxion.com) or by contacting Interxion’s Investor
Relations Department at (813) 644-9399.
Participants in the Solicitation
Digital Realty, Interxion and their respective directors and
certain of their executive officers and employees may be deemed,
under SEC rules, to be participants in the solicitation of proxies
from Digital Realty’s and Interxion’s shareholders in connection
with the proposed transactions. Information regarding the officers
and directors of Digital Realty is included in its definitive proxy
statement for its 2019 annual meeting filed with the SEC on April
1, 2019. Information regarding the officers and directors of
Interxion and their ownership of Interxion ordinary shares is set
forth in Interxion’s Annual Report on Form 20-F, which was filed
with the SEC on April 30, 2019. Additional information regarding
the persons who may be deemed participants and their interests will
be set forth in the Registration Statement and proxy
statement/prospectus and other materials when they are filed with
SEC in connection with the proposed transactions. Free copies of
these documents may be obtained as described in the paragraphs
above.
Forward-Looking Statements
Interxion cautions that statements in this communication that
are forward-looking, and provide other than historical information,
involve risks, contingencies and uncertainties that may impact
actual results of operations of Digital Realty, Interxion and the
combined company. These forward-looking statements include, among
other things, statements about anticipated satisfaction of closing
conditions and completion of the proposed transactions contemplated
by the purchase agreement between them. Although we believe that
the expectations reflected in those forward-looking statements are
reasonable, we can give no assurance that those expectations will
prove to have been correct. Those statements are made by using
various underlying assumptions and are subject to numerous risks,
contingencies and uncertainties, including, among others: the
ability of Digital Realty and Interxion to obtain the regulatory
and shareholder approvals necessary to complete the anticipated
combination, on the anticipated timeline or at all; the risk that a
condition to the closing of the anticipated combination may not be
satisfied, on the anticipated timeline or at all or that the
anticipated combination may fail to close; the outcome of any legal
proceedings, regulatory proceedings or enforcement matters that may
be instituted relating to the anticipated combination; the costs
incurred to consummate the anticipated combination; the possibility
that the expected synergies from the anticipated combination will
not be realized, or will not be realized within the expected time
period; difficulties related to the integration of the two
companies; disruption from the anticipated combination making it
more difficult to maintain relationships with customers, employees,
regulators or suppliers; the diversion of management time and
attention on the anticipated combination; adverse changes in the
markets in which Digital Realty and Interxion operate or credit
markets; and changes in the terms, scope or timing of contracts,
contract cancellations, and other modifications and actions by
customers and other business counterparties of Digital Realty and
Interxion. If one or more of these risks materialize, or if
underlying assumptions prove incorrect, actual results may vary
materially from those expected. You should not place undue reliance
on forward looking statements. For a more complete discussion of
these and other risk factors, please see (i) Digital Realty’s
filings with the SEC, including its annual report on Form 10-K for
the year ended December 31, 2018, and subsequent quarterly reports
on Form 10-Q and (ii) Interxion’s filings with the SEC, including
its annual report on Form 20-F for the year ended December 31,
2018, and its subsequent reports on Form 6-K. This communication
reflects the views of Interxion’s management as of the date hereof.
Except to the extent required by applicable law, Interxion
undertakes no obligation to update or revise any forward-looking
statement.
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 is either sold or could be sold,
without making any significant additional investments to common
infrastructure. This number is net of a decrease of 500 sqm due to
the closure of a satellite data centre that came with the Science
Park acquisition (referred to as AMS9) and was previously included
in the AMS9 sqm reporting.
4 Revenue generating space is the amount of Equipped space that
is under contract and billed on the date indicated. This number is
net of a decrease in Science Park.
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 Nine
Months Ended Sep-30 Sep-30
Sep-30 Sep-30
2019
2018
2019
2018
Revenue
159,393
142,191
469,400
414,851
Cost of sales
(54,138)
(55,852)
(159,261)
(162,250)
Gross Profit
105,255
86,339
310,139
252,601
Other income
-
-
-
86
Sales and marketing costs
(8,737)
(8,710)
(27,288)
(27,019)
General and administrative costs
(65,226)
(50,552)
(192,169)
(145,447)
Operating income
31,292
27,077
90,682
80,221
Net finance expense
(3,232)
(11,732)
(37,042)
(46,031)
Share of result of equity-accounted investees, net of tax
(113)
-
(277)
-
Profit before income taxes
27,947
15,345
53,363
34,190
Income tax expense
(6,496)
(4,445)
(14,900)
(11,052)
Net income
21,451
10,900
38,463
23,138
Basic earnings per share(a): (€)
0.28
0.15
0.52
0.32
Diluted earnings per share(b): (€)
0.28
0.15
0.52
0.32
Number of shares outstanding at the end of the period
(shares in thousands)
76,604
71,673
76,604
71,673
Weighted average number of shares for Basic EPS (shares in
thousands)
76,548
71,642
73,429
71,518
Weighted average number of shares for Diluted EPS (shares in
thousands)
77,133
72,091
74,015
71,950
As at Sep-30 Sep-30
Capacity metrics
2019
2018
Equipped space (in square meters)
159,800
140,300
Revenue generating space (in square meters)
122,700
111,200
Utilisation rate
77%
79%
(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 Nine Months Ended Sep-30 Sep-30
Sep-30 Sep-30
2019
2018
2019
2018
Consolidated Recurring revenue
152,347
134,754
447,600
393,425
Non-recurring revenue
7,046
7,437
21,800
21,426
Revenue
159,393
142,191
469,400
414,851
Net income
21,451
10,900
38,463
23,138
Net income margin
13.5%
7.7%
8.2%
5.6%
Operating income
31,292
27,077
90,682
80,221
Operating income margin
19.6%
19.0%
19.3%
19.3%
Adjusted EBITDA
82,662
65,783
240,097
190,089
Gross profit margin
66.0%
60.7%
66.1%
60.9%
Adjusted EBITDA margin
51.9%
46.3%
51.1%
45.8%
Total assets
2,999,220
2,223,963
2,999,220
2,223,963
Total liabilities(a)
2,024,362
1,601,055
2,024,362
1,601,055
Capital expenditure, including intangible assets(b)
(150,578)
(103,185)
(418,138)
(319,894)
France, Germany, the Netherlands,
and the UK Recurring revenue
102,193
89,178
299,729
259,949
Non-recurring revenue
5,145
4,409
14,544
13,062
Revenue
107,338
93,587
314,273
273,011
Operating income
34,498
30,367
101,394
88,314
Operating income margin
32.1%
32.4%
32.3%
32.3%
Adjusted EBITDA
64,139
51,847
188,195
151,214
Gross profit margin
66.1%
61.9%
66.6%
62.1%
Adjusted EBITDA margin
59.8%
55.4%
59.9%
55.4%
Total assets
2,035,901
1,425,769
2,035,901
1,425,769
Total liabilities(a)
599,321
288,451
599,321
288,451
Capital expenditure, including intangible assets(b)
(116,405)
(80,066)
(293,810)
(233,196)
Rest of Europe Recurring
revenue
50,154
45,576
147,871
133,476
Non-recurring revenue
1,901
3,028
7,256
8,364
Revenue
52,055
48,604
155,127
141,840
Operating income
21,099
17,993
62,734
56,231
Operating income margin
40.5%
37.0%
40.4%
39.6%
Adjusted EBITDA
33,823
28,690
98,658
83,432
Gross profit margin
72.2%
66.4%
71.3%
66.3%
Adjusted EBITDA margin
65.0%
59.0%
63.6%
58.8%
Total assets
705,854
464,250
705,854
464,250
Total liabilities(a)
202,247
92,830
202,247
92,830
Capital expenditure, including intangible assets(b)
(29,894)
(20,726)
(109,372)
(73,198)
Corporate and other
Operating income
(24,305)
(21,283)
(73,446)
(64,324)
Adjusted EBITDA
(15,300)
(14,754)
(46,756)
(44,557)
Total assets
257,465
333,944
257,465
333,944
Total liabilities
1,222,794
1,219,774
1,222,794
1,219,774
Capital expenditure, including intangible assets(b)
(4,279)
(2,393)
(14,956)
(13,500)
(a) Certain comparative figures as at 30 September 2018 have
been restated compared to the amounts disclosed on Form 6-K
furnished on 1 November 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 Nine Months Ended Sep-30 Sep-30
Sep-30 Sep-30
2019
2018
2019
2018
Reconciliation to Adjusted
EBITDA Consolidated Net income
21,451
10,900
38,463
23,138
Income tax expense
6,496
4,445
14,900
11,052
Profit before taxation
27,947
15,345
53,363
34,190
Share of result of equity-accounted investees, net of tax
113
-
277
-
Net finance expense
3,232
11,732
37,042
46,031
Operating income
31,292
27,077
90,682
80,221
Depreciation and amortisation
45,297
32,885
131,295
94,635
Share-based payments
5,289
3,942
16,695
11,192
Income or expense related to the evaluation and execution of
potential mergers or acquisitions: M&A transaction costs(a)
784
689
1,425
2,937
Re-assessment of indirect taxes(b)
-
1,190
-
1,190
Items related to sub-leases on unused data centre sites(c)
-
-
-
(86)
Adjusted EBITDA(d)
82,662
65,783
240,097
190,089
France, Germany, the Netherlands,
and the UK Operating income
34,498
30,367
101,394
88,314
Depreciation and amortisation
29,224
21,173
85,641
62,075
Share-based payments
417
307
1,160
911
Items related to sub-leases on unused data centre sites(c)
-
-
-
(86)
Adjusted EBITDA(d)
64,139
51,847
188,195
151,214
Rest of Europe
Operating income
21,099
17,993
62,734
56,231
Depreciation and amortisation
12,493
9,252
35,101
25,227
Share-based payments
231
255
823
784
Re-assessment of indirect taxes(b)
-
1,190
-
1,190
Adjusted EBITDA(d)
33,823
28,690
98,658
83,432
Corporate and Other
Operating loss
(24,305)
(21,283)
(73,446)
(64,324)
Depreciation and amortisation
3,580
2,460
10,553
7,333
Share-based payments
4,641
3,380
14,712
9,497
Income or expense related to the evaluation and execution of
potential mergers or acquisitions: M&A transaction costs(a)
784
689
1,425
2,937
Adjusted EBITDA(d)
(15,300)
(14,754)
(46,756)
(44,557)
(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) This re-assessment relates to years
prior to 2018 and is therefore not representative of our current
on-going business. (c) “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”. (d) “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 Sep-30 Dec-31
2019
2018
Non-current assets Property, plant and equipment
1,969,757
1,721,064
Right-of-use assets
436,079
-
Intangible assets
70,258
64,331
Goodwill
38,900
38,900
Deferred tax assets
26,913
21,807
Investment in associate
3,413
-
Other investments
-
7,906
Other non-current assets
16,792
16,843
2,562,112
1,870,851
Current assets Trade receivables and other current assets
231,278
205,613
Cash and cash equivalents
205,830
186,090
437,108
391,703
Total assets
2,999,220
2,262,554
Shareholders’ equity Share capital
7,716
7,170
Share premium
855,116
553,425
Foreign currency translation reserve
4,626
3,541
Hedging reserve, net of tax
(264)
(165)
Accumulated profit
107,664
69,449
974,858
633,420
Non-current liabilities Borrowings
1,249,837
1,266,813
Lease liabilities
425,315
-
Deferred tax liabilities
18,162
16,875
Other non-current liabilities
16,652
34,054
1,709,966
1,317,742
Current liabilities Trade payables and other current
liabilities
272,841
280,877
Lease liabilities
28,077
-
Income tax liabilities
8,596
7,185
Borrowings
4,882
23,330
314,396
311,392
Total liabilities
2,024,362
1,629,134
Total liabilities and shareholders’ equity
2,999,220
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 Sep-30 Dec-31
2019
2018
Borrowings and lease liabilities net of cash
and cash equivalents Cash and cash equivalents
205,830
186,090
4.75% Senior Notes due 2025(a)
1,189,446
1,188,387
Finance lease liabilities (IAS 17)(b)
-
50,374
Mortgages
65,273
51,382
Borrowings
1,254,719
1,290,143
Lease liabilities (IFRS 16)(b)
453,392
-
Total borrowings and lease liabilities
1,708,111
1,290,143
Borrowings and lease liabilities net of cash and
cash equivalents(c)
1,502,281
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, and deferred financing costs of €2.6 million as of 30
September 2019 relate to the Revolving Credit Facility and the
increased capacity thereunder in March 2019.
INTERXION
HOLDING NV CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS (in €'000 ― except where stated otherwise) (unaudited)
Three Months Ended Nine Months Ended
Sep-30 Sep-30
Sep-30 Sep-30
2019
2018
2019
2018
Net income
21,451
10,900
38,464
23,138
Depreciation and amortisation
45,297
32,885
131,295
94,635
Share-based payments
5,313
3,620
15,814
10,482
Net finance expense
3,232
11,732
37,042
46,031
Share of result of equity-accounted investees, net of tax
113
-
277
-
Income tax expense
6,496
4,445
14,900
11,052
81,902
63,582
237,792
185,338
Movements in trade receivables and other assets
3,013
(193)
(33,742)
(20,246)
Movements in trade payables and other liabilities
(9,427)
(2,510)
23,054
8,976
Cash generated from operations
75,488
60,879
227,104
174,068
Interest and fees paid(a)
(4,658)
(3,014)
(38,955)
(41,846)
Interest received
-
2
-
2
Income tax paid
(5,426)
(4,005)
(15,615)
(12,171)
Net cash flows from operating activities
65,404
53,862
172,534
120,053
Cash flows used in investing activities Purchase of
property, plant and equipment
(144,522)
(102,143)
(405,191)
(313,894)
Financial investments - deposits
20
(13)
12,611
267
Acquisition of associate
-
-
(3,745)
-
Purchase of intangible assets
(6,056)
(1,042)
(12,947)
(6,000)
Loans provided
(1,586)
(857)
(4,400)
(2,108)
Net cash flows used in investing activities
(152,144)
(104,055)
(413,672)
(321,735)
Cash flows from financing activities Proceeds from issue of
share capital
282,867
-
282,867
-
Transaction costs from issue of share capital
(1,229)
(1,229)
Proceeds from exercised options
1,040
262
1,724
1,520
Proceeds from mortgages
15,860
5,970
15,860
5,969
Repayment of mortgages
(1,024)
(548)
(2,044)
(6,044)
Proceeds from revolving credit facilities
-
-
40,000
148,814
Repayment of revolving facilities
(40,000)
-
(40,000)
(250,724)
Proceeds 4.75% Senior Notes
-
204,800
-
1,194,800
Principal elements of lease payments (2018: Financial lease
obligation)
(24,689)
-
(39,574)
-
Repayment 6.00% Senior Secured Notes
-
-
-
(634,375)
Interest received at issuance of additional notes
-
2,428
-
2,428
Transaction costs 4.75% Senior Notes
-
(5,504)
(200)
(6,696)
Transaction costs revolving credit facility
-
(926)
(745)
(2,562)
Net cash flows from financing activities
232,825
206,482
256,659
453,130
Effect of exchange rate changes on cash
4,184
8
4,219
(72)
Net increase / (decrease) in cash and cash equivalents
150,269
156,297
19,740
251,376
Cash and cash equivalents, beginning of period
55,561
133,563
186,090
38,484
Cash and cash equivalents, end of period
205,830
289,860
205,830
289,860
(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 Nine Months Ended 30 Sep 2019
Effect of changedue to IFRS 16 30 Sep 2019 30 Sep
2019 Effect of changedue to IFRS 16 30 Sep 2019
As Reported Excl. IFRS 16 As Reported Excl.
IFRS 16 Consolidated
Recurring revenue
152,347
-
152,347
447,600
-
447,600
Non-recurring revenue
7,046
-
7,046
21,800
-
21,800
Revenue
159,393
-
159,393
469,400
-
469,400
Gross profit
105,255
7,062
98,193
310,139
20,699
289,440
Gross profit margin
66.0%
4.4%
61.6%
66.1%
4.4%
61.7%
Operating income
31,292
1,319
29,973
90,682
4,118
86,564
Adjusted EBITDA
82,662
8,488
74,174
240,097
25,093
215,004
Adjusted EBITDA margin
51.9%
5.4%
46.5%
51.1%
5.3%
45.8%
Depreciation and amortisation
45,297
7,169
38,128
131,295
20,975
110,320
Net finance expense
3,232
3,081
151
37,042
9,231
27,811
France, Germany, the Netherlands,
and the UK Recurring revenue
102,193
-
102,193
299,729
-
299,729
Non-recurring revenue
5,145
-
5,145
14,544
-
14,544
Revenue
107,338
-
107,338
314,273
-
314,273
Operating income
34,498
976
33,522
101,394
3,247
98,147
Adjusted EBITDA
64,139
5,470
58,669
188,195
16,134
172,061
Adjusted EBITDA margin
59.8%
5.1%
54.7%
59.9%
5.2%
54.7%
Rest of Europe Recurring
revenue
50,154
-
50,154
147,871
-
147,871
Non-recurring revenue
1,901
-
1,901
7,256
-
7,256
Revenue
52,055
-
52,055
155,127
-
155,127
Operating income
21,099
325
20,774
62,734
833
61,901
Adjusted EBITDA
33,823
2,587
31,236
98,658
7,567
91,091
Adjusted EBITDA margin
65.0%
5.0%
60.0%
63.6%
4.9%
58.7%
Corporate and Other
Operating income
(24,305)
18
(24,323)
(73,446)
37
(73,483)
Adjusted EBITDA
(15,300)
431
(15,731)
(46,756)
1,392
(48,148)
As at 30 Sep 2019 Effect of
changedue to IFRS 16 30 Sep 2019 As Reported
Excl. IFRS 16 Consolidated Non-current assets
2,562,112
406,265
2,155,847
Current assets
437,108
(17,101)
454,209
Non-current liabilities
1,709,966
369,028
1,340,938
Current liabilities
314,396
24,111
290,285
France, Germany, the Netherlands,
and the UK Total assets
2,035,901
280,608
1,755,293
Total liabilities
599,321
283,614
315,707
Rest of Europe Total
assets
705,854
105,601
600,253
Total liabilities
202,247
106,567
95,680
Corporate and Other
Total assets
257,465
2,955
254,510
Total liabilities
1,222,794
2,958
1,219,836
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
Nine Months Ended Sep-30 Sep-30
Sep-30 Sep-30
2019
2018
2019
2018
Net income - as reported
21,451
10,900
38,463
23,138
Add back + Charges related to termination of
financing arrangements(a)
-
-
-
11,171
+ Re-assessment of indirect taxes(b)
-
1,734
-
1,734
+ M&A transaction costs
784
689
1,425
2,937
784
2,423
1,425
15,842
Reverse - Interest capitalized
(2,393)
(1,541)
(6,375)
(3,606)
(2,393)
(1,541)
(6,375)
(3,606)
Tax effect of above add backs & reversals
402
(168)
1,238
(3,007)
Adjusted net income
20,244
11,614
34,751
32,367
Reported basic EPS: (€)
0.28
0.15
0.52
0.32
Reported diluted EPS: (€)
0.28
0.15
0.52
0.32
Adjusted basic EPS: (€)
0.26
0.16
0.47
0.45
Adjusted diluted EPS: (€)
0.26
0.16
0.47
0.45
(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. (b) This re-assessment relates
to years prior to 2018 and is therefore not representative of our
current on-going business.
INTERXION HOLDING
NV Status of Announced Expansion Projects as at 7 November
2019 with Target Open Dates after 30 September 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) Frankfurt FRA14: Phases 1 - 2 New Build
76
4,800
3Q 2019 - 4Q 2019(d) Frankfurt FRA15: Phases 1 - 4 New Build
177
9,600
2Q 2020 - 3Q 2021(e) London LON3: New Build
35
1,800
1Q 2019 - 1Q 2020(f) Madrid MAD3: New Build
44
2,700
2Q 2019 - 4Q 2019(g) Marseille MRS2: Phase 2 - 4
72
4,200
2Q 2018 - 4Q 2019(h) Marseille MRS3: Phases 1 - 2 New Build
111
4,700
1Q 2020 - 3Q 2020(i) Stockholm STO6: Phase 1 - 2 New Build
28
1,500
2Q 2020 - 4Q 2020(j) Vienna VIE2: Phase 7 - 9
96
4,700
4Q 2017 - 1Q 2020(k) Zurich ZUR2: Phases 1 - 2 New Build
93
3,600
3Q 2020(l)
Total
927
47,100
(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) FRA14: Phase 1 (2,600 sqm) opened
in 3Q 2019; phase 2 (2,200 sqm) is scheduled to open in 4Q 2019.
(e) 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. (f) LON3: Phase 1 (300 sqm) opened in
1Q 2019 and Phase 2 (600 sqm) opened in 2Q 2019. The first part of
phase 3 (300 sqm) is scheduled to open in 4Q 2019 and the second
part (600 sqm) is scheduled to open in 1Q 2020. (g) MAD3: 1,300 sqm
opened in 2Q 2019, 700 sqm opened in 3Q 2019 and 700 sqm is
scheduled to open in 4Q 2019. (h) MRS2: Phase 2 (700 sqm) opened in
2018; Phase 3 (1,100 sqm) opened in 2Q 2019 and the half of Phase 4
(1,200 sqm) opened in 3Q 2019 and the second half (1,300 sqm) is
scheduled to open in 4Q 2019. (i) 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. (j) STO6: Phase 1 (500 sqm) is scheduled to
open in 2Q 2020 and Phase 2 (1,000 sqm) is scheduled to open in 4Q
2020. (k) VIE2: Phases 7-9; 2,300 sqm opened in 4Q 2017 through 3Q
2018; 2,000 sqm opened in 2Q 2019, 200 sqm opened in 3Q 2019 and
the remaining 200 sqm is scheduled to open in 1Q 2020. (l) ZUR2:
Phase 1 and Phase 2 are scheduled to open in 3Q 2020 (together
3,600 sqm).
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191107005549/en/
Interxion Jim Huseby Investor Relations Tel: +1-813-644-9399
IR@interxion.com
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