AMSTERDAM--(BUSINESS WIRE)--Interxion Holding N.V. (NYSE:INXN), a leading European provider of carrier and cloud-neutral colocation data centre services, today announced that is has filed with the U.S. Securities and Exchange Commission its Annual Report on Form 20-F.
The 20-F, including the consolidated financial statements and the footnotes thereto, discloses (i) revisions for immaterial errors in prior periods resulting from share-based payment expenses not being properly recognized and (ii) the identification of a material weakness in internal control over financial reporting as of December 31, 2017 and, accordingly, ineffective disclosure controls and procedures as of December 31, 2017.
During the preparation of the 2017 consolidated financial statements, the Company became aware that share-based payment expenses were improperly recognized in accordance with IFRS 2, resulting in an understatement of such expenses in its consolidated financial statements. The errors have been corrected by restating each of the affected financial statement line items for prior periods in the consolidated financial statements, which corrections have been assessed to be immaterial to each of those prior periods.
The material weakness identified pertains to a deficiency in the design of internal controls relating to technical accounting of share-based payments. The design of the review controls relating to the complex process of applying IFRS 2 (Share-based Payments) to the Company’s incentive plan award schemes were not sufficiently precise to detect an error in the application of IFRS 2 with respect to the valuation of incentive plan awards. Management has been actively engaged in the development and implementation of a remediation plan to address the foregoing material weakness in internal control over financial reporting.
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 49 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.
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, delays in connection with the development of new data centres or 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.
Interxion does not assume any obligation to update the forward-looking information contained in this report.
This announcement and the Annual Report on Form 20-F contain “inside information” under Regulation (EU) 596/2014 (16 April 2014).