Interxion Reports First Quarter 2015 Results

AMSTERDAM--(BUSINESS WIRE)--

Interxion Holding NV INXN, a leading European provider of cloud and carrier-neutral colocation data centre services, announced its results today for the three months ended 31 March 2015.

Financial Highlights

• Revenue increased by 15% to €92.5 million (1Q 2014: €80.6 million).
• Adjusted EBITDA increased by 18% to €40.6 million (1Q 2014: €34.5 million).
• Adjusted EBITDA margin increased to 43.9% (1Q 2014: 42.9%).
• M&A transaction costs were €6.9 million before tax.
• Net profit decreased to €4.4 million (1Q 2014: €10.4 million).
• Earnings per diluted share were €0.06 (1Q 2014: €0.15).
• Capital Expenditures, including intangible assets¹, were €67.6 million (1Q 2014: €57.0 million).

Operating Highlights

• Equipped Space increased by 1,300 square metres to 94,800 square metres.
• Revenue Generating Space increased by 3,000 square metres to 74,000 square metres.
• Utilisation Rate at the end of the quarter was 78%.
• Completed Expansion projects in Amsterdam and Vienna.
• Completed purchase of Vienna campus.

"Interxion delivered a strong financial and operating performance in the first quarter, building on the momentum we saw in 2014," said David Ruberg, Interxion's Chief Executive Officer. "We continued to capitalise on strong customer orders and installations, resulting in a 21 percent year-over-year increase in revenue generating space and a utilisation rate of 78 percent, consistent with our disciplined strategy to expand to meet customer needs. The steady improvement across our key performance metrics reflects the underlying strength of our business model, the attractiveness of our communities of interest strategy and our disciplined capital expansion plan. Looking ahead, our expansion plans remain on track, with a number of value-enhancing projects scheduled for completion as we progress through the year."

Quarterly Review

Revenue in the first quarter of 2015 was €92.5 million, a 15% increase over the first quarter of 2014 and a 3% increase over the fourth quarter of 2014. Recurring revenue was €87.1 million, a 15% increase over the first quarter of 2014 and a 4% increase over the fourth quarter of 2014. Recurring revenue in the quarter was 94% of total revenue.

Cost of sales in the first quarter of 2015 was €36.3 million, an 11% increase over the first quarter of 2014 and a 2% decrease over the fourth quarter of 2014.

Gross profit was €56.2 million in the first quarter of 2015, a 17% increase over the first quarter of 2014 and a 6% increase over the fourth quarter of 2014. Gross profit margin in the first quarter of 2015 was 60.8%, compared with 59.6% in the first quarter of 2014 and 58.9% in the fourth quarter of 2014.

Sales and marketing costs in the first quarter of 2015 were €6.7 million, up 14% compared to the first quarter of 2014 and a 2% increase over the fourth quarter of 2014.

Other general and administrative costs² were €8.9 million, a 17% increase compared to the first quarter of 2014 and a 15% increase compared to the fourth quarter of 2014.

Adjusted EBITDA for the first quarter of 2015 was €40.6 million, up 18% compared to the first quarter of 2014 and a 5% increase compared to the fourth quarter of 2014. Adjusted EBITDA margin was 43.9% in the first quarter of 2015 compared to 42.9% in the first quarter of 2014 and 43.0% in the fourth quarter of 2014.

Depreciation, amortisation, and impairments in the first quarter of 2015 was €18.2 million, an increase of 30% compared to the first quarter of 2014 and an increase of 5% from the fourth quarter of 2014.

Operating profit during the first quarter of 2015 was €13.4 million, a decrease of 33% compared to the first quarter of 2014 and a decrease of 29% from the fourth quarter of 2014. M&A transaction costs relating to the previously announced transaction with TelecityGroup were €6.9 million in the first quarter of 2015. Excluding M&A transaction costs, operating profit was €20.3 million in the first quarter of 2015, an increase of 2% compared to the first quarter of 2014 and an increase of 6% compared to the fourth quarter of 2014.

Net finance costs for the first quarter of 2015 were €6.6 million, a 22% increase compared to the first quarter of 2014, and a 18% decrease compared to the fourth quarter of 2014.

Income tax expense for the first quarter of 2015 was €2.4 million, a 43% decrease compared to the first quarter of 2014, and a 30% decrease compared to the fourth quarter of 2014.

Net profit was €4.4 million in the first quarter of 2015, a 57% decrease compared to €10.4 million in the first quarter of 2014, and a 40% decrease compared to €7.4 million in the fourth quarter of 2014.

Adjusted net profit³ was €8.9 million in the first quarter of 2015, a 9% decrease compared to the first quarter of 2014, and a 23% increase compared to the fourth quarter of 2014.

Cash generated from operations, defined as cash generated from operating activities before interest and corporate income tax payments and receipts, was €34.2 million in the first quarter of 2015, slightly lower than the first quarter of 2014, and a 16% decrease from the fourth quarter of 2014.

Capital expenditures, including intangible assets and the purchase of the Vienna campus, were €67.6 million in the first quarter of 2015 compared to €57.0 million in the first quarter of 2014 and €47.8 million in the fourth quarter of 2014.

Cash and cash equivalents were €54.0 million at 31 March 2015, compared to €99.9 million at year end 2014. Total borrowings, net of deferred revolving facility financing fees, were €541.7 million at 31 March 2015 compared to €560.6 million at year end 2014. As of 31 March 2015, the company's revolving credit facility was undrawn.

Equipped space at the end of the first quarter of 2015 was 94,800 square metres compared to 82,900 square metres at the end of first quarter of 2014 and 93,500 square metres at the end of the fourth quarter 2014. Utilisation rate, the ratio of revenue-generating space to equipped space, was 78% at the end of the first quarter of 2015, compared with 74% at the end of the first quarter of 2014 and 76% at the end of the fourth quarter of 2014.

Business Outlook

Interxion today reaffirms its guidance for its expected results as an independent company for full year 2015:

Revenue		€375 million – €388 million
Adjusted EBITDA		€162 million – €172 million
Capital expenditures (including intangibles)		€180 million – €200 million

Conference Call to Discuss Results

Interxion will host a conference call today at 8:30 a.m. ET (1:30 pm BST, 2:30 pm CET) to discuss Interxion's first quarter 2015 results.

To participate on this call, U.S. callers may dial toll free 1-866-966-1396; callers outside the U.S. may dial direct +44 (0) 2071 928 000. The conference ID for this call is ‘INXN'. This event also will be webcast live over the Internet in listen-only mode at investors.interxion.com.

A replay of this call will be available shortly after the call concludes and will be available until 13 May 2015. To access the replay, U.S. callers may dial toll free 1-866-247-4222; callers outside the U.S. may dial direct +44 (0) 1452 550 000. The replay access number is 23610917.

Forward-looking Statements

This communication contains forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such forward-looking statements. Factors that could cause actual results and future events to differ materially from Interxion's expectations include, but are not limited to, the difficulty of reducing operating expenses in the short term, the inability to utilise the capacity of newly planned data centres and data centre expansions, significant competition, the cost and supply of electrical power, data centre industry over-capacity, performance under service level agreements, certain other risks detailed herein and other risks described from time to time in Interxion's filings with the United States Securities and Exchange Commission (the "SEC"). In addition, the negotiations for the business combination may not advance, and even if they do, it may not be possible to enter into definitive documentation on satisfactory terms and close the agreement.

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

Use of Non-IFRS Information

EBITDA is defined as operating profit plus depreciation, amortisation and impairment of assets. We define Adjusted EBITDA as EBITDA adjusted to exclude share-based payments, increase/decrease in provision for onerous lease contracts, Dutch crisis tax, M&A transaction costs and, income from sub-leases on unused data centre sites. Adjusted EBITDA margin is defined as Adjusted EBITDA as a percentage of revenue. We present EBITDA, Adjusted EBITDA and Adjusted EBITDA margin as additional information because we understand that they are measures used by certain investors and because they are used in our financial covenants in our €100 million revolving credit facility and €475 million 6.00% Senior Secured Notes due 2020.

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

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

Other companies, however, may present EBITDA, Adjusted EBITDA, Adjusted EBITDA margin and Adjusted Net Profit differently than we do. EBITDA, Adjusted EBITDA, Adjusted EBITDA margin and Adjusted Net Profit are not measures of financial performance under IFRS and should not be considered as an alternative to operating profit or as a measure of liquidity or an alternative to net income as indicators of our operating performance or any other measure of performance derived in accordance with IFRS.

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

No Offer or Solicitation

This communication is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities or the solicitation of any vote in any jurisdiction pursuant to the proposed transactions or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and applicable United Kingdom regulations. Subject to certain exceptions to be approved by the relevant regulators or certain facts to be ascertained, the public offer will not be made directly or indirectly, in or into any jurisdiction where to do so would constitute a violation of the laws of such jurisdiction, or by use of the mails or by any means or instrumentality (including without limitation, facsimile transmission, telephone and the internet) of interstate or foreign commerce, or any facility of a national securities exchange, of any such jurisdiction. No prospectus is required in accordance with Directive 2003/71/EC, as amended, in connection with this communication.

Important Information

TelecityGroup has not commenced and may not make an offer to purchase Interxion shares as described in this communication. In the event that TelecityGroup makes an offer (as the same may be varied or extended in accordance with applicable law), TelecityGroup will file a registration statement on Form F-4, which will include a prospectus and joint proxy statement of TelecityGroup and Interxion, and a Tender Offer statement on Schedule TO (the "Schedule TO"). If an offer is made it will be made exclusively by means of, and subject to, the terms and conditions set out in, an offer document containing and setting out the terms and conditions of the offer and a letter of transmittal and form of acceptance to be delivered to Interxion, filed with the SEC and mailed to Interxion shareholders. Any offer in the United States will be made by TelecityGroup or an affiliate of TelecityGroup and not by any other person.

The release, publication or distribution of this communication in certain jurisdictions may be restricted by law and therefore persons in such jurisdictions into which this communication is released, published or distributed should inform themselves about and observe such restrictions.

IF AN OFFER IS MADE, SHAREHOLDERS OF INTERXION ARE URGED TO READ ANY DOCUMENTS REGARDING THE OFFER WHEN THEY BECOME AVAILABLE (INCLUDING THE EXHIBITS THERETO) AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE OFFER.

If an offer is made, the registration statement, the joint proxy statement, the Schedule TO and other related documents will be available electronically without charge at the SEC's website, www.sec.gov, after they have been filed. Any materials filed with the SEC may also be obtained without charge at TelecityGroup's website, www.telecitygroup.com. This communication does not constitute an offer or a solicitation in any jurisdiction in which such offer or solicitation is unlawful. An offer will not be made in, nor will deposits be accepted in, any jurisdiction in which the making or acceptance thereof would not be in compliance with the laws of such jurisdiction. However, if an offer is made, TelecityGroup may, in its sole discretion, take such action as it may deem necessary to extend an offer in any such jurisdiction.

About Interxion

Interxion INXN is a leading provider of carrier and cloud-neutral colocation data centre services in Europe, serving a wide range of customers through 39 data centres in 11 European countries. Interxion's uniformly designed, energy efficient data centres offer customers extensive security and uptime for their mission-critical applications.

With over 500 connectivity providers, 20 European Internet exchanges, and most leading cloud and digital media platforms across its footprint, Interxion has created connectivity, cloud, content and finance hubs that foster growing customer communities of interest. For more information, please visit www.interxion.com.

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.

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

³ We define Adjusted Net Profit as net profit excluding the impact of the refinancing charge, capitalised interest, deferred tax adjustments, Dutch crisis tax, M&A transaction costs, increase/decrease in provision for onerous lease contracts, and the related corporate income tax effect.

INTERXION HOLDING NV
CONSOLIDATED INCOME STATEMENT
(in €'000 ― except per share data and where stated otherwise)
(unaudited)
		Three Months Ended
		31 Mar			31 Mar
		2015			2014
Revenue		92,482			80,610
Cost of sales		(36,282	)		(32,578	)
Gross profit		56,200			48,032
Other income		63			60
Sales and marketing costs		(6,679	)		(5,880	)
General and administrative costs		(36,159	)		(22,231	)
Operating profit		13,425			19,981
Net finance expense		(6,585	)		(5,401	)
Profit before taxation		6,840			14,580
Income tax expense		(2,415	)		(4,221	)
Net profit		4,425			10,359
Basic earnings per share: (€)		0.06			0.15
Diluted earnings per share: (€)		0.06			0.15
Number of shares outstanding at the end of the period (shares in thousands)		69,559			68,898
Weighted average number of shares for Basic EPS (shares in thousands)		69,393			68,871
Weighted average number of shares for Diluted EPS (shares in thousands)		70,329			69,619
		As at
		31 Mar			31 Mar
Capacity metrics		2015			2014
Equipped space (in square meters)		94,800			82,900
Revenue generating space (in square meters)		74,000			61,400
Utilisation rate		78	%		74	%

INTERXION HOLDING NV
NOTES TO CONSOLIDATED INCOME STATEMENT: SEGMENT INFORMATION
(in €'000 ― except where stated otherwise)
(unaudited)
		Three Months Ended
		31 Mar			31 Mar
		2015			2014
Consolidated
Recurring revenue		87,051			75,871
Non-recurring revenue		5,431			4,739
Revenue		92,482			80,610
Adjusted EBITDA		40,605			34,545
Gross profit margin		60.8	%		59.6	%
Adjusted EBITDA margin		43.9	%		42.9	%
Total assets		1,188,761			941,658
Total liabilities		731,366			542,343
Capital expenditure, including intangible assets (i)		(67,570	)		(57,005	)
France, Germany, the Netherlands, and the UK
Recurring revenue		54,983			47,640
Non-recurring revenue		3,627			3,132
Revenue		58,610			50,772
Adjusted EBITDA		31,370			27,294
Gross profit margin		62.0	%		61.8	%
Adjusted EBITDA margin		53.5	%		53.8	%
Total assets		824,515			645,929
Total liabilities		181,390			138,082
Capital expenditure, including intangible assets (i)		(33,766	)		(43,592	)
Rest of Europe
Recurring revenue		32,068			28,231
Non-recurring revenue		1,804			1,607
Revenue		33,872			29,838
Adjusted EBITDA		18,978			15,798
Gross profit margin		64.6	%		62.2	%
Adjusted EBITDA margin		56.0	%		52.9	%
Total assets		312,666			237,874
Total liabilities		58,898			43,981
Capital expenditure, including intangible assets (i)		(33,125	)		(12,683	)
Corporate and other
Adjusted EBITDA		(9,743	)		(8,547	)
Total assets		51,580			57,855
Total liabilities		491,078			360,280
Capital expenditure, including intangible assets (i)		(679	)		(730	)
(i) Capital expenditure, including intangible assets, represents payments to acquire property, plant and equipment and intangible assets, as recorded in the consolidated statement of cash flows as "Purchase of property, plant and equipment" and "Purchase of intangible assets," respectively.

INTERXION HOLDING NV
NOTES TO CONSOLIDATED INCOME STATEMENT: ADJUSTED EBITDA RECONCILIATION
(in €'000 ― except where stated otherwise)
(unaudited)
		Three Months Ended
		31 Mar			31 Mar
		2015			2014
Reconciliation to Adjusted EBITDA
Consolidated
Net profit		4,425			10,359
Income tax expense		2,415			4,221
Profit before taxation		6,840			14,580
Net finance expense		6,585			5,401
Operating profit		13,425			19,981
Depreciation, amortisation and impairments		18,215			13,981
EBITDA		31,640			33,962
Share-based payments		2,241			643
Increase/(decrease) in provision for onerous lease contracts		(100	)		-
M&A transaction costs		6,887			-
Income from sub-leases on unused data centre sites		(63	)		(60	)
Adjusted EBITDA		40,605			34,545
France, Germany, the Netherlands, and the UK
Operating profit		19,483			18,284
Depreciation, amortisation and impairments		11,717			8,919
EBITDA		31,200			27,203
Share-based payments		333			151
Increase/(decrease) in provision for onerous lease contracts		(100	)		-
Income from sub-leases on unused data centre sites		(63	)		(60	)
Adjusted EBITDA		31,370			27,294
Rest of Europe
Operating profit		13,347			11,468
Depreciation, amortisation and impairments		5,435			4,280
EBITDA		18,782			15,748
Share-based payments		196			50
Adjusted EBITDA		18,978			15,798
Corporate and Other
Operating profit/(loss)		(19,405	)		(9,771	)
Depreciation, amortisation and impairments		1,063			782
EBITDA		(18,342	)		(8,989	)
Share-based payments		1,712			442
M&A transaction costs		6,887			-
Adjusted EBITDA		(9,743	)		(8,547	)

INTERXION HOLDING NV
CONSOLIDATED BALANCE SHEET
(in €'000 ― except where stated otherwise)
(unaudited)
		As at
		31 Mar			31 Dec
		2015			2014
Non-current assets
Property, plant and equipment		944,232			895,184
Intangible assets		21,055			18,996
Deferred tax assets		31,107			30,064
Financial assets		774			774
Other non-current assets		7,180			5,750
		1,004,348			950,768
Current assets
Trade and other current assets		128,781			120,762
Short term investments		1,650			1,650
Cash and cash equivalents		53,982			99,923
		184,413			222,335
Total assets		1,188,761			1,173,103
Shareholders' equity
Share capital		6,956			6,932
Share premium		499,181			495,109
Foreign currency translation reserve		23,193			10,440
Hedging reserve, net of tax		(271	)		(247	)
Accumulated deficit		(71,664	)		(76,089	)
		457,395			436,145
Non-current liabilities
Trade payables and other liabilities		12,353			12,211
Deferred tax liabilities		9,217			7,029
Provision for onerous lease contracts		625			1,491
Borrowings		540,319			540,530
		562,514			561,261
Current liabilities
Trade payables and other liabilities		157,930			146,502
Income tax liabilities		5,153			4,690
Provision for onerous lease contracts		3,423			3,443
Borrowings		2,346			21,062
		168,852			175,697
Total liabilities		731,366			736,958
Total liabilities and shareholders' equity		1,188,761			1,173,103

INTERXION HOLDING NV
NOTES TO THE CONSOLIDATED BALANCE SHEET: BORROWINGS
(in €'000 ― except where stated otherwise)
(unaudited)
		As at
		31 Mar			31 Dec
		2015			2014
Borrowings net of cash and cash equivalents
Cash and cash equivalents (ii)		53,982			99,923
6.00% Senior Secured Notes due 2020 (iii)		475,608			475,643
Mortgages		31,187			31,487
Financial leases		34,265			52,858
Other borrowings		1,605			1,605
Borrowings excluding Revolving Facility deferred financing costs		542,665			561,593
Revolving Facility deferred financing costs (iv)		(923	)		(995	)
Total borrowings		541,742			560,598
Borrowings net of cash and cash equivalents		487,760			460,675
(ii) Cash and cash equivalents include €4.2 million as of 31 March 2015 and €5.3 million as of 31 December 2014, which is restricted and held as collateral to support the issuance of bank guarantees on behalf of a number of subsidiary companies.
(iii) €475 million 6.00% Senior Secured Notes due 2020 include a premium on the additional issuance and are shown after deducting underwriting discounts and commissions, offering fees and expenses.
(iv) Deferred financing costs of €0.9 million as of 31 March 2015 were incurred in connection with the €100 million revolving facility.

INTERXION HOLDING NV
CONSOLIDATED STATEMENT OF CASH FLOWS
(in €'000 ― except where stated otherwise)
(unaudited)
		Three Months Ended
		31 Mar			31 Mar
		2015			2014
Profit for the period		4,425			10,359
Depreciation, amortisation and impairments		18,215			13,981
Provision for onerous lease contracts		(925	)		(819	)
Share-based payments		2,241			643
Net finance expense		6,585			5,401
Income tax expense		2,415			4,221
		32,956			33,786
Movements in trade and other current assets		(1,631	)		(800	)
Movements in trade and other liabilities		2,874			1,306
Cash generated from operations		34,199			34,292
Interest and fees paid (*)		(13,574	)		(10,826	)
Interest received		49			67
Income tax paid		(2,320	)		(358	)
Net cash flows from operating activities		18,354			23,175
Cash flows from investing activities
Purchase of property, plant and equipment		(65,318	)		(56,391	)
Purchase of intangible assets		(2,252	)		(614	)
Net cash flows from investing activities		(67,570	)		(57,005	)
Cash flows from financing activities
Proceeds from exercised options		2,178			256
Repayment of mortgages		(320	)		(167	)
Proceeds Revolving Facility		-			30,000
Repayment of other borrowings		-			(11	)
Net cash flows from financing activities		1,858			30,078
Effect of exchange rate changes on cash		1,417			1
Net movement in cash and cash equivalents		(45,941	)		(3,751	)
Cash and cash equivalents, beginning of period		99,923			45,690
Cash and cash equivalents, end of period		53,982			41,939
(*) Interest paid is reported net of cash interest capitalised, which is reported as part of "Purchase of property, plant and equipment".

INTERXION HOLDING NV
NOTES TO CONSOLIDATED INCOME STATEMENT: ADJUSTED NET PROFIT RECONCILIATION
(in € millions ― except per share data and where stated otherwise)
(unaudited)
		Three Months Ended
		31 Mar			31 Mar
		2015			2014
Net profit - as reported		4.4			10.4
Add back
+ M&A transaction costs		6.9			-
		6.9			-
Reverse
- Adjustments to onerous lease		(0.1	)		-
- Interest capitalised		(0.9	)		(0.8	)
		(1.0	)		(0.8	)
Tax effect of above add backs & reversals		(1.4	)		0.2
Adjusted Net profit		8.9			9.8
Reported Basic EPS: (€)		0.06			0.15
Reported Diluted EPS: (€)		0.06			0.15
Adjusted Basic EPS: (€)		0.13			0.14
Adjusted Diluted EPS: (€)		0.13			0.14

INTERXION HOLDING NV
Status of Announced Expansion Projects as at 7 May 2015
with Target Open Dates after 1 January 2015
						Equipped
				CAPEX (a, b)		Space (a)
Market		Project		(€million)		(sqm)		Target Opening Dates
Amsterdam		AMS 7: Phases 1 - 6 New Build		115		7,400		1Q 2014 - 2Q 2015 (c)
Dusseldorf		DUS 1: Phase 3 Expansion		3		400		2Q 2015
Frankfurt		FRA 10: Phases 1 - 2 New Build		92		4,800		1H 2016 (d)
Madrid		MAD 2: Phase 2 Expansion		4		800		3Q 2015
Marseille		MRS 1: Phases 1 - 2		20		1,400		4Q 2014 - 2Q 2015(e)
Stockholm		STO 4: New Build		15		1,100		2Q 2015
Vienna		VIE 2: New Build		42		2,800		4Q 2014 - 4Q 2015 (f)
Total				€ 291		18,700
(a) CAPEX and Equipped Space are approximate and may change. Figures are rounded to nearest 100 sqm unless otherwise noted.
(b) CAPEX reflects the total spend for the projects listed at full power and capacity and the amounts shown in the table above may be invested over the duration of more than one fiscal year.
(c) Phase 1 (1,100 square metres) became operational in 1Q 2014; phase 2 (1,000 square metres) became operational in 2Q 2014; Phase 3 (1,500 square metres) became operational in 3Q 2014; phase 4 (1,300 square metres) became operational in 4Q 2014; phase 5 (1,300 square metres) became operational in 1Q 2015; Phase 6 (1,200 square meters)is scheduled for 2Q 2015.
(d) Phases 1 and 2 (1,200 square metres each) are scheduled to become operational in 1H 2016. Construction of phases 3 & 4 (1,200 square metres each) has not yet been announced.
(e) Phase 1 (600 square metres) became operational in 4Q 2014. Phase 2 (800 square metres) is scheduled to become available in 2Q 2015. Marseille costs include the purchase of land, buildings, and data centre equipment.
(f) In 4Q 2014, 1,300 square metres became operational; in 1Q 2015, 600 square metres became operational; in 2Q 2015, 600 square metres are scheduled to become operational. In 4Q 2015, 300 square metres are scheduled to become operational.