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Interxion Reports First Quarter 2015 Results

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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 ended 31 March 2015.

Financial Highlights

  • Revenue increased by 15% to EUR92.5 million (1Q 2014: EUR80.6 million).
  • Adjusted EBITDA increased by 18% to EUR40.6 million (1Q 2014: EUR34.5 million).
  • Adjusted EBITDA margin increased to 43.9% (1Q 2014: 42.9%).
  • M&A transaction costs were EUR6.9 million before tax.
  • Net profit decreased to EUR4.4 million (1Q 2014: EUR10.4 million).
  • Earnings per diluted share were EUR0.06 (1Q 2014: EUR0.15).
  • Capital Expenditures, including intangible assets1, were EUR67.6 million (1Q 2014: EUR57.0 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 EUR92.5 million, a 15% increase over the first quarter of 2014 and a 3% increase over the fourth quarter of 2014. Recurring revenue was EUR87.1 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 EUR36.3 million, an 11% increase over the first quarter of 2014 and a 2% decrease over the fourth quarter of 2014.

Gross profit was EUR56.2 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 EUR6.7 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 EUR8.9 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 EUR40.6 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 EUR18.2 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 EUR13.4 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 EUR6.9 million in the first quarter of 2015. Excluding M&A transaction costs, operating profit was EUR20.3 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 EUR6.6 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 EUR2.4 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 EUR4.4 million in the first quarter of 2015, a 57% decrease compared to EUR10.4 million in the first quarter of 2014, and a 40% decrease compared to EUR7.4 million in the fourth quarter of 2014.

Adjusted net profit3 was EUR8.9 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 EUR34.2 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 EUR67.6 million in the first quarter of 2015 compared to EUR57.0 million in the first quarter of 2014 and EUR47.8 million in the fourth quarter of 2014.

Cash and cash equivalents were EUR54.0 million at 31 March 2015, compared to EUR99.9 million at year end 2014. Total borrowings, net of deferred revolving facility financing fees, were EUR541.7 million at 31 March 2015 compared to EUR560.6 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 EUR375 million – EUR388 million
Adjusted EBITDA EUR162 million – EUR172 million
Capital expenditures (including intangibles) EUR180 million – EUR200 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 EUR100 million revolving credit facility and EUR475 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 (NYSE: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 EUR’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: (EUR) 0.06 0.15
Diluted earnings per share: (EUR) 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 EUR’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 EUR’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 EUR’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 EUR’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 EUR4.2 million as of 31 March 2015 and EUR5.3 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) EUR475 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 EUR0.9 million as of 31 March 2015 were incurred in connection with the EUR100 million revolving facility.
INTERXION HOLDING NV
CONSOLIDATED STATEMENT OF CASH FLOWS
(in EUR’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 EUR 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: (EUR) 0.06 0.15
Reported Diluted EPS: (EUR) 0.06 0.15
Adjusted Basic EPS: (EUR) 0.13 0.14
Adjusted Diluted EPS: (EUR) 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 (EURmillion) (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 EUR 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.

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