Form 6-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

 

FORM 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

Report on Form 6-K dated 3 May 2017

(Commission File No. 001-35053)

 

 

INTERXION HOLDING N.V.

(Translation of Registrant’s Name into English)

 

 

Tupolevlaan 24, 1119 NX Schiphol-Rijk, The Netherlands, +31 20 880 7600

(Address of Principal Executive Office)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F  ☒             Form 40-F  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7) ): ☐

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

 

 

 


This report contains Interxion Holding N.V.’s (1) first quarter 2017 earnings press release and (2) presentation materials to be used during a conference call with investors on 3 May 2017.

 

Exhibit

    
99.1    The press release “Interxion Reports First Quarter 2017 Results”, dated 3 May 2017.
99.2    Presentation materials to be used during a conference call with investors on 3 May 2017.


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  INTERXION HOLDING N.V.
By:  

/s/ David C. Ruberg

Name:   David C. Ruberg
Title:   Chief Executive Officer

Date: 3 May 2017

EX-99.1

Exhibit 99.1

 

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Press Release, 3 May 2017

Interxion Reports First Quarter 2017 Results

Revenue Increased by 12% Year Over Year

AMSTERDAM 3 May 2017 – Interxion Holding NV (NYSE: INXN), a leading European provider of carrier and cloud-neutral colocation data centre services, announced its results today for the three months ended 31 March 2017.

Financial Highlights

 

    Revenue increased by 12% to €113.9 million (1Q 2016: €102.0 million).

 

    Recurring revenue1 increased by 11% to €108.3 million (1Q 2016: €97.2 million).

 

    Net income increased by 6% to €10.8 million (1Q 2016: €10.2 million).

 

    Adjusted net income2 increased by 7% to €10.7 million (1Q 2016: €10.0 million).

 

    Earnings per diluted share increased by 5% to €0.15 (1Q 2016: €0.14).

 

    Adjusted earnings2 per diluted share increased by 6% to €0.15 (1Q 2016: €0.14).

 

    Adjusted EBITDA2 increased by 12% to €51.3 million (1Q 2016: €45.9 million).

 

    Adjusted EBITDA margin increased to 45.1% (1Q 2016: 45.0%).

 

    Capital expenditures3, including intangible assets, were €54.8 million (1Q 2016: €50.0 million).

 

    Acquired Interxion Science Park data centre business for €77.5 million on 24 February 2017.


LOGO

Press Release, 3 May 2017

 

Operating Highlights

 

    Equipped space4 increased by 3,300 square metres in the quarter to 114,100 square metres.

 

    Revenue generating space4 increased by 2,600 square metres in the quarter to 89,800 square metres.

 

    Utilisation rate at the end of the quarter was 79%.

 

    During the first quarter, Interxion completed the following expansions:

 

    1,300 sqm expansion in Amsterdam,

 

    600 sqm expansion in Marseille,

 

    1,100 sqm expansion in Paris, and

 

    300 sqm expansion in Copenhagen.

“Interxion continued to post strong results in the first quarter of 2017, with 12% revenue growth year over year and expanding Adjusted EBITDA margins. Bookings in the quarter remained strong and were spread across our broad Western European footprint, reflecting our strong position to capture the growing demand,” said David Ruberg, Interxion’s Chief Executive Officer. “The European cloud is developing consistent with our expectations, and our success in attracting cloud and digital media platforms, connectivity providers, and enterprises reflects the value that our customers realize from being part of our communities of interest.”

 

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Press Release, 3 May 2017

 

Quarterly Review

Revenue in the first quarter of 2017 was €113.9 million, a 12% increase over the first quarter of 2016 and a 3% increase over the fourth quarter of 2016. Recurring revenue was €108.3 million, an 11% increase over the first quarter of 2016 and a 5% increase over the fourth quarter of 2016. Recurring revenue in the first quarter represented 95% of total revenue. On a constant currency5 basis, revenue in the first quarter of 2017 was 13% higher than in the first quarter of 2016.

Cost of sales in the first quarter of 2017 was €44.1 million, a 13% increase over the first quarter of 2016 and a 2% increase over the fourth quarter of 2016.

Gross profit was €69.9 million in the first quarter of 2017, an 11% increase over the first quarter of 2016 and a 4% increase over the fourth quarter of 2016. Gross profit margin was 61.3% in the first quarter of 2017, compared with 61.6% in the first quarter of 2016 and 61.1% in the fourth quarter of 2016.

Sales and marketing costs in the first quarter of 2017 were €7.9 million, a 3% increase over the first quarter of 2016 and a 4% increase from the fourth quarter of 2016.

Other general and administrative costs, which exclude depreciation, amortisation, impairments, share-based payments, and M&A transaction costs, were €10.6 million in the first quarter of 2017, a 15% increase over the first quarter of 2016 and a slight increase from the fourth quarter of 2016.

Depreciation, amortisation, and impairments in the first quarter of 2017 was €24.2 million, an increase of 13% from the first quarter of 2016 and a slight decrease from the fourth quarter of 2016.

Operating income in the first quarter of 2017 was €24.4 million, an increase of 7% from the first quarter of 2016 and an 8% increase from the fourth quarter of 2016.

 

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Press Release, 3 May 2017

 

Net finance expense for the first quarter of 2017 was €10.3 million, a 29% increase over the first quarter of 2016 and an 8% increase over the fourth quarter of 2016. Comparison to first quarter of 2016 is impacted by the issuance of €150.0 million of additional 6.00% senior secured notes due 2020 in April 2016.

Income tax expense for the first quarter of 2017 was €3.3 million, a 30% decrease compared with the first quarter of 2016 and a 9% increase from the fourth quarter of 2016. Income tax expense in the first quarter of 2017 was positively impacted by tax deductible energy investment incentives.

Net income was €10.8 million in the first quarter of 2017, a 6% increase over the first quarter of 2016 and an 8% increase from the fourth quarter of 2016.

Adjusted net income was €10.7 million in the first quarter of 2017, a 7% increase over the first quarter of 2016 and a 20% increase from the fourth quarter of 2016.

Adjusted EBITDA for the first quarter of 2017 was €51.3 million, a 12% increase over the first quarter of 2016 and a 4% increase over the fourth quarter of 2016. Adjusted EBITDA margin was 45.1% in the first quarter of 2017 compared with 45.0% in the first quarter of 2016 and 44.6% in the fourth quarter of 2016.

Cash generated from operations, defined as cash generated from operating activities before interest and corporate income tax payments and receipts, was €63.0 million in the first quarter of 2017, compared with €50.4 million in the first quarter of 2016 and €50.2 million in the fourth quarter of 2016.

Capital expenditures, including intangible assets, were €54.8 million in the first quarter of 2017, compared with €50.0 million in the first quarter of 2016 and €73.8 million in the fourth quarter of 2016.

Cash and cash equivalents were €72.5 million at 31 March 2017, compared with €115.9 million at year end 2016. Total borrowings, net of deferred revolving facility financing fees,

 

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Press Release, 3 May 2017

 

were €778.9 million at 31 March 2017, compared with €735.0 million at year end 2016. On 9 March 2017, Interxion entered into a €75.0 million senior secured revolving facility to supplement its €100.0 million revolving credit facility. During the first quarter of 2017, Interxion acquired the Science Park data centre business from Vancis BV for approximately €77.5 million.

Equipped space at the end of the first quarter of 2017 was 114,100 square metres, compared with 101,600 square metres at the end of the first quarter of 2016 and 110,800 square metres at the end of the fourth quarter of 2016. Revenue generating space at the end of the first quarter of 2017 was 89,800 square metres, compared with 80,400 square metres at the end of the first quarter of 2016 and 87,200 square metres at the end of the fourth quarter of 2016. Utilisation rate, the ratio of revenue-generating space to equipped space, was 79% at the end of the first quarter of 2017, compared with 79% at the end of the first quarter of 2016 and 79% at the end of the fourth quarter of 2016. These capacity metrics exclude Interxion Science Park.

Business Outlook

Interxion today reaffirms guidance for its revenue, Adjusted EBITDA and capital expenditures (including intangibles) for full year 2017:

 

Revenue    €468 million – €483 million   
Adjusted EBITDA    €212 million – €222 million   
Capital expenditures (including intangibles)    €250 million – €270 million   

Capital expenditure guidance does not include €77.5 million for the acquisition of Interxion Science Park in 1Q 2017.

 

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Press Release, 3 May 2017

 

Conference Call to Discuss Results

Interxion will host a conference call today at 8:30 a.m. EDT (1:30 p.m. BST, 2:30 p.m. CET) to discuss the results.

To participate on this call, U.S. callers may dial toll free 1-866-966-9439; callers outside the U.S. may dial direct +44 (0) 1452 555 566. The conference ID for this call is 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 16 May 2017. 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 2827550.

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”).

 

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Press Release, 3 May 2017

 

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

Non-IFRS Financial Measures

Included in these materials are certain non-IFRS financial measures, which are measures of our financial performance that are not calculated and presented in accordance with IFRS, within the meaning of applicable SEC rules. These measures are as follows: (i) EBITDA; (ii) Adjusted EBITDA; (iii) revenue on a constant currency basis, (iv) Recurring revenue; (v) Adjusted net income; (vi) Adjusted basic earnings per share and (vii) Adjusted diluted earnings per share.

Other companies may present EBITDA, Adjusted EBITDA, revenue on a constant currency basis, Recurring revenue, Adjusted net income, Adjusted basic earnings per share and Adjusted diluted earnings per share differently than we do. Each of these measures are not measures of financial performance under IFRS and should not be considered as an alternative to operating income or as a measure of liquidity or an alternative to Profit for the period attributable to shareholders (“net income”) as indicators of our operating performance or any other measure of performance implemented in accordance with IFRS.

EBITDA, Adjusted EBITDA, revenue on a constant currency basis and Recurring revenue

We define EBITDA as net income plus income tax expense, net finance expense, depreciation, amortisation and impairment of assets.

 

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Press Release, 3 May 2017

 

We define Adjusted EBITDA as EBITDA adjusted for the following items, which may occur in any period, and which management believes are not representative of our operating performance:

 

    Share-based payments – primarily the fair value at the date of grant to employees of equity awards, are recognised as an employee expense over the vesting period. 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 recognised 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 are not reflective of our business activities and our on-going operating performance.

In certain circumstances, we may also adjust for other items that management believes are not representative of our current on-going 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.

We define Recurring revenue as revenue incurred monthly from colocation, connectivity and associated power charges, office space, amortized set-up fees 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.

 

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Press Release, 3 May 2017

 

We believe EBITDA, Adjusted EBITDA and Recurring revenue provide useful supplemental information to investors regarding our on-going operational performance. These measures help us and our investors evaluate the on-going operating performance of the business after removing the impact of our capital structure (primarily interest expense) and our asset base (primarily depreciation and amortisation). Management believes that the presentation of Adjusted EBITDA, 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 EBITDA and Adjusted EBITDA facilitates comparisons between us and other data centre operators (including other data centre operators that are REITs) and other infrastructure based businesses. EBITDA and Adjusted EBITDA are also relevant measures used in the financial covenants of our €100.0 million revolving facility and our 6.00% Senior Secured Notes due 2020.

A reconciliation from net income to EBITDA and EBITDA to Adjusted EBITDA is provided in the tables attached to this press release. EBITDA, Adjusted EBITDA and other key performance indicators may not be indicative of our historical results of operations, nor are they meant to be predictive of future results.

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 ongoing operational performance because it helps us and our investors evaluate the ongoing operating performance of the business after removing the impact of currency exchange rates.

 

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Press Release, 3 May 2017

 

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 recognised in the period in which such gains or losses are incurred. We exclude these effects because we believe they are not reflective of our on-going operating performance.

 

    Adjustments related to provisions – these adjustments are made for adjustments in provisions that are not reflective of the on-going operating performance of Interxion. These adjustments may include changes in provisions for onerous lease contracts.

 

    Adjustments related to capitalised interest – Under IFRS we are required to calculate and capitalise interest allocated to the investment in data centres and exclude it from net income. We believe that reversing the impact of capitalised 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 items that management believes are not representative of our current on-going 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.

 

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Press Release, 3 May 2017

 

Management believe 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 (loss) prepared in accordance with IFRS is beneficial to a complete understanding of our performance.

Adjusted basic earnings per share and Adjusted diluted earnings per share amounts are determined on Adjusted net income. A reconciliation from reported net income to Adjusted net income is provided in the tables attached to this press release.

Interxion does not provide forward-looking estimates of net income, operating income, depreciation, amortisation, and impairments, share-based payments, M&A transaction costs or increase/decrease in provision for onerous lease contracts, and income from sub-leases of 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.

-ENDS-

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 45 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.

 

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Press Release, 3 May 2017

 

With over 600 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.

Contact information:

Interxion

Jim Huseby

Investor Relations

Tel: +1-813-644-9399

IR@interxion.com

This announcement contains inside information under Regulation (EU) 596/2014 (16 April 2014).

 

1  Recurring revenue is 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.
2  Adjusted net income (or ‘Adjusted earnings’) and Adjusted EBITDA are non-IFRS figures intended to adjust for certain items and are not measures of financial performance under IFRS. Complete definitions can be found in the “Non-IFRS Financial Measures” section in this press release. Reconciliations of net income to Adjusted EBITDA and Net income to Adjusted net income can be found in the financial tables later in this press release.
3  Capital expenditures, including intangible assets, represent payments to acquire property, plant, 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.
4  Equipped space and Revenue generating space (and other metrics derived from these) exclude Interxion Science Park, which was acquired on 24 February 2017.
5  We present constant currency information 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.

 

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Press Release, 3 May 2017

 

INTERXION HOLDING NV

CONDENSED CONSOLIDATED INCOME STATEMENTS

(in €‘000 — except per share data and where stated otherwise)

(unaudited)

 

     Three Months Ended  
     Mar-31
2017
    Mar-31
2016
 

Revenue

     113,950       102,000  

Cost of sales

     (44,096     (39,119
  

 

 

   

 

 

 

Gross Profit

     69,854       62,881  

Other income

     27       98  

Sales and marketing costs

     (7,925     (7,724

General and administrative costs

     (37,557     (32,386
  

 

 

   

 

 

 

Operating income

     24,399       22,869  

Net finance expense

     (10,287     (7,958
  

 

 

   

 

 

 

Profit or loss before income taxes

     14,112       14,911  

Income tax expense

     (3,300     (4,692
  

 

 

   

 

 

 

Net income

     10,812       10,219  
  

 

 

   

 

 

 

Basic earnings per share (b) : (€)

     0.15       0.15  

Diluted earnings per share (c) : (€)

     0.15       0.14  

Number of shares outstanding at the end of the period (shares in thousands)

     71,015       70,158  

Weighted average number of shares for Basic EPS (shares in thousands)

     70,777       70,011  

Weighted average number of shares for Diluted EPS (shares in thousands)

     71,415       70,975  
     As at  
Capacity metrics    Mar-31
2017
    Mar-31
2016
 

Equipped space (in square meters) (a)

     114,100       101,600  

Revenue generating space (in square meters) (a)

     89,800       80,400  

Utilization rate

     79     79

 

(a) Equipped space and Revenue generating space (and other metrics derived from these) exclude Interxion Science Park, which was acquired on February 24, 2017.
(b) Basic earnings per share are calculated as Net income divided by the Weighted average number of shares for Basic EPS.
(c) Diluted earnings per share are calculated as Net income divided by the Weighted average number of shares for Diluted EPS.

 

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INTERXION HOLDING NV

NOTES TO CONDENSED CONSOLIDATED INCOME STATEMENTS: SEGMENT INFORMATION

(in €‘000 — except where stated otherwise)

(unaudited)

 

     Three Months Ended  
     Mar-31     Mar-31  
     2017     2016  

Consolidated

    

Recurring revenue

     108,275       97,211  

Non-recurring revenue

     5,675       4,789  
  

 

 

   

 

 

 

Revenue

     113,950       102,000  
  

 

 

   

 

 

 

Net income

     10,812       10,219  

Net income margin

     9.5     10.0
  

 

 

   

 

 

 

Operating income

     24,399       22,869  

Operating income margin

     21.4     22.4
  

 

 

   

 

 

 

Adjusted EBITDA

     51,336       45,920  
  

 

 

   

 

 

 

Gross profit margin

     61.3     61.6

Adjusted EBITDA margin

     45.1     45.0

Total assets

     1,570,719       1,253,886  

Total liabilities

     1,006,026       738,881  

Capital expenditure, including intangible assets(a)

     (54,757     (50,002

France, Germany, the Netherlands, and the UK

    

Recurring revenue

     69,997       62,266  

Non-recurring revenue

     3,382       3,276  
  

 

 

   

 

 

 

Revenue

     73,379       65,542  

Operating income

     23,987       21,682  

Operating income margin

     32.7     33.1
  

 

 

   

 

 

 

Adjusted EBITDA

     40,168       36,181  
  

 

 

   

 

 

 

Gross profit margin

     61.9     62.4

Adjusted EBITDA margin

     54.7     55.2

Total assets

     1,097,804       876,049  

Total liabilities

     227,539       187,441  

Capital expenditure, including intangible assets(a)

     (35,064     (36,757

Rest of Europe

    

Recurring revenue

     38,278       34,945  

Non-recurring revenue

     2,293       1,513  
  

 

 

   

 

 

 

Revenue

     40,571       36,458  
  

 

 

   

 

 

 

Operating income

     16,710       15,267  

Operating income margin

     41.2     41.9
  

 

 

   

 

 

 

Adjusted EBITDA

     23,654       21,515  
  

 

 

   

 

 

 

Gross profit margin

     66.8     66.9

Adjusted EBITDA margin

     58.3     59.0

Total assets

     372,522       317,481  

Total liabilities

     79,121       56,436  

Capital expenditure, including intangible assets(a)

     (16,216     (10,282

 

Corporate and other

    

Operating income

     (16,298     (14,080
  

 

 

   

 

 

 

Adjusted EBITDA

     (12,486     (11,776
  

 

 

   

 

 

 

Total assets

     100,393       60,356  

Total liabilities

     699,366       495,004  

Capital expenditure, including intangible assets(a)

     (3,477     (2,963

 

(a) 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.

 

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INTERXION HOLDING NV

NOTES TO CONDENSED CONSOLIDATED INCOME STATEMENTS: ADJUSTED EBITDA RECONCILIATION

(in €‘000 — except where stated otherwise)

(unaudited)

 

     Three Months Ended  
     Mar-31     Mar-31  
     2017     2016  

Reconciliation to Adjusted EBITDA

    

Consolidated

    

Net income

     10,812       10,219  

Income tax expense

     3,300       4,692  
  

 

 

   

 

 

 

Profit before taxation

     14,112       14,911  

Net finance expense

     10,287       7,958  
  

 

 

   

 

 

 

Operating income

     24,399       22,869  

Depreciation, amortisation and impairments

     24,183       21,478  
  

 

 

   

 

 

 

EBITDA(1)

     48,582       44,347  

Share-based payments

     2,008       1,442  

Income or expense related to the evaluation and execution of potential mergers or acquisitions M&A transaction costs(2)

     773       229  

Items related to terminated or unused data centre sites:

    

Items related to sub-leases on unused data centre sites(3)

     (27     (98
  

 

 

   

 

 

 

Adjusted EBITDA(1)

     51,336       45,920  
  

 

 

   

 

 

 

France, Germany, the Netherlands, and the UK

    

Operating income

     23,987       21,682  

Depreciation, amortisation and impairments

     15,898       14,292  
  

 

 

   

 

 

 

EBITDA(1)

     39,885       35,974  

Share-based payments

     310       305  

Items related to terminated or unused data centre sites:

    

Items related to sub-leases on unused data centre sites(3)

     (27     (98
  

 

 

   

 

 

 

Adjusted EBITDA(1)

     40,168       36,181  
  

 

 

   

 

 

 

Rest of Europe

    

Operating income

     16,710       15,267  

Depreciation, amortisation and impairments

     6,958       6,144  
  

 

 

   

 

 

 

EBITDA(1)

     23,668       21,411  

Share-based payments

     (14     104  
  

 

 

   

 

 

 

Adjusted EBITDA(1)

     23,654       21,515  
  

 

 

   

 

 

 

Corporate and Other

    

Operating income

     (16,298     (14,080

Depreciation, amortisation and impairments

     1,327       1,042  
  

 

 

   

 

 

 

EBITDA(1)

     (14,971     (13,038

Share-based payments

     1,712       1,033  

Income or expense related to the evaluation and execution of potential mergers or acquisitions M&A transaction costs(2)

     773       229  
  

 

 

   

 

 

 

Adjusted EBITDA(1)

     (12,486     (11,776
  

 

 

   

 

 

 

 

(1) “EBITDA” and “Adjusted EBITDA” are non-IFRS financial measures within the meaning of the rules of the SEC. See “Non-IFRS Financial Measures” for more information on these measures, including why we believe that these supplemental measures are useful, and the limitations on the use of these supplemental measures.
(2) “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”. In the quarter ended 31 March 2017, M&A transaction costs included €0.8 million related to other activity including the evaluation of potential asset acquisitions.
(3) “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’.

 

15


LOGO

Press Release, 3 May 2017

 

INTERXION HOLDING NV

CONDENSED CONSOLIDATED BALANCE SHEET

(in €‘000 — except where stated otherwise)

(unaudited)

 

     As at  
     Mar-31     Dec-31  
     2017     2016  

Non-current assets

    

Property, plant and equipment

     1,208,984       1,156,031  

Intangible assets

     58,922       28,694  

Goodwill

     40,246       —    

Deferred tax assets

     24,204       20,370  

Other investments

     1,958       1,942  

Other non-current assets

     13,243       11,914  
  

 

 

   

 

 

 
     1,347,557       1,218,951  

Current assets

    

Trade receivables and other current assets

     150,621       147,821  

Cash and cash equivalents

     72,541       115,893  
  

 

 

   

 

 

 
     223,162       263,714  
  

 

 

   

 

 

 

Total assets

     1,570,719       1,482,665  
  

 

 

   

 

 

 

Shareholders’ equity

    

Share capital

     7,101       7,060  

Share premium

     524,221       519,604  

Foreign currency translation reserve

     10,413       9,988  

Hedging reserve, net of tax

     (214     (243

Accumulated profit

     23,172       12,360  
  

 

 

   

 

 

 
     564,693       548,769  

Non-current liabilities

    

Other non-current liabilities

     14,498       11,718  

Deferred tax liabilities

     19,764       9,628  

Borrowings

     723,012       723,975  
  

 

 

   

 

 

 
     757,274       745,321  

Current liabilities

    

Trade payables and other liabilities

     185,574       171,399  

Income tax liabilities

     6,909       5,694  

Borrowings

     56,269       11,482  
  

 

 

   

 

 

 
     248,752       188,575  
  

 

 

   

 

 

 

Total liabilities

     1,006,026       933,896  
  

 

 

   

 

 

 

Total liabilities and shareholders’ equity

     1,570,719       1,482,665  
  

 

 

   

 

 

 

 

16


LOGO

Press Release, 3 May 2017

 

INTERXION HOLDING NV

NOTES TO THE CONDENSED CONSOLIDATED BALANCE SHEET: BORROWINGS

(in €‘000 — except where stated otherwise)

(unaudited)

 

     As at  
     Mar-31     Dec-31  
     2017     2016  

Borrowings net of cash and cash equivalents

    

Cash and cash equivalents

     72,541       115,893  
  

 

 

   

 

 

 

6.00% Senior Secured Notes due 2020(a)

     629,032       629,327  

Mortgages

     53,897       54,412  

Financial leases

     51,577       51,718  

Other borrowings

     44,775       —    
  

 

 

   

 

 

 

Borrowings excluding Revolving Facility deferred financing costs

     779,281       735,457  
  

 

 

   

 

 

 

Revolving Facility deferred financing costs(b)

     (355     (426
  

 

 

   

 

 

 

Total borrowings

     778,926       735,031  
  

 

 

   

 

 

 

Borrowings net of cash and cash equivalents

     706,385       619,138  
  

 

 

   

 

 

 

 

(a) €625 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.
(b) Deferred financing costs of €0.4 million as of 31 March 2017 were incurred in connection with the €100 million revolving facility.

 

17


LOGO

Press Release, 3 May 2017

 

INTERXION HOLDING NV

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in €‘000 — except where stated otherwise)

(unaudited)

 

     Three Months Ended  
     Mar-31     Mar-31  
     2017     2016(b)  

Net income

     10,812       10,219  

Depreciation, amortisation and impairments

     24,183       21,478  

Provision for onerous lease contracts

     —         (880

Share-based payments

     1,041       1,401  

Net finance expense

     10,287       7,958  

Income tax expense

     3,300       4,692  
  

 

 

   

 

 

 
     49,623       44,868  

Movements in trade receivables and other assets

     2,804       5,041  

Movements in trade payables and other liabilities

     10,529       506  
  

 

 

   

 

 

 

Cash generated from operations

     62,956       50,415  

Interest and fees paid(a)

     (18,450     (14,362

Interest received

     (61     7  

Income tax paid

     (2,831     (1,054
  

 

 

   

 

 

 

Net cash flows from / (used in) operating activities

     41,614       35,006  

Cash flows from investing activities

    

Purchase of property plant and equipment

     (52,923     (47,446

Financial investments - deposits

     (218     748  

Acquisition Interxion Science Park B.V.

     (77,517     —    

Purchase of intangible assets

     (1,834     (2,556
  

 

 

   

 

 

 

Net cash flows from / (used in) investing activities

     (132,492     (49,254

Cash flows from financing activities

    

Proceeds from exercised options

     3,547       1,926  

Repayment of mortgages

     (548     (320

Proceeds from revolving credit facilities

     74,775       —    

Repayment Revolving facilities

     (30,000     —    
  

 

 

   

 

 

 

Net cash flows from / (used in) financing activities

     47,774       1,606  

Effect of exchange rate changes on cash

     (248     (552
  

 

 

   

 

 

 

Net increase / (decrease) in cash and cash equivalents

     (43,352     (13,194

Cash and cash equivalents, beginning of period

     115,893       53,686  
  

 

 

   

 

 

 

Cash and cash equivalents, end of period

     72,541       40,492  
  

 

 

   

 

 

 

 

(a) Interest and fees paid is reported net of cash interest capitalised, which is reported as part of “Purchase of property, plant and equipment”.
(b) The collaterized cash has been reclassified from ”Cash and cash equivalents” to ”Other current assets” and ”Other non-current assets”. The impact on the consolidated statement of cash flows has been presented in investing cash flows. Comparative figures have been adjusted accordingly.

 

18


LOGO

Press Release, 3 May 2017

 

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  
     Mar-31
2017
    Mar-31
2016
 

Net income - as reported

     10,812       10,219  

Add back

    

+ M&A transaction costs

     773       229  
  

 

 

   

 

 

 
     773       229  

Reverse

    

- Interest capitalised

     (912     (465
  

 

 

   

 

 

 
     (912     (465

Tax effect of above add backs & reversals

     35       59  
  

 

 

   

 

 

 

Adjusted net income

     10,708       10,042  
  

 

 

   

 

 

 

Reported basic EPS: (€)

     0.15       0.15  

Reported diluted EPS: (€)

     0.15       0.14  

Adjusted basic EPS: (€)

     0.15       0.14  

Adjusted diluted EPS: (€)

     0.15       0.14  

 

19


LOGO

Press Release, 3 May 2017

 

INTERXION HOLDING NV

Status of Announced Expansion Projects as at 3 May 2017

with Target Open Dates after 1 January 2017

 

Market

  

Project

  

CAPEX (a)(b)

(€ million)

  

Equipped

Space (a)

(sqm)

  

Target Opening Dates

Amsterdam

   AMS 8: Phases 1 - 2 New Build    50    2,800    4Q 2016 -1Q 2017(c)

Copenhagen

   CPH2: Phase 2    15    600    1Q 2017 - 3Q 2017(d)

Frankfurt

   FRA 11: Phases 1 - 4 New Build    95    4,800    4Q 2017 - 2Q 2018 (e)

Frankfurt

   FRA 12: New Build    19    1,100    4Q 2017

London

   LON3: New Build    35    1,800    3Q 2018

Marseille

   MRS 1: Phase 3    20    1,400    1Q 2017 - 2Q 2017 (f)

Paris

   PAR7: Phase 2    37    2,100    4Q 2016 - 3Q 2017 (g)

Stockholm

   STO5: Phase 1 New Build    11    600    3Q 2017

Vienna

   VIE 2: Phase 6    23    1,400    3Q 2016 - 2Q 2017 (h)

Total

      €305    16,600   

 

(a) CAPEX and Equipped space are approximate and may change. Figures are rounded to nearest 100 sqm unless otherwise noted. 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 the duration of more than one fiscal year.
(c) Phase 1 (1,500 square metres) became operational in 4Q 2016. Phase 2 (1,300 square metres) became operational in 1Q 2017.
(d) 300 square metres became operational in 1Q 2017; another 200 square metres is scheduled to become availble in 3Q 2017.
(e) Phases 1 and 2 (1,200 square metres each) are scheduled to become operational in 4Q 2017; phases 3 & 4 (1,200 square metres each) are scheduled to become operational in 2Q 2018.
(f) 600 square metres became operational in 2Q 2017; another 800 square metres is scheduled to become operational in 2Q 2017.
(g) 1,100 square metres became operational in 1Q 2017; another 600 square metres is scheduled to become available in 3Q 2017.
(h) 300 sqm became operational in 3Q 2016; another 1,100 square metres is scheduled to become operational in 2Q 2017.

 

20

EX-99.2

Slide 1

1Q 2017 Earnings Conference Call NYSE: INXN 3 May 2017 Exhibit 99.2


Slide 2

This document includes forward-looking statements. All statements other than statements of historical fact included in this document regarding our business, financial condition, results of operations and certain of our plans, objectives, assumptions, projections, expectations or beliefs with respect to these items and statements regarding other future events or prospects, are forward-looking statements. These statements include, without limitation, those concerning: our strategy and our ability to achieve it; expectations regarding sales, profitability and growth; plans for the construction of new data centres; our possible or assumed future results of operations; research and development, capital expenditure and investment plans; adequacy of capital; and financing plans. The words “aim,” “may,” “will,” “expect,” “anticipate,” “believe,” “future,” “continue,” “help,” “estimate,” “plan,” “schedule,” “intend,” “should,” “shall” or the negative or other variations thereof as well as other statements regarding matters that are not historical fact, are or may constitute forward-looking statements. In addition, this document includes forward-looking statements relating to our potential exposure to various types of market risks, such as foreign exchange rate risk, interest rate risks and other risks related to financial assets and liabilities. We have based these forward-looking statements on our management’s current view with respect to future events and financial performance. These views reflect the best judgment of our management but involve a number of risks and uncertainties which could cause actual results to differ materially from those predicted in our forward-looking statements and from past results, performance or achievements. Although we believe that the estimates reflected in the forward-looking statements are reasonable, such estimates may prove to be incorrect. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements. These factors include, among other things: operating expenses cannot be easily reduced in the short term; inability to utilise the capacity of newly planned data centres and data centre expansions; significant competition; cost and supply of electrical power; data centre industry over-capacity; and performance under service level agreements. All forward-looking statements included in this document are based on information available to us on the date of this document. The Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by applicable law. All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements contained throughout this document. This document contains references to certain non-IFRS financial measures, such as EBITDA, adjusted EBITDA, recurring revenue, adjusted net income, adjusted diluted earnings per share. For definitions of these measures and a reconciliation of these measures to the nearest IFRS-measure, please refer to the appendix. Certain financial and other information presented in this document has not been audited or reviewed by our independent auditors. Certain numerical, financial data, other amounts and percentages in this document may not sum due to rounding. In addition, certain figures in this document have been rounded to the nearest whole number. Disclaimer


Slide 3

Strategic & Operational Highlights David Ruberg – Chief Executive Officer


Slide 4

Financial Execution Total revenue grew 12% Y/Y 13% Y/Y constant currency Recurring revenue grew 11% Y/Y Adjusted EBITDA grew 12% Y/Y Adjusted EBITDA margin increased by 10 bps Y/Y to 45.1% Capital expenditure of €54.8 million including intangibles Acquired Interxion Science Park for €77.5 million Operational Execution Added 3,300 sqm of new equipped space(1) Opened expansions in Amsterdam, Marseille, Paris, and Copenhagen. Remaining projects in 7 markets on schedule Revenue generating space grew 12% Y/Y(1) Utilisation rate(2) at 79% 1Q 2017 Performance Strong Financial and Operational Execution Continues Excludes acquisition of the Interxion Science Park for €77.5 million in 1Q 2017. Excludes Science Park.


Slide 5

42 Quarters of Continued Revenue and Adjusted EBITDA Growth 1Q Revenue €113.9 million Grew 12% Y/Y and 3% Q/Q 1Q Recurring revenue €108.3 million Grew 11% Y/Y and 5% Q/Q 95% of total revenue 1Q Adjusted EBITDA €51.3 million Grew 12% Y/Y and 4% Q/Q 1Q Adjusted EBITDA margin 45.1% 1Q 2017 Financial Highlights Adjusted EBITDA & Margin (€ millions) 45.9% 45.1% 45.0% Margin 45.5% Revenue (€ millions) Non- recurring revenue Recurring revenue €102.0 €104.0 €105.3 €110.5 €113.9 44.6%


Slide 6

Equipped space of 114,100 sqm(1) 3,300 sqm added in the quarter(2) Revenue generating space of 89,800 sqm(1) 2,600 sqm installed in the quarter(2) Utilisation rate of 79%(1) 1Q 2017 Operational Highlights Equipped & Revenue Generating Space(1) (1,000’s sqm) 101.6 104.2 107.8 Available Equipped space Revenue generating space 78% 79% 79% Utilisation 78% 110.8 80.4 81.6 84.1 87.2 114.1 89.8 79% Excludes Interxion Science Park. Excludes acquisition of the Interxion Science Park for €77.5 million in 1Q 2017.


Slide 7

Completed expansions: AMS8: opened ~1,300 sqm MRS1: opened ~600 sqm PAR7: opened ~1,100 sqm CPH2: opened ~300 sqm Expansions totaling approximately 11,200 sqm opening in 2Q 2017 through mid-2018 Expanding Facilities To Support Customer Demand Note: Totals may not add due to rounding. As of 3 May 2017. CapEx and Equipped Space are approximate and may change. CapEx reflects the total spend for the listed project 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. Announced Projects With Current or Pending Expansions(1) (See Appendix for further information)


Slide 8

Communities Of Interest Delivers Significant Customer Value 11% 10% 10% Connectivity Providers Cloud Providers Systems Integrators Financial Services Digital Media / CDNs Enterprises 9% 30% 31% Data / End-user applications Platforms Note: Totals may not add to 100% due to rounding.


Slide 9

Financial Highlights Josh Joshi – Chief Financial Officer


Slide 10

Revenue grew 12% Y/Y and 3% Q/Q Constant currency revenue grew 13% Y/Y and 3% Q/Q GBP approximately 9% of 1Q 2017 total revenue Gross profit margin increased to 61.3% Q/Q Adjusted EBITDA margin increased to 45.1% Recurring ARPU(2) increased to €405 1Q 2017 Results Adjusted EBITDA, Adjusted net income, and Adjusted earnings per share (diluted) are non-IFRS figures intended to adjust for certain items. Full definitions can be found on the “Definitions” section in this slide deck. Reconciliations of Adjusted EBITDA and Adjusted net income to Net income can be found in the financial tables later in the appendix of this slide deck. Recurring ARPU excludes Interxion Science Park.


Slide 11

Revenue grew 12% Y/Y, 3% Q/Q 13% Y/Y and 2% Q/Q organic constant currency Recurring revenue grew 12% Y/Y, 6% Q/Q Adjusted EBITDA grew 11% Y/Y, 5% Q/Q Strength in France and Germany Revenue grew 11% Y/Y, 3% Q/Q 11% Y/Y and 2% Q/Q constant currency Recurring revenue grew 10% Y/Y, 3% Q/Q Adjusted EBITDA grew 10% Y/Y, 4% Q/Q Strength in Austria, Spain, and Sweden 1Q 2017 Reporting Segment Analysis Note: Analysis excludes “Corporate & Other” segment. 55.2% 55.8% 55.0% 59.0% 57.3% 58.3% France, Germany, Netherlands & UK Rest of Europe Revenue Adjusted EBITDA Adjusted EBITDA margin (€ millions) 53.9% 57.5% 58.3% 54.7%


Slide 12

Disciplined Investments(1) 78% 78% 79% Utilisation 79% 64% of capex invested in Big 4 93% of capex invested in discretionary expansion projects Maintenance & other capex was 4% of total revenue Excludes acquisition of the Interxion Science Park for €77.5 million in 1Q 2017. Inclusive of Intangibles. (1) 79% (2)


Slide 13

€130 million of funding availability under credit facilities €30 million available from new €75 million senior secured revolving facility setup in 1Q 17 €100 million RCF remains undrawn Acquired Interxion Science Park data centre business for €77.5 million 5.5% blended cost of debt 1Q 2017 LTM Cash ROGIC 11% Pro forma for Interxion Science Park(4): Gross leverage ratio is 3.9x Net leverage ratio is 3.5x Strong Balance Sheet Total Borrowings = 6.00% Senior Secured Notes due 2020 including premium on additional issue and are shown after deducting underwriting discounts and commissions, offering fees and expenses + Mortgages + Financial Leases + Revolving facilities borrowings + Other Borrowings – Revolving facility deferred financing costs. Gross Leverage Ratio =  (6.00% Senior Secured Notes due 2020 at face value + Mortgages + Financial Leases + Revolving facilities borrowings+ Other Borrowings)  /  LTM Adjusted EBITDA. Net Leverage Ratio = (6.00% Senior Secured Notes due 2020 at face value + Mortgages + Financial Leases + Revolving facilities balance + Other Borrowings – Cash & Cash Equivalents)  /  LTM Adjusted EBITDA. LTM Adjusted EBITDA pro forma for Interxion Science Park.


Slide 14

34 fully built-out data centres(1)(2) Space fully equipped Some power upgrades yet to come As of 1 January 2016 84,200 sqm of equipped space 82% utilisation 7% LTM recurring revenue growth 23% annual cash return Disciplined Investments Drive Strong Returns Fully built-out data centre: a data centre for which materially all equippable space is equipped as of 1 January 2016. However, note, future power upgrades can further increase the capacity of a fully built out data centre. 34 fully built-out data centres as at 1 January 2016: AMS1, AMS3, AMS4, AMS5, AMS6, AMS7, BRU1, CPH1, DUB1, DUB 2, DUS1, FRA1, FRA2, FRA3, FRA4, FRA5, FRA6, FRA7, FRA8, FRA9, LON1, LON2, MAD1, MAD2, PAR1, PAR2, PAR3, PAR4, PAR5, PAR6, STO1, STO3, STO4 and VIE1. Represents total cumulative investments in Data Centre Assets, including freehold land and buildings, infrastructure and equipment, and Intangible assets including goodwill, as at 31 Mar 2017. Q1 2017 LTM Returns (€ millions)


Slide 15

Business Commentary Outlook & Concluding Remarks David Ruberg – Chief Executive Officer


Slide 16

Italy France Data Centre Demand by Cloud Service Providers US Germany UK Netherlands Nordics Ireland Austria Switzerland Belgium Poland Balkans Cloud Adoption Trends 90% of enterprises are migrating to the cloud 10-15% of workloads have migrated so far Early adopters: digital media, SaaS Mainstream adopters: consumer retail, energy, automotive Deliberate adopters: healthcare, banking, government Spain Russia CSP Infrastructure Roll Out Large countries targeted earlier in the cycle Small countries prioritized based on GDP and gateway potential Europe trailing the US by 18-24 months Overall opportunity estimated at 70-80% of US at full maturity Source: IHS & Interxion Gateway market with Interxion presence Interxion presence No Interxion presence


Slide 17

Enterprise Adoption of Colocated Hybrid Cloud Phase 1 Capture the platforms with the highest magnetic potential Phase 2 Create the cloud community of interest with MSP’s and SI’s Phase 3 Expand the community of interest with enterprise deployments Enterprises Hybrid Cloud Private Cloud Public Cloud Cloud Providers


Slide 18

Guidance for 2017 Revenue €468m – €483m Adjusted EBITDA(1) €212m – €222m Capital Expenditures(2) €250m – €270m Adjusted EBITDA is a non-IFRS measure intended to adjust for certain items. The definition of Adjusted EBITDA can be found on the “Definitions” section in this slide deck. A reconciliations of Adjusted EBITDA can be found in the financial tables later in the appendix of this slide deck. Excludes acquisition of the Interxion Science Park for €77.5 million in 1Q 2017.


Slide 19

Questions & Answers


Slide 20

Appendix


Slide 21

Track Record Of Execution CAGR calculated as 1Q17 vs. 1Q10. Big 4 % defined as percentage of total revenue from France, Germany, Netherlands, and UK reporting segment. Adjusted EBITDA margin calculated as Adjusted EBITDA divided by Revenue. CAGR(1) = 13% CAGR(1) = 17% Adjusted EBITDA Margin(3) 36% 39% 38% 38% 38% 39% 40% 42% 42% 41% 41% 43% 43% 43% 43% 43% 43% 43% 43% 43% 44% 44% 45% 45% 45% 46% 46% 45% 45% Y/Y Growth 18% 19% 25% 23% 21% 19% 13% 16% 14% 13% 14% 13% 13% 13% 11% 7% 8% 9% 11% 15% 15% 14% 13% 12% 10% 9% 7% 10% 12% Big 4 %(2) 60% 60% 60% 58% 60% 60% 59% 62% 61% 62% 62% 62% 63% 63% 62% 63% 63% 62% 63% 63% 63% 63% 65% 64% 64% 64% 65% 64% 64%


Slide 22

Illustrative ARPU Development ARPU increases over time as IT workloads increase: Customers initially contract for space and modest power reservation(1) As workloads increase, larger power reservation fees are required and energy consumption increases Revenue grows from space, power reservation, and energy consumption over time As data centres fill with customers: Revenue mix initially tilted toward space As space becomes more fully utilised, revenue growth from power reservation and energy consumption can continue Power reservation is the fee for infrastructure power (cooling, power distribution, etc.). Customer ARPU Development Data Centre Recurring Revenue Development Power Reservation & Energy Consumption Space Installed


Slide 23

Historical Financial Results Note: Figures rounded to nearest net € 0.1 Million. Totals may not add due to rounding. Includes €6.9 million, €3.9 million, €0.5 million, €0.6 million, €0.2 million, €0.5 million, €0.9 million, €0.8 million, and €0.8 million of M&A transaction cost in 1Q15, 2Q15, 3Q15, 4Q15, 1Q16, 2Q16, 3Q16, 4Q16, and 1Q17 , respectively; also includes € 20.9 million M&A transaction break fee income in 2Q15. Includes gain on sale of financial asset. € in millions (except as noted) 2015 2016 2017 2015 2016 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q FY FY Recurring revenue 87.1 90.3 92.8 95.1 97.2 99.3 100.0 103.4 108.3 365.2 400.0 Non-recurring revenue 5.4 5.2 5.2 5.6 4.8 4.7 5.3 7.1 5.7 21.4 21.8 Total revenue 92.5 95.4 98.0 100.7 102.0 104.0 105.3 110.5 113.9 386.6 421.8 Gross profit 56.2 57.8 59.5 61.4 62.9 64.4 64.5 67.5 69.9 234.9 259.2 Gross profit margin 60.8% 60.5% 60.7% 61.1% 61.6% 61.9% 61.3% 61.1% 61.3% 60.8% 61.5% Adj EBITDA 40.6 42.0 43.7 44.9 45.9 47.3 48.3 49.3 51.3 171.3 190.9 Adj EBITDA margin 43.9% 44.0% 44.6% 44.6% 45.0% 45.5% 45.9% 44.6% 45.1% 44.3% 45.3% Net profit / (loss) 4.4(1) 21.6(1) 10.4(1)(2) 12.1(1) 10.2(1) 9.2(1) 10.5(1)(2) 10.0(1) 10.8(1) 48.6(1)(2) 39.9(1)(2) CapEx paid 67.6 47.8 35.3 42.0 50.0 62.6 64.5 73.8 54.8 192.6 250.9 Expansion / upgrade 64.2 44.3 30.4 36.9 45.3 56.3 58.8 68.2 49.0 175.7 228.8 Maintenance & other 1.1 2.6 3.0 3.6 2.1 4.4 2.2 4.5 4.0 10.4 13.2 Intangibles 2.3 0.9 1.9 1.5 2.6 1.9 3.5 1.0 1.8 6.5 8.9 Cash generated from operations 34.2(1) 54.1(1) 43.0(1) 38.1(1) 50.4(1) 39.3(1) 43.5(1) 50.2(1) 63.0(1) 169.4(1) 183.4(1) Gross PP&E 1,308.8 1,350.2 1,375.6 1,418.7 1,457.2 1,541.2 1,579.7 1,651.1 1.728.5 1,418.7 1,651.1 Gross intangible assets 30.5 33.6 35.1 34.6 36.5 38.1 43.2 42.3 113.3 34.6 42.3 LTM Cash ROGIC 12% 12% 12% 12% 12% 11% 12% 11% 11% 12% 11%


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Historical Segment Financial Results Note: Figures rounded to nearest net € 0.1 Million. Totals may not add due to rounding. € in millions (except as noted) 2015 2016 2017 2015 2016 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q FY FY Big 4 Recurring revenue 55.0 57.3 59.5 60.9 62.3 63.8 63.8 66.2 70.0 232.6 256.0 Non-recurring revenue 3.6 3.0 3.8 3.9 3.3 2.6 3.1 4.8 3.4 14.3 13.8 Total revenue 58.6 60.3 63.2 64.8 65.5 66.4 66.9 71.0 73.4 246.9 269.8 Gross profit margin 62.0% 62.6% 62.3% 62.0% 62.4% 63.4% 62.6% 62.0% 61.9% 62.2% 62.6% Adj EBITDA 31.4 33.2 34.9 34.8 36.2 37.0 36.8 38.2 40.2 134.3 148.2 Adj EBITDA margin 53.5% 55.1% 55.2% 53.7% 55.2% 55.8% 55.0% 53.9% 54.7% 54.4% 54.9% Rest of Europe Recurring revenue 32.1 33.0 33.3 34.2 35.0 35.6 36.2 37.3 38.3 132.6 144.0 Non-recurring revenue 1.8 2.2 1.5 1.7 1.5 2.1 2.2 2.2 2.3 7.1 8.1 Total revenue 33.9 35.1 34.8 35.9 36.5 37.6 38.4 39.5 40.6 139.6 152.0 Gross profit margin 64.6% 63.6% 64.3% 65.9% 66.9% 65.8% 65.2% 64.3% 66.8% 64.6% 65.9% Adj EBITDA 19.0 19.3 19.8 20.8 21.5 21.6 22.4 22.7 23.7 78.9 88.2 Adj EBITDA margin 56.0% 55.1% 56.9% 57.9% 59.0% 57.3% 58.3% 57.5% 58.3% 56.5% 58.0% Corporate & Other Adj EBITDA (9.7) (10.6) (11.0) (10.7) (11.8) (11.2) (10.8) (11.7) (12.5) (41.9) (45.5)


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Historical Operating Metrics(1) Excludes acquisition of the Interxion Science Park except for “Data centres in operation”. All figures at the end of the period, except as noted. Maximum equippable customer power includes the announced maximum equippable customer power from current and announced data centres as at the date of each quarter’s respective report. Utilisation as at the end of the reporting period. Operating Metrics (excluding data centres in operation) excludes impact from Interxion Science Park. Space figures in square metres(2) Recurring ARPU in € Customer Available Power in MW(2) 2015 2016 2017 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q(4) Equipped space 94,800 98,300 100,200 101,200 101,600 104,200 107,800 110,800 114,100 Equipped space added 1,300 3,500 1,900 1,000 400 2,600 3,600 3,000 3,300 Revenue generating space 74,000 77,100 78,000 79,100 80,400 81,600 84,100 87,200 89,800 RGS added 3,000 3,100 900 1,100 1,300 1,200 2,500 3,100 2,600 Recurring ARPU 400 398 399 403 406 409 402 403 405 Utilisation (%)(3) 78% 78% 78% 78% 79% 78% 78% 79% 79% Equipped customer power 109 114 116 118 120 123 129 131 136 Maximum equippable customer power 153 154 177 179 178 178 187 187 195 Data centres in operation 39 40 40 41 41 42 42 44 45


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Scheduled Equipped Space Additions(1) Excludes acquisition of the Interxion Science Park Figures rounded to nearest net 100 sqm for each country unless otherwise noted. Totals may not add due to rounding. Future expansion additions based on announced schedule, which is subject to change; additions scheduled for the first half of the year are noted in the second quarter and additions scheduled for the second half of the year are noted in the fourth quarter. HIL1 exited in 1Q15; AMS2 exited in 1Q16. Space figures in square metres(2) 2014 2015 2016 2017E(3) 2018E 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2QE 3QE 4QE FYE Big 4 France ‒ ‒ ‒ 600  ‒ ‒ 900 ‒ ‒ ‒ 800 500 1,600 900 600 ‒ ‒ Germany  800 1,800  100 1,800  ‒  400 100 600 1,200 1,800 2,400 ‒ ‒ ‒ ‒ 3,500 2,400 Netherlands(4) 1,100 1,000 1,500 1,300  700 1,300 ‒ ‒ (700) ‒ ‒ 1,500 1,300 ‒ ‒ ‒ ‒ UK  ‒  100  100 ‒  ‒ ‒ 100 ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ 1,800 Subtotal 1,900 2,900 1,700 3,700 700 1,700 1,100 600 400 1,800 3,200 2,000 3,000 900 600 3,500 4,200 Rest of Europe Austria  ‒  ‒  ‒ 1,300  600 600 ‒ 300 ‒ ‒ 300 ‒ ‒ 1,100 ‒ ‒ ‒ Belgium  300  ‒  ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ Denmark  ‒  ‒  ‒ ‒ ‒ ‒ ‒ ‒ ‒ 500 ‒ ‒ 300 ‒ 300 ‒ ‒ Ireland  ‒  ‒  ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ 1,200 ‒ ‒ ‒ ‒ ‒ Spain   ‒  ‒  ‒ ‒ ‒ ‒ 800 ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ Sweden 500  ‒ 900 ‒ ‒ 1,100 ‒ ‒ ‒ 200 ‒ ‒ 100 ‒ 600 ‒ ‒ Switzerland  ‒ 100  ‒ ‒ ‒ 100 ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ Subtotal 800 100 900 1,300 600 1,800 800 300 ‒ 700 300 1,200 400 1,100 900 ‒ ‒ Total additional equipped space 2,800 3,100 2,600 4,900 1,300 3,500 1,900 1,000 400 2,600 3,600 3,000 3,300 2,000 1,500 3,500 4,200 13,400 Sqm in 2014 10,300 Sqm in 2017E 9,600 Sqm in 2016 7,700Sqm in 2015


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Space Analysis by Country(1) Space figures in square metres(2) Data Centres in Operation / under Construction Maximum Equippable Space in Country(3) (incl DC’s under construction) Equipped Space in Country Equipped Space Under Construction in Country(4) Unequipped Space Available for Development Big 4 France 8 28,500 21,800 1,400 5,300 Germany 14 30,200 24,200 5,900 100 Netherlands(5) 7 27,900 22,700 0 5,100 UK 3 8,700 6,900 1,900 0 Subtotal 32 95,300 75,600 9,200 10,500 Rest of Europe Austria 2 10,900 7,900 1,100 2,000 Belgium 1 5,100 5,000 0 100 Denmark 2 5,400 4,600 300 500 Ireland 3 5,800 4,600 0 1,200 Spain 2 5,700 5,700 0 0 Sweden 5 7,300 5,000 2,200 100 Switzerland 1 7,100 5,800 100 1,300 Subtotal 16 47,300 38,600 3,700 5,200 Total 48 142,500 114,100 12,900(2) 15,500 Note: Totals may not add due to rounding. As of Mar. 31, 2017. Excludes acquisition of the Interxion Science Park Figures rounded to nearest net 100 sqm for each country unless otherwise noted. Totals may not add due to rounding. Maximum Equippable Space (incl DC’s under construction) = Equipped Space + Under Construction Space + Unequipped Space. Future expansion additions based on announced schedule, which is subject to change; excludes expansions announced after the end of the period. Includes sites on owned and available land, under lease agreement, and options.


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Pan-European Data Centre Portfolio(1) Location Owned / Leased Build Out Status(2) Maximum Equippable Space (sqm)(3)(4) Location Owned / Leased Build Out Status(2) Maximum Equippable Space (sqm)(3))4) Big 4 France Netherlands MRS1 Owned Expanding 6,400 AMS1 Leased Fully 600 PAR1 Leased Fully 1,400 AMS3 Owned Fully 3,000 PAR2 Leased Fully 2,900 AMS4 Leased Fully NM (6) PAR3 Owned Fully 1,900 AMS5 Leased Fully 4,300 PAR4 Leased Fully 1,300 AMS6 Owned Fully 4,400 PAR5 Owned Fully 4,000 AMS7 Finance Lease(5) Fully 7,600 PAR6 Leased Fully 1,300 AMS8 Finance Lease Expanding 7,900 PAR7 Finance Lease (5) Expanding 9,300 UK LON1 Leased Fully 5,400 LON2 Leased Fully 1,500 LON3 Leased Under Construction 1,800 Germany DUS1 Leased Fully 3,300 FRA6 Leased Fully 2,200 DUS2 Leased Expanding 1,200 FRA7 Leased Fully 1,500 FRA1 Leased Fully 500 FRA8 Owned Fully 3,700 FRA2 Leased Fully 1,100 FRA9 Leased Fully 800 FRA3 Leased Fully 2,200 FRA10 Owned Expanding 4,800 FRA4 Leased Fully 1,400 FRA11 Owned Under Construction 4,800 FRA5 Leased Fully 1,700 FRA12 Leased Under Construction 1,100 ROE Austria   Spain       VIE1 Owned Fully 4,700 MAD1 Leased Fully 4,000 VIE2 Owned Expanding 6,200 MAD2 Leased Fully 1,700 Belgium     Sweden     BRU1 Owned Fully 5,100 STO1 Leased Fully 1,900 Denmark     STO2 Leased Expanding 1,200 CPH1 Leased Fully 3,800 STO3 Leased Fully 900 CPH2 Owned Expanding 1,600 STO4 Leased Fully 1,100 STO5 Leased Under Construction 2,200 Ireland     Switzerland     DUB1 Leased Fully 1,100 ZUR1 Leased Expanding 7,100 DUB2 Leased Fully 2,300 DUB3 Owned Expanding 2,300 Total 137,500 Note: Totals may not add due to rounding. (1) Excludes Interxion Science Park. (2) Built Out Status as at 1 January 2016, consistent with slide 15 (3) Maximum equippable space as at 31 March 2017. (4) Not included in Maximum Equippable Space, Interxion owns or leases land for data centre development in Copenhagen, Dublin, Frankfurt, Madrid, Marseille and Paris. (5) Purchase options have been exercised, though not yet closed. (6) Maximum equippable space for AMS4 is included in the maximum equippable space of AMS1. Totals: # sqm %         Owned 13 52,900 37% Finance Lease 3 24,800 17% Operating Lease 32 64,800 46% Total 48 142,500 100%


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Adjusted Net Income Reconciliation Note: Figures rounded to nearest net € 0.1 million. Totals may not add due to rounding. € in millions (except as noted) 2015 2016 2017 2015 2016 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q FY FY Net income – as reported 4.4 21.6 10.4 12.1 10.2 9.2 10.5 10.0 10.8 48.6 39.9 Add back Refinancing charges  ‒ ‒ ‒ ‒  ‒  ‒  ‒  ‒ ‒ ‒  ‒ M&A transaction costs 6.9 3.9 0.5 0.6 0.2 0.5 0.9 0.8 0.8 11.8 2.4 6.9 3.9 0.5 0.6 0.2 0.5 0.9 0.8 0.8 11.8 2.4 Reverse M&A transaction break fee income ‒ (20.9) ‒ ‒ ‒ ‒ ‒ ‒ ‒ (20.9) ‒ Profit on sale of financial asset ‒ ‒ (2.3) ‒ ‒ ‒ (0.3) ‒ ‒ (2.3) (0.3) Adjustment for onerous leases (0.1) ‒ (0.1) ‒ ‒ ‒ ‒ ‒ ‒ (0.2) ‒ Increase/(decrease) of finance lease obligation ‒ ‒ ‒ ‒ ‒ ‒ (1.4) ‒ ‒ ‒ (1.4) Increase/(decrease) in provision for site restoration ‒ ‒ ‒ ‒ ‒ ‒ ‒ (0.2) ‒ ‒ (0.2) Deferred tax asset adjustment ‒ ‒ ‒ ‒ ‒ ‒ ‒ (0.8) ‒ ‒ (0.8) Interest capitalised (0.9) (0.7) (0.4) (0.6) (0.5) (0.7) (1.3) (0.9) (0.9) (2.6) (3.4) (1.0) (21.6) (2.8) (0.6) (0.5) (0.7) (3.0) (2.0) (0.9) (26.0) (6.1) Tax effect of above add backs & reversals (1.4) 4.4 0.6 0.0 0.1 0.1 0.2 0.1 0.0 3.5 0.4 Adjusted net income 8.9 8.3 8.7 12.1 10.0 9.0 8.6 9.0 10.7 37.9 36.6 Reported Basic EPS (€) 0.06 0.31 0.15 0.17 0.15 0.13 0.15 0.14 0.15 0.70 0.57 Reported Diluted EPS (€) 0.06 0.31 0.15 0.17 0.14 0.13 0.15 0.14 0.15 0.69 0.56 Adjusted Basic EPS (€) 0.13 0.12 0.12 0.17 0.14 0.13 0.12 0.13 0.15 0.55 0.52 Adjusted Diluted EPS (€) 0.13 0.12 0.12 0.17 0.14 0.13 0.12 0.13 0.15 0.54 0.51 Reconciliation to Adjusted net income  


Slide 30

Non-IFRS Reconciliation Note: Figures rounded to nearest net € 0.1 million. Totals may not add due to rounding. (1) Includes € 31.0 million in one time charges related to debt refinancing. € in millions (except as noted) 2010 2011 2012 2013 2014 2015 2016 2017 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q Net income (4.7) 4.0 5.9 9.5 2.8 5.2 6.9 10.6 8.7 8.7 8.6 5.6 7.0 6.6 (16.5)(1) 9.8 10.4 8.3 9.0 7.4 4.4 21.6 10.4 12.1 10.2 9.2 10.5 10.0 10.8 Income tax expense / (benefit) 1.2 2.9 1.6 (3.2) 2.3 2.3 3.2 1.9 3.9 4.1 4.3 3.5 3.4 3.1 (4.1) 3.7 4.2 3.9 3.9 3.5 2.4 8.2 4.7 2.6 4.7 4.2 4.5 3.0 3.3 Profit / (loss) before taxation (3.5) 6.9 7.5 6.3 5.1 7.5 10.1 12.6 12.6 12.9 12.8 9.1 10.3 9.7 (20.6) 13.4 14.6 12.2 12.8 10.8 6.8 29.8 15.2 14.7 14.9 13.4 15.0 13.1 14.1 Net finance expense 13.5 4.8 5.1 6.1 6.6 6.0 5.3 5.0 4.4 3.9 3.8 5.7 6.5 7.3 38.1(1) 5.6 5.4 7.5 7.0 8.0 6.6 7.9 6.4 8.1 8.0 10.2 8.6 9.5 10.3 Operating profit 10.0 11.7 12.6 12.4 11.7 13.5 15.3 17.5 17.1 16.7 16.6 14.8 16.8 17.1 17.5 19.0 20.0 19.7 19.8 18.8 13.4 37.7 21.6 22.8 22.9 23.5 23.6 22.6 24.4 Depreciation, amortisation and impairments 7.2 7.5 7.8 8.6 8.5 9.6 9.1 8.4 9.7 10.2 11.0 13.1 14.0 14.9 15.2 13.5 14.0 14.9 16.0 17.3 18.2 19.6 20.3 20.2 21.5 22.0 22.1 24.2 24.2 EBITDA 17.2 19.2 20.4 21.0 20.3 23.1 24.4 25.9 26.7 27.0 27.6 27.8 30.8 32.0 32.7 32.5 34.0 34.6 35.9 36.2 31.6 57.3 41.8 43.0 44.4 45.6 45.7 46.8 48.6 Share-based payments 0.3 0.4 0.4 0.6 0.3 0.3 0.7 1.3 0.7 0.9 1.2 2.6 1.0 0.8 1.1 1.3 0.6 2.1 1.5 2.3 2.2 1.8 1.7 1.5 1.4 1.3 1.8 1.8 2.0 Increase/(decrease) in provision for onerous lease contracts 0.1 0.1 0.1 (0.1) 0.0 ‒ ‒ ‒ ‒ ‒ ‒ 0.8 ‒ ‒ - ‒ ‒ (0.8) ‒ ‒ (0.1) ‒ (0.1) ‒ ‒ ‒ ‒ ‒ ‒ IPO transaction costs ‒ ‒ ‒ ‒ 1.7 ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ - ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ M&A transaction break fee income ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ - ‒ ‒ ‒ ‒ ‒ ‒ (20.9) ‒ ‒ ‒ ‒ ‒ ‒ ‒ M&A transaction costs ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ - ‒ ‒ ‒ ‒ 0.3 6.9 3.9 0.5 0.6 0.2 0.5 0.9 0.8 0.8 Income from sub-leases on unused data centre sites (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (0.0) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (0.0) (0.0) 0.0 (0.0) Increase/(decrease) in provision for site restoration ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ (0.2) ‒ Adjusted EBITDA 17.4 19.6 20.8 21.4 22.2 23.3 25.0 27.1 27.3 27.8 28.7 31.2 31.7 32.7 33.7 33.8 34.5 35.9 37.3 38.7 40.6 42.0 43.7 44.9 45.9 47.3 48.3 49.3 51.3 Reconciliation to Adjusted EBITDA


Slide 31

Non-IFRS Reconciliation Note: Figures rounded to nearest net € 0.1 million. Totals may not add due to rounding. € in millions 2015 2016 2017 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q BIG 4 Operating profit 19.5 20.3 21.7 21.7 21.7 22.4 21.9 21.6 24.0 Depreciation, amortisation and impairments 11.7 12.5 13.1 13.0 14.3 14.5 14.8 16.5 15.9 EBITDA 31.2 32.9 34.8 34.7 36.0 36.9 36.7 38.1 39.9 Share-based payments 0.3 0.5 0.4 0.2 0.3 0.1 0.1 0.3 0.3 Increase/(decrease) in provision for onerous lease contracts (0.1) ‒ (0.1) ‒ ‒ ‒ ‒ ‒ ‒ Income from sub-leases on unused data centre sites (0.1) (0.1) (0.1) (0.1) (0.1) (0.0) (0.0) 0.0 (0.0) Increase/(decrease) in provision for site restoration ‒ ‒ ‒ ‒ ‒ ‒ ‒ (0.2) ‒ Adjusted EBITDA 31.4 33.2 34.9 34.8 36.2 37.0 36.8 38.2 40.2   ROE Operating profit 13.3 13.2 13.5 14.4 15.3 15.1 16.0 16.1 16.7 Depreciation, amortisation and impairments 5.4 5.9 6.1 6.2 6.1 6.4 6.3 6.6 7.0 EBITDA 18.8 19.1 19.6 20.6 21.4 21.5 22.3 22.6 23.7 Share-based payments 0.2 0.2 0.2 0.2 0.1 0.1 0.1 0.1 (0.0) Adjusted EBITDA 19.0 19.3 19.8 20.8 21.5 21.6 22.4 22.7 23.7   CORPORATE & OTHER Operating profit/(loss) (19.4) 4.2 (13.6) (13.3) (14.1) (13.9) (14.3) (15.1) (16.3) Depreciation, amortisation and impairments 1.1 1.1 1.1 1.0 1.0 1.1 1.0 1.2 1.3 EBITDA (18.3) 5.3 (12.5) (12.3) (13.0) (12.8) (13.3) (13.9) (15.0) Share-based payments 1.7 1.1 1.1 1.1 1.0 1.1 1.6 1.4 1.7 M&A transaction costs 6.9 3.9 0.5 0.6 0.2 0.5 0.9 0.8 0.8 M&A transaction break fee income ‒ (20.9) ‒ ‒ ‒ ‒ ‒ ‒ ‒ Adjusted EBITDA (9.7) (10.6) (11.0) (10.7) (11.8) (11.2) (10.8) (11.7) (12.5) Reconciliation to Segment Adjusted EBITDA


Slide 32

Adjusted EBITDA and EBITDA: EBITDA is defined as net profit plus income tax expense, net finance expense, depreciation, amortisation and impairment of assets. We define Adjusted EBITDA as EBITDA adjusted for share-based payments, income or expense related to the evaluation and execution of potential mergers or acquisitions and adjustments related to terminated and unused data centre sites. In certain circumstances, we may also adjust for gains or losses 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 (e.g., Dutch crisis wage tax, IPO transaction costs) Adjusted diluted earnings per share: Adjusted diluted earnings per share amounts are determined on adjusted net profit Adjusted net profit: We define adjusted net profit as net profit adjusted to exclude income or expense related to the evaluation and execution of potential mergers or acquisitions, adjustments to provisions which are not reflective of our ongoing performance, and adjustments related to capitalised interest. In certain circumstances, we may also adjust for gains or losses that management believes are not representative of our current ongoing performance. Examples of this would include: adjusting for the cumulative effect of a change in accounting principle or estimate, impairment losses, litigation gains and losses or windfall gains and losses (e.g., Dutch crisis wage tax, IPO transaction costs) Big 4: France, Germany, the Netherlands and the UK CAGR: Compound Annual Growth Rate Capital expenditures including intangible assets: Represent payments to acquire property, plant & equipment and intangible assets as recorded on our consolidated statement of cash flows as "Purchase of property, plant and equipment" and "Purchase of intangible assets”, respectively. Investments in intangibles assets include power grid rights and software development Cash ROGIC: Cash Return on Gross Invested Capital (Cash ROGIC) defined as (Adjusted EBITDA less maintenance and other capex) divided by {Average of opening and closing (gross PP&E plus gross intangible assets plus gross goodwill)} Constant Currency: Measurements of the given metric that eliminate the effects of foreign currency rate fluctuations. To calculate 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 comparative period rather than the actual exchange rates in effect during the respective periods.  Corporate and Other: Unallocated items comprised of mainly general and administrative expenses, assets and liabilities associated with our headquarters operations, provisions for onerous contracts (relating to the discounted amount of future losses expected to be incurred in respect of unused data centre sites over the term of the relevant leases) and revenue and expenses related to those onerous contracts, loans and borrowings and related expenses and income tax assets and liabilities CDNs: Content Distribution Networks Churn: Contracted Monthly Recurring Revenue which came to an end during the month as a percentage of the total contracted Monthly Recurring Revenue at the beginning of the month Definitions


Slide 33

Customer Available Power: The current installed electrical customer capacity Equipped Space: The amount of data centre space that, on the relevant date, is equipped and either sold or could be sold, without making any significant additional investments to common infrastructure. IAAS: Infrastructure as a Service LTM: Last Twelve Months ended 31 March 2017, unless otherwise noted MW: Megawatts Organic Constant Currency: Measurements of the given metric that eliminate the effects of foreign currency rate fluctuations and impact of Interxion Science Park, acquired on 24 February 2017 PAAS: Platform as a Service SAAS: Software as a Service SQM: Square metres Recurring ARPU: Monthly recurring revenue per square metre calculated as {reported recurring revenue in the quarter divided by 3} divided by {sum of prior and current quarter end reported revenue generating space divided by 2} Recurring Revenue: 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. Rest of Europe / ROE: Austria, Belgium, Denmark, Ireland, Spain, Sweden, and Switzerland Revenue Generating Space: the amount of Equipped Space that is under contract and billed on the relevant date Utilisation Rate: on the relevant date, Revenue Generating Space as a percentage of Equipped Space. Some Equipped Space is not fully utilised due to customers' specific requirements regarding the layout of their equipment. In practice, therefore, Utilisation Rate does not reach 100% YTM: Yield to maturity Definitions (cont.)


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