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 4 November 2015

(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  x              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) third quarter 2015 earnings press release and (2) presentation materials to be used during a conference call with investors on 4 November 2015.

 

Exhibit

    
99.1    The press release “Interxion Reports Third Quarter 2015 Results”, dated 4 November 2015.
99.2    Presentation materials to be used during a conference call with investors on 4 November 2015.


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: 4 November 2015



Exhibit 99.1

 

LOGO

Press Release, 4 November 2015

Interxion Reports Third Quarter 2015 Results

Consistent Execution Delivers Solid Financial and Operating Performance

AMSTERDAM 4 November 2015 – 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 30 September 2015.

Financial Highlights

 

    Revenue increased by 13% to €98.0 million (3Q 2014: €86.4 million).

 

    Adjusted EBITDA1 increased by 17% to €43.7 million (3Q 2014: €37.3 million).

 

    Adjusted EBITDA margin increased to 44.6% (3Q 2014: 43.1%).

 

    Net profit increased to €10.4 million (3Q 2014: €9.0 million).

 

    Adjusted net profit1 increased to €8.7 million (3Q 2014: €8.0 million).

 

    Earnings per diluted share were €0.15 (3Q 2014: €0.13).

 

    Adjusted earnings per diluted share1 were €0.12 (3Q 2014: €0.11).

 

    Capital Expenditures, including intangible assets2, were €35.3 million (3Q 2014: €57.0 million).

 

 

1  Adjusted EBITDA, Adjusted net profit, and Adjusted earnings per diluted share are non-IFRS figures intended to adjust for unusual items. Full definitions can be found in the “Use of non-IFRS information” section later in this press release. Reconciliations of Adjusted EBITDA and Adjusted net profit to Net profit can be found in the financial tables later in this press release.
2  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.

 

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Press Release, 4 November 2015

 

Operating Highlights

 

    Equipped Space increased by 1,900 square metres to 100,200 square metres.

 

    Revenue Generating Space increased by 900 square metres to 78,000 square metres.

 

    Utilisation Rate at the end of the quarter was 78%.

 

    Expansion projects in Madrid and Marseille completed during the quarter.

 

    Announced on 3 November, the build of new data centres in Amsterdam (AMS8), Copenhagen (CPH2), and Dublin (DUB3) and the further expansion in Frankfurt (FRA10).

“Interxion posted very solid results in the third quarter, reflecting the Company’s continued focus on financial discipline and operational execution,” said David Ruberg, Interxion’s Chief Executive Officer. “As the cloud roll out across Europe gains momentum, Interxion continues to deliver value to customers and strong returns for our shareholders through a differentiated service offering and the creation of complementary Communities of Interest, combined with disciplined capital allocation.”

Quarterly Review

Revenue in the third quarter of 2015 was €98.0 million, a 13% increase over the third quarter of 2014 and a 3% increase over the second quarter of 2015. Recurring revenue was €92.8 million, a 15% increase over the third quarter of 2014 and a 3% increase over the second quarter of 2015. Recurring revenue in the quarter was 95% of total revenue.

Cost of sales in the third quarter of 2015 was €38.5 million, an 8% increase over the third quarter of 2014 and a 2% increase over the second quarter of 2015.

 

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Press Release, 4 November 2015

 

Gross profit was €59.5 million in the third quarter of 2015, a 17% increase over the third quarter of 2014 and a 3% increase over the second quarter of 2015. Gross profit margin was 60.7% in the third quarter of 2015 compared to 58.9% in the third quarter of 2014 and 60.5% in the second quarter of 2015.

Sales and marketing costs in the third quarter of 2015 were €6.9 million, a 17% increase over the third quarter of 2014 and a 4% decrease from the second quarter of 2015.

Other general and administrative costs were €8.8 million in the third quarter of 2015, a 15% increase over the third quarter of 2014 and a 3% increase from the second quarter of 2015. Other general and administrative costs exclude depreciation, amortisation, impairments, share-based payments, M&A transaction costs and the movement in the provision for onerous lease contracts.

Adjusted EBITDA for the third quarter of 2015 was €43.7 million, a 17% increase over the third quarter of 2014 and a 4% increase over the second quarter of 2015. Adjusted EBITDA margin was 44.6% in the third quarter of 2015 compared to 43.1% in the third quarter of 2014 and 44.0% in the second quarter of 2015.

Depreciation, amortisation, and impairments in the third quarter of 2015 was €20.3 million, an increase of 26% from the third quarter of 2014 and a 3% increase from the second quarter of 2015.

Operating profit in the third quarter of 2015 was €21.6 million, an increase of 9% from the third quarter of 2014, and a 43% decrease from the second quarter of 2015. Both the second and third quarter operating profit results were impacted by M&A transaction related items. Adjusting for these items, operating profit was €22.0 million in the third quarter of 2015, an increase of 11% over the third quarter of 2014 and an increase of 6% over the second quarter of 2015.

Net finance costs for the third quarter of 2015 were €6.4 million, an 8% decrease over the third quarter of 2014, and a 19% decrease from the second quarter of 2015. Reported as part of net finance costs in the quarter was a €2.3 million gain following the sale of a financial asset.

 

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Press Release, 4 November 2015

 

Income tax expense for the third quarter of 2015 was €4.7 million, a 23% increase over the third quarter of 2014, and a 42% decrease from the second quarter of 2015.

Net profit was €10.4 million in the third quarter of 2015, a 16% increase over the third quarter of 2014, and a 52% decrease from the second quarter of 2015.

Adjusted net profit was €8.7 million in the third quarter of 2015, a 9% increase over the third quarter of 2014, and a 5% increase from the second quarter of 2015.

Cash generated from operations, defined as cash generated from operating activities before interest and corporate income tax payments and receipts, was €43.0 million in the third quarter of 2015, compared to €33.6 million in the third quarter of 2014, and €54.1 million in the second quarter of 2015. Cash generated from operations in the second quarter of 2015 included the receipt of the £15 million (€20.9 million) payment related to the termination of the implementation agreement with TelecityGroup.

Capital expenditures, including intangible assets, were €35.3 million in the third quarter of 2015 compared to €57.0 million in the third quarter of 2014 and €47.8 million in the second quarter of 2015.

Cash and cash equivalents were €50.0 million at 30 September 2015, compared to €99.9 million at year end 2014. Total borrowings, net of deferred revolving facility financing fees, were €541.0 million at 30 September 2015 compared to €560.6 million at year end 2014. As of 30 September 2015, the company’s revolving credit facility was undrawn.

Equipped space at the end of the third quarter of 2015 was 100,200 square metres compared to 88,600 square metres at the end of the third quarter of 2014 and 98,300 square metres at the end of the second quarter of 2015. Utilisation rate, the ratio of revenue-generating space to equipped space, was 78% at the end of the third quarter of 2015, compared with 77% at the end of the third quarter of 2014 and 78% at the end of the second quarter of 2015.

 

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Press Release, 4 November 2015

 

Business Outlook

Interxion today reaffirms guidance for its Revenue and Adjusted EBITDA, and Capital expenditures (including intangibles) for full year 2015:

 

Revenue

   375 million – €388 million   

Adjusted EBITDA

   162 million – €172 million   

Capital expenditures (including intangibles)

   180 million – €200 million   

Conference Call to Discuss Results

Interxion will host a conference call today at 8:30 a.m. ET (1:30 pm GMT, 2:30 pm CET) to discuss its third quarter 2015 results.

To participate in 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 10 November 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 53506531.

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

 

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Press Release, 4 November 2015

 

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”).

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, M&A transaction costs, increase/decrease in provision for onerous lease contracts, M&A transaction break fee income, and income from sub-leases of 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 the €100 million revolving facility and €475 million 6.00% Senior Secured Notes due 2020. A reconciliation from Net profit to EBITDA and EBITDA to Adjusted EBITDA is provided in the notes to our consolidated interim income statement.

Adjusted net profit is defined as Net profit excluding the impact of refinancing charges, M&A transaction costs, M&A transaction break fee income, profit on sale of financial asset, increase / decrease in the provision for onerous lease contracts, interest capitalised, and the related corporate income tax effect with respect to the foregoing items.

Other companies may, however, 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

 

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Press Release, 4 November 2015

 

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, 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 40 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.

Contact information:

Interxion

Jim Huseby

Investor Relations

Tel: +1-813-644-9399

IR@interxion.com

 

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Press Release, 4 November 2015

 

INTERXION HOLDING NV

CONSOLIDATED INCOME STATEMENT

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

(unaudited)

 

     Three Months Ended     Nine Months Ended  
     30 Sep
2015
    30 Sep
2014
    30 Sep
2015
    30 Sep
2014
 

Revenue

     97,976        86,446        285,907        250,702   

Cost of sales

     (38,464     (35,531     (112,409     (102,107
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

     59,512        50,915        173,498        148,595   

Other income

     142        57        21,202        167   

Sales and marketing costs

     (6,943     (5,926     (20,832     (18,021

General and administrative costs

     (31,152     (25,211     (101,135     (71,199
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating profit

     21,559        19,835        72,733        59,542   

Net finance expense

     (6,407     (6,986     (20,938     (19,875
  

 

 

   

 

 

   

 

 

   

 

 

 

Profit before taxation

     15,152        12,849        51,795        39,667   

Income tax expense

     (4,737     (3,855     (15,368     (11,992
  

 

 

   

 

 

   

 

 

   

 

 

 

Net profit

     10,415        8,994        36,427        27,675   
  

 

 

   

 

 

   

 

 

   

 

 

 

Basic earnings per share: (€)

     0.15        0.13        0.52        0.40   

Diluted earnings per share: (€)

     0.15        0.13        0.52        0.40   

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

     69,638        69,161        69,638        69,161   

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

     69,619        69,118        69,526        68,985   

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

     70,612        70,039        70,561        69,921   

 

     As at  
     30 Sep
2015
    30 Sep
2014
 

Capacity metrics

    

Equipped space (in square meters)

     100,200        88,600   

Revenue generating space (in square meters)

     78,000        68,500   

Utilisation rate

     78     77

 

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Press Release, 4 November 2015

 

INTERXION HOLDING NV

NOTES TO CONSOLIDATED INCOME STATEMENT: SEGMENT INFORMATION

(in €’000 — except where stated otherwise)

(unaudited)

 

     Three Months Ended     Nine Months Ended  
     30 Sep
2015
    30 Sep
2014
    30 Sep
2015
    30 Sep
2014
 

Consolidated

        

Recurring revenue

     92,753        80,863        270,101        235,466   

Non-recurring revenue

     5,223        5,583        15,806        15,236   
  

 

 

   

 

 

   

 

 

   

 

 

 

Revenue

     97,976        86,446        285,907        250,702   
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA

     43,732        37,275        126,366        107,686   
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit margin

     60.7     58.9     60.7     59.3

Adjusted EBITDA margin

     44.6     43.1     44.2     43.0

Total assets

     1,208,485        1,134,861        1,208,485        1,134,861   

Total liabilities

     719,963        708,601        719,963        708,601   

Capital expenditure, including intangible assets (a)

     (35,270     (57,041     (150,675     (168,456

France, Germany, the Netherlands, and the UK

        

Recurring revenue

     59,461        50,950        171,765        147,929   

Non-recurring revenue

     3,758        3,901        10,380        9,904   
  

 

 

   

 

 

   

 

 

   

 

 

 

Revenue

     63,219        54,851        182,145        157,833   
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA

     34,907        29,226        99,525        84,408   
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit margin

     62.3     60.5     62.3     61.1

Adjusted EBITDA margin

     55.2     53.3     54.6     53.5

Total assets

     852,020        760,212        852,020        760,212   

Total liabilities

     175,537        165,599        175,537        165,599   

Capital expenditure, including intangible assets (a)

     (26,624     (37,322     (96,935     (116,495

Rest of Europe

        

Recurring revenue

     33,292        29,913        98,336        87,537   

Non-recurring revenue

     1,465        1,682        5,426        5,332   
  

 

 

   

 

 

   

 

 

   

 

 

 

Revenue

     34,757        31,595        103,762        92,869   
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA

     19,784        16,767        58,104        49,198   
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit margin

     64.3     61.5     64.2     62.0

Adjusted EBITDA margin

     56.9     53.1     56.0     53.0

Total assets

     308,934        263,009        308,934        263,009   

Total liabilities

     57,150        53,817        57,150        53,817   

Capital expenditure, including intangible assets (a)

     (6,022     (17,696     (49,436     (47,648

Corporate and other

        

Adjusted EBITDA

     (10,959     (8,718     (31,263     (25,920
  

 

 

   

 

 

   

 

 

   

 

 

 

Total assets

     47,531        111,640        47,531        111,640   

Total liabilities

     487,276        489,185        487,276        489,185   

Capital expenditure, including intangible assets (a)

     (2,624     (2,023     (4,304     (4,313

 

(a) 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.

 

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INTERXION HOLDING NV

NOTES TO CONSOLIDATED INCOME STATEMENT: ADJUSTED EBITDA RECONCILIATION

(in €’000 — except where stated otherwise)

(unaudited)

 

     Three Months Ended     Nine Months Ended  
     30 Sep
2015
    30 Sep
2014
    30 Sep
2015
    30 Sep
2014
 

Reconciliation to Adjusted EBITDA

        

Consolidated

        

Net profit

     10,415        8,994        36,427        27,675   

Income tax expense

     4,737        3,855        15,368        11,992   
  

 

 

   

 

 

   

 

 

   

 

 

 

Profit before taxation

     15,152        12,849        51,795        39,667   

Net finance expense

     6,407        6,986        20,938        19,875   
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating profit

     21,559        19,835        72,733        59,542   

Depreciation, amortisation and impairments

     20,251        16,025        58,043        44,870   
  

 

 

   

 

 

   

 

 

   

 

 

 

EBITDA

     41,810        35,860        130,776        104,412   

Share-based payments

     1,664        1,472        5,694        4,246   

Increase/(decrease) in provision for onerous lease contracts

     (84     —          (184     (805

M&A transaction break fee income (a)

     —          —          (20,923     —     

M&A transaction costs (b)

     484        —          11,282        —     

Income from sub-leases on unused data centre sites

     (142     (57     (279     (167
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA

     43,732        37,275        126,366        107,686   
  

 

 

   

 

 

   

 

 

   

 

 

 

France, Germany, the Netherlands, and the UK

        

Operating profit

     21,714        18,420        61,516        55,452   

Depreciation, amortisation and impairments

     13,066        10,528        37,327        28,968   
  

 

 

   

 

 

   

 

 

   

 

 

 

EBITDA

     34,780        28,948        98,843        84,420   

Share-based payments

     353        335        1,145        960   

Increase/(decrease) in provision for onerous lease contracts

     (84     —          (184     (805

Income from sub-leases on unused data centre sites

     (142     (57     (279     (167
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA

     34,907        29,226        99,525        84,408   
  

 

 

   

 

 

   

 

 

   

 

 

 

Rest of Europe

        

Operating profit

     13,464        11,857        40,017        35,158   

Depreciation, amortisation and impairments

     6,113        4,610        17,475        13,386   
  

 

 

   

 

 

   

 

 

   

 

 

 

EBITDA

     19,577        16,467        57,492        48,544   

Share-based payments

     207        300        612        654   
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA

     19,784        16,767        58,104        49,198   
  

 

 

   

 

 

   

 

 

   

 

 

 

Corporate and Other

        

Operating profit/(loss)

     (13,619     (10,442     (28,800     (31,068

Depreciation, amortisation and impairments

     1,072        887        3,241        2,516   
  

 

 

   

 

 

   

 

 

   

 

 

 

EBITDA

     (12,547     (9,555     (25,559     (28,552

Share-based payments

     1,104        837        3,937        2,632   

M&A transaction break fee income (a)

     —          —          (20,923     —     

M&A transaction costs (b)

     484        —          11,282        —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA

     (10,959     (8,718     (31,263     (25,920
  

 

 

   

 

 

   

 

 

   

 

 

 

 

(a) On 9 March 2015 the Company signed the definitive agreement on an all-share merger (the “Implementation Agreement”) with TelecityGroup plc (“TelecityGroup”) on the terms as announced on 11 February 2015. Following termination of the Implementation Agreement on 29 May 2015, the Company received a cash break-up fee of £15 million from TelecityGroup which is reported as “Other income”.
(b) M&A transaction costs represent expenses associated with the Implementation Agreement and its subsequent termination on 29 May 2015.

 

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INTERXION HOLDING NV

CONSOLIDATED BALANCE SHEET

(in €’000 – except where stated otherwise

(unaudited)

 

     As at  
     30 Sep
2015
    31 Dec
2014
 

Non-current assets

    

Property, plant and equipment

     974,895        895,184   

Intangible assets

     22,237        18,996   

Deferred tax assets

     23,629        30,064   

Financial assets

     —          774   

Other non-current assets

     6,255        5,750   
  

 

 

   

 

 

 
     1,027,016        950,768   

Current assets

    

Trade receivables and other current assets

     131,439        120,762   

Short term investments

     —          1,650   

Cash and cash equivalents

     50,030        99,923   
  

 

 

   

 

 

 
     181,469        222,335   
  

 

 

   

 

 

 

Total assets

     1,208,485        1,173,103   
  

 

 

   

 

 

 

Shareholders’ equity

    

Share capital

     6,957        6,932   

Share premium

     502,621        495,109   

Foreign currency translation reserve

     18,819        10,440   

Hedging reserve, net of tax

     (213     (247

Accumulated deficit

     (39,662     (76,089
  

 

 

   

 

 

 
     488,522        436,145   

Non-current liabilities

    

Trade payables and other liabilities

     12,858        12,211   

Deferred tax liabilities

     9,897        7,029   

Provision for onerous lease contracts

     —          1,491   

Borrowings

     539,482        540,530   
  

 

 

   

 

 

 
     562,237        561,261   

Current liabilities

    

Trade payables and other liabilities

     148,485        146,502   

Income tax liabilities

     4,516        4,690   

Provision for onerous lease contracts

     2,379        3,443   

Borrowings

     2,346        21,062   
  

 

 

   

 

 

 
     157,726        175,697   
  

 

 

   

 

 

 

Total liabilities

     719,963        736,958   
  

 

 

   

 

 

 

Total liabilities and shareholders’ equity

     1,208,485        1,173,103   
  

 

 

   

 

 

 

 

11


LOGO

Press Release, 4 November 2015

 

INTERXION HOLDING NV

NOTES TO THE CONSOLIDATED BALANCE SHEET: BORROWINGS

(in €’000 — except where stated otherwise)

(unaudited)

 

     As at  
     30 Sep
2015
    31 Dec
2014
 

Borrowings net of cash and cash equivalents

    

Cash and cash equivalents (a)

     50,030        99,923   
  

 

 

   

 

 

 

6.00% Senior Secured Notes due 2020 (b)

     475,539        475,643   

Mortgages

     30,187        31,487   

Financial leases

     34,497        52,857   

Other borrowings

     1,605        1,605   
  

 

 

   

 

 

 

Borrowings excluding Revolving Facility deferred financing costs

     541,828        561,592   
  

 

 

   

 

 

 

Revolving Facility deferred financing costs (c)

     (779     (995
  

 

 

   

 

 

 

Total borrowings

     541,049        560,597   
  

 

 

   

 

 

 

Borrowings net of cash and cash equivalents

    
     491,019        460,674   
  

 

 

   

 

 

 

 

(a) Cash and cash equivalents include €4.3 million as of 30 September 2015 and €7.1 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.
(b) €475 million 6.00% Senior Secured Notes due 2020 include a premium on the additional issuance and are shown after deducting underwriting discounts and commissions, offering fees and expenses.
(c) Deferred financing costs of €0.8 million as of 30 September 2015 were incurred in connection with the €100 million revolving facility.

 

12


LOGO

Press Release, 4 November 2015

 

INTERXION HOLDING NV

CONSOLIDATED STATEMENT OF CASH FLOWS

(in €’000 — except where stated otherwise)

(unaudited)

 

     Three Months Ended     Nine Months Ended  
     30 Sep     30 Sep     30 Sep     30 Sep  
     2015     2014     2015     2014  

Net profit

     10,415        8,994        36,427        27,675   

Depreciation, amortisation and impairments

     20,251        16,025        58,043        44,870   

Provision for onerous lease contracts

     (879     (859     (2,653     (3,313

Share-based paymens

     1,664        1,472        5,694        4,246   

Net finance expense

     6,407        6,986        20,938        19,875   

Income tax expense

     4,737        3,855        15,368        11,992   
  

 

 

   

 

 

   

 

 

   

 

 

 
     42,595        36,473        133,817        105,345   

Movements in trade receivables and other current assets

     (216     (7,848     (9,581     (19,077

Movements in trade payables and other liabilities

     584        5,012        7,067        8,607   
  

 

 

   

 

 

   

 

 

   

 

 

 

Cash generated from operations

     42,963        33,637        131,303        94,875   

Interest and fees paid (a)

     (14,107     (11,711     (29,129     (23,772

Interest received

     37        114        117        238   

Income tax paid

     (4,107     (1,950     (9,167     (4,151
  

 

 

   

 

 

   

 

 

   

 

 

 

Net cash flows from / (used in) operating activities

     24,786        20,090        93,124        67,190   

Cash flows from investing activities

        

Purchase of property, plant and equipment

     (33,399     (56,251     (145,628     (166,276

Purchase of intangible assets

     (1,871     (790     (5,047     (2,180

Proceeds from sale of financial asset

     3,063        —          3,063        —     

Redemption of short-term investments

     —          —          1,650        —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Net cash flows from / (used in) investing activities

     (32,207     (57,041     (145,962     (168,456

Cash flows from financing activities

        

Proceeds from exercised options

     12        1,444        2,420        2,846   

Proceeds from mortgages

     —          —          —          9,185   

Repayment of mortgages

     (320     (320     (1,360     (1,054

Proceeds revolving facility

     —          —          —          30,000   

Repayments revolving facility

     —          —          —          (30,000

Proceeds 6.00% Senior Secured Notes due 2020

     —          (504     —          157,878   

Interest received at issue of Additional Notes

     —          —          —          2,600   

Interest paid related to interest received at issue of Additional Notes

     —          (2,600     —          (2,600

Transaction costs related to Senior Secured Facility

     —          (275     —          (646

Repayment of other borrowings

     (31     8        (31     (15
  

 

 

   

 

 

   

 

 

   

 

 

 

Net cash flows from / (used in) financing activities

     (339     (2,247     1,029        168,194   

Effect of exchange rate changes on cash

     692        73        1,916        137   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net increase / (decrease) in cash and cash equivalents

     (7,068     (39,125     (49,893     67,065   

Cash and cash equivalents, beginning of period

     57,098        151,880        99,923        45,690   
  

 

 

   

 

 

   

 

 

   

 

 

 

Cash and cash equivalents, end of period

     50,030        112,755        50,030        112,755   
  

 

 

   

 

 

   

 

 

   

 

 

 

 

(a) Interest paid is reported net of cash interest capitalized, which is reported as part of “Purchase of property, plant and equipment”.

 

13


LOGO

Press Release, 4 November 2015

 

INTERXION HOLDING NV

NOTES TO CONSOLIDATED INCOME STATEMENT: ADJUSTED NET PROFIT RECONCILIATION

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

(unaudited)

 

     Three Months Ended     Nine Months Ended  
     30 Sep     30 Sep     30 Sep     30 Sep  
     2015     2014     2015     2014  
     (€ in millions - except per share data)  

Net profit - as reported

     10.4        9.0        36.4        27.7   

Add back

        

+ Refinancing charges

     —          —          —          0.6   

+ M&A transaction costs

     0.5        —          11.3        —     
  

 

 

   

 

 

   

 

 

   

 

 

 
     0.5        —          11.3        0.6   

Reverse

        

- M&A transaction break fee income

     —          —          (20.9     —     

- Profit on sale of financial asset

     (2.3     —          (2.3     —     

- Increase / (decrease) in provision for onerous lease contracts

     (0.1     —          (0.2     (0.8

- Interest capitalised

     (0.4     (1.3     (2.0     (3.0
  

 

 

   

 

 

   

 

 

   

 

 

 
     (2.8     (1.3     (25.4     (3.8

Tax effect of above add backs & reversals

     0.6        0.3        3.5        0.8   
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted net profit

     8.7        8.0        25.8        25.4   
  

 

 

   

 

 

   

 

 

   

 

 

 

Reported basic EPS: (€)

     0.15        0.13        0.52        0.40   

Reported diluted EPS: (€)

     0.15        0.13        0.52        0.40   

Adjusted basic EPS: (€)

     0.12        0.12        0.37        0.37   

Adjusted diluted EPS: (€)

     0.12        0.11        0.37        0.36   

 

14


LOGO

Press Release, 4 November 2015

 

INTERXION HOLDING NV

Status of Announced Expansion Projects as at 4 November 2015

with Target Open Dates after 1 January 2015

 

Market

  

Project

   CAPEX (a) (b)
(€million)
     Equipped
Space (a)

(sqm)
    

Target Opening Dates

Amsterdam

   AMS 7: Phases 1 - 6 New Build      115         7,600       fully opened

Amsterdam

   AMS 8: Phases 1 - 2 New Build      50         2,600       4Q 2016

Copenhagen

   CPH2: Phase 1 New Build      4         500       3Q 2016

Dublin

   DUB3: Phases 1 - 2 New Build      28         1,200       4Q 2016

Dusseldorf

   DUS 1: Phase 3 Expansion      3         400       fully opened

Dusseldorf

   DUS 2: Phase 1 New Build      13         600       1Q 2016

Frankfurt

   FRA 10: Phases 1 - 4 New Build      92         4,800       1Q 2016 - 4Q 2016 (c)

Madrid

   MAD 2: Phase 2 Expansion      4         800       fully opened

Marseille

   MRS 1: Phases 1 - 2      20         1,400       fully opened (d)

Stockholm

   STO 4: New Build      15         1,100       fully opened

Vienna

   VIE 2: New Build      42         2,800       4Q 2014 - 4Q 2015 (e)

Total

      386         23,800      

 

(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) Phases 1 and 2 (1,200 square metres each) are scheduled to become operational in 1Q 2016 and 2Q 2016, respectively; phases 3 & 4 (1,200 square metres each) are scheduled to become operational in 4Q 2016.
(d) Phase 1 (600 square metres) became operational in 4Q 2014. Phase 2 (800 square metres) became available in 3Q 2015.
(e) In 4Q 2014, 1,300 square metres became operational; in 1Q 2015, 600 square metres became operational; in 2Q 2015, 600 square metres became operational. In 4Q 2015, 300 square metres are scheduled to become operational.

 

15



LOGO

3Q 2015 EARNINGS
CONFERENCE CALL
NYSE: INXN
4 November 2015


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. For definitions of terms such as “Adjusted EBITDA”, “Adjusted Net Profit”, “Equipped Space”, “LTM”, and “Recurring Revenue” and a detailed reconciliation between the non-IFRS financial results presented in this document and the corresponding IFRS measures, 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

Consistent Focus on Financial Discipline and Operational Execution Revenue grew 13% Y/Y, 3% Q/Q Adjusted EBITDA grew 17% Y/Y, 4% Q/Q Adjusted EBITDA margin of 44.6%, increased by 150bps Y/Y Capital expenditure of €35.3 million including intangibles Financial Execution Completed expansions in Marseille and Madrid Announcing new data centres in Amsterdam, Copenhagen and Dublin and new phases in Frankfurt Revenue generating space grew 14% Y/Y Utilisation remained at 78% Operational Execution 3Q 2015 PERFORMANCE


Slide 5

Adjusted EBITDA & Margin (€ millions) Revenue (€ millions) 43.1% 43.0% 43.9% 44.0% Margin Non- recurring revenue Recurring revenue 3Q Revenue €98.0 million Grew 13% Y/Y and 3% Q/Q 3Q Recurring revenue €92.8 million Grew 15% Y/Y and 3% Q/Q 95% of total revenue 3Q Adjusted EBITDA €43.7 million Grew 17% Y/Y and 4% Q/Q 3Q Adjusted EBITDA margin 44.6% Double Digit Revenue Growth and Strong Improvement in Adjusted EBITDA Margin 86.4 80.9 89.9 83.7 92.5 87.1 95.4 90.3 98.0 92.8 44.6% 3Q 2015 FINANCIAL HIGHLIGHTS


Slide 6

Equipped & Revenue Generating Space (1,000’s sqm) Utilisation 77% 76% 78% 78% Available Equipped space Revenue generating space 88.6 98.3 93.5 94.8 Continued Disciplined Expansion to Meet Customer Demand 100.2 78% Equipped space of 100,200 sqm Grew 13% Y/Y 1,900 sqm added in the quarter Revenue generating space of 78,000 sqm Grew 14% Y/Y 900 sqm installed in the quarter Maintained utilisation rate of 78% 3Q 2015 OPERATIONAL HIGHLIGHTS


Slide 7

Market Data Centre Project Project CapEx (€ millions) Equipped Space (sqm) Scheduled Opening by Phase Project Opened Amsterdam AMS8 Phases 1 – 2 New Build 50 2,600 0 4Q16 Copenhagen CPH2 Phase 1 New Build 4 500 0 3Q16 Dublin DUB3 Phase 1 – 2 New Build 28 1,200 0 4Q16 Dusseldorf DUS2 Phase 1 New Build 13 600 0 1Q16 Frankfurt FRA10 Phases 1-4 New Build 92 4,800 0 1Q16 – 4Q16 Vienna VIE2 New Build 42 2,800 2,500 4Q14 – 4Q15 Announced Projects With Expansions Scheduled to Open after 1 Oct 2015 (See Appendix for further information) Completed expansions in 3Q 2015: MAD2: opened 800 sqm MRS1: opened 800 sqm Four recently announced expansions: New Amsterdam data centre (AMS8) with 8,000 sqm Maximum Equippable Space in 6 phases New Copenhagen data centre (CPH2) with1,600 sqm Maximum Equippable Space in 3 phases New Dublin data centre (DUB3) 2,300 sqm Maximum Equippable Space in 4 phases Further Frankfurt (FRA10) expansion with 2,400 sqm Announced approximately 9,000 sqm to open in 2016 ~70% to come online in 4Q16 EXPANDING FACILITIES TO SUPPORT CUSTOMER NEEDS Notes: As of 4 November 2015. 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.


Slide 8

Interxion’s Target Segments 58% of Revenues Generated from Strategic Cloud and Connectivity Providers BUILDING COMMUNITIES OF INTEREST DELIVERS SIGNIFICANT CUSTOMER VALUE Selected providers in these segments, plus systems integrators, are deploying cloud platforms. Remaining monthly recurring revenue (10%) allocated to systems integrator, on-line retail, and public customer segments. Digital Media & CDNs` Enterprises Financial Services Managed Service Providers Network Providers Platform Providers(1) 11% % of September 2015 Monthly Recurring Revenue(2) 10% 11% 27% 31%


Slide 9

FINANCIAL HIGHLIGHTS Josh Joshi – Chief Financial Officer


Slide 10

€ millions (except per share amounts) 3Q 2014 2Q 2015 3Q 2015 3Q 2015 vs. 3Q 2014 3Q 2015 vs. 2Q 2015 Recurring revenue 80.9 90.3 92.8 15% 3% Non-recurring revenue 5.6 5.2 5.2 -6% 1% Revenue 86.4 95.4 98.0 13% 3% Gross profit 50.9 57.8 59.5 17% 3% Gross profit margin 58.9% 60.5% 60.7% +180bps +20 bps Adjusted EBITDA(1) 37.3 42.0 43.7 17% 4% Adjusted EBITDA margin 43.1% 44.0% 44.6% +150 bps +60 bps Net profit 9.0 21.6 10.4 16% -52% EPS (diluted) €0.13 €0.31 €0.15 15% -52% Adjusted net profit (1) 8.0 8.3 8.7 9% 5% Adjusted EPS (diluted)(1) €0.11 €0.12 €0.12 7% 4% Revenue grew 13% Y/Y and 3% Q/Q 11% Y/Y and 3% Q/Q constant currency Gross profit margin grew to 60.7%, up 180bps Y/Y Adjusted EBITDA grew to 44.6%, up 150 bps Y/Y Net profit includes gain on sale of financial asset 3Q 2015 RESULTS Adjusted EBITDA, Adjusted net profit, and Adjusted earnings per diluted share are non-IFRS figures intended to adjust for unusual items. Full definitions can be found on the “Definitions” section in this slide deck. Reconciliations of Adjusted EBITDA and Adjusted net profit to Net profit can be found in the financial tables later in the appendix of this slide deck.


Slide 11

53.3 % 51.4 % 53.5 % 55.1 % 55.2% 53.1% 53.9% 56.0% 55.1% 56.9% Revenue grew 10% Y/Y, (1%) Q/Q Recurring revenue grew 11% Y/Y, 1% Q/Q Adjusted EBITDA grew 18% Y/Y, 2% Q/Q Strength in Austria and Sweden. Revenue grew 15% Y/Y, 5% Q/Q Recurring revenue grew 17% Y/Y, 4% Q/Q Adjusted EBITDA grew 19% Y/Y, 5% Q/Q Strength in France, Germany, and the Netherlands Revenue Adjusted EBITDA Adjusted EBITDA margin (€ millions) France, Germany, the Netherlands, and the UK Rest of Europe Revenue Growth With Increased Margins in Both Reporting Segments 3Q 2015 REPORTING SEGMENT ANALYSIS Note: Analysis excludes “Corporate & Other” segment.


Slide 12

Capital Expenditures, including Intangible Assets By Geography (3Q 2015) By Category (3Q 2015) (€ millions) (€ millions) (€ millions) 67.6 47.8 57.0 47.8 Demand-Driven Capital Allocation 35.3 DISCIPLINED INVESTMENTS FOR PROFITABLE GROWTH


Slide 13

Cash position supplements solid operating cash flow €100 million RCF remains undrawn Fully funded for announced expansion plans Significant covenant headroom Blended interest rate 6.1% 3Q 2015 LTM Cash ROGIC 12% € millions 30-Sept-15 31-Dec-14 Cash & Cash Equivalents 50.0 99.9 Total Borrowings(1) 541.0 560.6 Shareholders Equity 488.5 436.1 Total Capitalisation 1,029.6 996.7 Total Borrowings / Total Capitalisation 52.5% 56.2% Gross Leverage Ratio(2) 3.3x 3.8x Net Leverage Ratio(3) 3.0x 3.2x 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 facility 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 facility borrowings+ Other Borrowings)  /  LTM Adjusted EBITDA. Net Leverage Ratio = (6.00% Senior Secured Notes due 2020 at face value + Mortgages + Financial Leases + Revolving facility balance + Other Borrowings – Cash & Cash Equivalents)  /  LTM Adjusted EBITDA. Strong Balance Sheet Provides Financial Flexibility


Slide 14

28 Fully Built-Out Data Centres (1)(2) Space fully equipped Some power upgrades yet to come As of 1 January 2014 66,000 sqm of equipped space 83% utilisation 26% annual cash return Fully Built-Out Data Centre: a data centre for which materially all equippable space is equipped. However, note, future power upgrades and newly acquired space within a data centre can further increase the capacity of a fully built out data centre. 28 Fully Built-Out Data Centres as of 1 January 2014: AMS1, AMS2, AMS3, AMS4, AMS5, AMS6, BRU1, CPH1, DUB1, DUB 2, FRA1, FRA2, FRA3, FRA4, FRA5, FRA6, FRA7, LON1, LON2, MAD1, PAR1, PAR2, PAR3, PAR4, PAR5, PAR6, STO1 and VIE1. Represents total investments in data centre assets, including freehold land and buildings, infrastructure and equipment, Intangible assets, and assets under construction as of 31 December 2014. (€ millions) 26% Q3 2015 LTM Returns Attractive Cash Returns from Fully Built-Out Data Centres (1) DISCIPLINED INVESTMENTS DRIVE STRONG RETURNS


Slide 15

BUSINESS COMMENTARY OUTLOOK & CONCLUDING REMARKS David Ruberg – Chief Executive Officer


Slide 16

Interxion Presence Interxion Campus with newly announced expansion Interxion Campus with ongoing or recently completed (2Q/3Q) expansions Interxion Campus Dublin London Madrid Paris Marseille Zurich Vienna Frankfurt Brussels Dusseldorf Stockholm Copenhagen Amsterdam EXPANSIONS SUPPORT CLOUD ROLLOUT PATTERNS Largest GDP coverage in Western Europe Strong footprint in European hubs Strength in strategic gateways to other regions


Slide 17

Range (in € millions) Revenue Adjusted EBITDA Capital Expenditures €375 – 388 €162 – 172 €180 – 200 GUIDANCE FOR 2015


Slide 18


Slide 19

APPENDIX


Slide 20

CAGR(1) = 14% CAGR(1) = 18% 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% 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% 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% TRACK RECORD OF EXCECUTION 36 Consecutive Quarters of Organic Revenue and Adjusted EBITDA Growth CAGR calculated as 3Q15 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.


Slide 21

Data Centre Recurring Revenue Development Space Installed 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 Power Reservation & Energy Consumption Customer ARPU Development 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 ILLUSTRATIVE ARPU DEVELOPMENT Revenue Develops Over Time as Power Reservation and Energy Consumption Increase Power Reservation is the fee for infrastructure power (cooling, power distribution, etc.).


Slide 22

€ in millions (except as noted) 2013 2014 2015 2013 2014 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q FY FY                         Recurring revenue 71.0 72.2 73.7 74.4 75.9 78.7 80.9 83.7 87.1 90.3 92.8 291.3 319.2 Non-recurring revenue 3.4 4.3 4.3 3.7 4.7 4.9 5.6 6.2 5.4 5.2 5.2 15.8 21.4 Total revenue 74.4 76.5 78.1 78.2 80.6 83.6 86.4 89.9 92.5 95.4 98.0 307.1 340.6 Gross profit 44.8 45.2 46.2 46.8 48.0 49.6 50.9 53.0 56.2 57.8 59.5 183.0 201.6 Gross profit margin 60.2% 59.1% 59.2% 59.9% 59.6% 59.4% 58.9% 58.9% 60.8% 60.5% 60.7% 59.6% 59.2% Adj EBITDA 31.7 32.7 33.7 33.8 34.5 35.9 37.3 38.7 40.6 42.0 43.7 131.8 146.4 Adj EBITDA Margin 42.6% 42.8% 43.1% 43.2% 42.9% 42.9% 43.1% 43.0% 43.9% 44.0% 44.6% 42.9% 43.0% Net profit / (loss) 7.0 6.6 (16.5)(1) 9.8 10.4 8.3 9.0 7.4 4.4(2) 21.6(2) 10.4(3) 6.8(1) 35.1 CapEx paid 32.8 28.8 26.5 55.3 57.0 54.4 57.0 47.8 67.6 47.8 35.3 143.4 216.3 Expansion/upgrade 28.8 27.1 25.0 52.8 52.7 51.0 51.2 43.7 64.2 44.3 30.4 133.6 198.7 Maintenance & other 2.1 1.5 1.0 2.0 3.7 2.6 5.0 2.9 1.1 2.6 3.0 6.7 14.3 Intangibles 1.9 0.2 0.5 0.5 0.6 0.8 0.8 1.2 2.3 0.9 1.9 3.1 3.3 Cash generated from operations 23.6 24.1 32.0 23.0 34.3 26.9 33.6 40.5 34.2(2) 54.1(2) 43.7(2) 102.7 135.4 Gross PP&E 870.0 900.0 933.5 987.2 1,045.4 1,105.8 1,183.1 1,235.6 1,308.8 1,350.2 1,375.6 987.2 1,235.6 Gross intangible assets 23.5 23.7 24.3 24.9 25.5 26.5 27.5 28.0 30.5 33.6 35.1 24.9 28.0 LTM Cash ROGIC 13% 13% 14% 13% 13% 12% 12% 11% 12% 12% 12% 13% 11% HISTORICAL FINANCIAL RESULTS The Company’s growth has been 100% organic; hence, gross goodwill is zero for all periods. Includes €31 million in one-time charges related to debt refinancing; see Adjusted Net Profit reconciliation elsewhere in this Appendix. Includes €6.9 million, €3.9 million and, €0.5 million of M&A transaction cost in 1Q15, 2Q15 and 3Q15, respectively; also includes € 20.9 million M&A transaction break fee income in 2Q15. Includes gain on sale of financial asset.


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€ in millions (except as noted) 2013 2014 2015 2013 2014 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q FY FY                           BIG 4 Recurring revenue 44.4 45.2 46.1 46.5 47.6 49.3 51.0 52.7 55.0 57.3 59.5 182.2 200.6 Non-recurring revenue 2.1 3.1 2.7 2.4 3.1 2.9 3.9 3.7 3.6 3.0 3.8 10.3 13.6 Total revenue 46.6 48.3 48.8 48.9 50.8 52.2 54.9 56.4 58.6 60.3 63.2 192.5 214.2 Gross profit margin 63.2% 62.1% 62.1% 63.1% 61.8% 61.2% 60.5% 60.1% 62.0% 62.6% 62.3% 62.6% 60.9% Adj EBITDA 25.2 26.0 26.6 26.6 27.3 27.9 29.2 29.0 31.4 33.2 34.9 104.4 113.4 Adj EBITDA margin 54.0% 54.0% 54.5% 54.4% 53.8% 53.4% 53.3% 51.4% 53.5% 55.1% 55.2% 54.2% 52.9% REST OF EUROPE Recurring revenue 26.5 27.0 27.7 27.9 28.2 29.4 29.9 31.0 32.1 33.0 33.3 109.1 118.6 Non-recurring revenue 1.3 1.3 1.6 1.4 1.6 2.0 1.7 2.5 1.8 2.2 1.5 5.5 7.8 Total revenue 27.8 28.3 29.3 29.3 29.8 31.4 31.6 33.5 33.9 35.1 34.8 114.7 126.4 Gross profit margin 61.3% 61.4% 60.6% 61.4% 62.2% 62.3% 61.5% 62.3% 64.6% 63.6% 64.3% 61.2% 62.1% Adj EBITDA 14.5 14.7 14.9 15.0 15.8 16.6 16.8 18.1 19.0 19.3 19.8 59.1 67.3 Adj EBITDA margin 52.0% 52.1% 51.0% 51.1% 52.9% 52.9% 53.1% 53.9% 56.0% 55.1% 56.9% 51.5% 53.2% CORPORATE & OTHER Adj EBITDA (8.0) (8.0) (7.8) (7.8) (8.5) (8.7) (8.7) (8.4) (9.7) (10.6) (11.0) (31.6) (34.3) HISTORICAL SEGMENT FINANCIAL RESULTS


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Space figures in square metres(1) Recurring ARPU in € Customer Available Power in MW(1) 2013 2014 2015 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q                     Equipped space 78,100 78,900 79,300 80,100 82,900 86,000 88,600 93,500 94,800 98,300 100,200 Equipped space added 4,100 800 400 800 2,800 3,100 2,600 4,900 1,300 3,500 1,900 Revenue generating space 57,000 58,200 59,100 59,700 61,400 64,300 68,500 71,000 74,000 77,100 78,000 RGS added 800 1,200 900 600 1,700 2,900 4,200 2,500 3,000 3,100 900 Recurring ARPU(2) 418 418 419 418 418 418 406 400 400 398 399 Utilisation (%)(3) 73% 74% 75% 75% 74% 75% 77% 76% 78% 78% 78% Equipped customer power 79 81 81 82 86 90 96 99 109 114 116 Maximum equippable customer power 108 113 114 127 139 139 145 145 153 154 177 Data centres in operation 33 34 34 34 36 37 38 40 39 40 40 HISTORICAL OPERATING METRICS 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. 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}. Utilisation as at the end of the reporting period.


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SCHEDULED EQUIPPED SPACE ADDITIONS Figures rounded to nearest net 100 sqm for each country unless otherwise noted. Future expansion additions based on announced schedule, which is subject to change; additions scheduled for the first half are noted in the second quarter and additions scheduled for the second half are noted in the fourth quarter. HIL1 space reduced in 1Q13 and exited in 1Q15; AMS2 scheduled for exit in 1Q16E. Space figures in square metres(1) 2013 2014 2015E(2) 2016E(2) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4QE 1QE 2QE 3QE 4QE BIG 4 France 2,700 ‒ ‒ ‒   ‒ ‒ ‒ 600  ‒ ‒ 900 ‒ ‒ ‒ ‒ ‒ Germany 600  ‒ ‒ ‒    800 1,800  100 1,800  ‒  400 100 ‒ 1800 1,200 ‒ 2,400 Netherlands(3) (200)  ‒ ‒ ‒   1,100 1,000 1,500 1,300  700 1,300 ‒ ‒ (700) ‒ ‒ 2,600 UK 400  ‒ ‒ ‒    ‒  100  100 ‒  ‒ ‒ 100 ‒ ‒ ‒ ‒ ‒ Subtotal 3,500 ‒ ‒ ‒ 1,900 2,900 1,700 3,700 700 1,700 1,100 ‒ 1,100 1,200 ‒ 5,000 REST OF EUROPE Austria  ‒  ‒ 400 300    ‒  ‒  ‒ 1,300  600 600 ‒ 300 ‒ ‒ ‒ ‒ Belgium  ‒  ‒ ‒ ‒    300  ‒  ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ Denmark  ‒ 300 ‒ ‒    ‒  ‒  ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ 500 ‒ Ireland  ‒  ‒ ‒ ‒    ‒  ‒  ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ 1,200 Spain  600  ‒ ‒ ‒     ‒  ‒  ‒ ‒ ‒ ‒ 800 ‒ ‒ ‒ ‒ ‒ Sweden  ‒ 500 ‒ ‒   500  ‒ 900 ‒ ‒ 1,100 ‒ ‒ ‒ ‒ ‒ ‒ Switzerland  ‒  ‒ ‒ 500    ‒ 100  ‒ ‒ ‒ 100 ‒ ‒ ‒ ‒ ‒ ‒ Subtotal 600 800 400 800 800 100 900 1,300 600 1,800 800 300 ‒ ‒ 500 1,200 Total additional equipped space 4,100 800 400 800 2,800 3,100 2,600 4,900 1,300 3,500 1,900 300 1,100 1,200 500 6,200


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Reconciliation to Adjusted Net Profit   € in millions (except as noted) 2013 2014 2015 2013 2014 1Q 2Q 3Q 4Q(1) 1Q 2Q 3Q 4Q 1Q 2Q 3Q FY FY   Net profit / (Loss) – as reported 7.0 6.6 (16.5) 9.8 10.4 8.3 9.0 7.4 4.4 21.6 10.4 6.8 35.1 Add back + Refinancing charges  ‒  ‒ 31.0  ‒  ‒ 0.6 ‒  ‒  ‒ ‒ ‒ 31.0 0.6 + M&A transaction costs ‒ ‒ ‒ ‒ ‒ ‒ ‒ 0.3 6.9 3.9 0.5 ‒ 0.3 + Deferred tax asset adjustment  ‒  ‒ 0.6  ‒  ‒  ‒ ‒  ‒  ‒ ‒ ‒ 0.6 ‒ + NL Crisis Wage Tax  ‒  ‒  ‒ 0.4  ‒  ‒  ‒ ‒  ‒ ‒ ‒ 0.4 ‒  ‒  ‒ 31.6 0.4  ‒ 0.6 ‒ 0.3 6.9 3.9 0.5 32.0 0.9 Reverse - M&A transaction break fee income ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ (20.9) ‒ ‒ ‒ - Profit on sale of investment ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ (2.3) - Adjustment to onerous leases  ‒  ‒ ‒ ‒ ‒ (0.8) ‒ ‒ (0.1) ‒ (0.1) ‒ (0.8) - Interest capitalised (0.7) (0.3) (0.3) (0.4) (0.8) (0.8) (1.3) (0.6) (0.9) (0.7) (0.4) (1.7) (3.6)   (0.7) (0.3) (0.3) (0.4) (0.8) (1.6) (1.3) (0.6) (1.0) (21.6) (2.8) (1.7) (4.4) Tax effect of above add backs & reversals 0.2 0.1 (7.7)  ‒ 0.2 0.3 0.3 0.2 (1.4) 4.4 0.6 (7.6) 0.9 Adjusted net profit   6.5 6.4 7.1 9.8 9.8 7.6 8.0 7.2 8.9 8.3 8.7 29.5 32.5 Reported Basic EPS (€) 0.10 0.10 (0.24) 0.14 0.15 0.12 0.13 0.11 0.06 0.31 0.15 0.10 0.51 Reported Diluted EPS (€) 0.10 0.10 (0.24) 0.14 0.15 0.12 0.13 0.11 0.06 0.31 0.15 0.10 0.50 Adjusted Basic EPS (€) 0.10 0.09 0.10 0.14 0.14 0.11 0.12 0.10 0.13 0.12 0.12 0.43 0.47 Adjusted Diluted EPS (€) 0.09 0.09 0.10 0.14 0.14 0.11 0.11 0.10 0.13 0.12 0.12 0.43 0.46 ADJUSTED NET PROFIT RECONCILIATION With effect from Q4 2013, the company changed the estimated lives of certain data centre assets categories and applied this change on a prospective basis. In Q4 2013, the impact of the change had a €1.3 million after tax positive effect.


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Reconciliation to Adjusted EBITDA                 € in millions (except as noted) 2010 2011 2012 2013 2014 2015 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q Q2 3Q 4Q 1Q 2Q 3Q                           Net profit / (loss) (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 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 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 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 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 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 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 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 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 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) 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 Includes €31 million in one-time charges related to debt refinancing; see Adjusted Net Profit reconciliation elsewhere in this Appendix. NON-IFRS RECONCILIATIONS


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Reconciliation to Segment Adjusted EBITDA € in millions 2013 2014 2015 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q           BIG 4         Operating profit 15.9 16.3 16.7 17.6 18.3 18.7 18.4 17.6 19.5 20.3 21.7 Depreciation, amortisation and impairments 9.1 9.8 9.8 8.7 8.9 9.5 10.5 11.2 11.7 12.5 13.1 EBITDA 25.0 26.1 26.5 26.3 27.2 28.3 28.9 28.7 31.2 32.9 34.8 Share-based payments 0.3 0.0 0.2 0.3 0.2 0.5 0.3 0.4 0.3 0.5 0.4 Increase/(decrease) in provision for onerous lease contracts ‒ ‒ ‒ ‒ ‒ (0.8) ‒ ‒ (0.1) ‒ (0.1) Income from sub-leases on unused data centre sites (0.1) (0.1) (0.1) (0.0) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) (0.1) Adjusted EBITDA 25.2 26.0 26.6 26.6 27.3 27.9 29.2 29.0 31.4 33.2 34.9   ROE Operating profit 10.2 10.2 10.2 10.8 11.5 11.8 11.9 12.6 13.3 13.2 13.5 Depreciation, amortisation and impairments 4.2 4.4 4.6 4.0 4.3 4.5 4.6 5.1 5.4 5.9 6.1 EBITDA 14.4 14.7 14.8 14.9 15.7 16.3 16.5 17.8 18.8 19.1 19.6 Share-based payments 0.1 0.1 0.1 0.1 0.1 0.3 0.3 0.3 0.2 0.2 0.2 Adjusted EBITDA 14.5 14.7 14.9 15.0 15.8 16.6 16.8 18.1 19.0 19.3 19.8   CORPORATE & OTHER Operating profit/(loss) (9.3) (9.5) (9.5) (9.4) (9.8) (10.9) (10.4) (11.4) (19.4) 4.2 (13.6) Depreciation, amortisation and impairments 0.7 0.7 0.8 0.8 0.8 0.8 0.9 1.0 1.1 1.1 1.1 EBITDA (8.6) (8.8) (8.6) (8.7) (9.0) (10.0) (9.6) (10.4) (18.3) 5.3 (12.5) Share-based payments 0.6 0.7 0.8 0.9 0.4 1.4 0.8 1.7 1.7 1.1 1.1 M&A transaction costs ‒ ‒ ‒ ‒ ‒ ‒ ‒ 0.3 6.9 3.9 0.5 M&A transaction break fee income ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ ‒ (20.9) ‒ Adjusted EBITDA (8.0) (8.0) (7.8) (7.8) (8.5) (8.7) (8.7) (8.4) (9.7) (10.6) (11.0)           NON-IFRS RECONCILIATIONS


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Adjusted EBITDA: 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, M&A transaction costs, increase/decrease in provision for onerous lease contracts, M&A transaction break fee income, income from sub-leases of unused data centre sites, and other historical adjustments (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: Adjusted net profit is defined as Net profit excluding the impact of refinancing charges, M&A transaction costs, M&A transaction break fee income, profit on sale of financial asset, increase / decrease in the provision for onerous lease contracts, interest capitalised, the related corporate income tax effect with respect to the foregoing items, and other historical adjustments (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)} 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 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 30 September 2015, unless otherwise noted MW: Megawatts 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 that is incurred from colocation and associated power charges, office space, amortised set-up fees and certain recurring managed services (but excluding any ad hoc managed services) provided by us directly or through third parties. Rents received for the sublease of unused sites are excluded 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


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Investor Relations Contact Jim Huseby VP - Investor Relations +1-813-644-9399 IR@interxion.com

InterXion Holding NV (NYSE:INXN)
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