Bond Eutelsat Group 2.25% ( FR0013422623 ) in EUR

Eutelsat Group

96.9 % ▲

France

FR0013422623 ( in EUR )

2.25% per year ( payment 1 time a year)

13/07/2027

Prospectus brochure of the bond Eutelsat SA FR0013422623 en EUR 2.25%, maturity 13/07/2027

13/07/2025 ( Tomorrow )

Eutelsat Communications is a leading satellite operator providing communication services via its fleet of satellites to broadcasters, telecommunication operators, governments, and corporate clients worldwide.

The Bond issued by Eutelsat Group ( France ) , in EUR, with the ISIN code FR0013422623, pays a coupon of 2.25% per year.
The coupons are paid 1 time per year and the Bond maturity is 13/07/2027

EUTELSAT S.A.
600,000,000 2.250 PER CENT BONDS DUE 13 JULY 2027
ISSUE PRICE: 99.822 PER CENT
The 600,000,000 aggregate principal amount 2.250 per cent. bonds due 13 July 2027 (the Bonds, and each a Bond) of Eutelsat S.A. (the Issuer) will be issued on 13
June 2019 (the Bond Issue).
Each Bond will bear interest on its principal amount at a fixed rate of 2.250 per cent. per annum from (and including) 13 june 2019 (the Issue Date) to (but excluding) 13
July 2027, payable in Euro annually in arrears on 13 July of each year and commencing on 13 July 2020, as further described in "Terms and Conditions of the Bonds 
Interest". There will be a long first coupon in respect of the first Interest Period from and including the Issue Date to but excluding the first Interest Payment Date (as
defined herein).
Unless previously redeemed or purchased and cancelled in accordance with their terms and conditions, the Bonds will be redeemed at their principal amount on 13 July
2027 (the Maturity Date).
The Issuer may, at its option, and in certain circumstances shall, redeem all (but not part) of the Bonds at par plus any accrued and unpaid interest upon the occurrence
of certain tax changes as further described in "Terms and Conditions of the Bonds Redemption and Purchase Redemption for tax reasons".
The Bonds may also be redeemed (i) at the option of the Issuer, in whole or in part, at any time, prior to the Maturity Date, as further described in "Terms and Conditions
of the Bonds -- Redemption and Purchase -- Make Whole Redemption by the Issuer", (ii) at any time prior to the Maturity Date, in whole (but not in part), at par plus
accrued interest, if eighty (80) per cent. of the initial aggregate principal amount of the Bonds have been redeemed or purchased and cancelled, as further described in
"Terms and Conditions -- Redemption and Purchase -- Clean-Up Call Option" of the Terms and Conditions of the Bonds, and (iii) at the option of the Issuer at any time or
from time to time, during a period of three months preceding the Maturity Date, in whole or in part, at par plus any accrued and unpaid interest accrued to, but
excluding, the date fixed for redemption as further described in "Terms and Conditions of the Bonds Redemption and Purchase Residual Maturity Call Option".
Each Bondholder may, under certain conditions, request the Issuer to redeem all (but not some only) of the Bonds held by such Bondholder at par plus accrued interest up
to but excluding such date of redemption following the occurrence of certain change of control events triggering a downgrading of the Bonds as further described in
"Terms and Conditions of the Bonds -- Redemption and Purchase Redemption following a Change of Control".
The obligations of the Issuer in respect of principal and interest payable under the Bonds constitute direct, unconditional, unsecured and unsubordinated obligations of
the Issuer and shall at all times rank pari passu among themselves and pari passu with all other present or future direct, unconditional, unsecured and unsubordinated
obligations of the Issuer, as further described in "Terms and Conditions of the Bonds Status of the Bonds".
Payments in respect of the Bonds will be made without deduction for, or on account of, French taxes to the extent set out in "Terms and Conditions of the Bonds --
Taxation -- Additional Amounts".
Application has been made to the Commission de Surveillance du Secteur Financier (the CSSF) in its capacity as competent authority under the Luxembourg Act dated 10
July 2005 on prospectuses for securities, as amended by the Luxembourg Act dated 3 July 2012 (the Prospectus Act) to approve this document (the Prospectus) as a
prospectus for the purposes of Article 5.3 of Directive 2003/71/EC of the European Parliament and the Council dated 4 November 2003, as amended or superseded, on
prospectuses to be published when securities are offered to the public or admitted to trading (the Prospectus Directive). Application has also been made to the
Luxembourg Stock Exchange for the Bonds to be listed on the Official List and admitted to trading on the regulated market of the Luxembourg Stock Exchange as of the
Issue Date. The regulated market of the Luxembourg Stock Exchange is a regulated market for the purposes of the Directive 2014/65/EU of 15 May 2014 on markets in
financial instruments, as amended. Pursuant to Article 7(7) of the Luxembourg Prospectus Act, by approving this Prospectus, the CSSF gives no undertakings as to the
economic and financial soundness of the Bond Issue or the quality or solvency of the Issuer.
The Bonds wil be issued in dematerialised form in a denomination of 100,000 and wil at al times be evidenced by book-entries in compliance with Article L. 211-3 et
seq. and R. 211-1 et seq. of the French Code monétaire et financier. No physical documents of title will be issued in respect of the Bonds. As from the date of issue of the
Bonds, the Bonds will be registered in the books of Euroclear France, a subsidiary of Euroclear Bank S.A./N.V. (Euroclear France) (acting as central depositary) which shall
credit the accounts of Account Holders (as defined in "Terms and Conditions of the Bonds Form, Denomination and Title") including Euroclear Bank S.A./N. V.
(Euroclear) and the depositary bank for Clearstream Banking S.A. (Clearstream Luxembourg).
The Bonds have been assigned a rating of BBB- by S&P Global Ratings Europe Limited (S&P), Baa3 by Moody's Investors Service Ltd (Moody's) and BBB by Fitch Ratings
(Fitch). S&P, Moody's and Fitch are established in the European Union and are registered under Regulation (EC) No. 1060/2009 on credit rating agencies (as amended)
(the CRA Regulation). As such S&P and Moody's are included in the list of registered credit rating agencies published by the European Securities and Markets Authority
(ESMA) on its website (https://www.esma.europa.eu/supervision/credit-rating-agencies/risk) in accordance with the CRA Regulation. A rating is not a recommendation
to buy, sell or hold the Bonds. Any credit rating is subject to revision, suspension or withdrawal at any time by the relevant rating organisation. Any revision, suspension,
reduction or withdrawal of the rating may adversely affect the market price of the Bonds.
This document is not for distribution, directly or indirectly, in or into the United States. This document is neither an offer of securities for sale nor the solicitation of an
offer to purchase securities in the United States or any other jurisdiction where such offer may be restricted. Securities may not be offered or sold in the United States
absent registration with the Securities and Exchange Commission under the U.S. Securities Act of 1933, as amended (the U.S. Securities Act), or an applicable exemption
from registration. The Bonds have not been and will not be registered under the U.S. Securities Act and may not be offered, sold or delivered within the United States or
to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act (Regulation S)). Copies of this document are not being, and
should not be, distributed in or sent into the United States.
An investment in the Bonds involves certain risks. Potential investors should review all the information contained in this document and, in particular, the information
set out in the section entitled "Risk Factors" of this Prospectus prior to investing in the Bonds.
Global Coordinators and Joint Bookrunners

HSBC
SMBC Nikko
Joint Bookrunners
Banca IMI
Crédit Agricole CIB
Société Générale Corporate & Investment Banking
Co-Lead Manager
Helaba

Date: 11 June 2019

TABLE OF CONTENTS
Page
RESPONSIBILITY STATEMENT .................................................................................................................. 3
IMPORTANT INFORMATION FOR INVESTORS ......................................................................................... 4
INFORMATION SOURCED FROM THIRD PARTIES .................................................................................... 8
RISK FACTORS .......................................................................................................................................... 9
SELECTED FINANCIAL INFORMATION OF EUTELSAT S.A. ...................................................................... 35
DOCUMENTS INCORPORATED BY REFERENCE ..................................................................................... 39
TERMS AND CONDITIONS OF THE BONDS ............................................................................................ 41
USE OF PROCEEDS ................................................................................................................................. 55
INFORMATION ABOUT THE ISSUER ...................................................................................................... 56
BUSINESS OVERVIEW ............................................................................................................................ 66
RECENT DEVELOPMENTS ...................................................................................................................... 92
TAXATION ............................................................................................................................................ 112
SUBSCRIPTION AND SALE .................................................................................................................... 115
GENERAL INFORMATION .................................................................................................................... 118
GLOSSARY OF TERMS .......................................................................................................................... 121

2

RESPONSIBILITY STATEMENT
As of the date of this Prospectus, the Issuer declares that, having taken all reasonable care to ensure
that such is the case, the information contained or incorporated by reference in this Prospectus is, to
the best of its knowledge, in accordance with the facts and contains no omission likely to affect the
import of such information. The Issuer accepts responsibility for the information contained in this
Prospectus accordingly.

3

IMPORTANT INFORMATION FOR INVESTORS
References herein to the Issuer are to Eutelsat S.A. This Prospectus has been prepared for the
purpose of giving information with regard to (i) the Issuer, (ii) the Issuer and its subsidiaries (direct or
indirect) and affiliates taken as a whole (the Group) but excluding its controlling entity, Eutelsat
Communications S.A. and (iii) the Bonds, which is necessary to enable investors to make an informed
assessment of the assets and liabilities, financial position and profit and losses of the Issuer. No
information contained in this Prospectus may be used for any purpose other than investing in the
Bonds.
Certain information contained or incorporated by reference in this Prospectus has been extracted
from sources which the Issuer believes to be reliable, specified in the sections where such
information appears. The Issuer confirms that such information has been accurately reproduced and
that, so far as it is aware and is able to ascertain from information published by the above sources,
no facts have been omitted which would render the information in this Prospectus inaccurate or
misleading in any material respect.
The Managers (as defined under the section entitled "Subscription and Sale") have not verified the
information contained or incorporated by reference in this Prospectus. The Managers do not make
any representation, warranty or undertaking, express or implied, and no responsibility or liability is
accepted by the Managers or any of their respective affiliates, as to the accuracy or completeness of
the information contained, or incorporated by reference, in this Prospectus, or any other
information provided by the Issuer in connection with the issue of the Bonds.
Any decision to purchase any Bonds should be based on this Prospectus. No person is or has been
authorised by the Issuer or the Managers or any of their affiliates to give any information or to make
any representation other than those contained in this Prospectus in connection with the issue or
sale of the Bonds and, if given or made, such information or representation must not be relied upon
as having been authorised by the Issuer or the Managers or any of their affiliates. Neither the
delivery of this Prospectus nor the offering, sale or delivery of any Bonds shall in any circumstances
imply that the information contained or incorporated by reference herein is correct at any time
subsequent to the date hereof, nor does the Issuer undertake to update this Prospectus except as
may be required by any applicable law or regulations. The Managers do not undertake to review the
financial condition or affairs of the Issuer during the life of the Bonds or to advise any investor in the
Bonds of any information coming to their attention.
Neither this Prospectus nor any other information provided in connection with the issue of the
Bonds (a) is intended to provide the basis of any credit or other evaluation or (b) should be
considered as a recommendation by the Issuer or the Managers that any recipient of this Prospectus
or any recipient of any other information supplied in connection with the issue of the Bonds should
purchase any Bonds. Neither this Prospectus nor any other information supplied in connection with
the issue and sale of the Bonds constitutes an offer or invitation by or on behalf of the Issuer or the
Managers to any person to subscribe for or to purchase any Bonds.
Prospective investors contemplating purchasing any Bonds should rely on their own independent
investigation and appraisal of (a) the Issuer, the Group, their respective business, financial condition
and affairs and (b) the terms of the offering, including the merits and risks involved. Investors should
review, inter alia, the documents incorporated by reference into this Prospectus when deciding
whether or not to subscribe for or purchase the Bonds. The contents of this Prospectus are not to be
construed as legal, business, financial or tax advice. Each prospective investor should consult its own
advisers as to legal, tax, financial, credit and related aspects of an investment in the Bonds. Potential
investors should, in particular, read carefully the section entitled "Risk Factors" set out below before
making a decision to invest in the Bonds.
4

This Prospectus does not constitute an offer of, or an invitation or solicitation by or on behalf of the
Issuer or the Managers to subscribe or purchase, any of the Bonds in any jurisdiction where, or to
any person to whom, it is unlawful to make an offer or solicitation. The distribution of this
Prospectus and the offering and sale of the Bonds in certain jurisdictions, including the United
States, France, Luxembourg and other Member States of the European Economic Area, may be
restricted by law. The Issuer and the Managers do not represent that this Prospectus may be lawfully
distributed, or that any Bonds may be lawfully offered, in compliance with any applicable
registration or other requirements in any such jurisdiction, or pursuant to an exemption available
thereunder, or assume any responsibility for facilitating any such distribution or offering. In
particular, no action has been taken by the Issuer or the Managers which would permit a public
offering of any Bonds, and neither this Prospectus nor any advertisement or other offering material
may be distributed or published in any jurisdiction, except under circumstances that will result in
compliance with any applicable laws and regulations. Persons into whose possession this Prospectus
or any Bonds may come must inform themselves about, and observe any, such restrictions on the
distribution of this Prospectus and the offering and sale of Bonds. In particular, there are restrictions
on the distribution of the Prospectus and the offer or sale of Bonds in the United States, the United
Kingdom and France (see "Subscription and Sale").
The Bonds have not been and will not be registered under the U.S. Securities Act and may not be
offered, sold or delivered within the United States or to, or for the account or benefit of, U.S.
persons (as defined in Regulation S under the U.S. Securities Act (Regulation S)).
MiFID II product governance / Professional investors and eligible counterparties only target
market Solely for the purposes of each manufacturer's product approval process, the target
market assessment in respect of the Bonds, taking into account the five categories referred to in
item 18 of the Guidelines published by the European Securities and Markets Authority on 5 February
2018 has led to the conclusion that: (i) the target market for the Bonds is eligible counterparties and
professional clients only, each as defined in Directive 2014/65/EU (as amended, MiFID II); and (ii) all,
channels for distribution of the Bonds to eligible counterparties and professional clients are
appropriate. Any person subsequently offering, selling or recommending the Bonds (a distributor)
should take into consideration the manufacturers' target market assessment; in respect of the Bonds
(by either adopting or refining the manufacturers' target market assessment) and determining
appropriate distribution channels.

PRIIPs Regulation / Prohibition of sales to EEA retail investors The Bonds are not intended to be
offered, sold or otherwise made available to and should not be offered, sold or otherwise made
available to any retail investor in the European Economic Area (the EEA). For these purposes, a
"retail investor" means a person who is one (or more) of: (i) a retail client as defined in point (11) of
Article 4(1) of MiFID II; (ii) a customer within the meaning of Directive 2016/97/EU (as amended, the
Insurance Distribution Directive), where that customer would not qualify as a professional client as
defined in point (10) of Article 4(1) of MiFID II. Consequently, no key information document required
by Regulation (EU) No 1286/2014 (as amended, the PRIIPs Regulation) for offering or selling the
Bonds or otherwise making them available to retail investors in the EEA has been prepared and
therefore offering or selling the Bonds or otherwise making them available to any retail investor in
the EEA may be unlawful under the PRIIPs Regulation.
The information in the sections concerning clearing systems has been obtained from sources that
the Issuer believes to be reliable. The Issuer accepts no responsibility for the accuracy of such
information, other than for the correct extraction and reproduction of such information. If investors
want to use the facilities of Euroclear France, Clearstream Luxembourg or Euroclear, they should
confirm the continued applicability of the rules, regulations and procedures of Euroclear France,
Clearstream Luxembourg or Euroclear, as applicable. The Issuer will not be responsible or liable for
5

any aspect of the records held through the facilities of Clearstream or Euroclear or for maintaining,
supervising or reviewing any such records.
An application has been made to admit the Bonds to listing on the Official List of the Luxembourg
Stock Exchange and to trading on the Luxembourg regulated market but we cannot guarantee that
our application to listing and trading of the Bonds will be approved as at the Issue Date or any time
after the Issue Date.
In this Prospectus, unless otherwise specified or the context requires, references to "Euro", "EUR"
and "" are to the single currency of the participating Member States of the European Economic and
Monetary Union, while references to "U.S. Dollar", "USD" and "$" are to the single currency of the
United States of America.
In connection with the issue of the Bonds, SMBC Nikko Capital Markets Limited (the Stabilising
Manager) (or any person acting on behalf of the Stabilising Manager) may over-allot Bonds or
effect transactions with a view to supporting the market price of the Bonds at a level higher than
that which might otherwise prevail. However, there is no assurance that the Stabilising Manager
(or any person acting on behalf of the Stabilising Manager) will undertake stabilisation action. Any
stabilisation action may begin on or after the date on which adequate public disclosure of the
terms of the offer of the Bonds is made and, if begun, may be ended at any time, but must end no
later than the earlier of 30 days after the issue date of the Bonds and 60 days after the date of the
allotment of the Bonds. Any stabilisation action or over-allotment must be conducted by the
Stabilising Manager (or any person acting on behalf of the Stabilising Manager) in accordance with
all applicable laws and rules.
The market data and other statistical information used throughout this Prospectus are based on
estimates which the Issuer has made in good faith, internal surveys reviewed by the Issuer, as well as
analysis prepared, based on or derived from independent industry publications, government
publications, reports by market research firms or other published independent sources. These
publications and surveys generally state that they contain information from sources believed to be
reliable but do not guarantee the accuracy and completeness of such information. While the Issuer
believes these sources are reliable and such information was accurately reproduced in this
Prospectus, the Issuer has not verified the research by any independent source.
The Issuer cannot ensure that any of the assumptions underlying these statements are accurate, or
correctly reflect the Issuer's position in the industry and none of the internal surveys or information
of the Issuer has been verified by any independent sources. Neither the Managers nor the Issuer
make any representation or warranty as to the accuracy or completeness of this information. All of
the information set forth in this Prospectus relating to the operations, financial results or market
share of our competitors has been obtained from information made available to the public in such
companies' publicly available reports and independent research, as well as from the Issuer's
experience, internal studies, estimates and investigation of market conditions. Neither the Managers
nor the Issuer have independently verified this information and the Managers and the Issuer cannot
guarantee its accuracy.
Potential investors must rely upon their own examination of the Issuer and the financial statements
presented in this Prospectus. Certain financial information contained or incorporated by reference in
this Prospectus has been rounded and, as a result, the figures shown as totals may vary slightly from
the exact arithmetic aggregation of the figures that precede them.
Certain statements contained herein are forward-looking statements including, but not limited to,
statements that are predictions of or indicate future events, trends, plans or objectives, based on
certain assumptions, and include any statement that does not directly relate to a historical fact or
current fact. The Issuer may also make forward-looking statements in its audited annual financial
6

statements, in its interim financial statements, in its prospectuses, in press releases and other
written materials and in oral statements made by its officers, directors or employees to third parties.
Forward-looking statements are typically identified by words or phrases such as, without limitation,
"anticipate", "assume", "believe", "continue", "estimate", "expect", "foresee", "intend", "may
increase" and "may fluctuate" and similar expressions or by future or conditional verbs such as,
without limitation, "may", "will", "should", "would" and "could." Although the Issuer believes that
expectations reflected in its forward-looking statements are reasonable as of the date of this
Prospectus, there can be no assurance that such expectations will prove to have been correct.
Undue reliance should not be placed on such statements, because, by their nature, they are subject
to known and unknown risks, uncertainties, and other factors. These factors include those set forth
in section entitled "Risk Factors" below.
The risks described in this Prospectus are not the only risks an investor should consider. New risk
factors emerge from time to time and it is not possible for the Issuer to predict all such risk factors
on its business or the extent to which any factor, or combination of factors, may cause actual results
to differ materially from those contained in any forward-looking statements. The Issuer undertakes
no obligation to update the forward-looking statements contained in this Prospectus or any other
forward-looking statement it may make.

7

INFORMATION SOURCED FROM THIRD PARTIES
Certain information contained in this Prospectus has been sourced from third party sources. While
the Issuer believes that the information sourced from third parties has been accurately reproduced
and that as far as the Issuer is aware and is able to ascertain from information published by that
third party, no facts have been omitted which would render the reproduced information inaccurate
or misleading, the Issuer has not independently verified such information.

8

RISK FACTORS
The following is a summary of certain aspects of the offering of the Bonds of which prospective
investors should be aware. Prior to making an investment decision, prospective investors should
consider carefully all of the information set out in this Prospectus, including in particular the risk
factors detailed below. Prospective investors should make their own independent evaluations of all
investment considerations and should also read the detailed information set out elsewhere in this
Prospectus.
Terms defined in the section entitled "Terms and Conditions of the Bonds" shall have the same
meaning where used below.
The Issuer believes that the factors described below represent the principal risks associated with
investing in the Bonds, but the inability of the Issuer to pay interest, principal or other amounts on or
in connection with the Bonds may occur for other reasons which may not be considered significant
risks by the Issuer based on information currently available to it or which it may not currently be able
to anticipate. Additional risks or uncertainties not known to the Issuer as at the date of this
Prospectus, or that the Issuer believes are immaterial, may also impact on the business operations
and/or financial condition of the Issuer. Prospective investors should also read the detailed
information set out elsewhere in this Prospectus, including any information incorporated by reference
herein and reach their own views prior to making any investment decision.
1
RISKS RELATING TO THE GROUP
The risks described below are those identified by the Issuer that could have an adverse effect on the
Group's situation. Additional risks, which are either not currently known or not considered likely to
materialise, as at the date of this Prospectus may also exist, such additional risks could materially
and adversely affect the Group's business, financial condition or the results of its operations. The
occurrence of one or more of these risks could also have an adverse effect on the Group's situation.
Risks inherent to business
The Group might not be able to meet its launch or activation timeframes for new satellites
The Group plans to launch seven new satellites (EUTELSAT 7C, EUTELSAT 5 WEST B,
EUTELSAT QUANTUM, KONNECT, KONNECT VHTS, EUTELSAT HOTBIRD 13F, and EUTELSAT HOTBIRD
13G) before the end of calendar year 2021. The purpose of these satellites is to ensure the
continuity of service provided by some existing satellites, increase resources in certain orbital
positions, consolidate and develop the Group's service offering and step up the level of security at
certain orbital positions.
The Group may not be able to keep to the scheduled timetable for launching these new satellites.
A significant delay in satellite construction, or a delay or failure in the launch of one of these
satel ites, would impair the Group's ability to generate new sales opportunities, implement its
development strategy, meet its contractual service continuity commitments to customers and end
users, or meet its growth objectives. Any significant delay or failure in the launch of any of its
satel ites could thus have a significant negative impact on the Group's business, financial situation,
results and objectives.
Access to space according to the Group's timetable is a crucial part of its satellite deployment plan
and growth strategy
Given the small number of launch service providers with the technical ability to launch satellites that
have already been ordered, as well as future satellites that have not yet been ordered, this small
9

number may constrain the Group's operating flexibility and could increase the cost of its launch
programme within the timeframe set out by the Group.
Should one of the launch service providers prove incapable of meeting its contractual commitments
towards the Group within the specified deadline due to operating (e.g. following a failed launch) or
financial difficulties, the Group could re-allocate the relevant satellite to another launch service
provider or even, in some cases, sign new launch service contracts that could prove more costly than
the current contracts. Such events could have a significant detrimental impact on the Group's
business (e.g. delayed satellite activation) and financial position.
In order to respect the original timetable as much as possible and thereby reduce costs for its
deployment plan, the Group has diversified its launch service providers. The Group recently used
and currently uses or intends to use the following different launch service providers: Arianespace,
International Launch Services, Space X Exploration Technologies Corp and Blue Origin.
The Group's satel ite deployment plan is dependent on a limited number of major suppliers
The number of satellite manufacturers capable of designing and building satellites in compliance
with the technical specifications and quality required by the Group is limited, as is the number of
suppliers capable of launching these satellites. The limited number of suppliers could reduce the
Group's bargaining power and increase the cost of implementing its programme within the
scheduled timeframe.
As of 31 December 2018, the satellites under procurement were received from the following
manufacturers: Airbus Defense and Space, Orbital ATK, Thales Alenia Space and Space Systems Loral
Inc.
The Group has made commitments with satellite manufacturers and with other suppliers for the
acquisition of satellites or for the provision of services and acquisitions of fixed assets relating to the
monitoring and control of satellites. The Group considers that it is not dependent on suppliers other
than satellite manufacturers and launch operators.
The limited number of suppliers in these areas could therefore have a significant negative impact on
the Group's business, financial situation and results.
The Group is exposed to the risk that its suppliers may experience operational or financial
difficulties
In the event of a Group supplier being unable to fulfil its contractual commitments towards the
Group within the agreed timeframe, the Group would be forced to reallocate the satellites
concerned to other service providers and, in some cases, enter into new launch service contracts
which might prove more costly. Such events could have a significant negative impact on the Group's
business, financial situation and results.
The satellites operated by the Group may experience failures or malfunctions in-orbit
Satellites are sensitive to the external environment. Once they are in orbit, malfunctions may occur
for various reasons and reduce their remaining operating life and/or permanently or intermittently
reduce their transmission capacity, which could have a considerable adverse impact on the Group's
business, financial situation and results.
In the event of a satellite failure or in-orbit malfunction, the Group may not be able to guarantee
continuity of service for all its clients by using redundant equipment or back-up capacity on another
satellite, particularly if there is a lack of available satellite capacity suitable for the needs of the
customers concerned. Similarly, the Group may not be able to guarantee continuity of service for all
10