Obligation Eutelsat Connect 2.625% ( FR0011660596 ) en EUR

Eutelsat Connect

100 % ▼

France

FR0011660596 ( en EUR )

2.625% par an ( paiement annuel )

13/01/2020 - Obligation échue

Prospectus brochure de l'obligation Eutelsat FR0011660596 en EUR 2.625%, échue

100 000 EUR

930 000 000 EUR

Eutelsat Communications est un opérateur de satellites de télécommunications fournissant des services de diffusion, de connectivité et de services gouvernementaux à travers le monde.

L'Obligation émise par Eutelsat Connect ( France ) , en EUR, avec le code ISIN FR0011660596, paye un coupon de 2.625% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 13/01/2020

EUTELSAT S.A.
930,000,000 2.625 PER CENT BONDS DUE 13 JANUARY 2020
ISSUE PRICE: 99.289 PER CENT

The 930,000,000 aggregate principal amount 2.625 per cent. bonds due 13 January 2020 (the Bonds, and each a Bond) of Eutelsat S.A. (the Issuer) will be issued outside
the Republic of France on 13 December 2013 (the Bond Issue).
Each Bond will bear interest on its principal amount at a fixed rate of 2.625 per cent. per annum from (and including) 13 December 2013 (the Issue Date) to (but excluding)
13 January 2020, payable in Euro annually in arrears on 13 January of each year and commencing on 13 January 2015, as further described in "Terms and Conditions of the
Bonds Interest".
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 January
2020 (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 Bondholders may, under certain conditions, request the Issuer to redeem all or part of the Bonds 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 Bonds are being offered as part of the financing for the proposed acquisition of Satélites Mexicanos, S.A. de C.V. (Satmex) by the Issuer (the Acquisition). The
consummation of the Acquisition is subject to certain conditions, including regulatory approvals. In the event that the closing of the Acquisition does not occur on or prior to
13 March 2014, or the Acquisition Agreement (as defined herein) is terminated at any time prior to such date, the Issuer may redeem, at its option, all the Bonds on a
special optional early redemption date at a redemption price equal to 101% of the principal amount of the Bonds plus accrued and unpaid interest and additional amounts,
if any, from the Issue Date to the redemption date as further described in "Terms and Conditions of the Bonds Redemption and Purchase Special Optional Early
Redemption".
The Issuer may, at its option, at any time or from time to time, during a period of three months preceding the Maturity Date redeem, in whole or in part, the Bonds 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".
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".
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, 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 Luxembourg
regulated market of the Luxembourg Stock Exchange is a regulated market for the purposes of the Investment Services Directive 2004/39/EC on financial instruments
markets. 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 will be issued in dematerialised form in a denomination of 100,000 and will at all 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, société anonyme (Clearstream Luxembourg).
The Bonds have been assigned a rating of BBB by Standard & Poor's Credit Market Services Europe Limited (S&P) and Baa3 by Moody's Investors Service Ltd (Moody's).
S&P and Moody's 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 (http://www.esma.europa.eu/page/List-registered-and-certified-CRAs) 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.

Joint Bookrunners
Banca IMI
Crédit Agricole CIB
Mitsubishi UFJ Securities
Société Générale Corporate & Investment Banking
Co-Lead Managers
Mizuho Securities
SMBC Nikko
Date: 11 December 2013

TABLE OF CONTENTS

Page
RESPONSIBILITY STATEMENT ............................................................................................................................. 3
IMPORTANT INFORMATION FOR INVESTORS .................................................................................................... 4
RISK FACTORS ..................................................................................................................................................... 8
SELECTED FINANCIAL INFORMATION OF EUTELSAT S.A. ................................................................................. 30
DOCUMENTS INCORPORATED BY REFERENCE ................................................................................................. 32
TERMS AND CONDITIONS OF THE BONDS ....................................................................................................... 34
USE OF PROCEEDS ............................................................................................................................................ 47
INFORMATION ABOUT THE ISSUER .................................................................................................................. 48
BUSINESS OVERVIEW........................................................................................................................................ 55
RECENT DEVELOPMENTS .................................................................................................................................. 84
TAXATION ......................................................................................................................................................... 90
SUBSCRIPTION AND SALE ................................................................................................................................. 94
GENERAL INFORMATION .................................................................................................................................. 97
GLOSSARY OF TERMS ..................................................................................................................................... 100

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 entities, Eutelsat Communications S.A.
and Eutelsat Communications Finance S.A.S., 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 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 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 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.
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
4

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)).
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 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.
In connection with the issue of the Bonds, Crédit Agricole Corporate and Investment Bank (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
5

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 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.

6

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, which is reproduced in this Prospectus, is
reliable, the Issuer has not independently verified such information.

7

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 of the Issuer. Prospective investors should also read
the detailed information set out elsewhere in this Prospectus 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 timetables for its new satellites.
The Group plans to launch four new satellites (EUTELSAT 3B, EUTELSAT 9B, EUTELSAT 8 West B and
EUTELSAT 65 West A) before the end of calendar year 2016. Furthermore, the Group has signed long-term
lease agreements for capacity on three RSCC satellites (Express-AT1, Express-AT2 and EUTELSAT 36C)
scheduled to be launched by the end of calendar year 2016. These satellites are aimed at ensuring
continuity of service provided by some existing satellites, increasing resources in certain orbital positions,
consolidating the Group's service offering and stepping 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 satellites,
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 satellites could therefore have a
significant negative impact on the Group's business, financial situation, results and objectives.
Non-recurring revenues included, in particular and without limitation, indemnities for the late delivery of
satellites amounting to 3.5 million for the financial year ended 30 June 2012 and 9.8 million for the year
ended 30 June 2013.
8

Access to space for satellite deployment according to the Group's timetable is a crucial part of its satellite
deployment plan and growth strategy.
The Group considers that the small number of launch service providers with the technical ability to launch
satellites already ordered, as well as future satellites that have not yet been ordered, constitutes a
constraint on its operating flexibility and could increase the cost of its launch programme within the
projected timeframe.
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 meet, as much as possible, the original timetable for its deployment plan and thereby reduce
costs, the Group has diversified its launch service providers. The Group currently intends to use different
launch service providers such as Arianespace, International Launch Services, Sea Launch A.G..
The Group's satellite deployment plan is dependent on several 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. 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 30 June 2013, future payments on satellite construction contracts amounted to 1,141 million and
future committed payments on launch contracts amount as of the date of this Prospectus to 352 million.
These future payments are spread over 18 years. The Group has also made commitments with other
suppliers for the provision of services and acquisitions of fixed assets relating to the monitoring and control
of satellites.
During the financial year ended 30 June 2013, the Group's procurement from satellite manufacturers and
launch service providers stood at about 374 million with no single supplier representing more than 35% of
this amount.
Satellite and launch service procurement, which represented, for the financial years ended 30 June 2013
and 30 June 2012, a respective 57% and 78% of Group acquisitions of tangible fixed assets, involved
satellite manufacturers (EADS Astrium, Thales Alenia Space and Space Systems Loral) and launch operators
(Arianespace, International Launch Services, Sea Launch A.G.).
The Group considers that it is not dependent on suppliers other than satellite manufacturers and launch
operators.
The limited number of suppliers could therefore 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 sophisticated devices that 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.
9

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 customers at that
orbital position by successfully launching a replacement satellite or one capable of carrying out the tasks of
the defective satellite.
In the event of a satellite failure or in-orbit malfunction, the Group may have difficulty in retaining its
customers (who could terminate or renegotiate their capacity allotment agreements) and might not be
able to enter into new capacity allotment agreements on satisfactory terms.
The Group currently has an In-Orbit Life Insurance programme covering 17 of its satellites on the basis of
their net book value. The policies cover the partial losses and/or deemed total losses of the insured
satellites under certain conditions. In spite of total or partial insurance coverage, a failure or loss of one or
more of the Group's satellites could have a significant negative impact on its business, financial situation
and results.
Furthermore, this insurance programme does not protect the Group against losses such as opportunity
cost, interruption of business, delayed activations or loss of revenues.
Finally, insurance companies could challenge the causes of the failure or malfunction or the amount of the
indemnity. The Group cannot guarantee that, in the event of a proven failure or malfunction on any of its
satellites covered under past insurance programmes, insurers would compensate the Group within a
reasonable timeframe or for the amount claimed by the Group. A lack of compensation, late compensation
or partial compensation of losses sustained could have a significant adverse impact on the Group's
business, financial situation and results.
In the future, insurance policy premiums for satellites in orbit and satellite launches could increase and
insurance cover could be more difficult to obtain or to renew.
Numerous factors, some of which are outside the Group's control, may affect the cost of insurance
premiums; these mainly include statistics on satellite failures or launch failures across the sector as a
whole.
The Group might not be able to renew its In-Orbit Life Insurance plan on comparable terms. A deterioration
in the In-Orbit Life Insurance market or an increase in insurance premiums could prompt the Group to
reduce its coverage of partial losses or deemed total losses of the insured satellites, which itself could lead
to an increase in the Group's exposure to the consequences of a failure or malfunction in-orbit.
In addition, the Group has taken out a Launch-plus-one year insurance covering the launch of the
EUTELSAT 3D, EUTELSAT 21B, EUTELSAT 70B and EUTELSAT 25B satellites.
The Group might not be able to obtain this additional cover or launch insurance for the other satellites
currently under construction, or for future satellites, on satisfactory terms. This situation could result from
a reduction in the supply of insurance products and services or a substantial increase in launch insurance
premiums due, in particular, to launch failure statistics across the whole industry. This could have a
significant negative impact on the Group's business, financial situation and results.
A portion of the Group's revenues is generated by Multi-Usage Services, which depend heavily on the
global political and economic context.
Over the last few years, the Group has generated an increasing share of its revenues (11.5% of the Group's
revenues for the financial year ended 30 June 2013) in the Multi-Usages Services market segment. This
segment includes the direct or indirect supply of services to governments, especially in the United States,
on the basis of one-year capacity allotment agreements. Obtaining and/or renewing capacity allotment
10