Currently the largest satellite operator worldwide. Prior to the Intelsat-PanamSat merger, strong position in Europe in television broadcasting and in the U.S. in cable distribution. Best geographical spread in the industry; Good visibility of revenues and cash flow and a backlog of €6.5 billion at Sept. 30, 2005, owing to long-term contracts (10-15 years) and high barriers to entry; High EBITDA margins, currently in the low 70% range owing to the group's large asset base and low operating expenses; and Very strong track record of transponder availability and operating efficiency. Expansion of new services (such as broadband provision) with unproven business models and higher revenue and cash flow volatility; Some, albeit reducing, overcapacity in the satellite industry, with pricing pressures
