REGISTRATION DOCUMENT AND FINANCIAL REPORT - Iliad

TABLE OF CONTENTS
GENERAL COMMENTS .................................................................................
Table of contents ..........................................................................................
1. Persons responsible ..................................................................................... 1
1.1 PERSON RESPONSIBLE FOR THE REGISTRATION DOCUMENT ......................................... 1
1.2 STATEMENT BY THE PERSON RESPONSIBLE FOR THE REGISTRATION DOCUMENT .................... 1
1.3 PERSON RESPONSIBLE FOR FINANCIAL INFORMATION ............................................... 1
1.4 PROVISIONAL TIMETABLE FOR PUBLICATION OF FINANCIAL INFORMATION .......................... 1
2. Auditors ................................................................................................. 2
2.1 STATUTORY AUDITORS ............................................................................. 2
2.2 ALTERNATE AUDITORS ............................................................................. 2
2.3 FEES PAID BY THE GROUP TO THE STATUTORY AUDITORS AND MEMBERS OF THEIR NETWORKS .... 2
3. Selected financial information .......................................................................... 3
4. Risk factors ............................................................................................. 4
4.1 RISKS RELATING TO THE GROUP AND ITS STRUCTURE .............................................. 4
4.1.1 Dependence on managers and key employees ......................................................... 4
4.1.2 Dependence on the principal shareholder ............................................................. 4
4.1.3 Risks relating to the availability of equipment for the development of the broadband Internet access
offering .............................................................................................. 4
4.1.4 Risks relating to the impact of acquisitions or investments ............................................ 4
4.1.5 Risks relating to the need to improve the technical features and functionality of the services offered by
the Group ............................................................................................ 4
4.2 RISKS RELATING TO THE GROUP’S ACTIVITIES ...................................................... 5
4.2.1 Risks relating to the growth of the Internet market in France .......................................... 5
4.2.2 Risks relating to the difficulty in upgrading the capacity of the platform for online access to the
Group’s services in line with the growth in Internet traffic ............................................ 5
4.2.3 Risks relating to the rapid changes in pricing and technical aspects of Internet access offerings ....... 5
4.2.4 Risks relating to competition ......................................................................... 5
4.2.5 Risks relating to security and confidentiality of information on the Internet ........................... 6
4.2.6 Risks relating to the roll-out of the optical fiber network .............................................. 6
4.3 FINANCIAL RISKS .................................................................................. 6
4.3.1 Foreign exchange risk ................................................................................ 6
4.3.2 Interest rate risk ...................................................................................... 7
4.3.3 Liquidity risks ........................................................................................ 7
4.3.4 Equity risks .......................................................................................... 8
4.4 LEGAL RISKS ...................................................................................... 9
4.4.1 Risks relating to the Group’s relations with the incumbent operator ................................... 9
4.4.2 Risks relating to liability for content .................................................................. 9
4.4.3 Risks relating to intellectual property rights .......................................................... 9
4.4.4 Risks relating to the use of open source software ...................................................... 10
4.4.5 Links with or dependence on other companies ........................................................ 10
4.4.6 Operating assets not owned by Iliad .................................................................. 10
4.4.7 Industrial and environmental risks .................................................................... 10
4.4.8 Risks relating to the loss of licenses and frequencies .................................................. 10
4.5 RISKS RELATING TO CLAIMS AND LITIGATION ...................................................... 11
4.6 INSURANCE AND RISK COVERAGE .................................................................. 12
5. Information about the Company and the Group ....................................................... 13
5.1 HISTORY AND DEVELOPMENT ...................................................................... 13
5.1.1 Company name ....................................................................................... 13
5.1.2 Registration details ................................................................................... 13
5.1.3 Date of incorporation and term ....................................................................... 13
5.1.4 Registered office, legal form and applicable law ...................................................... 13
5.1.5 Key dates ............................................................................................ 13
5.1.6 Important events in the development of the Group’s business ......................................... 15
5.2 INVESTMENTS ...................................................................................... 18
5.2.1 Principal investments over the last three fiscal years .................................................. 18
5.2.2 Principal investments in progress ..................................................................... 18
5.2.3 Principal future investments .......................................................................... 18