Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 443

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 443
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 an expiration date of January 1, 2034. We evaluated the lease and determined that it contains lease and non-leasecomponents. The leased assets are expected to have a residual value of $13.3 million. Interest income of $16.5 million will be recognized over the lease term. For the year ended December 31, 2024, the Company recorded revenue and direct costs of revenue of $15.1 million and $9.3 million, respectively, resulting in net income at commencement of the sales-type lease of $5.8 million. The Company recognized interest income on the sales-type lease of $0.2 million for the year ended December 31, 2024. As of December 31, 2024, the net investment in the lease was $7.9 million, consisting of $5.3 million of lease receivable and $2.6 million of an unguaranteed residual asset. In February 2022, the Company commenced a sales-type lease with an expiration date of February 14, 2027, with two one-yearrenewal options. We evaluated the lease and determined that it contained lease and non-lease F-149

components. The leased assets were not expected to have any residual value, and no interest income was recognized under the lease as consideration was received upfront. For the two months ended February 28, 2022, the Company recorded revenue and direct costs of revenue of $12.3 million and $9.5 million, respectively, resulting in net income at commencement of the sales-type lease of approximately $2.8 million. In September 2023, the Company entered into amendments to update the expiration date of the sales-type lease to January 31, 2024. In the first quarter of 2024, certain leased assets were returned to the Company following the lease termination, resulting in a $5.9 million reduction in direct costs of revenue. In September 2022, the Company signed a sales-type lease that commenced in November 2023, with an expiration date of December 31, 2026, and two two-yearrenewal options. The lease was modified in the fourth quarter of 2023 with no changes to the expiration date or the two two-yearrenewal options. We evaluated the lease and determined that it contains lease and non-leasecomponents. No net investment is recorded in the sales-type lease and no interest income will be recorded under the lease as consideration was received upfront. For