Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 67

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 67
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677 million of impairment expense related to orbital slot license rights for the year ended
December 31, 2023 (2022: €126 million).

SES has identified material weaknesses in its internal control over financial reporting. If SES is unable to successfully remediate these material weaknesses, or if it identifies additional material weaknesses in the future or otherwise fails to maintain an effective system of internal control over financial reporting, SES may be subject to increased risks and liabilities.

Although SES is not yet subject to the certification or attestation requirements of
Section 404 of the Sarbanes-Oxley Act of 2002 (the “SOX Act”), in the course of preparation of our financial statements for the years ended December 31, 2023, and 2022 and in connection with the preparation of this prospectus,
SES identified material weaknesses with respect to its internal controls over financial reporting. A material weakness

44

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the annual or interim
financial statements will not be prevented or detected on a timely basis. The material weaknesses SES identified relate to (i) lack of appropriately designed and maintained information technology general controls, including controls to address
segregation of duties, and (ii) the aggregation of deficiencies in the design and implementation of controls and insufficient risk assessment procedures over certain business processes, including controls to address segregation of duties and
documentation of evidence of the execution of controls.

SES has concluded that these material weaknesses arose because it did not have
business processes, systems, personnel and related internal controls that would have satisfied the accounting and financial reporting requirements of a public company under the SOX Act. None of the material weaknesses described above resulted in
misstatement to SES’s consolidated financial statements. However, the material weaknesses described above could result in a misstatement of one or more account balances or disclosures that would result in a material misstatement to the annual
or interim consolidated financial statements that would not be prevented or detected.

To address the identified material weaknesses, SES
has added qualified personnel and engaged third-party specialists to assist with evaluating and documenting the design and operating effectiveness of its internal controls over financial reporting and to assist with the remediation of deficiencies,
including implementing new controls and processes. SES intends to continue to take steps to remediate the material weakness described above through hiring additional personnel with