Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 155

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 155
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udited pro forma condensed consolidated financial information included in this section presents the historical consolidated financial information of the SES Group, adjusted to give effect to the Acquisition of Intelsat by SES, has been prepared in accordance with Article 11 of Regulation S-Xand includes the following:

The SES Group’s consolidated financial statements were prepared in accordance with IFRS and the Intelsat Group’s consolidated financial statements were prepared in accordance with U.S. GAAP. The pro forma financial information includes (i) adjustments to convert the financial information of the Intelsat Group from U.S. GAAP to IFRS, and (ii) reclassifications to conform the Intelsat Group’s historical accounting policies and presentation to the SES Group’s accounting policies and presentation, for known material items. Assumed Purchase Price Allocation The Acquisition will be accounted for as a business combination using the acquisition method of accounting under IFRS 3. The preliminary consideration amounts to €3.5 billion and is composed of the initial purchase price of €3.0 billion, the equivalent of $3.1 billion (based on an FX rate of 1.0389 as at December 31, 2024), and as explained more fully below an estimated fair value of €531 million contingent consideration in respect of CVRs, the equivalent of $552 million based on an FX rate of 1.0389 as at December 31, 2024. SES does not have full access to all financial information of the Intelsat Group due to regulatory restrictions. However, for the purpose of pro forma financial information the Company believes based on information available to the Company that the carrying values in the historical financial statements of Intelsat reasonably approximate to the fair values. As a result, for the purpose of these pro forma financial information, the assumed allocation of the estimated purchase price is based upon the carrying value of Intelsat’s assets and liabilities acquired which are assumed to approximate fair value. The actual fair values of assets and liabilities will be determined after the completion of the Acquisition and may vary materially from the assumed purchase price allocation presented in this prospectus. Fresh Start Accounting for Intelsat Group Intelsat Group’s assets and liabilities, other than contracts assets and liabilities, as well as deferred income taxes, were fair valued as of February 28, 2022 upon the application of fresh start accounting (“Fresh Start Accounting”). On emergence from bankruptcy, Intelsat adopted Fresh Start Accounting in accordance with Accounting Standards Codification (“ASC”) 852 – Reorganizations.