Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 340

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 340
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 cash flows are taken into account in the development of the cash flow forecasts. Perpetual Growth Rate (‘PGR’) assumptions The PGR for GEO was calculated at -2.0%.In 2023, separate perpetual growth rates were calculated for the GEO regions as follows: Europe -1.5%(2022: -2.2%),North America -5.2%(2022: -2.7%),and International -1.9%(2022: +2.5%). For MEO, in 2023, management applied a ‘fading growth statistical model’, or ‘H-model’.Under this model, following the five-year business plan period, cash flows were expected to continue to grow at a higher rate for a time, which then reduces for a period until the perpetual growth rate is reached. Management believed this was a valid assumption as the MEO fleet, specifically the mPOWER fleet which was in the middle of its launch campaign, would not reach its maximum utilisation projection until after the business plan period. In line with growth projections at the end of the prior business plan period, management selected +5.0% (2022: +10.0%), as the higher growth rate, which reduced on a straight-line basis over nine years until the perpetual growth rate is reached. The perpetual growth rate used for MEO was +3.0% (2022: +3.0%). In 2024, as discussed in Note 2, the Group changed its estimate of the economic useful life of the MEO orbital slot rights from an indefinite life to a definite life in the second half of 2024. Accordingly, the H-model,which assumes an indefinite life, no longer applies. Therefore, management applied a -3.8%declining growth rate through the assumed end of life of the mPOWER fleet in 2037, reflecting its estimate of price erosion on a static fleet size, with no perpetual capital expenditures or other cash flows thereafter. These rates reflect the most recent long-term planning assumptions approved by the Board of Directors and can be supported by reference to the trading performance over a longer period and incorporate also projected growth rates for wide-beam and high-throughput satellites markets from external data sources. F-58

Consolidated financial statements as of and for the years ended December 31, 2024, December 31, 2023 and December 31, 2022 Impairment charges recorded for 2024

| i | Goodwill |

As a result