Company: SGBAF
Filing Date: 2025-05-08
Form Type: F-4/A
Source: 0001193125-25-115825
Chunk: 297

Company: SES S.A.
Filing Date: 2025-05-08
Form: F-4/A
Chunk 297
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38 below: “An intangible asset shall be regarded by the entity as having an indefinite useful life when there is no foreseeable limit to the period over which the asset is expected to generate net cash inflows for the entity.” F-17

Consolidated financial statements as of and for the years ended December 31, 2024, December 31, 2023 and December 31, 2022 The Company is now evolving in the direction of a multi-orbit provider of satellite services and hence is diverting a large part of its capital expenditure to non-GEOorbit satellite procurement. For that reason, the number of occupied operational GEO slots is likely to decline over time and management no longer believes that the level of certainty as to foreseeable future operations implied by paragraph 88 of IAS 38 is met. For that reason, management has updated its estimate in this area such that all GEO orbital slot rights are now presented as definite-life assets. For those rights which were formerly presented as indefinite life assets, their residual carrying value will generally be amortized over the remaining life of the on-stationsatellite operating at that orbital position in accordance with the provisions of paragraph 90 of IAS 38. Where more than one satellite is collocated at one position then the latest end of depreciation life amongst those satellites is used. Where a replacement satellite for an orbital position has already been contracted, then the expected end of life of that replacement satellite is taken. Similarly, where the likelihood of procuring a replacement satellite is probable, then management calculates the end of life of that uncommitted replacement and applies it in computing the amortization life of the relevant orbital slight rights. This change in accounting estimate for GEO orbital slot rights which came into effect on January 1, 2024, triggered an impairment test as at that date under the provisions of paragraph 10 of IAS 36. This test resulted in a net reversal of previous impairments of EUR 29 million. As there were no changes to the business plan since the impairment tests performed as at December 31, 2023, the net reversal was caused by the reduction in useful lives explained above (causing a reduction in cash flows taken into account in the valuation) which is more than offset by the impact of the disaggregation of regional cash-generating units used in the monitoring of GEO orbital slot rights explained below (see ii. below). MEO orbital slot rights Concerning MEO orbital rights, these had a brought forward carrying value of EUR nil as at December 31