Company: SGBAF
Filing Date: 2025-05-08
Form Type: F-4/A
Source: 0001193125-25-115825
Chunk: 324

Company: SES S.A.
Filing Date: 2025-05-08
Form: F-4/A
Chunk 324
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     |  12 |   |
| Intangible asset: Customer relationships (Note 16) |     | 292 |   |
| Current assets                                     |     |  29 |   |
| Non-current assets                                 |     |   2 |   |
| Deferred tax liabilities (Note 10)                 |     | (65 | ) |
| Current liabilities                                |     | (26 | ) |
| Deferred income                                    |     | (10 | ) |
| Net identifiable assets acquired                   |     | 234 |   |
| Add: Goodwill* (Note 16)                           |     | 201 |   |
| Net assets acquired                                |     | 435 |   |

| * | Non-deductible for tax purpose. |

F-37

Consolidated financial statements as of and for the years ended December 31, 2024, December 31, 2023 and December 31, 2022 Goodwill mostly represents expected synergies resulting reduction of costs by combining the operations of GES with those of other SES companies, particularly SES Space & Defense, Inc., including the opportunity to migrate some of the GES services on to the Group’s own satellite fleet. Fair value is estimated by management using a multi-period excess earnings method for customer relationships. Management’s cash flow projections for the intangible assets acquired included significant judgments and assumptions relating to revenue growth rates, discount rates, and customer attrition rates for customer relationships. The fair value of the acquired trade and other receivables and prepayments with aggregated gross contractual amount of EUR 24 million was assumed to equal their book value. The best estimate at the acquisition date of the contractual cash flows not expected to be collected was EUR 1 million.

| Purchase consideration—cash outflow         |     |     |
| € million                                   |     | EUR |
| Cash paid                                   |     | 435 |
| Less                                        |     |     |
| Balance acquired: Cash and cash equivalents |     |   — |
| Net outflow of cash – investing activities  |     | 435 |

Transaction-related costs of EUR 3 million were recognized directly in other operating expenses. The amounts of post-acquisition GES revenue and net loss included in the consolidated income statements were EUR 95 million and EUR 3 million respectively. The Group’s 2022 revenue and loss for the year if the acquisition had taken effect on January 1, 2022 would have been EUR 2,045 million and EUR 34 million respectively