Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 301

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 301
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 rates in effect at the time of recognition, which may vary from those in effect at the prior year-end.The impairment booked in 2022 was mainly driven by the higher discount rates as noted above. For GEO Europe, no impairment charge was recorded in 2023 or 2022, reflecting the limited goodwill in this CGU given that the business was mainly developed organically rather than through acquisition. For GEO International, no impairment was necessary in 2022. This CGU encompasses most of the Group’s GEO high-throughput satellites, which are expected to contribute to future revenue growth, although part of the value in use was attributable to proceeds receivable in the framework of the FCC Order. For MEO, no impairment charge was necessary in 2022 as the valuation decreased due to the higher discount rates noted above but the value in use still exceeded the CGU’s net assets. Arising from the impairment reviews above, the Group’s remaining goodwill has a net book value as of December 31, 2023 and 2022 by CGU as presented below:

| € million         |     | 2023 |     |     | 2022 |       |
| GEO Europe        |     |      | 140 |     |      |   141 |
| GEO North America |     |      |   — |     |      | 1,022 |
| GEO International |     |      |   — |     |      |   350 |
| MEO               |     |      |   — |     |      |   225 |
| Total             |     |      | 140 |     |      | 1,738 |

Management has integrated SES Space & Defense Inc. and GES (now combined under a common management team and branded as SES Space & Defense [“S&D”]) into the existing impairment model. To integrate goodwill created in the GES acquisition into the existing CGUs, management estimated the proportion of S&D’s net assets attributable to those CGUs in December 2022. At that time, management F-56

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83 Consolidated financial statements as of and for the years ended December 31, 2023 and December 31, 2022 analysed the projected 2027 revenues for S&D as well as the current regional usage of GES’s network. The result of this analysis was that, of the net book value, 16% was allocated to GEO