Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 276

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 276
---
 during the forecast period; (iii) the consistency with external market and industry data; and
(iv) review of satellites health reports and evaluation of their impact on the satellites capability to generate future cash flows. Professionals with specialized skill and knowledge were used to assist in evaluating (i) the
appropriateness of the value in use model and (ii) the reasonableness of the discount rates and growth rates assumptions.

PricewaterhouseCoopers, Société
coopérative Luxembourg, 1 April 2025 Represented by

Asif Ali

We have served as the Company’s auditor since 2013.

F-4

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83 Contents

| Consolidated income statements                              |     | F-6  |
| Consolidated statements of comprehensive income             |     | F-7  |
| Consolidated statements of financial position               |     | F-8  |
| Consolidated statements of cash flows                       |     | F-9  |
| Consolidated statements of changes in shareholders’         
 equity                                                      |     | F-10 |
| Notes to the consolidated financial statements              |     | F-13 |
| Note 1 - Corporate information                              |     | F-13 |
| Note 2 - Summary of material accounting policies            |     | F-14 |
| Note 3 - Business combinations                              |     | F-37 |
| Note 4 - Revenue from contracts with customers              |     | F-38 |
| Note 5 - Operating expenses                                 |     | F-41 |
| Note 6 - Audit and assurance services fees                  |     | F-42 |
| Note 7 - Finance income and costs                           |     | F-42 |
| Note 8 - Other non-operating income /                       
 expenses                                                    |     | F-42 |
| Note 9 - Income taxes                                       |     | F-43 |
| Note 10 - Deferred tax balances                             |     | F-45 |
| Note 11 - Components of other comprehensive income          |     | F-47 |
| Note 12 - Earnings per share                                |     | F-48 |
| Note 13 - Dividends paid and proposed                       |     | F-49 |
| Note 14 - Property, plant and equipment                     |     | F-50 |
| Note 15 - Assets in the course of construction              |     | F-54 |
| Note 16