Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 66

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 66
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 expansion of the satellite fleet, sell assets, obtain additional equity capital or restructure its debt. Any such action could have a material
adverse effect on SES’s business, financial condition and results of operations.

SES’s financial results may be materially adversely affected by unforeseen additional tax assessments or other tax liabilities.

SES does business in many different countries and is
subject to tax liabilities on its business operations in multiple tax jurisdictions. SES makes provisions in its accounts for current and deferred tax liabilities and tax assets based on a continuous assessment of tax laws relating to it.

SES may become subject to unforeseen material tax claims, including late payment interest and/or penalties, and in some cases retroactive tax
assessments.

If SES becomes subject to a significant amount of unanticipated tax liabilities or has its transfer pricing arrangements
successfully challenged, it could have a material adverse effect on SES’s effective tax rate, business, financial condition and results of operations.

SES is exposed to liquidity, currency and foreign exchange, interest rate and counterparty risks.

SES is exposed to risks in relation to liquidity, foreign currency, interest rates, credit risk on financial assets, financial credit from
counterparties and capital management. Failure to adequately manage these risks could have a material adverse effect on SES’s business, financial condition and results of operations.

SES is exposed to impairment of intangible assets, property plant & equipment and assets in the course of construction.

SES’s intangible assets, satellites and ground segment assets are valued at historical cost less amortization, depreciation and
accumulated impairment charges. Impairment testing procedures are performed annually, or whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. the Group determines an estimate of the
recoverable amount, as the higher of: (1) the fair value less cost of disposal and, (2) its value-in-use, to determine whether the recoverable amount exceeds
the carrying amount included in the consolidated financial statements.

As a result of the impairment tests conducted as of
December 31, 2023, a goodwill impairment expense of €1,548 million (2022: €77 million) was recorded, comprising impairment charges to GEO North America of €989 million (2022: €77 million), GEO International of
€340 million (2022: nil), and MEO of €219 million (2022: nil). For GEO Europe, no impairment charge was recorded in 2023 or 2022.

In addition, the Group recorded €1,