Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 172

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 172
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 million for the year ended December 31, 2024. Revenue recorded by Intelsat Group in relation to the provision of satellite capacity to SES Group amounted to €57 million for the year ended December 31, 2024. The associated payable and receivable positions as at December 31, 2024 have been eliminated in the unaudited pro forma condensed combined statement of financial position, resulting in a €4 million increase in “Property, plant and equipment”, €34 million decrease in “Trade and other receivables”, a €9 million decrease in “Deferred income” and a €25 million decrease in “Trade and other payables”.

| B. | Transaction and related costs |

Total transaction and related costs to be incurred on a combined basis by the SES Group and the Intelsat Group in connection with the Acquisition are estimated to be €285 million. Excluding total expected financing costs of €77 million, transaction costs are expected to amount to €208 million. These costs include advisory, legal, audit, valuation and other professional fees, as well as employee retention costs. Of this, it has been estimated that €109 million transaction costs will be incurred by the SES Group in connection with the Acquisition. For the year ended December 31, 2024, €55 million has been expensed. As a result, an adjustment of €20 million has been presented under “Staff costs” and an adjustment of €34 million has been presented under “Other operating expenses” for the year ended December 31, 2024 in order to reflect these total estimated expenses for the SES Group in the unaudited pro forma condensed combined income statement. Also, an adjustment reflecting a €54 million increase in payables in respect of transaction costs has been presented under “Trade and other payables” as at December 31, 2024 with a corresponding effect in “Retained Earnings”.

| C. | Preliminary purchase consideration and allocation |

The Acquisition will be accounted for as a business combination using the acquisition method of accounting in accordance with IFRS 3. Under this method, Intelsat Group’s assets acquired and liabilities assumed will be recorded based on their fair value. In accordance with IFRS, the SES Group measures fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. SES does not have full access to all financial information of the Intelsat Group due to regulatory restrictions. However, for the purpose