Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 164

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 164
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 U.S. GAAP, awards with graded vesting are recognized as an expense on a straight-line basis over the vesting period. Under IFRS, an award with graded vesting is considered as separate grants with different vesting dates and fair values. As a result, an adjustment of $2 million decrease was made under “Direct costs of revenue (excluding depreciation and amortization)” and $7 million decrease under “Selling, general and administrative” expenses for the year ended December 31, 2024 in order to reflect the higher expense under IFRS. F. Leases Under U.S. GAAP, a lessee may classify a lease as an operating lease or a finance lease, whereas under IFRS there is a single classification method. In both cases, lessees will recognize a right-of-useasset and a lease liability. An operating lease under U.S. GAAP results in lease expense to be recognized on a straight-line basis, by amortizing the leased asset more slowly than a financing leased asset. In comparison, a lessee with a finance lease is required to apply a financing model in which the expense resulting from the lease declines during the lease term. As a result, right-of-useassets of $241 million have been reclassified from “Other assets” to “Satellites and other property and equipment, net” in the unaudited pro forma condensed combined statement of financial position as at December 31, 2024. The adjustment to the accumulated depreciation of the right-of-useassets, driven by the classification from operating to finance lease, amounts to $12 million as at December 31, 2024. Thus, there was a total of $229 million increase to “Satellites and other property and equipment, net” as at December 31, 2024. 115

Also, non-current lease liabilities of
$173 million have been reclassified from “Other long-term liabilities” to “Lease liabilities” and current lease liabilities of $30 million have been reclassified from “Other current liabilities” to “Lease
liabilities”.

In the unaudited pro forma condensed combined income statement for the year ended December 31, 2024, an adjustment has
been made in order to remove expenses related to operating leases of $21 million from “Direct costs of revenue (excluding depreciation and amortization)” and of $15 million from “Selling, general and administrative”.
“Depreciation and amortization” has been increased by $29 million and “