Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 319

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 319
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 over the lease term, discounted at the rate implicit in the lease. Lease payments are apportioned between the finance charges and reduction of the lease liability to achieve a constant rate of interest on the remaining balance of the liability. Finance costs are charged directly to expense. In its accounting policies the Group applies the following practical expedients:

| • |     | using a single discount rate for a portfolio of leases with similar characteristics; and |

| • |     | not accounting for leases ending within 12 months of the date of the initial application for low value assets. |

Note 3—Business combinations Acquisition of DRS Global Enterprise Solutions, Inc. (‘GES’) On March 22, 2022, SES announced its intention to acquire all the issued and outstanding share capital of GES, a US-basedsubsidiary of Leonardo DRS Inc. for USD 450 million via its subsidiary SES Space & Defense Inc. (‘SES SD’—formerly SES Government Solutions, Inc.). The transaction closed on August 1, 2022. SES SD provides multi-orbit, multi-band managed satellite communication services to the US Department of Defense and other governmental agencies, operating in a similar arena to the larger GES business. The combination of the two units, with their established relationships with key governmental customers positions the extended SES SD, and the wider SES Group, as a provider of scalable solutions serving the multi-orbit satellite communications needs of the US Government and supporting missions anywhere on land, at sea, or in the air. Details of the purchase consideration, net assets acquired, and goodwill arising are as follows:

| Purchase consideration |     |     |
| € million              |     |     |
| Cash paid              |     | 435 |
| Total consideration    |     | 435 |

The fair values of the assets and liabilities recognized as a result of the acquisition are as follows:

| Property, plant and equipment (Notes 14, 15)       |     |  12 |   |
| Intangible asset: Customer relationships (Note 16) |     | 292 |   |
| Current assets                                     |     |  29 |   |
| Non-current assets                                 |     |   2 |   |
| Deferred tax liabilities (Note 10)                 |     | (65 | ) |
| Current liabilities                                |     | (26 | ) |
| Deferred income                                    |     | (10 | ) |
| Net identifiable assets acquired                   |     | 234 |   |
| Add: Goodwill