Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 161

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 161
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 a renewal would not be at insignificant cost. The default presumption of indefinite life
was also that SES will maintain operations at all the relevant GEO orbital locations. However, SES is now evolving more in the direction of a multi-orbit provider of satellite services, and hence is diverting a large part of its capital expenditure
to non-GEO orbit satellite procurement. For that reason, the number of occupied operational GEO slots is likely to decline over time and hence management no longer believes that the level of certainty as to
foreseeable future operations implied by paragraph 88 of IAS 38 is met. For that reason, management has updated its estimate in this area to one which assumes all GEO orbital slot rights are definite-life assets.

Intelsat’s orbital slots rights are for GEO only and historically Intelsat treated orbital slots as indefinite-life intangibles due to
the conclusion that renewals are essentially perpetual in nature. In an effort to align with SES’s intended use of the orbital slots after the Closing of the Acquisition, the accounting estimate has been changed to definite-lived for the
purposes of pro forma financial information. Assuming the orbital slots to be acquired from Intelsat had an average useful life of 10.5 years from the date of acquisition, an amortization expense for the year ended December 31, 2024 of
$95 million has been recorded under “Amortization expense” in the condensed consolidated pro forma income statement and $95 million decrease under “Intangible asset” was recorded in the condensed consolidated pro forma
balance sheet as at December 31, 2024.

116

J. Presentation Alignment (Reclassifications) As SES’s consolidated IFRS financial statements have a different presentation of the income statement compared with the Intelsat U.S. GAAP financial statements and accounting records, reclassifications were performed in order to align the Intelsat Group’s presentation to that of SES. The classification of certain items presented by Intelsat under U.S. GAAP has been modified in order to align with the presentation used by SES under IFRS. Unaudited Intelsat Group’s income statement reclassification For the year ended December 31, 2024

| $million                                                                  |     | Consolidation 
 of Intelsat   
 Line Items    
 into SES Line 
 Items         |      |   |     | Reclassification 
 for Presentation 
 Purposes         |      |   |     | Reclassifications |      |   |
| Revenue                                                                   |     |