Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 162

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 162
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 related payments and reimbursements, and had completed all applicable obligations in connection with C-band
repurposing efforts. Therefore, no amounts were recorded on the consolidated statement of financial position as at December 31, 2024. Reimbursement income is recorded as “Other operating income/ expense, net
C-band” in the consolidated statement of operations for the year ended December 31, 2024.

IAS 20 states that a company recognizes a government grant when there is a reasonable assurance that the grant will be received, and that the
entity will comply with any conditions attached to the grant. Subject to the above, IAS 20 requires government grants to be recognized in profit or loss on a systematic basis over the periods in which the entity recognizes expenses for the related
costs which the grants are intended to compensate. In the case of grants relating to depreciable assets, the grant is recorded as a reduction of the cost of the depreciable asset.

113

As a result, as at December 31, 2024 and for the year ended December 31, 2024, the following adjustments have been made:

| • |     | An adjustment in the amount of $1,228 million in relation to reimbursable expenses for capital expenditure                                                                                                                                      
 is presented under “Satellites and other property and equipment, net” in the unaudited pro forma condensed combined statement of financial position, to reflect the credits to the recorded book values of the related asset when the costs had 
 been incurred and SES has obtained reasonable assurance that the costs will be reimbursed and that it will comply with the requirements attached to the reimbursement. This adjustment had also a $25 million decrease impact on “Other         
 liabilities”, with a $3 million reduction in “Other current liabilities” and a $22 million reduction in “Other long-term liabilities” as well as an increase in goodwill of $460 million, with the remainder of                                 
 the opposite impact being presented under “Retained earnings”.                                                                                                                                                                                  |

| • |     | An adjustment of $75 million was recorded under “Depreciation and amortization” in the unaudited                                                                                                                
 pro forma condensed combined income statement for the year ended December 31, 2024 in order to reflect a lower depreciation expense of the C-band fixed assets related to the reimbursable expenses for capital 
 expenditure. The conversion from C-band operating to finance leases led to an increase in the depreciation expense of $7 million, partly offsetting the adjustment explained above, as well as