Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 285

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 285
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 concerned has a legally enforceable right to set off current tax assets against current tax liabilities. Losses carried forward In 2023 the Group recognized a deferred tax asset (‘DTA’) for tax losses carried forward in Luxembourg of EUR 356 million (2022: reversal of DTA of EUR 30 million). Tax losses can be carried forward in F-42

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

Consolidated financial statements

as of and for the years ended December 31, 2023 and December 31, 2022

Luxembourg for 17 years. Using the estimated future taxable income based on the most recent business plan information approved by the Board of Directors, the Company has concluded that the
deferred tax assets of EUR 618 million (2022: EUR 250 million) relating to the remaining tax losses are recoverable.

The Group has
recognized deferred tax assets for tax losses carried forward in Germany for EUR 20 million (December 31, 2022: EUR 17 million) which can be carried forward indefinitely. The Group has also recognized deferred tax assets for tax losses carried
forward in the United States for EUR 20 million (December 31, 2022: EUR 25 million) which can be carried forward indefinitely.

In
addition to the recoverable tax losses for which the Group has recognized deferred tax assets, the Group has further tax losses of EUR 305 million as of December 31, 2023 (December 31, 2022: EUR 291 million) which are available for offset
against future taxable profits of the companies in which the losses arose. EUR 193 million (December 31, 2022: 181 million) of these tax losses were generated in the US. EUR 86 million (December 31, 2022: EUR 94 million) of these tax
losses were generated in Israel. EUR 8 million of tax losses (December 31, 2022: EUR 3 million) were generated in Ghana. Deferred tax assets have not been recognized in respect of these losses as they cannot be used to offset taxable profits
elsewhere in the Group and they have arisen in subsidiaries which are not expected to generate taxable profits against which they could be offset in the foreseeable future.

Investment tax credits (‘ITCs’)

Considering the total tax losses carried forward and future taxable income based on the most recent business plan information