Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 419

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 419
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           |            — |   |     |   |            — |   |
| Other                                                                    |     |             |          713 |   |     |   |          182 |   |     |           |        1,649 |   |     |   |      (13,788 | ) |
| Total income tax provision (benefit)                                     |     | $           |        4,894 |   |     | $ |       (3,905 | ) |     | $         |         (591 | ) |     | $ |       23,432 |   |

F-155

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83 The majority of our operations are located in taxable jurisdictions, including Luxembourg, the U.S. and the United Kingdom (“UK”). We recorded a full valuation allowance against all Luxembourg DTAs as of both December 31, 2023 and December 31, 2022. The difference between “Income tax benefit (expense)” reported in the consolidated statements of operations and tax computed at statutory rates is attributable to the valuation allowance on losses generated in Luxembourg, the provision for foreign taxes, which were principally in the U.S. and the UK, as well as withholding taxes on revenue earned in some of the foreign markets in which we operate. We intend to continue maintaining a full valuation allowance on our Luxembourg DTAs until there is sufficient evidence to support the reversal of all or some portion of these allowances. However, given our current earnings and anticipated future earnings, we believe that there is a reasonable possibility that within the next 12 months, sufficient positive evidence may become available to allow us to reach a conclusion that a significant portion of the valuation allowance will no longer be needed. Release of the valuation allowance would result in the recognition of certain DTAs and a decrease to income tax expense for the period the release is recorded. However, the exact timing and amount of the valuation allowance release are subject to change on the basis of the level of probability that we are able to actually achieve. Notably, $1.0 billion of our Luxembourg NOLs do not expire or have ownership charge limitations. The balance expires over 17 years, through 2024 to 2041. The following table details the composition of the net deferred tax balances on our consolidated balance sheets as of December 31, 2022 and 2023 (in thousands):

|                                    |     |   |        As of 
 December 31,