Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 245

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 245
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 As a result, the consolidated financial statements after the Fresh Start Reporting Date are not comparable with the
consolidated financial statements on or before that date. See Note 3—Fresh Start Accounting of the Intelsat audited financial statements for the year ended December 31, 2024 included elsewhere in this prospectus.

During the Predecessor period, Intelsat’s consolidated financial statements included herein were prepared as if Intelsat was a going
concern and to reflect the application of ASC 852. ASC 852 requires the financial statements, for periods subsequent to the commencement of Intelsat’s Chapter 11 proceedings, to distinguish transactions and events that are directly associated
with the reorganization from the ongoing operations of the business. Accordingly, Intelsat classified liabilities and obligations whose treatment and satisfaction were dependent on the outcome of the reorganization under the Chapter 11 proceedings
as liabilities subject to compromise on Intelsat’s consolidated balance sheets. In addition, Intelsat classified all income, expenses, gains or losses that were incurred or realized as a result of the Chapter 11 proceedings as reorganization
items in Intelsat’s consolidated statements of operations. See Note 2—Emergence from Chapter 11 Proceedings and Other Related Matters of the Intelsat audited financial statements for the year ended December 31, 2024 included elsewhere
in this prospectus.

Upon application of Fresh Start Accounting, Intelsat allocated the reorganization value to Intelsat’s individual
assets and liabilities, except for deferred income taxes, based on their estimated fair values as of the Fresh Start Reporting Date with the remaining excess value allocated to goodwill in conformity with ASC 805, Business Combinations. The
amount of deferred taxes was determined in accordance with ASC 740, Income Taxes(“ASC 740”). The Fresh Start Reporting Date fair values of Intelsat’s assets and liabilities differed materially from their recorded values as
reflected on Intelsat’s historical balance sheets. See Note 3—Fresh Start Accounting of the Intelsat audited financial statements for the year ended December 31, 2024 included elsewhere in this prospectus.

176

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83 Revenue Recognition, Accounts Receivable and Allowance for Credit Losses Revenue Recognition.Intelsat earns revenue primarily from satellite utilization services and, to a lesser extent, from providing managed services to its customers. Intelsat’s contracts for satellite utilization services often contain