Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 165

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 165
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Interest expense” has been increased by $10 million in order to reflect the impact of the conversion from operating to finance lease.

G. Tax

For pro forma
purposes, the pre-tax adjustments have been primarily attributed to US and Luxembourg entities, which have not recognized deferred tax assets for the majority or all of their tax attributes. As a result, the
estimated income tax effects of the pre-tax adjustments of the U.S. GAAP to IFRS differences were calculated by using an assumed blended statutory rate of 1.8% which is derived by the expected tax rate in each
jurisdiction.

H. Joint Ventures

Under U.S. GAAP, amortization of a basis difference between the fair value and the equity accounted carrying value of the investment in joint
ventures, amounting to $1 million, has been recorded as an increase under “Operating income (expense), net” for the year ended December 31, 2024. Under IFRS, the basis difference is not applicable and therefore, $4 million
including accumulated effect has been removed from the income statement against the investment in the joint venture, presented as an increase under “Other assets”.

I. Accounting policies and estimates alignment

SES management has carried out an analysis of the accounting policies and estimates of the Intelsat Group based on the financial statements to
identify differences between its accounting policies and estimates and those applied by the SES Group. There are no material differences between the accounting policies, while the following differences between the accounting estimates was
identified:

Useful life of orbital slot rights

SES’s accounting estimate concerning the appropriate useful economic life of GEO orbital slot rights has been that they will be of
indefinite life unless there was something in the terms of the license to indicate that they could either not be renewed at the end of the term, or that such 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