Company: SGBAF
Filing Date: 2025-05-08
Form Type: F-4/A
Source: 0001193125-25-115825
Chunk: 345

Company: SES S.A.
Filing Date: 2025-05-08
Form: F-4/A
Chunk 345
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 the discount rate and a combination of these developments would require an impairment charge of EUR 106 million. |

| • |     | For MEO, a 1% decrease in the perpetual growth rates (both the higher rate under the H-model and the terminal growth rate), would require an impairment of EUR 337 million. A 1% increase in the discount rate would require an impairment of EUR 498 million. An impairment of EUR 
 817 million would be required were there to be a combination of a 1% higher discount rate and a 1% lower perpetual growth rate.                                                                                                                                                     |

| ii | Orbital slot rights |

The cash flows from GEO orbital slot rights are inseparable from the satellites located in those orbital positions, and thus are tested as slot-satellite CGUs. MEO orbital slot rights are tested for impairment together with the MEO satellites in use and under construction. Management applies the post-taxdiscount rate set out in Note 14 based on the currency of the underlying cash flows at the orbital location. In 2024, the net impairment reversal recorded for orbital slot license rights was EUR 93 million (2023: EUR 1,677 million charge, 2022: EUR 126 million charge), with EUR 93 million of impairment charges (2023: EUR 1,677 million, 2022: EUR 126 million) offsetting EUR 186 million in reversals of previous impairment charges (2023: nil, 2022: nil). The pre-taxdiscount rates applied in the prior year were 9.4% to 12.6% (2022: 10.0% to 13.6%). The charges and reversals are the aggregation of impairment testing procedures on specific orbital slot rights used by the Group’s geostationary fleet and are caused by the disaggregation of the former regional grouping of orbital slot rights, changes in the underlying business plans for these rights as compared to the prior year, and the higher discount rate applied to rights with predominantly USD cash inflows. As the Group now tests its orbital slot rights together with its satellites, the applicable amounts and discount rates for orbital slot rights for 2024 are presented together with the same information for satellites in Note 14. As part of standard impairment testing procedures, the Group assesses the impact of changes in the discount and growth rates and reductions in cash flows. Discount and growth rates are simulated up to 1% below and above the CGU’s specific rate used in the base valuation