Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 409

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 409
---
 value of the noncontrolling interest included forecasted revenues, profit margins, the tax rate and the discount rate. DIP-to-ExitFinancing To estimate the value of the DIP-to-ExitFinancing, we employed a discounted cash flow method, a variation of the income approach to valuation. The fair value of the DIP-to-ExitFinancing was estimated by calculating the present value of the projected cash flows associated with the DIP-to-ExitFinancing based on a concluded yield range. The yield range was developed by applying a benchmarking analysis. The key assumptions used to estimate the fair value of the DIP-to-ExitFinancing included the expected amount and timing of interest and principal payments and market yields. Series A and Series B Warrants The Company issued Series A and Series B Warrants as part of the Final Plan. To estimate the fair value of the Series A and Series B Warrants, we utilized the Black-Scholes-Merton (“BSM”) option pricing method. In the application of the BSM method, we determined the share price by solving via an iterative process for the common shares, where the aggregate value of the Series A Warrants, Series B Warrants and remaining common shares equates to the estimated total equity value. The key valuation inputs used in the BSM method include the current equity value, time to exit, volatility, risk-free rate and the exercise price. Series A and Series B CVRs The Series A and Series B CVRs were determined to have nominal value as of the Fresh Start Reporting Date. (c) Consolidated Balance Sheet The adjustments included in the Fresh Start Accounting consolidated balance sheet set forth below reflect the effects of the transactions contemplated by the Final Plan and enacted on the Effective Date (reflected in the column “Reorganization Adjustments”), and fair value and other required accounting adjustments resulting from the adoption of Fresh Start Accounting (reflected in the column “Fresh Start Adjustments”). The explanatory notes provide additional information and significant assumptions with regard to the adjustments recorded and the methods used to determine the fair values.

| ASSETS                                    
 Current assets:                           |     | Predecessor  
 February 28, 
 2022         |           |     | Reorganization 
 Adjustments    |          |   |     | (1) |    |     | Fresh Start 
 Adjustments |        |   |     |     |     | Successor    
 February 28, 
 2022         |           |
|:------------------------------------------|:----|:-------------|----------: