Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 406

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 406
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 the range of enterprise value associated with the Final Plan was allocated to the Company’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. As a result of the adoption of Fresh Start Accounting and the effects of the implementation of the Final Plan, the consolidated financial statements of the Successor are not comparable to the consolidated financial statements of the Predecessor. (a) Reorganization Value Under ASC 852, the Successor determined a value to be assigned to the equity of the emerging entity as of the date of adoption of Fresh Start Accounting. The Final Plan confirmed by the Bankruptcy Court estimated a range of enterprise value between $10.25 billion and $11.75 billion, with a midpoint of $11.0 billion. The Company deemed it appropriate to use the midpoint of the range to determine the final enterprise value of $11.0 billion. The range of enterprise value was determined using various financial analyses, including the comparable companies analysis, discounted cash flow analysis and precedent transaction analysis. F-121

The following table reconciles the enterprise value to the estimated fair value of our Successor common shares as of the Fresh Start Reporting Date (in thousands):

| Adjusted enterprise value ($11.0 billion mid-point,                                    
 net of net present value of ARP of $1.16 billion received prior to the Effective Date) |     | $ |  9,840,000 |   |
| Plus: Excess cash                                                                      |     |   |    132,000 |   |
| Less: Fair value of debt                                                               |     |   | (6,190,000 | ) |
| Less: Other liabilities and adjustments including noncontrolling interest              |     |   |    (71,000 | ) |
| Fair value of Successor equity                                                         |     | $ |  3,711,000 |   |
| Fair value of Successor common shares                                                  |     | $ |  3,583,000 |   |
| Fair value of Successor warrants                                                       |     |   |    128,000 |   |
| Fair value of Successor equity                                                         |     | $ |  3,711,000 |   |

The following table reconciles the enterprise value to the reorganization value of the Successor’s assets to be allocated to the Company’s