Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 394

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 394
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 the satellite became operational and has a term of twelve years. The
finance lease asset, current liability and long-term liability at commencement were $347.4 million, $15.3 million and $311.2 million, respectively, which are included within “Satellites and other property and equipment,
net,” Finance lease liabilities” and “Finance lease liabilities, net of current portion,” respectively, on our consolidated balance sheets.

Note 7—Investments

We have an
ownership interest in three entities that meet the criteria of a variable interest entity (“VIE”): Horizons Satellite Holdings LLC (“Horizons Holdings”), Horizons-3 Satellite LLC
(“Horizons 3”) and Horizons 4, which are discussed in further detail below, including our analyses of the primary beneficiary determination as required under ASC 810, Consolidation(“ASC 810”). We also own noncontrolling
investments in equity securities and loan receivables as discussed further below.

(a) Horizons Holdings

Horizons Holdings is a joint venture with JSAT that consists of two investments: Horizons-1 Satellite
LLC and Horizons-2 Satellite LLC. We have determined that this joint venture meets the criteria of a VIE under ASC 810, and we have concluded that we are the primary beneficiary because decisions relating to
any future relocation of the Horizons 2 satellite, the most significant asset of the joint venture, are effectively controlled by us. In accordance with ASC 810, as the primary beneficiary, we consolidate Horizons Holdings within our consolidated
financial statements.

We have a revenue sharing agreement with JSAT related to services sold on the Horizons 1 and Horizons 2 satellites.
We are responsible for billing and collection for such services, and remitting 50% of the revenue, subject to collections, less applicable fees and commissions, to JSAT. Amounts payable to JSAT related to the revenue sharing agreement, net of
applicable fees and commissions, from the Horizons 1 and Horizons 2 satellites were $2.9 million and $2.4 million as of December 31, 2022 and 2023, respectively.

F-140

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

Total assets of Horizons Holdings included in our consolidated balance sheets were
$13.3 million and $10.6 million as of December 31, 2022 and 2023, respectively.