Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 314

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 314
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83 Consolidated financial statements as of and for the years ended December 31, 2024, December 31, 2023 and December 31, 2022 in the different jurisdictions where the Group operates. The Group, as part of its overall assessment of liabilities for taxation, reviews in detail the transfer pricing structures in place and records provisions where this seems appropriate on a case-by-casebasis.

| ii. | The impact of changes in inflation and interest rates |

The Group has considered the potential impact of changes in inflation and interest rates during the period on its financial statements particularly in its estimations of future cash flows and assumptions about financing costs. The main effect observed in 2024 has been an increase in discount rates applied to USD flows used to reflect the time value of money and adjustments to cash flows to account for an increase in risk-free rates. The discount rates applied to EUR flows were unchanged as a decrease in corporate spreads offset an increase in the market-capitalization-based firm-specific risk premium. The main effect observed in 2023 has been a decrease in discount rates used to reflect the time value of money and adjustments to cash flows to account for the effect of general inflation principally impacting the valuation of assets. The main effect observed in 2022 has been an increase in discount rates used to reflect the time value of money and adjustments to cash flows to account for the effect of general inflation principally impacting the valuation of assets. Please refer to Note 16 (‘Intangible assets’) for further details.

| iii. | Consolidation of entities in which the Group holds 50% or less |

The Group consolidates a subsidiary where it has: power over the subsidiary; exposure, or rights, to variable returns from that subsidiary; and the ability to use its power over the subsidiary to affect the amount of the Group’s returns.

| • |     | Al Maisan Satellite Communication LLC (trading as ‘Yahlive’) |

Management has concluded that the Group controls Yahlive even though it holds a 35% economic interest in the company since it has the majority of the voting rights on Yahlive’s Board of Directors and there are no voting rights at the shareholder level which could affect SES’ control. SES has effective control over the relevant activities of Yahlive, such as budget approval, appointment and removal of the Chief Executive Officer and senior management team members as well as over the appointment or removal of the majority of the members of the Board of Directors. The entity is therefore consolidated with a 65% non-controlling