Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 444

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 444
---
izons 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 $2.4 million and $0.7 million as of December 31, 2023 and 2024, respectively.

Total assets of Horizons Holdings included in our consolidated balance sheets were $10.6 million and $1.2 million as of
December 31, 2023 and 2024, respectively. Total liabilities of Horizons Holdings included in our consolidated balance sheets were $1.7 million as of December 31, 2023, with no comparable amount as of December 31, 2024.

(b) Horizons 3 and Horizons 4

Horizons 3 and Horizons 4 are each 50% owned by each of Intelsat and JSAT, who in turn have a joint share of management authority and equal
rights to profits and revenues from each joint venture. We have determined that both joint ventures meet the criteria of a VIE under ASC 810; however, we have concluded that we are not the primary beneficiary of either joint venture because we and
JSAT equally share control over the operations of the joint ventures and also equally share exposure to risk of losses or gains, and therefore we do not consolidate Horizons 3 or Horizons 4 within our consolidated financial statements. Our
investments in Horizons 3 and Horizons 4 are included within “Other assets” in our consolidated balance sheets and are accounted for using the equity method of accounting.

F-139

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83 Similar to Horizons Holdings, we have a revenue sharing agreement with JSAT related to services sold on the Horizons 3e (Horizons 3) and Galaxy 37 (Horizons 4) satellites, wherein the initiating party contracting with a customer is responsible for engineering, billing and collection for such services, and remitting 50% of the revenue, subject to collections, less applicable fees and commissions, to the other party. In connection