Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 176

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 176
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 as goodwill. We note that the internal valuation calculated an estimate of the preliminary pro forma fair value of the CVRs based on IFRS standards, taking into consideration the uncertainties outlined above. As those uncertainties are resolved, the fair values of the CVRs will likely change. Moreover, the fair value of the CVRs is not necessarily indicative of the amount of the future proceeds that the CVR holders or SES may or may not receive for clearing the Applicable Spectrum, if the FCC decides to repurpose some portion of the C-band spectrum. 124

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83 Management notes that due to issues outside their control (i.e. regulatory requirements), the timing of payments of ARPs may change. Such changes may have a material impact on the fair value of the CVRs. The additional information that will be derived from any future FCC approval, SES / Intelsat proposals, and further discussions and negotiations with existing users of the Applicable Spectrum will support the assumptions to be used in the valuation of the CVRs at the acquisition date and subsequent reporting dates. Purchase price allocation The following table summarizes the assumed purchase price allocation million in EUR:

| Tangible assets                         |     |  3,313 |   |
| Orbital slot license rights             |     |    919 |   |
| Other intangible and non-current assets |     |    579 |   |
| Current assets                          |     |    684 |   |
| Cash and cash equivalents               |     |    960 |   |
| Borrowings                              |     | (2,888 | ) |
| Other non-current liabilities           |     | (1,335 | ) |
| Current liabilities                     |     |   (674 | ) |
| Net identifiable assets acquired        |     |  1,557 |   |
| Add: Goodwill                           |     |  1,958 |   |
| Net assets acquired                     |     |  3,515 |   |

In order to reflect the effects of the acquisition accounting explained above, a decrease in “Cash and cash equivalents” of €2,984 million is presented in relation to the purchase consideration paid and an increase in the “contingent value rights” of €531 million. An increase in “Goodwill” of €1,958 million (the equivalent of $2,034 million) reflects the goodwill resulting from the Acquisition. The pro forma pre-acquisitiongoodwill of Int