Company: SGBAF
Filing Date: 2025-05-08
Form Type: F-4/A
Source: 0001193125-25-115825
Chunk: 331

Company: SES S.A.
Filing Date: 2025-05-08
Form: F-4/A
Chunk 331
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, December 31, 2023 and December 31, 2022

Losses carried forward

In 2024 the Group recognized a deferred tax asset (‘DTA’) for tax losses carried forward in Luxembourg of EUR 35 million (2023:
EUR 356 million). Tax losses can be carried forward in Luxembourg for 17 years. As a result of the change in the Luxembourg corporate income tax rate from 27.19% to 26.12% effective from January 1, 2025, the
year-end deferred tax assets linked to losses carried forward have decreased by EUR 26 million. Using the estimated future taxable income based on the most recent business plan information approved by the
Board of Directors, the Company has concluded that the deferred tax assets of EUR 627 million (2023: EUR 618 million) relating to the remaining tax losses are recoverable.

The Group has recognized deferred tax assets for tax losses carried forward in Germany for EUR 24 million (December 31, 2023: EUR 20
million) which can be carried forward indefinitely. The Group has also recognized deferred tax assets for tax losses carried forward in the United States for EUR 3 million (December 31, 2023: EUR 20 million) which can be carried forward for
varying period ranging from 10 years to indefinitely.

In addition to the recoverable tax losses for which the Group has recognized
deferred tax assets, the Group has further tax losses of EUR 578 million as of December 31, 2024 (December 31, 2023: EUR 305 million) which are available for offset against future taxable profits of the companies in which the losses arose.
EUR 456 million (December 31, 2023: EUR 193 million) of these tax losses were generated in the US for state taxes. EUR 88 million (December 31, 2023: EUR 86 million) of these tax losses were generated in Israel. EUR 15 million of
tax losses (December 31, 2023: EUR 8 million) were generated in Ghana. Deferred tax assets have not been recognized in respect of these losses as they cannot be used to offset taxable profits elsewhere in the Group and they have arisen in
subsidiaries which are not expected to generate taxable profits against which they could be offset in the foreseeable future.

Investment tax credits (‘ITCs’)

Considering the total tax losses carried forward and future taxable income based on the most