Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 282

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 282
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 expenditure, discount rates and growth rates to calculate the present value of those cash flows.

The principal considerations for our determination that performing procedures relating to the impairment assessment of goodwill and orbital
slot license rights is a critical audit matter are (i) the significant judgment by management when developing the value in use estimate of the cash generating units; (ii) a high degree of auditor judgment, subjectivity, and effort in
performing procedures and evaluating management’s significant assumptions related to the revenue, capital expenditure, discount rates and growth rates; and (iii) the audit effort involved the use of professionals with specialised skill and
knowledge.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall
opinion on the consolidated financial statements. These procedures included, among others (i) testing management’s process for developing the value in use estimates of the cash generating units; (ii) evaluating the appropriateness of
the value in use approach used by management; (iii) testing the completeness and accuracy of underlying data used in the discounted cash flow model; and (iv) evaluating the reasonableness of the significant assumptions used by management
related to revenue, capital expenditure, discount rates and growth rates. Evaluating management’s assumptions related to revenue and capital expenditure involved assessing whether the assumptions used by management were reasonable considering
(i) the current and past performance of the cash generating units (ii) evaluation of significant business developments during the forecast period; and (iii) the consistency with external market and industry data. Professionals with
specialised skill and knowledge were used to assist in evaluating (i) the appropriateness of the value in use model and (ii) the reasonableness of the discount rates and growth rates assumptions.

Impairment assessment of space segment assets including assets under construction

As described in Notes 2, 14 and 15 to the consolidated financial statements, at 31 December 2024, the Company’s space segment assets
balance, representing primarily satellites were 2,534 million EUR, and space segment assets in the course of construction, representing primarily satellites in the course of construction, were 1,231 million EUR. Management assesses at each
reporting date whether there is an indication that carrying amount of the assets may not be recoverable. If such an indication exists then the recoverable amount of the asset

F-3

or CGU is reviewed to determine the amount of the impairment, if any. Assets that suffered an impairment in previous periods are reviewed for possible reversal of the impairment