Company: SGBAF
Filing Date: 2025-05-08
Form Type: F-4/A
Source: 0001193125-25-115825
Chunk: 337

Company: SES S.A.
Filing Date: 2025-05-08
Form: F-4/A
Chunk 337
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 line with the underlying cash flows of the assets tested. For 2023 and 2022, the following table discloses the applicable amounts and pre-taxdiscount rates used in the impairment test for those geostationary satellites subject to impairment charges or reversals.

| € million            |     | Value-in-use |     |     | Discount rate |             |   |     | Satellite  
 impairment |     |   |
| 2023 – GEO Charges   |     |              | 540 |     |               | 7.1% - 10.5 | % |     |            |  56 |   |
| 2023 – GEO Reversals |     |              | 177 |     |               |        10.5 | % |     |            | (30 | ) |
| 2023 – Net Impact    |     |              |     |     |               |             |   |     |            |  26 |   |
| 2022 – GEO Charges   |     |              | 994 |     |               | 7.5% - 11.1 | % |     |            | 194 |   |

The impairment charges and reversals recorded reflect updated business assumptions for the satellites through to the end of their useful economic lives. In general, these updated assumptions reflect a combination of revised commercial developments and expectations, updated assessments of the regulatory environment impacting certain assets (and hence the Group’s ability to achieve the forecast commercial exploitation), changes in the competitive environment in which the Group operates, and certain changes in the operation of the satellites (for example the decision to place a particular satellite into inclined orbit, or changes to the timing thereof) or associated ground segment infrastructure. As part of standard impairment testing procedures, the Group assesses the impact of changes in the discount and growth rates and reductions in cash flows. Discount and growth rates are simulated up to 1% below and above the CGU’s specific rate used in the base valuation and cash flows projections are simulated up to 5% below and above the base valuation. In this way a matrix of valuations is generated, which reveals the potential exposure to impairment expenses based on movements in valuation parameters which are within the range of outcomes foreseeable at the valuation date. For 2024, for GEO satellites and orbital slot rights taken together, the most recent testing showed that a 1% decrease in the declining growth rates would increase the impairment by EUR 15 million. A 1% increase