Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 405

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 405
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: Fair value of non-debt current liabilities                          |     |   |    674,015 |   |
| Plus: Fair value of non-debt, non-current liabilities                     |     |   |  1,972,761 |   |
| Plus: Noncontrolling interest                                             |     |   |     36,000 |   |
| Reorganization value of Successor’s assets to be allocated                |     | $ | 12,583,776 |   |

With the assistance of third-party valuation advisors, we determined the enterprise and corresponding equity value of the Successor using various valuation methods, including: (i) a calculation of the present value of future cash flows based on our financial projections, and (ii) a peer group trading analysis. The enterprise value and corresponding equity value are dependent upon achieving the future financial results set forth in our valuations and certain other assumptions. All estimates, assumptions, valuations and financial projections, including the fair value adjustments, enterprise value projections and equity value projections are inherently subject to significant uncertainties beyond our control. Accordingly, there can be no assurances that the estimates, assumptions, valuations or financial projections will be realized, and actual results could vary materially. (b) Valuation Process The fair values of the Company’s principal assets, as presented below, and the fair value of the Company’s lease liabilities, DIP-to-ExitFinancing (as defined in the 2022 Annual Report), Series A and B Warrants, and Series A and B CVRs issued were estimated with the assistance of third-party valuation advisors. Satellites and Other Property and Equipment The satellite fleet comprises over 80% of the Company’s property, plant and equipment under ASC 360 and has been valued using the replacement cost method, a variation of the cost approach to valuation. Current F-122

replacement costs, which include consideration for the spacecraft cost, launch cost, insurance, capital interest and capital labor, were assigned to each satellite based on size and configuration
then adjusted based on the age of each satellite. An assumed earnings test was also applied to the satellites, comparing the present value of future income streams to the adjusted replacement cost. In instances where the cost approach value exceeded
the income approach value, an economic obsolescence penalty was applied.

All non-satellite
personal property has been valued using either an indirect cost approach or, in instances where a robust secondary market exists, a market approach.

Real property assets are composed of building improvements and land. Building improvements were valued using