Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 389

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 389
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 FCC, with ongoing updates as requested by the FCC. The most recent amended and final transition plan was filed on July 11, 2023. Under the FCC Final Order, we are
entitled to receive reimbursement payments for certain C-band spectrum clearing expenses incurred, subject to the satisfaction of certain conditions set forth in the FCC Final Order.

F-110

C-band clearing related expenditures are either
(i) capitalized under ASC 360, Property Plant, and Equipment (“ASC 360”) or other applicable accounting principles, or (ii) expensed as fulfillment costs as incurred. Fulfillment costs include costs to pay personnel or
third parties to assist with customer reconfiguration and relocation, installation of filters, and program management costs.

As of both
December 31, 2023 and 2024, we incurred reimbursable costs associated with the FCC Final Order of $1.8 billion, all of which has been received as of December 31, 2024. During the ten months ended December 31, 2022, year ended
December 31, 2023 and year ended December 31, 2024, we received $940.8 million, $209.0 million and $602.9 million, respectively, of reimbursement for C-band clearing costs, a portion
of which was used to repay certain outstanding debt (see Note 8—Debt). No similar proceeds were received during the two months ended February 28, 2022. As of December 31, 2024, we have received all
C-band related payments and reimbursements, and have completed all applicable obligations under the FCC Final Order.

For the ten months ended December 31, 2022, year ended December 31, 2023 and year ended December 31, 2024, we recognized
reimbursement income of $169.8 million, $720.9 million and $304.3 million, respectively, which are included within “Other operating expense (income), net—C-band” on our
consolidated statements of operations, with no similar amount for the two months ended February 28, 2022.

For the two months ended
February 28, 2022, ten months ended December 31, 2022, year ended December 31, 2023 and year ended December 31, 2024, we expensed $37.4 million, $64.4 million, $76.9 million and $17.3 million