Company: SGBAF
Filing Date: 2025-05-08
Form Type: F-4/A
Source: 0001193125-25-115825
Chunk: 299

Company: SES S.A.
Filing Date: 2025-05-08
Form: F-4/A
Chunk 299
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 will decline. Furthermore, there were few examples in recent years where the provision of customer services was switched between different satellites in the same region. For these reasons, management believes that this interoperability premise – and resultant regional groupings of orbital slot rights for the impairment testing of orbital slot rights—should be revised. Whilst this switch of investment to non-GEOconstellations has been a trend for some time, the significant additional investments in the new mPOWER satellites on mid-Earthorbit are very much reinforcing that trend. Hence management has elected with effect from January 1, 2024, to disaggregate those regional cash-generating units and instead look at the carrying value of our orbital slot rights on a slot-by-slotbasis; combined as a cash-generating unit (‘CGU’) with the satellite(s) operating at that specific orbital position as described in section i above.

| iii. | Grouping of regional cash-generating units used in the impairment testing of GEO goodwill |

For the financial years from 2021 to 2023, management disaggregated the former single global GEO CGU into three regions (Europe, North America and International) to align it with the approach taken for the testing of orbital slot rights and to reflect the material regional cash inflows expected to be realized through the commercialization of the group’s portfolio of orbital slot rights; specifically in North America due to the C-bandrepurposing project in the U.S. following the adoption by the Federal Communications Commission of its Report and Order and Order of Proposed Modification to clear a 300 MHz band of C-banddownlink spectrum between 3,700 and 4,000 MHz. The Company completed the activities necessary to implement that repurposing in 2023 and received the final tranche of the C-BandAccelerated Relocation Payments in that year. No projects of similar materiality have currently been initiated and the specific organizational and reporting activities associated with that C-Bandactivity have been disbanded. The combination of the above with the disaggregation of the regional CGUs for the impairment testing purposes of orbital slot rights, leads management to believe that the return to a single global GEO better reflects how the remaining goodwill is being monitored, and has hence reverted to this approach with effect from January 1, 2024. There were no additional impairment reversal or charges resulting from this change in estimate.

| 2 | Judgments |

Other than the changes in accounting estimates mentioned above, in the process of applying the Group’s accounting policies, management has made the following judgments