Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 257

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 257
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 and forward-looking information. The Group records additional losses if circumstances or forward-looking information cause the Group to believe that an additional collectability risk exists which is not reflected in the loss expectancy rates (Note 20).

| v | Insurance claim in connection with mPOWER satellites |

In 2023, health issues emerged with the initial four mPower satellites, prompting SES to initiate insurance claims under its Launch + 16 month insurance policies. Given that the issues arose in 2023 and that SES is of the opinion that those issues are covered by its insurance policies, the question arises whether the Company should recognize a claim receivable in its 2023 year-endfinancials. As insurance companies may seek clarification on the claim calculation assumptions before any formal negotiations begin, and no details about the size, nature or basis of the claim had been exchanged with insurers as of December, 31 2023, this remains a forward-looking fact pattern which does not allow certainty as to the outcome and timing associated with the resolution of these claims. Consequently, in the absence of formal acceptance of the claims by the external insurers, management is of the view that these claims qualify as contingent assets in the sense of IAS 37. Accordingly, no accrued income or receivable was recognized as of December 31, 2023. F-20

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83 Consolidated financial statements as of and for the years ended December 31, 2023 and December 31, 2022 Although SES has submitted Proof-of-Lossdocumentation to its insurers as a subsequent event, there has so far been no formal acceptance of the claims by the main external insurers. Therefore, management believes there is no need for adjustments to the current financial information. Please refer also to Note 35.

| vi | Reimbursement of costs associated with C-band repurposing |

As detailed in SES’s Transition Plan initially disclosed to the public in September 2021, SES’s strategy included the development of six satellites (four operational satellites and two spare satellites) to meet the deadlines for releasing the C-bandspectrum. This strategy incurred significant expenditures, which are anticipated to be reimbursed and have been, and continue to be, claimed from the Relocation Payment Clearinghouse (‘RPC or ‘Clearinghouse’—refer also to Note 34). As of December 31, 2023, SES had received refunds totaling USD 928 million from the Clearinghouse. However, there remains