Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 334

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 334
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 GEO CGU           |     |      | 8.07 | % |     |      |    — |   |     |      |    — |   |
| GEO Europe        |     |      |    — |   |     |      | 6.83 | % |     |      | 7.93 | % |
| GEO North America |     |      |    — |   |     |      | 8.57 | % |     |      | 9.49 | % |
| GEO International |     |      |    — |   |     |      | 8.53 | % |     |      | 9.42 | % |
| MEO CGU           |     |      | 8.89 | % |     |      | 8.51 | % |     |      | 9.43 | % |

These discount rates were computed using market interest rates and commercial spreads, the capital structure of businesses in the Group’s business sector, and the risk profile of the businesses concerned. Specific risks relating to certain cash flows are taken into account in the development of the cash flow forecasts. Perpetual Growth Rate (‘PGR’) assumptions The PGR for GEO was calculated at -2.0%.In 2023, separate perpetual growth rates were calculated for the GEO regions as follows: Europe -1.5%(2022: -2.2%),North America -5.2%(2022: -2.7%),and International -1.9%(2022: +2.5%). For MEO, in 2023, management applied a ‘fading growth statistical model’, or ‘H-model’.Under this model, following the five-year business plan period, cash flows were expected to continue to grow at a higher rate for a time, which then reduces for a period until the perpetual growth rate is reached. Management believed this was a valid assumption as the MEO fleet, specifically the mPOWER fleet which was in the middle of its launch campaign, would not reach its maximum utilisation projection until after the business plan period. In line with growth projections at the end of the prior business plan period, management selected +5.0% (2022: +10.0%), as the higher growth rate, which reduced on a straight-line basis over nine years until the perpetual growth rate is reached. The perpetual growth rate used for MEO was +3.0% (2022: +3.0%). In 2024