Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 425

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 425
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 in debt and equity securities and loan
receivables as discussed further below.

(a) Horizons Holdings

Horizons Holdings is a joint venture with JSAT that consists of two investments: Horizons-1 Satellite
LLC and Horizons-2 Satellite LLC. We have determined that this joint venture meets the criteria of a VIE under ASC 810, and we have concluded that we are the primary beneficiary because decisions relating to
any future relocation of the Horizons 2 satellite, the most significant asset of the joint venture, are effectively controlled by us. In accordance with ASC 810, as the primary beneficiary, we consolidate Horizons Holdings within our consolidated
financial statements.

We have a revenue sharing agreement with JSAT related to services sold on the Horizons 1 and Horizons 2 satellites.
We are responsible for billing and collection for such services, and remitting 50% of the revenue, subject to collections, less applicable fees and commissions, to JSAT. Amounts payable to JSAT related to the revenue sharing agreement, net of
applicable fees and commissions, from the Horizons 1 and Horizons 2 satellites were $2.4 million and $0.7 million as of December 31, 2023 and 2024, respectively.

Total assets of Horizons Holdings included in our consolidated balance sheets were $10.6 million and $1.2 million as of
December 31, 2023 and 2024, respectively. Total liabilities of Horizons Holdings included in our consolidated balance sheets were $1.7 million as of December 31, 2023, with no comparable amount as of December 31, 2024.

(b) Horizons 3 and Horizons 4

Horizons 3 and Horizons 4 are each 50% owned by each of Intelsat and JSAT, who in turn have a joint share of management authority and equal
rights to profits and revenues from each joint venture. We have determined that both joint ventures meet the criteria of a VIE under ASC 810; however, we have concluded that we are not the primary beneficiary of either joint venture because we and
JSAT equally share control over the operations of the joint ventures and also equally share exposure to risk of losses or gains, and therefore we do not consolidate Horizons 3 or Horizons 4 within our consolidated financial statements. Our
investments in Horizons 3 and Horizons 4 are included within “Other assets” in our consolidated