Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 169

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 169
---
 2024. 115

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

Also, non-current lease liabilities of
$173 million have been reclassified from “Other long-term liabilities” to “Lease liabilities” and current lease liabilities of $30 million have been reclassified from “Other current liabilities” to “Lease
liabilities”.

In the unaudited pro forma condensed combined income statement for the year ended December 31, 2024, an adjustment has
been made in order to remove expenses related to operating leases of $21 million from “Direct costs of revenue (excluding depreciation and amortization)” and of $15 million from “Selling, general and administrative”.
“Depreciation and amortization” has been increased by $29 million and “Interest expense” has been increased by $10 million in order to reflect the impact of the conversion from operating to finance lease.

G. Tax

For pro forma
purposes, the pre-tax adjustments have been primarily attributed to US and Luxembourg entities, which have not recognized deferred tax assets for the majority or all of their tax attributes. As a result, the
estimated income tax effects of the pre-tax adjustments of the U.S. GAAP to IFRS differences were calculated by using an assumed blended statutory rate of 1.8% which is derived by the expected tax rate in each
jurisdiction.

H. Joint Ventures

Under U.S. GAAP, amortization of a basis difference between the fair value and the equity accounted carrying value of the investment in joint
ventures, amounting to $1 million, has been recorded as an increase under “Operating income (expense), net” for the year ended December 31, 2024. Under IFRS, the basis difference is not applicable and therefore, $4 million
including accumulated effect has been removed from the income statement against the investment in the joint venture, presented as an increase under “Other assets”.

I. Accounting policies and estimates alignment

SES management has carried out an analysis of the accounting policies and estimates of the Intelsat Group based on the financial statements to
identify differences between its accounting policies and estimates and those applied by the SES Group. There are no material differences between the accounting policies, while the following differences between the accounting estimates was
identified:

Useful life of orbital slot rights

SES’s accounting estimate concerning the appropriate useful economic life of GEO orbital slot rights has been that they will be