Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 202

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 202
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 million in regulatory charges arising.                                                 |

Depreciation expense Depreciation expense decreased by €39 million, or 6.1%, to €603 million for FY 2023, as compared to €642 million for FY 2022. Excluding the effects of foreign currency translation, depreciation expense decreased by €29 million, or 4.7% (FY 2022 at constant FX: €632 million). This is primarily due to the impact on FY 2023 depreciation charges of satellite impairments recorded on certain satellites in the previous year. Property, plant and equipment impairment Property, plant and equipment net impairment expense decreased by €168 million, or 86.5%, to €26 million for FY 2023, as compared to €194 million for FY 2022 and is fully related to impairments of space segment assets. The €26 million net impairment expense recorded for FY 2023 includes €56 million of additional satellite impairment expense, partly offset by €30 million reversals of previous impairments. There were no reversals recorded in FY 2022. The charges and reversals are the aggregation of impairment testing procedures on specific satellites, or combinations of co-located satellites, in SES’s geostationary fleet and reflect updated business assumptions for the satellites through to the end of their useful economic lives. Assets in the course of construction impairment Assets in the course of construction impairment of €425 million was recorded for FY 2023, with no impairment recorded for FY 2022. The impairment was recorded against the assets under construction related to certain mPOWER satellites, reflecting technical issues arising on those satellites during on-orbit testing and the impact of those on the commercialization assumptions of the overall program. Amortization expense Amortization expense increased by €26 million, or 41.7%, to €89 million for FY 2023, as compared to €63 million for FY 2022. Excluding the effects of foreign currency translation, amortization expense decreased by €26 million, or 42.3% (FY 2022 at constant FX: €63 million) driven by the DRS GES Acquisition in August 2022 (€11 million), as well as the accelerated amortization of certain intangible assets. 161

Intangible assets impairment Intangible assets impairment increased by €3,022 million to €3,225 million for FY 2023, as compared to €203 million for FY 2022, driven by the following:

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