Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 299

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 299
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 at the end of the business plan period, management selected 5% as the higher growth rate (2022: 10%), which reduces on a straight-line basis over nine years until the terminal growth rate is reached. The terminal growth rate used for MEO was +3.0% (2022: +3.0%). These rates reflect the most recent long-term planning assumptions approved by the Board of Directors and can be supported by reference to the trading performance over a longer period and incorporate also projected growth rates for wide-beam and high-throughput satellites markets from external data sources. Specific business developments impacting the outcome of the 2023 impairment testing A number of significant events incurred in the second half of 2023, which each contributed to a material impairment charge being recorded in the 2023 financial statements:

| 1. | Completion of Phase II of the C-band repurposing and recognition of 
 Accelerated Relocation Payment income                               |

On August 10, 2023, the Group announced that the U.S. Federal Communications Commission had validated the certification of SES’s Phase II accelerated C-bandclearing and relocation activities and that with this milestone and following the successful completion of its Phase I activities in 2021, SES had fulfilled its commitment to the FCC’s program to clear a portion of the C-bandto allow the rapid rollout of 5G services across the continental United States. The certification triggered the recognition of the Phase II Accelerated Relocation Payment of EUR 2,714 million and, in parallel, the recognition of value adjustments on goodwill and orbital slot rights balances for those related intangible assets recorded as part of the accounting for certain business combinations (primarily those of GE Americom and New Skies Satellites) associated with the GEO North America and GEO International CGUs.

| 2. | Technical anomalies discovered in mPOWER MEO constellation |

During the in-orbittesting of the first four satellites in the mPOWER MEO constellation in the second half of the year, technical anomalies were uncovered which will significantly impact the operational and commercial capacities of the first generation of the constellation. Six satellites are now in orbit, and seven additional mPOWER satellites are under construction which have modifications in their design intended to fully address those anomalies observed in the first-generation satellites. This constellation of seven second-generation satellites is expected to enter service in 2026. As further described in Notes 2 and 34, an insurance claim is being submitted to the Group’s insurers in connection with this matter. The restrictions on the available