Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 241

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 241
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 audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate. PricewaterhouseCoopers, Société coopérative, 2 rue Gerhard Mercator, B.P. 1443, L-1014 Luxembourg T : +352 494848 1, F : +352 494848 2900, www.pwc.lu Cabinet de révision agréé. Expert-comptable (autorisation gouvernementale n°10028256) R.C.S. Luxembourg B 65 477 - TVA LU25482518 F-2

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83

Impairment of goodwill and orbital slot license rights (indefinite life intangible assets)—GEO Europe, GEO North America, GEO International and MEO cash generating units As described in Notes 2 and 15 to the consolidated financial statements, at 31 December 2023, the Company’s goodwill and orbital slot license rights with indefinite useful lives balances were EUR 140 million and EUR 326 million, respectively. The Company’s indefinite-life intangible assets comprise goodwill and orbital slot license rights. Impairment testing procedures are performed annually, or whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. The recoverable amounts are determined based on a value in use calculation based on the estimated discounted cash flows to be generated by a CGU, using the five-year business plans approved by the Board of Directors. As disclosed by management, a total impairment expense of EUR 1,548 million was recognised for the year ended 31 December 2023 in relation to the goodwill at the level of the GEO North America for EUR 989 million, GEO International for EUR 340 million and MEO for EUR 219 million CGUs. A total impairment expense of EUR 1,677 million was recognised for the year ended 31 December 2023 in relation to the orbital slot license rights at the level of the GEO North America for EUR 45 million, GEO International for EUR 466 million and MEO for EUR 1,166 million CGUs. The calculations of value in use are most sensitive to revenue, capital expenditure, discount rates and terminal growth rates to calculate the present value of those cash flows. The principal considerations for our determination that performing procedures relating to the impairment of goodwill and orbital slot license rights is a critical audit matter are (i) the significant