Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 293

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 293
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 of the arrangements, these transactions are included in the Group’s assets in the course of construction space segment within the consolidated statement of cash flows and are included in ‘Payments for purchases of tangible assets’ within the consolidated statement of cash flows only to the extent that payments were made to the suppliers. In conjunction with the annual impairment test, SES recorded an impairment charge of EUR 425 million (2022: nil) against the assets under construction related to certain mPOWER satellites, reflecting technical F-50

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83 Consolidated financial statements as of and for the years ended December 31, 2023 and December 31, 2022 issues arising on those satellites during on-orbittesting and the impact of those on the commercialization assumptions of the overall program (see also Note 15 and Note 35). As part of standard impairment testing procedures, the Group assesses the impact of changes in the discount rates and growth assumptions of the valuation surplus, or deficit as the case may be. Both discount rates and terminal values are simulated up to 1% below and above the specific rate used in the base valuation. In this way, a matrix of valuations is generated which reveals the potential exposure to impairment for assets under construction based on movements in the valuation parameters which are within the range of outcomes foreseeable at the valuation date. The most recent testing showed that a 1% decrease in the perpetual growth rates (both the higher rate under the H-model(see Note 15) and the terminal growth rate) would increase the impairment by EUR 252 million. A 1% increase in the after-taxdiscount rate would require an impairment of EUR 315 million. Taken together, a 1% increase in the after-taxdiscount rate and a 1% decrease in the perpetual growth rates would increase the impairment by EUR 496 million. Separately, a 5% reduction to EBITDA would require an impairment of EUR 171 million. Note 15—Intangible assets

| € million                                            |     | Orbital      
 slot license 
 rights       
 (indefinite- 
 life)        |        |   |     | Goodwill |        |   |     | Orbital slot    
 license rights  
 (definite life) |      |   |     | Customer      
 relationships |     |   |     | Other         
 definite life 
 intangibles   |      |   |     | Internally  
 generated   
 development 
 costs