Company: SGBAF
Filing Date: 2025-05-08
Form Type: F-4/A
Source: 0001193125-25-115825
Chunk: 429

Company: SES S.A.
Filing Date: 2025-05-08
Form: F-4/A
Chunk 429
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 profits and revenues from each joint venture. We have determined that both joint ventures meet the criteria of a VIE under ASC 810; however, we have concluded that we are not the primary beneficiary of either joint venture because we and
JSAT equally share control over the operations of the joint ventures and also equally share exposure to risk of losses or gains, and therefore we do not consolidate Horizons 3 or Horizons 4 within our consolidated financial statements. Our
investments in Horizons 3 and Horizons 4 are included within “Other assets” in our consolidated balance sheets and are accounted for using the equity method of accounting.

F-139

Similar to Horizons Holdings, we have a revenue sharing agreement with JSAT related to services sold on the Horizons 3e (Horizons 3) and Galaxy 37 (Horizons 4) satellites, wherein the initiating party contracting with a customer is responsible for engineering, billing and collection for such services, and remitting 50% of the revenue, subject to collections, less applicable fees and commissions, to the other party. In connection with our investments in Horizons 3 and Horizons 4, we entered into capital contribution and subscription agreements, which require us to fund our 50% share of the amounts due in order to maintain our respective 50% interest in the joint ventures. On October 12, 2023, we made a contribution to Horizons 4 consisting of a contribution in kind of $46.5 million for the Ku-bandpayload project costs and a $5.0 million cash contribution for the amount equal to the price of the license for Horizons 4 to utilize power on the Galaxy 37 satellite until it is deorbited. JSAT subsequently reimbursed the Company in cash for 50% of the total contribution. We made a cash contribution of $2.9 million to Horizons 3 during the year ended December 31, 2024 to cover the Intelsat portion of escalating principal payments that Horizons 3 is required to pay JSAT under a loan agreement, and we expect additional contributions to be made in 2025 and 2026. No other contributions were made to nor distributions received from either of the joint ventures during the two months ended February 28, 2022, ten months ended December 31, 2022, year ended December 31, 2023, and year ended December 31, 2024. The Company purchases satellite capacity and related services from the