Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 287

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 287
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 as indefinite life assets, their residual carrying value will generally be amortized over the remaining life of the on-stationsatellite operating at that orbital position in accordance with the provisions of paragraph 90 of IAS 38. Where more than one satellite is collocated at one position then the latest end of depreciation life amongst those satellites is used. Where a replacement satellite for an orbital position has already been contracted, then the expected end of life of that replacement satellite is taken. Similarly, where the likelihood of procuring a replacement satellite is probable, then management calculates the end of life of that uncommitted replacement and applies it in computing the amortization life of the relevant orbital slight rights. This change in accounting estimate for GEO orbital slot rights which came into effect on January 1, 2024, triggered an impairment test as at that date under the provisions of paragraph 10 of IAS 36. This test resulted in a net reversal of previous impairments of EUR 29 million. As there were no changes to the business plan since the impairment tests performed as at December 31, 2023, the net reversal was caused by the reduction in useful lives explained above (causing a reduction in cash flows taken into account in the valuation) which is more than offset by the impact of the disaggregation of regional cash-generating units used in the monitoring of GEO orbital slot rights explained below (see ii. below). MEO orbital slot rights Concerning MEO orbital rights, these had a brought forward carrying value of EUR nil as at December 31, 2024, reflecting an impairment charge of EUR 1,166 million recorded in 2023. Up until 2023 the Company had presented its MEO slot rights as indefinite life intangible assets, consistent with the approach taken for most of the GEO orbital slot rights. The Group continues to build out its MEO constellation as a key element of its commercial offering and strategic positioning with the latest generation of MEO satellites having entered service in April 2024 with the six initial mPOWER satellites. The upgraded second-generation constellation of seven mPOWER satellites is expected to be fully in service in 2027. These mPOWER satellites operate on an equatorial orbital plane using a combination of frequency filings which were assembled to facilitate operations on that plane. The Company currently expects future MEO operations to operate on multiple orbital planes offering full ‘pole-to-pole’coverage. This is the fleet configuration underpinning the Company’s proposal in the IRIS 2Concession Contract with the European Commission