Company: SGBAF
Filing Date: 2025-05-08
Form Type: F-4/A
Source: 0001193125-25-115825
Chunk: 155

Company: SES S.A.
Filing Date: 2025-05-08
Form: F-4/A
Chunk 155
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 Intelsat reasonably approximate to the fair values. As a result, for the purpose of these pro forma financial information, the assumed allocation of the estimated purchase price is based upon the carrying value of Intelsat’s assets and liabilities acquired which are assumed to approximate fair value. The actual fair values of assets and liabilities will be determined after the completion of the Acquisition and may vary materially from the assumed purchase price allocation presented in this prospectus. Fresh Start Accounting for Intelsat Group Intelsat Group’s assets and liabilities, other than contracts assets and liabilities, as well as deferred income taxes, were fair valued as of February 28, 2022 upon the application of fresh start accounting (“Fresh Start Accounting”). On emergence from bankruptcy, Intelsat adopted Fresh Start Accounting in accordance with Accounting Standards Codification (“ASC”) 852 – Reorganizations. The application of the Fresh Start Accounting was reflected in Intelsat’s consolidated financial statements as of February 28, 2022 (the “Fresh Start Reporting Date”). Upon adoption of Fresh Start Accounting, reorganization values were allocated to the Intelsat Group’s individual assets and liabilities, other than deferred income taxes, based on their estimated fair values as of the Fresh Start Reporting Date, with the remaining excess value allocated to goodwill in conformity with ASC 805. The enterprise and equity value of the Company, as well as the fair values of the Intelsat’s principal assets and liabilities were estimated based on a valuation performed by third-party valuation advisors, using various valuation methods, including a calculation of the present value of future cash flows based on financial projections and a peer group trading analysis. 103

Basis of Unaudited Pro Forma Financial Information

The pro forma financial information of the Combined Group and the accompanying notes thereto, have been prepared on a basis illustrating the
effect of the Acquisition and the related financing as if they had taken place on January 1, 2024, in respect of the unaudited pro forma condensed combined income statement, and as at December 31, 2024, in respect of the unaudited pro forma
condensed combined statement of financial position.

The pro forma financial information reflects those adjustments necessary to give
effect to the Acquisition and the related financing, as well as alignment to the accounting principles, financial presentation and estimates applied by SES and is prepared in accordance with the basis of preparation as described in the notes set out
below.

SES believes that the assumptions applied in the pro forma adjustments are reasonable and factually supportable based on