Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 242

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 242
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 judgment by management when developing the value in use estimate of the GEO Europe, GEO North America, GEO International and MEO cash generating units; (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating management’s significant assumptions related to the revenue, capital expenditure, discount rates and terminal growth rates; and (iii) the audit effort involved the use of professionals with specialized skill and knowledge. Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included, among others (i) testing management’s process for developing the value in use estimates of the GEO Europe, GEO North America, GEO International and MEO cash generating units; (ii) evaluating the appropriateness of the value in use approach used by management; (iii) testing the completeness and accuracy of underlying data used in the discounted cash flow model; and (iv) evaluating the reasonableness of the significant assumptions used by management related to revenue, capital expenditure, discount rates and terminal growth rates. Evaluating management’s assumptions related to revenue and capital expenditure involved assessing whether the assumptions used by management were reasonable considering (i) the current and past performance of the GEO Europe, GEO North America, GEO International and MEO cash generating units (ii) evaluation of significant business developments during the forecast period; and (iii) the consistency with external market and industry data. Professionals with specialized skill and knowledge were used to assist in evaluating (i) the appropriateness of the value in use model and (ii) the reasonableness of the discount rates and terminal growth rates assumptions. F-3

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

Impairment testing of space segment assets including assets under construction As described in Notes 2, 13 and 14 to the consolidated financial statements, at 31 December 2023, the Company’s space segment assets balance, representing primarily satellites were EUR 2,705 million, and space segment assets in the course of construction, representing primarily satellites in the course of construction, were EUR 1,367 million. Management assesses at each reporting date whether there is any indicator that an asset may be impaired. If such an indication exists then the recoverable amount of the asset or CGU is reviewed to determine the amount of the impairment, if any. Impairments can arise from complete or partial failure of a satellite as well as other changes in expected discounted future cash flows