Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 158

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 158
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2024 and unaudited pro forma condensed combined income statement for the year ended December 31, 2024 has been prepared on a voluntary basis in accordance with Article 11 of Regulation S-Xissued by the U.S. Securities and Exchange Commission, and the basis of the notes set out therein. The pro forma financial information is based on:

The Acquisition will be accounted for as a business combination using the acquisition method of accounting under IFRS 3. The preliminary consideration amounts to €3.5 billion, representing the initial purchase price of €3.0 billion ($3.1 billion) and, as explained more fully below, an estimated fair value of €531 million ($552 million) for the contingent consideration in respect of CVRs. SES does not have full access to all financial information of the Intelsat Group due to regulatory restrictions. However, for the purpose of pro forma financial information the Company believes based on information available to the Company that the carrying values in the historical financial statements of 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 herein. On a provisional basis, the excess of the consideration transferred over the fair value of the net identifiable assets acquired is recorded as goodwill. The unaudited pro forma adjustments reflected in the pro forma condensed combined statement of financial position are based on items that are factually supportable and directly attributable to the Acquisition and are based upon available information, and certain assumptions described in the accompanying notes hereto, that management believes are reasonable under the given circumstances. Therefore, the pro forma financial information does not reflect the cost of any integration activities or benefits from the Acquisition, including potential synergies which may be generated in future periods. The estimated income tax impacts of the pre-taxadjustments that are reflected in the pro forma financial information are calculated using an estimated blended statutory rate (1.8%), which is based on assumptions related to the jurisdictions in which those adjustments will be recorded. The estimated blended statutory rate and the effective tax rate of the Combined Group could be significantly different depending on the post-transaction activities and geographical mix of profit before taxes. The assets and liabilities of Intelsat Group were translated into euro as at December 31,