Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 161

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 161
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 of SES. For the purposes of
preparing the pro forma financial information, the Intelsat Group’s statement of operations and statement of financial position have been adjusted for known material differences between U.S. GAAP and IFRS.

A. Fair value adjustments – contract assets and liabilities

Under U.S. GAAP, Intelsat adopted ASU 2021-08 in the first quarter of 2022, which requires an acquirer
to recognize and measure contract assets and liabilities acquired in a business combination as if the acquirer had originated the contracts rather than adjust them to fair value. IFRS 3 requires assets and liabilities to be remeasured at fair value
at the time of a change of control. No measurement principle exception exists within IFRS 3, therefore contract assets and liabilities are required to be remeasured at fair value. As a result of measuring contract assets and liabilities at fair
value under IFRS, the following adjustments have been made:

As at December 31, 2024, the fair value of “Contract Assets”,
current and non-current, was $4 million lower than their carrying values, therefore an adjustment was recorded and presented under “Contract Assets” in the unaudited pro forma condensed combined
statement of financial position. As at December 31, 2024, the fair value of the “Contract liabilities”, current and non-current, was $137 million lower than the carrying value, reflected under
the “Contract liabilities” adjustment in the unaudited pro forma condensed combined statement of financial position. A deferred tax liability adjustment of $23 million was recorded in respect of the contract liabilities adjustment
mentioned above, presented as a decrease under “Other assets”. Goodwill was decreased by $179 million to reflect the changes explained above. “Retained” earnings was adjusted by $69 million to reflect the income
statement impact, as described below.

During the year ended December 31, 2024, the difference in amortization attached to the
contract liabilities was $37 million and is reflected as a decrease under “Revenue” in the unaudited pro forma condensed combined income statement adjustments. Related to this, a decrease of $10 million in interest expense
reflects the impact of the financing component of the deferred revenue adjustment.

B. C-bandrepurposing—Reimbursable expenses and C-bandleases

Under U.S. GAAP, as of
December 31, 2024, Intelsat had received all C-band