Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 395

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 395
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 Total liabilities of Horizons Holdings included in our consolidated balance sheets were $5.5 million and $1.7 million as of December 31,
2022 and 2023, respectively.

(b) Horizons 3

Horizons 3, which is 50% owned by each of Intelsat and JSAT, was set up with a joint share of management authority and equal rights to profits
and revenues from the joint venture. We have determined that this joint venture meets the criteria of a VIE under ASC 810; however, we have concluded that we are not the primary beneficiary because we and JSAT equally share control over the
operations of the joint venture and also equally share exposure to risk of losses or gains, and therefore we do not consolidate Horizons 3 within our consolidated financial statements.

Similar to Horizons Holdings, we have a revenue sharing agreement with JSAT related to services sold on the Horizons 3e satellite wherein the
initiating party contracting with a customer is responsible for engineering, billing and collection for such services, and remitting 50% of the revenue, subject to collections, less applicable fees and commissions, to the other party. Amounts
payable to JSAT related to the revenue sharing agreement, net of applicable fees and commissions from the Horizons 3e satellite were $9.4 million and $7.1 million as of December 31, 2022 and 2023, respectively.

In connection with our investment in Horizons 3, we entered into a capital contribution and subscription agreement, which requires us to fund
our 50% share of the amounts due in order to maintain our respective 50% interest in the joint venture. We did not make any contributions nor receive any distributions during the year ended December 31, 2021, two months ended February 28,
2022, ten months ended December 31, 2022 and year ended December 31, 2023. In addition, our indirect subsidiary that holds our investment in Horizons 3 has entered into a security and pledge agreement with Horizons 3, pursuant to which it
has granted a security interest in all of the assets of Horizons 3. Further, our indirect subsidiary has granted a security interest to Horizons 3 in its customer capacity contracts and its ownership interest in its wholly-owned subsidiary that
holds the FCC license required for the joint venture’s operations.

The Company purchases satellite capacity and related services
from the Horizons 3 joint venture, and