Company: SGBAF
Filing Date: 2025-05-08
Form Type: F-4/A
Source: 0001193125-25-115825
Chunk: 435

Company: SES S.A.
Filing Date: 2025-05-08
Form: F-4/A
Chunk 435
---
 a quantitative analysis to determine the fair value of the reporting unit. In estimating the fair value, we used an income approach utilizing a discounted cash flow model. Based on the results of the quantitative analysis, we determined that the fair value of the reporting unit was less than its carrying amount, resulting in the recognition of goodwill impairment of $290.7 million in the first quarter of 2024, which is included within “Impairment of goodwill and other intangible assets” in our consolidated statements of operations. We did not recognize any other goodwill impairment for the year ended December 31, 2024. Determining the fair value of a reporting unit often involves the use of estimates and assumptions that require significant judgment, and that could have a substantial impact on whether or not an impairment charge is recognized and the magnitude of any such charge. Estimates of fair value are primarily determined using discounted cash flows and market transactions. These estimates involve making significant estimates and assumptions, including projected future cash flows (including timing), discount rates reflecting the risks inherent in future cash flows, perpetual growth rates, and the determination of appropriate market comparisons. The carrying amounts of goodwill consisted of the following (in thousands):

|                               |     |   | As of December 31, 
               2023 |   |     |   | As of December 31, 
               2024 |   |
|:------------------------------|:----|:--|-------------------:|:--|:----|:--|-------------------:|:--|
| Goodwill                      |     | $ |          1,395,942 |   |     | $ |          1,395,942 |   |
| Accumulated impairment losses |     |   |           (321,322 | ) |     |   |           (612,014 | ) |
| Net carrying amount           |     | $ |          1,074,620 |   |     | $ |            783,928 |   |

F-143

(b) Other Intangible Assets ARP Rights. The ARP Rights represent the Company’s entitlement to receive the Phase II ARP of $3.7 billion subject to the satisfaction of certain deadlines and other conditions. As of December 31, 2022, the carrying amount of the ARP Rights was $3.1 billion. As a result of validation of the Phase II Certification of Accelerated Relocation under the FCC Final Order, we derecognized the ARP Rights, upon which we recognized a “Gain on disposition of ARP rights”