Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 423

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 423
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 have been impaired. Satellites and other property and equipment acquired as part of an acquisition are stated based on their fair value at the date of acquisition. Upon the adoption of Fresh Start Accounting, we adjusted our satellites and other property and equipment balances to fair value. See Note 3—Fresh Start Accounting. Satellites and other property and equipment, net of accumulated depreciation as of December 31, 2023 and 2024, includes construction-in-progressof $705.5 million and $856.4 million, respectively. These amounts relate primarily to satellites under construction and related launch services. As of December 31, 2024, we have capitalized C-bandclearing related expenditures totaling $1.4 billion. Of this capitalized amount, $1.4 billion, and $66.4 million were capitalized as “Satellites and other property and equipment, net” and “Other assets,” respectively, in the consolidated balance sheets. Interest costs of $20.9 million, $82.7 million, $63.7 million and $48.6 million were capitalized for the two months ended February 28, 2022, ten months ended December 31, 2022, year ended December 31, 2023, and year ended December 31, 2024, respectively. Additionally, depreciation expense was, $98.6 million, $428.6 million, $542.5 million and $559.3 million, for the two months ended February 28, 2022, ten months ended December 31, 2022, year ended December 31, 2023, and year ended December 31, 2024, respectively. We have entered into contracts for the launch of both specified and unspecified future satellites. Each of these launch contracts may be terminated at our option, subject to payment of a termination fee that increases as the applicable launch date approaches. In the second quarter of 2024, we executed an additional finance lease for an in-orbit,satellite servicing vehicle, which has not yet commenced, with payments totaling approximately $33.0 million. The lease is expected to commence in 2026 with a lease term of approximately 4 years. (b) Galaxy 15 Anomaly In April 2010, our Galaxy 15 satellite experienced an anomaly resulting in our inability to command the satellite or to receive telemetry, and in December 2010, we recovered command of the spacecraft and have subsequently uploaded flight software code to protect against future anomalies of this type. On