Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 290

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 290
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 was nil (2022: nil). For further information related to right-of-useassets, see Note 31. Impairment of space segment assets In 2023, the net impairment expense recorded for space segment assets was EUR 26 million (2022: EUR 194 million) including EUR 30 million in reversals of previous impairments (2022: nil). The charges and F-48

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83 Consolidated financial statements as of and for the years ended December 31, 2023 and December 31, 2022 reversals are the aggregation of impairment testing procedures on specific satellites, or combinations of co-locatedsatellites, in the Group’s geostationary fleet. The following table discloses the applicable amounts and discount rates used in the impairment test for those geostationary satellites subject to impairment expenses or reversals during the years.

| € million         |     | Carrying value |       |     | Value-in-use |     |     | Discount rate |              |     | Impairment expense |     |   |
| 2023 – Expense    |     |                |   596 |     |              | 540 |     |               | 7.1% - 10.5% |     |                    |  56 |   |
| 2023 – Reversal   |     |                |   135 |     |              | 177 |     |               | 10.5%        |     |                    | (30 | ) |
| 2023 – Net Impact |     |                |       |     |              |     |     |               |              |     |                    |  26 |   |
| 2022 – Expense*   |     |                | 1,188 |     |              | 994 |     |               | 7.5% - 11.1% |     |                    | 194 |   |

| * | at the year-end closing rate |

The impairment expenses and reversals recorded reflect updated business assumptions for the satellites through to the end of their useful economic lives. In general, these updated assumptions reflect a combination of revised commercial developments and expectations, updated assessments of the regulatory environment impacting certain assets (and hence the Group’s ability to achieve the forecast commercial exploitation), changes in the competitive environment in which the Group operates, and certain changes in the operation of the satellites (for example