Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 305

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 305
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126 |

F-58

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 The orbital slot license rights have a net book value as of December 31, 2023 and December 31, 2022 by CGU as presented below:

| € million         |     | 2023 |     |     | 2022 |       |
| GEO Europe        |     |      |  95 |     |      |   162 |
| GEO North America |     |      | 181 |     |      |   233 |
| GEO International |     |      |  50 |     |      |   465 |
| MEO               |     |      |   — |     |      | 1,194 |
| Total             |     |      | 326 |     |      | 2,054 |

The very material 2023 impairment charges recorded, and corresponding decrease in the carrying value of the orbital slot rights, reflect the business developments described above. As part of standard impairment testing procedures, as with goodwill, the Group assesses the impact of changes in the discount rates and growth assumptions of the valuation surplus, or deficit as the case may be. Both discount rates and terminal values are simulated up to 1% below and above the CGU’s specific rate used in the base valuation. In this way a matrix of valuations is generated which reveals the potential exposure to impairment expenses for each CGU based on movements in the valuation parameters which are within the range of outcomes foreseeable at the valuation date. The most recent testing showed the following impact on 2023 impairment:

| • |     | For GEO Europe and GEO North America, the least favourable case—a combination of lower terminal growth rates 
 and higher discount rates—would not lead to any impairment expense.                                          |

| • |     | For GEO International, a 1% decrease in the perpetuity growth rate would increase the impairment charge by EUR                                                                                        
 6 million and a 1% increase in the discount rate would increase the impairment charge by EUR 33 million; the combination of these two factors would increase the impairment charge by EUR 37 million. |

| • |     | For MEO, see sensitivity analysis in Note 14. |

The most recent testing showed the following impact on 2022 impairment (at the relevant year-end