Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 171

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 171
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 been put in service as well as additional support for the U.S. Government business; |

| • |     | an increase of €5 million in travel and marketing & communication costs primarily due to lower 
 pandemic restrictions in 2023;                                                                 |

| • |     | an increase of €4 million in other personnel, primarily driven by lower capitalized labor. |

| • |     | an increase of €6 million in costs associated with the development and / or implementation of merger 
 and acquisition activities;                                                                          |

| • |     | an increase of €2 million in premise & telecom costs; and |

| • |     | an increase of €9 million in specific business taxes of a                                         
 non-recurring nature; partially offset by a decrease of €5 million in regulatory charges arising. |

Depreciation expense Depreciation expense decreased by €39 million, or 6.1%, to €603 million for FY 2023, as compared to €642 million for FY 2022. Excluding the effects of foreign currency translation, depreciation expense decreased by €29 million, or 4.7% (FY 2022 at constant FX: €632 million). This is primarily due to the impact on FY 2023 depreciation charges of satellite impairments recorded on certain satellites in the previous year. Property, plant and equipment impairment Property, plant and equipment net impairment expense decreased by €168 million, or 86.5%, to €26 million for FY 2023, as compared to €194 million for FY 2022 and is fully related to impairments of space segment assets. The €26 million net impairment expense recorded for FY 2023 includes €56 million of additional satellite impairment expense, partly offset by €30 million reversals of previous impairments. There were no reversals recorded in FY 2022. The charges and reversals are the aggregation of impairment testing procedures on specific satellites, or combinations of co-locatedsatellites, in SES’s geostationary fleet and reflect updated business assumptions for the satellites through to the end of their useful economic lives. Assets in the course of construction impairment Assets in the course of construction impairment of €425 million was recorded for FY 2023, with no impairment recorded for FY 2022. The impairment was recorded against the assets under construction related to certain mPOWER satellites, reflecting technical issues arising on those satellites during on-orbittesting and the impact of those on the commercialization assumptions of the overall program. Amortization expense Amortization expense