Company: SGBAF
Filing Date: 2025-05-08
Form Type: F-4/A
Source: 0001193125-25-115825
Chunk: 460

Company: SES S.A.
Filing Date: 2025-05-08
Form: F-4/A
Chunk 460
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 from bankruptcy. The post-Emergence Company was able to fully absorb the CODI realized by the pre-EmergenceCompany in connection with the reorganization as an offset to current year operating losses without impacting its net historical operating losses, general business credits, capital losses, and tax basis in assets. The tax attribute limitation rules under IRC Section 382 are subject to favorable modification by items such as RBIG income. Subsequent to year-end2023, the Company received notice that the IRS had agreed to extend the identification period for qualified replacement property, and so the ARP income was not recognized in the 2023 Federal tax return filing. The Company has until December of 2027 under its current extension to identify the remaining qualified replacement property to continue to defer the income under section 1033. If qualified replacement property is not identified and placed into service and no additional extensions are granted by the IRS, the Company will be required to amend its originally filed tax returns for 2023 to recognize the income and effects of RBIG on its section 382 limitation. As a result of this possible RBIG income inclusion, a material portion of U.S. deferred tax assets consisting of net operating losses and IRC Section 163(j) interest expense may be utilized in future years, excluding the portion utilized in 2024 as disclosed above. We currently believe it is more likely than not that the Company will recognize further RBIG type income amounts which could favorably impact the Company’s ability to realize future income tax benefits related to its remaining U.S. net deferred tax asset based on the IRC Section 382 limitation. Historical results and expected market conditions known on the date of measurement result in the Company maintaining a partial valuation allowance against the remaining U.S. net deferred tax asset. This is periodically reassessed and could change in the future. The Organization for Economic Co-operationand Development has issued Pillar Two model rules introducing a new global minimum tax of 15% intended to be effective on January 1, 2024. While the U.S. has not yet adopted the Pillar Two rules, various other governments around the world are enacting legislation. As currently designed, Pillar Two will ultimately apply to our worldwide operations. Considering we do not have material operations in jurisdictions with income tax rates lower than the Pillar Two minimum, these rules are not expected to materially increase our global tax costs. There remains uncertainty as to the final Pillar Two model rules. We will continue to monitor U.S. and global legislative action related to Pillar Two for potential impacts