Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 156

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 156
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 The application of the Fresh Start Accounting was reflected in Intelsat’s consolidated financial statements as of February 28, 2022 (the “Fresh Start Reporting Date”). Upon adoption of Fresh Start Accounting, reorganization values were allocated to the Intelsat Group’s individual assets and liabilities, other than deferred income taxes, based on their estimated fair values as of the Fresh Start Reporting Date, with the remaining excess value allocated to goodwill in conformity with ASC 805. The enterprise and equity value of the Company, as well as the fair values of the Intelsat’s principal assets and liabilities were estimated based on a valuation performed by third-party valuation advisors, using various valuation methods, including a calculation of the present value of future cash flows based on financial projections and a peer group trading analysis. 103

Basis of Unaudited Pro Forma Financial Information

The pro forma financial information of the Combined Group and the accompanying notes thereto, have been prepared on a basis illustrating the
effect of the Acquisition and the related financing as if they had taken place on January 1, 2024, in respect of the unaudited pro forma condensed combined income statement, and as at December 31, 2024, in respect of the unaudited pro forma
condensed combined statement of financial position.

The pro forma financial information reflects those adjustments necessary to give
effect to the Acquisition and the related financing, as well as alignment to the accounting principles, financial presentation and estimates applied by SES and is prepared in accordance with the basis of preparation as described in the notes set out
below.

SES believes that the assumptions applied in the pro forma adjustments are reasonable and factually supportable based on available
information and give effect to events that are directly attributable to the Acquisition and related transactions. By its nature, the pro forma financial information addresses a hypothetical situation and does not, therefore represent the SES
Group’s actual or future financial position or results of operations. The actual results and any future results may differ significantly from those reflected in the pro forma financial information for a number of reasons, including, but not
limited to, differences in assumptions used to prepare the pro forma financial information.

In preparing the pro forma financial
information, SES’s management has applied the consolidated financial information of Intelsat and its subsidiaries, rather than that of Holdings (Intelsat’s direct 100% subsidiary which is the direct and indirect shareholder of all the
other Intelsat subsidiaries and affiliates). Accordingly, SES believes that the combined financial information consolidated at Intels