Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 391

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 391
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 Satellites and other property and equipment, net of accumulated depreciation as of December 31, 2022 and 2023, included construction-in-progressof $1.5 billion and $705.5 million, respectively. These amounts relate primarily to satellites under construction and related launch services. As of December 31, 2023, we have capitalized C-bandclearing related expenditures totaling $1.4 billion. Of this capitalized amount, $1.4 billion, F-138

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

$75.6 million and $0.6 million were capitalized as “Satellites and other property and equipment, net,” “Other assets” and “Prepaid expenses and other current
assets,” respectively, in the consolidated balance sheets. An estimated $1.4 billion of the capitalized costs are expected to be reimbursable under the FCC Final Order. We have received $1.2 billion of reimbursements through the date
of this Annual Report.

Interest costs of $85.1 million, $20.9 million, $82.7 million and $63.7 million were
capitalized for the year ended December 31, 2021, two months ended February 28, 2022, ten months ended December 31, 2022 and year ended December 31, 2023, respectively. Additionally, depreciation expense was, $615.4 million,
$98.6 million, $428.6 million and $542.5 million, for the year ended December 31, 2021, two months ended February 28, 2022, ten months ended December 31, 2022 and year ended December 31, 2023, respectively.

We have entered into contracts for the launch of both specified and unspecified future satellites. Each of these launch contracts may be
terminated at our option, subject to payment of a termination fee that increases as the applicable launch date approaches.

During the
fourth quarter of 2021, the Company deemed it unlikely that it will be able to utilize certain satellite and launch vehicle deposits prior to their respective expiration dates. As a result, the Company recorded a
non-cash impairment charge of $2.5 million for the year ended December 31, 2021 related to the impairment of the carrying values of the deposits, which is included within “Impairment of
goodwill, non-amortizable intangibles and