Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 291

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 291
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 the decision to place a particular satellite into inclined orbit, or changes to the timing thereof) or associated ground segment infrastructure. As discussed further in Note 15, specific developments in these areas, largely in the second half of 2023 and 2022, contributed to the weakening of cash flow projections for certain satellites and contributed to the recording of the impairment expenses noted above. As part of standard impairment testing procedures, the Group assesses the impact of changes in the discount rates and reductions in EBITDA. Discount rates are simulated up to 1% below and above the CGU’s specific rate used in the base valuation and EBITDA projections are simulated up to 5% below and above the base valuation. In this way a matrix of valuations is generated, which reveals the potential exposure to impairment expenses based on movements in valuation parameters which are within the range of outcomes foreseeable at the valuation date. For 2023, the most recent testing showed that for geostationary satellites, under the least favorable combination of the circumstances above (namely a 1% higher discount rate in conjunction with a 5% lower EBITDA projection) an incremental impairment of EUR 74 million would be recorded. A 1% increase in the discount rate at a constant EBITDA level would increase satellite impairments by EUR 31 million. Taken separately, a 5% decrease in EBITDA would increase satellite impairments by EUR 39 million. For 2022, the testing showed that for this category of geostationary space segment assets, then under the least favorable combination of the circumstances above (namely a 1% higher discount rate in conjunction with a 5% lower EBITDA projection) an incremental impairment of EUR 113 million would be recorded. A 1% increase in the discount rate at a constant EBITDA level would increase satellite impairments by EUR 38 million. Taken separately, a 5% decrease in EBITDA would increase satellite impairments by EUR 50 million. Note 14—Assets in the course of construction

| € million                                     |     | Land and  
 Buildings |   |     | Space   
 segment |       |     | Ground  
 segment |     |     | Fixtures, 
 tools &   
 equipment |    |     | Total |       |
| Cost and net book value as of January 1, 2023 |     |           | 8 |     |         | 1,675 |     |         | 159 |     |