Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 260

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 260
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, launches, and upgraded ground facilities as part of the U.S. C-bandrepurposing project, the Group applies government grant accounting. The Group records credits to the recorded book values of the related asset when the costs have been incurred and the Group has obtained reasonable assurance that the costs will be reimbursed and that it will comply with the requirements attached to the reimbursement. See additional information in Note 34. F-22

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83 Consolidated financial statements as of and for the years ended December 31, 2023 and December 31, 2022 Assets in the course of construction This caption includes primarily satellites under construction. Costs directly attributable to the purchase of a satellite and bringing it to the condition and location to be used as intended by management, such as launch costs and other related expenses like ground equipment and borrowing costs, are capitalized as part of the cost of the asset. The cost of satellite construction may include an element of deferred consideration to satellite manufacturers referred to as satellite performance incentives. SES is contractually obligated to make these payments over the lives of the satellites, provided the satellites continue to operate in accordance with contractual specifications. Therefore, SES accounts for these payments as deferred financing, capitalizing the present value of the payments as part of the cost of the satellites and recording a corresponding liability to the satellite manufacturers. An interest expense is recognized on the deferred financing and the liability is accreted based on the passage of time and reduced as the payments are made. Once the asset is satellite enters operational service, the costs are transferred to assets in use and depreciation commences. Borrowing costs Borrowing costs directly attributable to the construction or production of a qualifying asset are capitalized during the construction period as part of the cost of the asset. All other borrowing costs are recognized as an expense in the period in which they are incurred. Intangible assets

| 1 | Goodwill |

Goodwill is measured as described in the accounting policy for business combinations set out in Note 2. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For impairment testing, goodwill from the acquisition date is allocated to each of the Group’s CGUs that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the Group are assigned to those units. The carrying value of acquisition goodwill is not amortized, but rather is tested for impairment annually, or more frequently if required to establish whether the value is still recoverable. The