Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 193

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 193
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 FY 2024 depreciation charges of satellite impairments recorded on certain satellites in the previous year. Property, plant and equipment impairment Property, plant and equipment net impairment expense increased by €190 million, to €216 million for FY 2024, as compared to €26 million for FY 2023 and is fully related to impairments of space segment assets. The €216 million net impairment expense recorded for FY 2024 includes €290 million of additional satellite impairment expense, partly offset by €74 million reversals of previous impairments. There were €56 million of additional satellite impairment expense, partly offset by €30 million reversals of previous impairments recorded in FY 2023. The charges and reversals are the aggregation of impairment testing procedures on specific satellites, or combinations of co-locatedsatellites, in SES’s geostationary fleet and are caused by changes in the underlying business plans for these assets as compared to the prior year, and also the higher discount rate applied to assets with predominantly USD cash inflows. Assets in the course of construction impairment For FY 2024, no assets in the course of construction impairment charges were recorded, whereas in FY 2023, €425 million was recorded. In FY 2023, the impairment was recorded against the assets under construction related to certain mPOWER satellites, reflecting technical issues arising on those satellites during on-orbittesting and the impact of those issues on the commercialization assumptions of the overall program. Amortization expense Amortization expense increased by €67 million, or 75.2%, to €156 million for FY 2024, as compared to €89 million for FY 2023. Excluding the effects of foreign currency translation, the amortization expense increased by €110 million (FY 2023 at constant FX: €46 million) mainly driven by the change in accounting estimate as of January 1, 2024 concerning the prospective treatment of all orbital slot rights as definite-life intangible assets. Intangible asset impairment Intangible asset impairment decreased by €3,318 million to become a €93 million intangible asset impairment reversal for FY 2024 versus a €3,225 million intangible asset impairment charge for FY 2023, driven by the following:

| • |     | a decrease of €1,548 million of goodwill impairment, due to no impairment charges against goodwill                                                                                                            
 recorded in FY 2024. In 2023, a goodwill impairment expense of €1,548 million was recorded, comprising impairment charges to GEO