Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 327

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 327
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 losses carried forward have decreased by EUR 26 million. Using the estimated future taxable income based on the most recent business plan information approved by the
Board of Directors, the Company has concluded that the deferred tax assets of EUR 627 million (2023: EUR 618 million) relating to the remaining tax losses are recoverable.

The Group has recognized deferred tax assets for tax losses carried forward in Germany for EUR 24 million (December 31, 2023: EUR 20
million) which can be carried forward indefinitely. The Group has also recognized deferred tax assets for tax losses carried forward in the United States for EUR 3 million (December 31, 2023: EUR 20 million) which can be carried forward for
varying period ranging from 10 years to indefinitely.

In addition to the recoverable tax losses for which the Group has recognized
deferred tax assets, the Group has further tax losses of EUR 578 million as of December 31, 2024 (December 31, 2023: EUR 305 million) which are available for offset against future taxable profits of the companies in which the losses arose.
EUR 456 million (December 31, 2023: EUR 193 million) of these tax losses were generated in the US for state taxes. EUR 88 million (December 31, 2023: EUR 86 million) of these tax losses were generated in Israel. EUR 15 million of
tax losses (December 31, 2023: EUR 8 million) were generated in Ghana. Deferred tax assets have not been recognized in respect of these losses as they cannot be used to offset taxable profits elsewhere in the Group and they have arisen in
subsidiaries which are not expected to generate taxable profits against which they could be offset in the foreseeable future.

Investment tax credits (‘ITCs’)

Considering the total tax losses carried forward and future taxable income based on the most recent business plan
information for Luxembourg entities, the Company has concluded that prior and current year ITCs cannot be fully used due to a 10 year carry forward limitation rule. Therefore, no deferred tax asset was recorded in 2024 (2023: EUR 218 million
valuation allowance on a deferred tax asset for ITCs for the Luxembourg fiscal unity).

Considering the total tax losses carried forward
and future taxable income based on the most recent business plan information for LuxGovSat S.A., the Company has concluded that LuxGovSat S.A. can recognize a D