Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 276

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 276
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 2022. SES SD provides multi-orbit, multi-band managed satellite communication services to the US Department of Defense and other governmental agencies, operating in a similar arena to the larger GES business. The combination of the two units, with their established relationships with key governmental customers positions the extended SES SD, and the wider SES Group, as a provider of scalable solutions serving the multi-orbit satellite communications needs of the US Government and supporting missions anywhere on land, at sea, or in the air. Details of the purchase consideration, net assets acquired, and goodwill arising are as follows:

| Purchase consideration |     |     |
| € million              |     |     |
| Cash paid              |     | 435 |
| Total consideration    |     | 435 |

F-34

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 The fair values of the assets and liabilities recognised as a result of the acquisition are as follows:

| Property, plant and equipment (Notes 13, 14)       |     |  12 |   |
| Intangible asset: Customer relationships (Note 15) |     | 292 |   |
| Current assets                                     |     |  29 |   |
| Non-current assets                                 |     |   2 |   |
| Deferred tax liabilities (Note 9)                  |     | (65 | ) |
| Current liabilities                                |     | (26 | ) |
| Deferred income                                    |     | (10 | ) |
| Net identifiable assets acquired                   |     | 234 |   |
| Add: Goodwill* (Note 15)                           |     | 201 |   |
| Net assets acquired                                |     | 435 |   |

| * | Non-deductible for tax purpose. |

Goodwill mostly represents expected synergies resulting reduction of costs by combining the operations of GES with those of other SES companies, particularly SES Space & Defense, Inc., including the opportunity to migrate some of the GES services on to the Group’s own satellite fleet. Fair value is estimated by management using a multi-period excess earnings method for customer relationships. Management’s cash flow projections for the intangible assets acquired included significant judgments and assumptions relating to revenue growth rates, discount rates, and customer attrition rates for customer relationships. The fair value of the acquired trade and other receivables