Company: SGBAF
Filing Date: 2025-04-01
Form Type: DRS/A
Source: 0000950123-25-003272
Chunk: 247

Company: SES S.A.
Filing Date: 2025-04-01
Form: DRS/A
Chunk 247
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Background and Summary of Significant Accounting Policies of the Intelsat audited financial statements for the year ended December 31, 2024 included elsewhere in this prospectus. Intelsat makes considerable judgments in its impairment evaluations of goodwill, other non-amortizableintangible assets and long-lived assets, starting with determining if an impairment indicator exists. Intelsat exercises judgment in determining if these indicators or events represent an impairment indicator requiring the computation of the fair value of goodwill and other non-amortizableintangible assets and/or the recoverability of long-lived assets. The fair value determination is typically the most judgmental part in an impairment evaluation. As part of the impairment evaluation process, management analyzes the sensitivity of fair value to various underlying assumptions. The level of scrutiny increases as the gap between fair value and carrying amount decreases. Changes in any of these assumptions could result in management reaching a different conclusion regarding the potential impairment, which could be material. Intelsat’s impairment evaluations inherently involve 177

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

uncertainties from uncontrollable events that could positively or negatively impact the anticipated future economic and operating conditions.

Goodwill. Intelsat determined the fair value of each of its reporting units by using the income approach and corroborating the results
using the market approach. For the income approach, Intelsat specifically used the discounted cash flow (“DCF”) method, where the value is estimated based on expected free cash flow, discounted to its present value at a rate of return
commensurate with the risk associated with realizing that cash flow. In estimating the undiscounted cash flows, Intelsat primarily used its internally prepared budgets and forecast information. The key assumptions included in Intelsat’s model
were projected growth rates, cost of capital, effective tax rates, industry and economic trends, and the discount rate applied to those cash flows.

Whenever appropriate, management obtains these input assumptions from observable market data sources and extrapolates the market information
if an input assumption is not observable for the entire forecast period. Many of these input assumptions are dependent on other economic assumptions, which are often derived from statistical economic models with inherent limitations such as
estimation differences. Further, several input assumptions are based on historical trends which often do not recur. It is not uncommon that different market data sources have different views of the macroeconomic factor expectations and related
assumptions. As a result, macroeconomic factors and related assumptions are often available in a