Company: SGBAF
Filing Date: 2025-05-15
Form Type: 424B3
Source: 0001193125-25-120606
Chunk: 157

Company: SES S.A.
Filing Date: 2025-05-15
Form: 424B3
Chunk 157
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69 million to reflect the income
statement impact, as described below.

During the year ended December 31, 2024, the difference in amortization attached to the
contract liabilities was $37 million and is reflected as a decrease under “Revenue” in the unaudited pro forma condensed combined income statement adjustments. Related to this, a decrease of $10 million in interest expense
reflects the impact of the financing component of the deferred revenue adjustment.

B. C-bandrepurposing—Reimbursable expenses and C-bandleases

Under U.S. GAAP, as of
December 31, 2024, Intelsat had received all C-band related payments and reimbursements, and had completed all applicable obligations in connection with C-band
repurposing efforts. Therefore, no amounts were recorded on the consolidated statement of financial position as at December 31, 2024. Reimbursement income is recorded as “Other operating income/ expense, net
C-band” in the consolidated statement of operations for the year ended December 31, 2024.

IAS 20 states that a company recognizes a government grant when there is a reasonable assurance that the grant will be received, and that the
entity will comply with any conditions attached to the grant. Subject to the above, IAS 20 requires government grants to be recognized in profit or loss on a systematic basis over the periods in which the entity recognizes expenses for the related
costs which the grants are intended to compensate. In the case of grants relating to depreciable assets, the grant is recorded as a reduction of the cost of the depreciable asset.

113

As a result, as at December 31, 2024 and for the year ended December 31, 2024, the following adjustments have been made:

| • |     | An adjustment in the amount of $1,228 million in relation to reimbursable expenses for capital expenditure                                                                                                                                      
 is presented under “Satellites and other property and equipment, net” in the unaudited pro forma condensed combined statement of financial position, to reflect the credits to the recorded book values of the related asset when the costs had 
 been incurred and SES has obtained reasonable assurance that the costs will be reimbursed and that it will comply with the requirements attached to the reimbursement. This adjustment had also a $25 million decrease impact on “Other         
 liabilities”, with a $3 million reduction in “Other current liabilities” and a $22 million reduction in “Other long-term liabilities”