Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 365

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 365
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  3,583,000 |   |
| Fair value of Successor warrants                                                       |     |   |    128,000 |   |
| Fair value of Successor equity                                                         |     | $ |  3,711,000 |   |

The following table reconciles the enterprise value to the reorganization value of the Successor’s assets to be allocated to the Company’s individual assets as of the Fresh Start Reporting Date (in thousands):

| Adjusted enterprise value                                                 |     | $ |  9,840,000 |   |
| Plus: Excess cash                                                         |     |   |    132,000 |   |
| Less: Other liabilities and adjustments including noncontrolling interest |     |   |    (71,000 | ) |
| Plus: Fair value of non-debt current liabilities                          |     |   |    674,015 |   |
| Plus: Fair value of non-debt, non-current liabilities                     |     |   |  1,972,761 |   |
| Plus: Noncontrolling interest                                             |     |   |     36,000 |   |
| Reorganization value of Successor’s assets to be allocated                |     | $ | 12,583,776 |   |

With the assistance of third-party valuation advisors, we determined the enterprise and corresponding equity value of the Successor using various valuation methods, including: (i) a calculation of the present value of future cash flows based on our financial projections, and (ii) a peer group trading analysis. The enterprise value and corresponding equity value are dependent upon achieving the future financial results set forth in our valuations and certain other assumptions. All estimates, assumptions, valuations and financial projections, including the fair F-117

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

value adjustments, enterprise value projections and equity value projections are inherently subject to significant uncertainties beyond our control.

Accordingly, there can be no assurances that the estimates, assumptions, valuations or financial projections will be realized, and actual
results could vary materially.

(b) Valuation Process

The fair values of the Company’s principal assets, as presented below, and the fair value of the Company’s lease liabilities, DIP-to-Exit Financing (as defined in the 2022 Annual Report), Series A and B Warrants, and Series A and B CVRs issued were estimated with the assistance of third-party
valuation advisors.