Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 182

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 182
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 million in 2023, and is expected to be between €500 to 550 million in 2024 and €350 million per year for the following years. The majority of projected future capital expenditure relates to satellite investment and is based on SES’s current launch and service schedule in respect of procured satellites. The financing of ongoing satellite procurement programs is done through a range of structures, including, without limitation, through a mix of available resources, cash flow from operations, and drawings under existing or new funding arrangements where needed. mPOWER satellite insurance claim SES has submitted a claim and is engaging with insurers regarding a claim totaling $472 million regarding the technical challenges observed in the operation of the O3b mPOWER satellites 1-4. Guarantees On December 31, 2023 SES had outstanding bank guarantees of €48 million (2022: €72 million) with respect to performance and warranty guarantees for services of satellite operations. Procurement Contracts SES regularly enters into satellite construction contracts to procure satellites from manufacturers. The typical time required to manufacture and launch a satellite is approximately 30-36months (but can take more time depending on the complexity of the satellite). These contracts generally provide for payments to be made at certain milestones. In addition, the manufacturer may have to pay damages to SES in the event that construction of the satellite is not completed on time. Launch Agreements SES enters into launch agreements from time to time and has not entered into a multi-year agreement with a launcher provider. 122

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

Dividend and Dividend Policy

SES has a stable to progressive dividend policy, with an annual payout dividend of €0.50 per
A-share and €0.20 per B-share. On April 20, 2024, the board approved a shift to semi-annual dividend payments, as such, shareholders will receive an additional
interim dividend of €0.25 per A-share and €0.10 per B-share in October 2024, followed by payments of at least €0.25 per
A-share and €0.10 per B-share in April (subject to shareholder approval) and October in 2025.

Share Buyback

On August 3, 2023,
SES announced a share buyback program of €150 million under the authorization given by shareholders at the Annual General Meeting of shareholders held on April 6, 2023, pursuant to which SES can purchase