Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 351

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 351
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 4. | Interest rate risk |

The Group’s exposure to market interest rate risk relates primarily to its debt portion at floating rates. In order to mitigate this risk, the Group generally contracts its debt at fixed rates, and monitors carefully the evolution of market conditions, adjusting the mix between fixed and floating rate debt if necessary. F-68

Consolidated financial statements as of and for the years ended December 31, 2024, December 31, 2023 and December 31, 2022 To mitigate the Group’s interest rate risk in connection with near-term debt refinancing needs, the Group may from time to time enter into interest rate hedges. As of December 31, 2024 and December 31, 2023, the Group had no interest rate hedges outstanding. The table below summarizes the split of the carrying amount of the Group’s debt between fixed and floating rate.

| € million                          |     | At fixed 
 rates    |       |     | At floating 
 rates       |     |     | Total |       |
| Borrowings as of December 31, 2024 |     |          | 4,510 |     |             |  10 |     |       | 4,520 |
| Borrowings as of December 31, 2023 |     |          | 4,009 |     |             | 150 |     |       | 4,159 |

As of December 31, 2023, the interest rate applying to the floating rate instrument (EUR 150 million German bond) has been fixed through to its maturity date in June 2024. Thus, there is no residual interest-rate risk on this floating rate instrument.

The Group’s debt portion at floating rate is a USD denominated junior loan. The interest rate risk was calculated based on prognosis for USD fluctuations.

| 5. | Customer credit risk |

The Group has the following types of financial assets subject to the ‘expected credit loss’ model: trade receivables; unbilled accrued revenue; and C-bandrepurposing reimbursement receivables. It is the Group’s policy that all customers who wish to trade on credit terms are subject to credit verification procedures. To measure expected credit losses on trade receivables and unbilled accrued revenue, they are grouped based on shared credit risk characteristics, country and days past due. Unbilled accrued revenues have substantially the same risk characteristics as trade receivables for the same types of contracts and so management believes that the expected loss