Company: SGBAF
Filing Date: 2025-05-08
Form Type: F-4/A
Source: 0001193125-25-115825
Chunk: 211

Company: SES S.A.
Filing Date: 2025-05-08
Form: F-4/A
Chunk 211
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     |      | 1,105 |   |     |          | (24 | ) |     |             | 1,081 |   |

LIQUIDITY AND CAPITAL RESOURCES AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2023 AND DECEMBER 31, 2022 Overview SES’s contractual obligations, commitments and debt service requirements over the next several years are described below. As of December 31, 2023, total borrowings was €4,159 million (2022: €4,348 million). Interest paid on borrowings for FY 2023 was €109 million. As of December 31, 2023, cash and cash equivalents were €2,907 million. SES’s cash flows from operations and cash on hand have been sufficient to fund interest obligations of €109 million and €49 million of coupon paid on perpetual bond and €103 million and €49 million of coupon for FY 2023 and 2022, respectively, and to fund investing activities amounting to €370 million and €1,793 million for FY 2023 and 2022, respectively. In connection with SES’s participation in the FCC’s process for accelerated clearing of the C-band spectrum, pursuant to the FCC Final Order, SES incurred significant upfront expenses for clearing activities well in advance of receiving reimbursement payments. SES has incurred total C-band clearing costs of €1.3 billion for FY 2023. SES has received €130 million in reimbursements through FY 2023 and €680 million through 2022. Additionally, as of FY 2023, the entire Phase II ARP proceeds of $2,991 million were received. 169

SES’s primary source of liquidity is and is expected to continue to be cash generated by operating activities, as well as existing cash. SES currently expects to use cash on hand and cash flows by operating activities to fund its most significant cash outlays, including debt service requirements and capital expenditures, in the next twelve months and beyond. SES believes its cash generation together with its available liquidity will be sufficient to meet its obligations and fund its business and capital expenditures for the foreseeable future. Overview of Cash flow for the year ended December 31 2023 and 2022

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