Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 184

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 184
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, for planned new fixed-rate long-term financings, for planned refinancings using long-term fixed-rate debt, and for
existing variable-rate debt. Changes in interest rates can cause interest charges to fluctuate on our variable rate debt.

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Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83 In order to mitigate this risk, SES 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. To mitigate SES’s interest rate risk in connection with near-term debt refinancing needs, SES may from time to time enter into interest rate hedges. As of December 31, 2023 and December 31, 2022, SES had no interest rate hedges outstanding. The table below summarizes the split of the carrying amount of SES’s debt between fixed and floating rate.

| €million                           |     | At fixed 
 rates    |       |     | At floating 
 rates       |     |     | Total |       |
| Borrowings as of December 31, 2023 |     |          | 4,009 |     |             | 150 |     |       | 4,159 |
| Borrowings as of December 31, 2022 |     |          | 4,198 |     |             | 150 |     |       | 4,348 |

Foreign Currency Risk We are exposed to market risk from changes in foreign currency exchange rates primarily in connection with our foreign subsidiaries and joint ventures outside the Eurozone. SES’s main exposures to foreign currency at the end of the reporting period are in respect of balances denominated in U.S. dollars related to cash and cash equivalents (2023: €2,169 million; 2022: €673 million), intercompany balances (2023: € -1,859 million;2022: € -94million) and fixed assets suppliers (2023: € -342 million;2022: € -430million). The aggregate net foreign exchange gains/ losses recognized in profit or loss were:

|                                                                     |     | 2023 |    |     | 2022 |    |   |
| Net foreign exchange gain included in main currencies               |     |      |  3 |     |      | 40 |   |
| Net foreign exchange gain/ (loss) included in other currencies      |     |      |  2 |     |      | (3 | ) |