Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 250

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 250
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 or after January 1, 2024 subject to the adoption of the standards by local jurisdictions. The ISSB has proposed a number of transitional reliefs when adopting the new standards. The disclosure standards require that the disclosures are prepared at the same time as annual financial statements (subject to transition relief), for the same reporting entity as financial statements, and to the F-15

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

Consolidated financial statements

as of and for the years ended December 31, 2023 and December 31, 2022

extent possible, assumptions used to prepare the reporting are on the same basis as the financial statements. The IFRS Sustainability Disclosure Standards are structured using the Task Force on
Climate-related Financial Disclosures (TCFD framework) four-pillar approach, which covers governance, strategy, risk management, and metrics and targets.

The IFRS sustainability disclosure standards have not been yet adopted in Luxembourg. In Europe, the Corporate Sustainability Reporting
Directive adopted in December 2022 and their related European Sustainability Reporting Standards (ESRS) will be applicable to SES Group as from fiscal year 2024. In this context, SES Group is focusing on its implementation to ensure proper
compliance on due time.

Basis of consolidation

The consolidated financial statements comprise the financial statements of the Company and its controlled subsidiaries, after the elimination
of all inter-company transactions. Subsidiaries are fully consolidated from the date the Company obtains control until such time as control ceases. The financial statements of subsidiaries are generally prepared for the same reporting period as the
Company, using consistent accounting policies. If required, adjustments are made to align any dissimilar accounting policies that may exist. For details regarding the subsidiaries included in the consolidated financial statements see Note 36.

Total comprehensive income or loss incurred by a subsidiary is attributed to the non-controlling
interest even if that results in a deficit balance. Should a change in the ownership interest in a subsidiary occur, without a loss of control, this is accounted for as an equity transaction.

Should the Group cease to have control, any retained interest in the entity is re-measured to its fair
value at the date when control is lost, with the change in carrying amount recognized in profit or loss. The fair value is the initial carrying amount for the purpose of subsequently accounting for the retained interest as an associate, joint
venture or financial asset. In addition, any amounts previously recognized in other