Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 210

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 210
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 31, 2023 with €1.0 billion of renewals and new business signed in the last 2 years. Out of the total gross backlog, 32% is expected to be recognized as revenue in 2024, 22% in 2025 and 17% in 2026, with the remaining thereafter. Protected backlog includes non-cancellable contracts and cancellable contracts with substantive termination fees. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK SES is exposed to financial market risks, including changes in foreign currency exchange rates and interest rate risks. SES uses various strategies to manage these risks; however, they may still impact SES’s financial results. Interest Rate Risk 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 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: €-94 million) and fixed assets suppliers (2023: €-342 million;2022: €-430 million). 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