Company: SGBAF
Filing Date: 2025-05-08
Form Type: F-4/A
Source: 0001193125-25-115825
Chunk: 377

Company: SES S.A.
Filing Date: 2025-05-08
Form: F-4/A
Chunk 377
---
     10 |   |
| Net debt as of December 31, 2022 |     |             | 1,047 |   |     |            | (719 | ) |     |            | (3,629 | ) |     |       | (3,301 | ) |

| * | related to loan origination costs |

During 2024 the Group issued a hybrid dual-tranche bond for EUR 1 billion and entered into two new loan agreements for total amounts of EUR 33.5 million and USD 28.1 million to be granted in several instalments. The Group also reimbursed the 2016 Perpetual Bond for EUR 550 million and a EUR 150 million tranche of the German bond. During 2023 the Group issued European Commercial Paper for EUR 260 million (2022: EUR nil million) and reimbursed EUR 260 million (2022: EUR nil million). These have been presented net in the consolidated statements of cash flows. Note 35—Related parties The state of Luxembourg holds a direct 11.58% voting interest in the Company and two indirect interests, both of 10.88% each, through two state owned banks, Banque et Caisse d’Epargne de l’Etat and Société Nationale de Crédit et d’Investissement and is therefore deemed to have a significant influence over the Company. These shares constitute the Company’s Class B shares, as described in Note 24. In 2024 the Company generated revenue of EUR 31 million (2023: EUR 27 million) with departments of the Government of the state of Luxembourg and held a trade receivable of EUR 0 million as of December 31, 2024 (2023: EUR 4.1 million). There were no transactions with other related parties in 2024, nor in 2023, which would require disclosure. The total remuneration paid to directors for attendance at board and committee meetings in 2024 amounted to EUR 1.2 million (2023: EUR 1.2 million, 2022: EUR 1.0 million). These amounts are computed on a fixed and variable basis, the variable part being based upon attendance at board and committee meetings. The key management of the Group, defined as the Senior Leadership Team, received compensation as follows:

| € million                                          |     | 2024 |    |     | 2023 |    |     | 2022 |