Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRSLTR
Source: 0000950123-25-000379
Chunk: 6

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRSLTR
Chunk 6
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 value) of CU1,000 on initial recognition. The holder and issuer of the instrument have a financial asset and a financial liability, respectively.” With respect to the Company’s Perpetual Bonds, the coupon payments can be deferred at the discretion of the Company until certain circumstances occur, and those circumstances are within the control of the Company, which could avoid delivering cash or another financial asset to settle the arrears of interest. For these reasons, we believe the applicable IFRS guidance is that contained in Paragraphs 17 to 20 of IAS 32 and that of Paragraphs AG25 and AG26 of the Appendix, which discuss the characteristics of preference shares. We have concluded that the substance of the contractual arrangements that govern our Perpetual Bond is consistent with the guidance set forth in Paragraph AG26, and they are therefore appropriately classified as shareholders’ equity under IFRS.

Laura Veator Stephen Krikorian January 17, 2025 Page 6 The Company has revised the disclosure on pages F-33and F-73of Amendment No. 1 accordingly. The same comment applies to the Hybrid Dual-tranche Bond Offering that was settled on September 12, 2024, as disclosed on page F-91.Please revise your disclosures to clarify the maturity dates, redemption features and contractually required principal and interest payments relating to these bonds. Clarify how you will classify these instruments in your financial statements and the basis for this classification. Response: The Company acknowledges the Staff’s comment, and the Company expects to classify the Hybrid Dual-tranche Bond as borrowings, as the Company has a contractual obligation to redeem the securities at a set maturity date, and coupon payments, although may be deferred, become payable at a fixed date. Subject to completing the final accounting analysis, the Company will update its disclosure in respect of the Hybrid Dual-tranche Bond Offering when it provides the financial statements for the year ended December 31, 2024 in Amendment No. 2 to the Draft Registration Statement, as presented below: EUR 1 billion Deeply Subordinated Fixed Rate Resettable Securities On September 12, 2024, SES issued EUR 1 billion Deeply Subordinated Fixed Rate Resettable Securities on the Luxembourg Stock Exchange. The transaction is composed of a EUR 500 million 30-year Non-Call(NC) 5.25-yeartranche with a first reset date on December 12, 2029 and a EUR 500 million 30-yearNC 8-yeartranche with a first reset