Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRSLTR
Source: 0000950123-25-000379
Chunk: 5

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRSLTR
Chunk 5
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 being sold. Our customers typically may use the equipment we sell interchangeably with satellite capacity provided by the Group or other satellite operators and do not require significant integration, customization, or 
 modification services. Such equipment is treated as a separate performance obligation from the bundle and is recognized at a point in time, when the Group transfers control of the equipment to the customer.                                            |

| • |     | Warranties that are separately priced or offered as extended warranties lasting more than one year provide a                                                                                                                                              
 service beyond ensuring the goods will function as expected and are considered service-type warranties. The Group treats service-type warranties as separate performance obligations and recognizes revenue on a straight-line basis over the duration of 
 the warranty period. Using a straight-line measure of progress most faithfully depicts the Group’s performance due to the nature of the Group’s stand ready obligation during the warranty period. The Group also offers standard warranties              
 with contract durations which are typically one year, require us to repair or replace a delivered good if it does not function as expected, and represent assurance-type warranties. Standard warranties do not represent performance obligations         
 separate from the related equipment, and revenue related to standard warranties is recognized at the same time as the related equipment.                                                                                                                  |

Deeply Subordinated Fixed Rate Resettable Securities (Perpetual Bond), page F-33

| 13. | Please revise your disclosures to clarify the circumstances under which coupon payments can be deferred and                                                                                         
 tell us how you considered IAS 32.AG6 in determining to classify these instruments as equity rather than liabilities. Clarify how you do not have a contractual obligation to make coupon payments. |

Response: The Company respectfully acknowledges the Staff’s comment and notes that IAS 32. AG6 states: ““Perpetual” debt instruments (such as “perpetual” bonds, debentures and capital notes) normally provide the holder with the contractual right to receive payments on account of interest at fixed dates extending into the indefinite future, either with no right to receive a return of principal or a right to a return of principal under terms that make it very unlikely or very far in the future. For example, an entity may issue a financial instrument requiring it to make annual payments in perpetuity equal to a stated interest rate of 8% applied to a stated par or principal amount of CU1,000. Assuming 8% to be the market rate of interest for the instrument when issued, the issuer assumes a contractual obligation to make a stream of future interest payments having a fair value (present