Company: SGBAF
Filing Date: 2025-05-08
Form Type: F-4/A
Source: 0001193125-25-115825
Chunk: 195

Company: SES S.A.
Filing Date: 2025-05-08
Form: F-4/A
Chunk 195
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 million and €370 million for FY 2024 and 2023, respectively. In connection with SES’s participation in the FCC’s process for accelerated clearing of the C-bandspectrum pursuant to the FCC Final Order, as that term is defined below (see “Intelsat – Management’s Discussion and Analysis of Financial Condition and Results of Operations: Recent Developments,” SES incurred significant upfront expenses for clearing activities well in advance of receiving reimbursement payments. SES has incurred total C-bandclearing costs of €1.4 billion through 2024. SES has received €1.2 billion of reimbursements through 2024, including €279 million in 2024 and €130 million in 2023. As of December 31, 2024, an additional €87 million is receivable and expected to be received in 2025. The remaining amount represents expenditures that do not meet the criteria for reimbursement under the C-band Report and Order. Additionally, as of FY 2023, the entire Phase 2 ARP proceeds of $2,991 million were received. SES’s primary source of liquidity is, and is expected to continue to be, cash generated by operating activities, as well as existing cash. SES currently expects to use cash on hand and cash flows from operating activities to fund its most significant cash outlays, including debt service requirements and capital expenditure in the next twelve months and beyond. SES believes its cash generation together with its available liquidity will be sufficient to meet its obligations and fund its business and capital expenditure for the foreseeable future. 151

Overview of cash flow for FY 2024 and FY 2023

| €million                                              |     | 2024 |       |   |     | 2023 |        |   |     | Change     
 Increase / 
 (decrease) |        |   |     | Percentage 
 Change     |       |   |
| Net cash generated by operating activities            |     |      | 1,006 |   |     |      |  3,479 |   |     |            | (2,473 | ) |     |            | -71.0 | % |
| Net cash absorbed by investing activities             |     |      |  (159 | ) |     |      |   (370 | ) |     |            |    211 |   |     |            |  57.0 | % |
| Net cash generated/(absorbed) by financing activities |     |      |  (375 | ) |     |