Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 309

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 309
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 have a significant effect on the recorded fair value that are not based on observable market data. The fair value of investments that are actively traded in organised financial markets is determined by reference to quoted market bid prices at the close of business on the reporting date. For investments where there is no active market, fair value is determined using valuation techniques. Such techniques include using recent arm’s-lengthmarket transactions; reference to the current market value of another instrument, which is substantially the same; discounted cash flow analysis and option pricing models. The fair value of forward exchange contracts is calculated by reference to current forward exchange rates for contracts with similar maturity profiles. As of December 31, 2023 and December 31, 2022, the Group does not have any financial derivatives outstanding. Fair values The fair value of borrowings has been calculated with the quoted market prices except for the LuxGovSat Fixed Term Loan Facility and the floating tranche of the Schuldschein Loan, for which the discounted expected future cash flows at prevailing interest rates has been used. The fair value of foreign currency contracts is calculated by reference to current forward exchange rates for contracts with similar maturity profiles. All borrowings are measured at amortized cost. Financial assets and other financial liabilities measured at amortized cost, have a fair value that approximates their carrying amount. Unless otherwise stated, the fair value of each class of financial assets and liabilities are equivalent to their carrying amount. To that effect, for instruments carried at amortized cost, the Group determined that the fair value at origination date approximates the carrying amount, either due to the short-term nature of the instruments, or because the stated rates are close to the prevailing market rates and / or there were no significant origination costs at origination date. Set out below is a comparison by category of carrying amounts and fair values of all the Group’s financial instruments that are carried in the financial statements.

| € million                   
 Balance as of December 31   |     | Carried at fair value 
 2023                  |    |     | 2022 |    |     | Carried at amortised cost 
 2023                      |       |     | 2022 |       |
|:----------------------------|:----|:----------------------|---:|:----|:-----|---:|:----|:--------------------------|------:|:----|:-----|------:|
| Trade and other receivables |     |                       |  — |     |      |  — |     |                           |   927