Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 328

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 328
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 financial institution or to direct their sale to a third-party. In November 2023 the Company exercised the option under the Purchase and Sale agreement to procure two additional O3b mPOWER satellites to be delivered in 2026. F-84

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83 Consolidated financial statements as of and for the years ended December 31, 2023 and December 31, 2022 Since the underlying Satellite Purchase and Sale Agreements are directly between the financial institutions and the satellite manufacturer, there is no contractual obligation on the side of the Procurement Agents during the satellite construction process. However, SES management takes the view that there is a constructive obligation arising over the procurement period and hence the Group is accruing for the costs of this program. SES has the right to nominate shortly before the end of the construction period the entity within the Group which will acquire or lease those assets. SES management expects that the satellites will be acquired or leased in due course by the company SES mPOWER S.à r.l. in Luxembourg. Note 30—Commitments and contingencies Capital expenditure commitments The Group had outstanding commitments in respect of contracted capital expenditure totaling EUR 376 million as of December 31, 2023 (2022: EUR 404 million). These commitments largely reflect the procurement of satellites and satellite launchers and are stated net of liabilities under these programs which are already disclosed under “Fixed assets suppliers”, see Note 29. The commitments as of December 31, 2023 also include EUR 67 million (2022: EUR 68 million) in connection with the renewal of the agreement with Luxembourg government in respect of SES’s concession to operate satellites under Luxembourg’s jurisdiction, as disclosed in Note 15 -“Intangible assets”. The capital expenditure commitments arising under these agreements as of December 31 are as follows:

| € million                                   |     | 2023 |     |     | 2022 |     |
| Within one year                             |     |      | 258 |     |      | 252 |
| After one year but not more than five years |     |      |  72 |     |      | 103 |
| After more than five years                  |     |      |  46 |     |      |  49 |
| Total                                       |     |      | 376 |     |      | 404 |

Other commitments The Group’s other commitments mainly comprise transponder service agreements for the purchase of