Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 219

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 219
---
 in cash and cash equivalents  |     |      |  1,860 |   |     |      |     (2 | ) |     |            |  1,862 |   |     |            |   n/m |   |
| Cash and cash equivalents at beginning of the year    |     |      |  1,047 |   |     |      |  1,049 |   |     |            |     (2 | ) |     |            |  -0.2 | % |
| Cash and cash equivalents at end of the year          |     |      |  2,907 |   |     |      |  1,047 |   |     |            |  1,860 |   |     |            |   n/m |   |

n/m = not meaningful (a variance of more than 100% or less than -100%) Net cash generated by operating activities Net cash generated by operating activities increased by €2.0 billion to €3.5 billion FY 2023, as compared to €1.5 billion for FY 2022. The increase was mainly driven by €2.7 billion C-band Phase 2 proceeds received between August 24, 2023 and October 13, 2023, partly offset by €424 million C-band related tax paid. Excluding U.S. C-band, and other non-recurring items, net cash generated by operating activities was €1,059 million in 2023 compared with €1,026 million in 2022, as lower Adjusted EBITDA was more than offset by a higher cash conversion ratio (ratio of adjusted net cash generated by operating activities to Adjusted EBITDA) of 103% (2022: 93%). Net cash absorbed by investing activities Net cash absorbed by investing activities decreased by €1.4 billion to €370 million for FY 2023, as compared to €1.8 billion for FY 2022, primarily due to C-band related capital expenditures of €1.0 billion in 2022 compared to net reimbursements of €78 million in 2023, as well as €435 million in purchase consideration for GES paid in March 2022. Excluding U.S. C-band and acquisitions, net cash absorbed by investing activities (excluding interest received) was €493 million (2022: €1,043 million) mainly related to the investment in O3b mPOWER which began commercial services in Q