Company: SGBAF
Filing Date: 2025-04-23
Form Type: DRS/A
Source: 0000950123-25-003652
Chunk: 372

Company: SES S.A.
Filing Date: 2025-04-23
Form: DRS/A
Chunk 372
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 to financial assets, this exposure relates to the potential default of the counterparty, with the maximum exposure being equal to the carrying amount of these instruments. The counterparty risk from a cash management perspective is reduced by the implementation of several cash pools, accounts and related paying platforms with different counterparties. To mitigate the counterparty risk, the Group only deals with recognized financial institutions with an appropriate credit rating—generally ‘A’ and above—and in adherence to a maximum trade limit for each counterparty which has been approved for each type of transactions. All counterparties are financial institutions which are regulated and controlled by the national financial supervisory authorities in the relevant jurisdiction. The counterparty risk portfolio is analyzed on a quarterly basis. Moreover, to mitigate any counterparty risk, the portfolio is diversified as regards the main counterparties ensuring a well-balanced relation for all categories of products (derivatives as well as deposits).

| 8. | Capital management |

The Group aims to have a balanced mix of equity and debt capital. In addition, it is the Group’s policy to attain and retain an investment grade rating from at least two reputable rating agencies. These investment grade ratings serve to maintain investor, creditor, and market confidence. Within this framework, the Group manages its capital structure and liquidity in order to reflect changes in economic conditions to keep its cost of debt low, maintain the confidence of debt investors at a high level and to create added value for shareholders. The Group’s dividend policy takes into account the financial performance of the year, business plan cash flow requirements and other factors such as yield and pay-outratio. Note 23—Cash and cash equivalents

| € million                                                     |     | 2024 |       |     | 2023 |       |
| Cash at bank and in hand                                      |     |      |   290 |     |      |   283 |
| Cash and cash equivalents subject to contractual restrictions |     |      |   300 |     |      |     — |
| Term deposits                                                 |     |      | 1,458 |     |      | 1,336 |
| Money market funds                                            |     |      | 1,473 |     |      | 1,288 |
| Total cash and cash equivalents                               |     |      | 3,521 |     |      | 2,907 |

Cash at banks and money market funds are subject to interest at floating rates based on daily bank rates. Short-term deposits are made for varying periods, depending on the immediate cash requirements of