Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 311

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 311
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 of foreign currencies, creating natural hedges (for example intercompany loans, quasi-equity qualification of such intercompany loans, intercompany dividend distributions), and external hedging, whereby speculative foreign exchange trading is disallowed under internal policies. The Group may enter into forward currency contracts to eliminate or reduce the currency exposure arising from individual capital expenditure projects such as satellite procurements, tailoring the maturities to each milestone payment to maximize effectiveness. Depending on the functional currency of the entity with the capital expenditure commitment, the foreign currency risk may be in euro or in US dollar. The forward contracts are in the same currency as the hedged item and can cover up to 100% of the total value of the contract. It is the Group’s policy not to enter into forward contracts until a firm commitment is in place. F-65

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 The Group has a corresponding exposure in the consolidated income statement, excluding the impacts of C-bandrepurposing, of EUR 1,239 million or 60.9% of the Group’s revenue and other income (2022: EUR 1,111 million or 57.0%) and EUR 567 million or 54.0% of its operating expenses (2022: EUR 393 million or 45.8%) being denominated in US dollars. The Group does not enter into derivative instruments to hedge these currency exposures. Hedge of net investment in foreign operations As of December 31, 2023 and 2022, certain borrowings denominated in US dollars were designated as hedges of the net investments in SES Global Americas Inc. and its subsidiaries (‘SES Americas’), SES Holdings (Netherlands) BV and its subsidiaries (‘SES Netherlands’) and MX1 Limited to hedge the Group’s exposure to foreign exchange risk on these investments. As of December 31, 2023 and 2022, all designated net investment hedges were assessed to be highly effective and a total gain of EUR 16 million, stated net of tax of EUR 6 million is included as part of other comprehensive income for the period (2022: loss of EUR 64 million, stated net of tax of EUR 24 million). The following table sets out the hedged portion of USD statement of financial position exposure as of December 31:

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