Company: SGBAF
Filing Date: 2025-05-08
Form Type: F-4/A
Source: 0001193125-25-115825
Chunk: 237

Company: SES S.A.
Filing Date: 2025-05-08
Form: F-4/A
Chunk 237
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 2024, as compared to $3.8 billion for the year ended December 31, 2023. The decrease was due to 191

a $2.9 billion decrease from changes in operating assets and liabilities, and a $167.7 million decrease in net income and non-cash items. The
decrease from changes in operating assets and liabilities was primarily a result of receiving the Phase II ARP in 2023.

Net Cash Used in Investing Activities

Net cash used in investing activities decreased by $179.9 million to $415.0 million for the year ended December
31, 2024, as compared to $594.9 million for the year ended December 31, 2023, primarily due to decreased capital expenditures of $208.1 million largely as a result of Intelsat completing the satellite launches under the C-band spectrum
clearing project in 2023, partially offset by $25.8 million in contributions received from a joint venture partner during the year ended December 31, 2023 with significantly lower activity during the year ended December 31, 2024.

Net Cash Used in Financing Activities

Net cash used in financing activities decreased by $2.1 billion to $0.7 billion for the year ended December 31, 2024, as compared to
$2.8 billion for the year ended December 31, 2023, primarily due to the payoff of the 2029 Term Loans (as defined in “Debt”below) of $2.8 billion during the year ended December 31, 2023, with no similar payments
during the year ended December 31, 2024, partially offset by $611.3 million in share premium distributions to shareholders during the year ended December 31, 2024, with no similar payments during the year ended December 31, 2023.

Restricted Cash

As of December 31,
2024, $19.1 million of cash was held in escrow primarily as a compensating balance for certain outstanding letters of credit.

Debt

Intelsat Jackson 6.50% First Lien Secured Notes due 2030

On January 27, 2022, Intelsat Jackson Holdings S.A. (“Intelsat Jackson”) completed an offering of $3.0 billion aggregate
principal amount of 6.50% First Lien Secured Notes due 2030 (the “2030 Jackson Secured Notes”). The 203