Company: SGBAF
Filing Date: 2025-05-08
Form Type: F-4/A
Source: 0001193125-25-115825
Chunk: 320

Company: SES S.A.
Filing Date: 2025-05-08
Form: F-4/A
Chunk 320
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continue hedge accounting prospectively. The ineffective portion of hedge is recognized in profit or loss. Derecognition of financial assets and liabilities

| 1 | Financial assets |

A financial asset is derecognized where:

| • |     | the right to receive cash flows from the asset has expired; |

| • |     | the Group retains the right to receive cash flows from the asset but has assumed an obligation to pay them in 
 full without material delay to a third party under a ‘pass-through’ arrangement;                              |

| • |     | the Group has transferred its rights to receive cash flows from the asset and either; |

| • |     | has transferred substantially all the risks and rewards of the asset; or |

| • |     | has neither transferred nor retained substantially all the risks and rewards of the asset but has transferred 
 control of that asset.                                                                                        |

F-34

Consolidated financial statements as of and for the years ended December 31, 2024, December 31, 2023 and December 31, 2022

| 2 | Financial liabilities |

A financial liability is derecognized when the obligation under the liability is discharged, canceled or expired. Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amount is recognized in profit or loss. Offsetting financial instruments Financial assets and liabilities are offset, and the net amount reported in the consolidated statements of financial position, when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the Company or the counterparty. Accounting for pension obligations The Company and certain subsidiaries operate defined contribution pension plans. A defined contribution plan is a pension plan under which the Group pays fixed contributions to a third-party financial institution. The Group has no legal or constructive obligation to pay further contributions if the financial institution’s pension fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. For defined contribution plans, the Group pays contributions to publicly or privately administered pension insurance plans on a mandatory