Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 208

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 208
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 | ) |     |           |          953 |   |
| Net change in cash, cash equivalents and restricted cash                      |     | $           |     (507,992 | ) |     | $         |      440,464 |   |     | $        |      (67,528 | ) |     | $         |      417,722 |   |

Net Cash Provided by Operating Activities Net cash provided by operating activities increased by $1.9 billion to $3.8 billion for the year ended December 31, 2023, as compared to $1.9 billion for the year ended December 31, 2022. The increase was due to a $1.0 billion increase from changes in operating assets and liabilities, and an $884.4 million increase in net 141

Confidential Treatment Requested by SES

Pursuant to 17 C.F.R. Section 200.83

income and non-cash items. The increase from changes in operating assets and liabilities was primarily due to higher inflows related to accounts
receivable, primarily as a result of receiving the Phase II ARP, which was higher than the portion of Phase I ARP collected in 2022, higher outflows related to contract liabilities primarily as a result of reimbursement income recognized in the
third and fourth quarters of 2023, and higher outflows related to other long-term liabilities.

Net Cash Used in Investing Activities

Net cash used in investing activities decreased by $16.0 million to $594.9 million for the year ended December 31, 2023, as
compared to $610.9 million for the year ended December 31, 2022, primarily due to decreased capital expenditures as a result of reduced spending on C-band satellites as compared to the year ended
December 31, 2022, as well as $25.8 million in contributions received from a joint venture partner with no similar activity in 2022, partially offset by higher purchases of investments.

Net Cash Used in Financing Activities

Net cash used in financing activities increased by $1.4 billion to $2.8 billion for the year ended December 31, 2023, as
compared to $1.4 billion for the year ended December 31, 2022, 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, as