Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 347

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 347
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 20 |     |                |     — |     |      |     — |
| Total assets                |     |                       | 34 |     |      | 20 |     |                | 4,247 |     |      | 3,819 |
| Borrowings – Level 1        |     |                       |  — |     |      |  — |     |                | 4,127 |     |      | 3,943 |
| Borrowings – Level 2        |     |                       |  — |     |      |  — |     |                |   393 |     |      |   216 |
| Borrowings**                |     |                       |  — |     |      |  — |     |                | 4,520 |     |      | 4,159 |
| Lease liabilities           |     |                       |  — |     |      |  — |     |                |    51 |     |      |    39 |
| Fixed asset suppliers***    |     |                       |  — |     |      |  — |     |                |   610 |     |      |   768 |
| Other long-term liabilities |     |                       |  — |     |      |  — |     |                |    55 |     |      |    83 |
| Financial liabilities       |     |                       |  — |     |      |  — |     |                |   663 |     |      |   359 |
| Total liabilities           |     |                       |  — |     |      |  — |     |                | 5,899 |     |      | 5,408 |

| * | Level 2 hierarchy measurement |

| ** | Fair value of the borrowings in 2024 is EUR 4,137 million (2023: EUR 3,880 million) |

| *** | Fair value of the fixed asset suppliers in 2024 is EUR 592 million (2023: EUR 752 million) |

Note 22—Financial risk management objectives and policies The Group’s financial instruments comprise: a syndicated loan, Eurobonds, US dollar bonds (144A), a Euro-dominated Private Placement, German Bonds (‘Schuldschein’), deeply-subordinated loans, committed credit facilities for specified satellites and projects, cash, money market funds and short-term deposits. F-65

Consolidated financial statements as of and for the years ended December