Company: SGBAF
Filing Date: 2025-04-29
Form Type: F-4
Source: 0001193125-25-103898
Chunk: 207

Company: SES S.A.
Filing Date: 2025-04-29
Form: F-4
Chunk 207
---
. Excluding U.S. C-band, and other non-recurring items, net cash generated by operating activities was €1,059 million in 2023 compared with €1,026 million in 2022, as lower Adjusted EBITDA was more than offset by a higher cash conversion ratio (ratio of adjusted net cash generated by operating activities to Adjusted EBITDA) of 103% (2022: 93%). Net cash absorbed by investing activities Net cash absorbed by investing activities decreased by €1.4 billion to €370 million for FY 2023, as compared to €1.8 billion for FY 2022, primarily due to C-band related capital expenditures of €1.0 billion in 2022 compared to net reimbursements of €78 million in 2023, as well as €435 million in purchase consideration for GES paid in March 2022. Excluding U.S. C-band and acquisitions, net cash absorbed by investing activities (excluding interest received) was €493 million (2022: €1,043 million) mainly related to the investment in O3b mPOWER which began commercial services in Q2 2024. Net cash generated/(absorbed) by financing activities Net cash absorbed by financing activities for FY 2023 amounted to €1.1 billion. Net cash generated by financing activities for FY 2022 amounted to €305 million. The main drivers of the 2023 outflows were €690 million settlement of the 144A Bond in April 2023, €16 million repayment of LuxGovSat Credit Facility, €220 million dividend payment, €109 million interest paid on borrowings and €49 million coupon paid on perpetual bond. The main drivers of the 2022 inflows were related to €750 million bond under the EMTN program issued in June 2022, partly offset by €219 million dividend payment, €103 million interest paid and €49 million coupon paid on perpetual bond. 168

Financing Structure of SES SES has a well-balanced financing structure with access to various sources of funding, including the Eurobond markets, the U.S. dollar bond markets, commercial paper markets and bank financing. As of December 31, 2023, SES had a debt profile with an average maturity of 6.7 years and an average cost of 3% per annum. SES’s liquidity position was €4,407 million as of December 31, 2023, taking into account cash and cash equivalents of