Company: SGBAF
Filing Date: 2025-01-17
Form Type: DRS/A
Source: 0000950123-25-000378
Chunk: 310

Company: SES S.A.
Filing Date: 2025-01-17
Form: DRS/A
Chunk 310
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 — |     |      | — |     |                           |   360 |     |      |   350 |
| Total liabilities           |     |                       | — |     |      | — |     |                           | 5,409 |     |      | 5,854 |

| * | Level 2 hierarchy measurement |

| ** | Fair value of the borrowings in 2023 is EUR 3,880 million (2022: EUR 3,877 million) |

Note 20—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’), committed credit facilities for specified satellites and projects, cash, money market funds and short-term deposits. The main purpose of the debt instruments is to raise funds to finance the Group’s day-to-dayoperations, as well as for other general business purposes. The Group has various other financial assets and liabilities such as trade receivables and trade payables, which arise directly from its operations. The main risks arising from the Group’s financial instruments are liquidity risks, foreign currency risks, interest rate risks and credit risks. The general policies are periodically reviewed and approved by the board. Liquidity risk The Group’s objective is to efficiently use cash generated to maintain borrowings at an appropriate level. In case of liquidity needs, the Group can call on commercial paper programs, committed syndicated and EIB loan, uncommitted loans. In addition, if deemed appropriate based on prevailing market conditions, the Group can access additional funds through the European Medium-Term Note program. The Group’s debt maturity profile is tailored to allow the Company and its subsidiaries to cover repayment obligations as they fall due. The Group operates a centralized treasury function which manages, amongst others, the liquidity of the Group to optimize the funding costs. This is supported by a daily cash pooling mechanism. Liquidity is monitored regularly through a review of cash balances, the drawn and issued amounts and the availability of additional funding under committed credit lines, the two commercial paper programs and the EMTN Programme (EUR 4,560 million as of December 31, 2023 and EUR 4,560 million as of December 31, 2022 - more details in Note 25). F-64

Confidential Treatment Requested by SES Pursuant to 17 C.F.R. Section 200.83 Consolidated financial statements as of and for the years ended December