Company: SGBAF
Filing Date: 2025-05-08
Form Type: F-4/A
Source: 0001193125-25-115825
Chunk: 203

Company: SES S.A.
Filing Date: 2025-05-08
Form: F-4/A
Chunk 203
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 exposures to foreign currency at the end of the reporting period are in respect of balances denominated in U.S. dollars related to cash and cash equivalents (2024: €2,338 million; 2023: €2,169 million), intercompany balances (2024: €-2,048 million; 2023: €-1,859 million)and fixed assets suppliers (2024: €-192 million; 2023: €-342 million). 156

The aggregate net foreign exchange gains / losses recognized in profit or loss were:

| €million                                                            |     | 2024 |    |   |     | 2023 |    |
| Net foreign exchange gain included in main currencies               |     |      |  2 |   |     |      |  3 |
| Net foreign exchange gain / (loss) included in other currencies     |     |      | (1 | ) |     |      |  2 |
| Net foreign exchange gain included in foreign exchange transactions |     |      |  4 |   |     |      |  8 |
| Total                                                               |     |      |  5 |   |     |      | 13 |

SES uses certain financial instruments to manage its exposure to fluctuations in foreign currency exposure rates. Examples used to mitigate such exposures are the spot or forward buying and selling of foreign currencies, creating natural hedges (for example intercompany loans, quasi-equity qualification of such intercompany loans, intercompany dividend distributions), and external hedging, whereby speculative foreign exchange trading is disallowed under internal policies. SES may enter into forward currency contracts to eliminate or reduce the currency exposure arising from individual capital expenditure projects such as satellite procurements, tailoring the maturities to each milestone payment to maximize effectiveness. Depending on the functional currency of the entity with the capital expenditure commitment, the foreign currency risk may be in euro or in U.S. dollar. The forward contracts are in the same currency as the hedged item and can cover up to 100% of the total value of the contract. It is SES’s policy not to enter into forward contracts until a firm commitment is in place. SES has a corresponding exposure in the consolidated income statement, excluding the impacts of C-bandrepurposing, of €1,209 million or 60.4% of the SES’s revenue and other income (2023: €1,239 million or 60.9%) and €492 million or 45.0% of its operating