ANNUAL
REPORT
2021
SES ANNUAL REPORT 20212
1
OPERATIONAL
& STRATEGIC
REPORT
2
ENVIRONMENTAL,
SOCIAL & GOVERNANCE
(ESG) REPORT
3
CORPORATE
GOVERNANCE &
REMUNERATION
4
CONSOLIDATED
FINANCIAL
STATEMENTS
5
SES S.A.
ANNUAL
ACCOUNTS
6
ADDITIONAL
INFORMATION
CONTENT
1 2 4 5
6
3
OPERATIONAL
& STRATEGIC
REPORT
4 Our company
5 Our equity story
6 Our business model & priorities
7 Business highlights
8 Financial highlights
9 Letter from the Chairman
10 Letter from the Chief Executive
12 Our markets & outlook
15 Our global network
20 SES | Video
23 SES | Networks
26 Financial review & outlook
ENVIRONMENTAL,
SOCIAL & GOVERNANCE
(ESG) REPORT
30 Our Horizon Strategy
34 Sustainable Space
37 Climate Action
40 Diversity and Inclusion
46 Critical Human Needs
48 Operating our Business
57 Reporting Standards
Appendix
CONSOLIDATED
FINANCIAL
STATEMENTS
92 Audit report
96 Consolidated income
statement
97 Consolidated statement
of comprehensive income
98 Consolidated statement
of financial position
99 Consolidated statement
of cash flows
100 Consolidated statement
of changes in shareholders’
equity
102 Notes to the consolidated
financial statements
SES S.A.
ANNUAL
ACCOUNTS
160 Audit report
163 Balance sheet
164 Profit and loss account
165 Statement of changes
in shareholders’ equity
166 Notes to the annual
accounts
ADDITIONAL
INFORMATION
180 Financial Calendar
181 Imprint
CORPORATE
GOVERNANCE &
REMUNERATION
CORPORATE GOVERNANCE
60 Shareholder structure
61 Chairman’s report
on Corporate Governance
63 Board of Directors & Committees
70 Senior Leadership Team (SLT)
73 Internal control procedures
78 Principal risks
REMUNERATION REPORT
82 The Remuneration policy
86 Remuneration report
1
4 Our company
5 Our equity story
6 Our business model & priorities
7 Business highlights
8 Financial highlights
9 Letter from the Chairman
10 Letter from the Chief Executive
12 Our markets & outlook
15 Our global network
20 SES | Video
23 SES | Networks
26 Financial review & outlook
OPERATIONAL
& STRATEGIC
REPORT