FS SG Issuer 31.12.2024 V6DEF 29.04.2025

SG Issuer
Société Anonyme 
Financial statements, 
Report of the Executive Board and Corporate Governance Statement and 
Audit Report of the Réviseur d’Entreprises Agréé 
As at and for the year ended 31 December 2024 
10, Porte de France 
L-4360 Esch-sur-Alzette 
R.C.S. Luxembourg : B121.363

SG Issuer 
EXECUTIVE BOARD MEMBERS ....................................................................................................................... 1
SUPERVISORY BOARD MEMBERS ................................................................................................................... 2
AUDIT COMMITTEE MEMBERS....................................................................................................................... 3
MANAGEMENT AND ADMINISTRATION ......................................................................................................... 4
LEGAL ADVISERS AND RÉVISEUR D’ENTREPRISES AGRÉÉ ............................................................................... 5
REPORT OF THE EXECUTIVE BOARD AND CORPORATE GOVERNANCE STATEMENT........................................ 6
CORPORATE GOVERNANCE STATEMENT FOR THE FINANCIAL STATEMENTS ................................................ 10
Audit report
 ............................................................................................................................................... 11
Statement of Financial Position ................................................................................................................... 16
Statement of Profit or Loss and Other Comprehensive Income.................................................................... 17
Statement of Changes in Equity ................................................................................................................... 18
Statement of Cash Flows ............................................................................................................................. 19
NOTE 1 – CORPORATE INFORMATION ........................................................................................................... 20
NOTE 2 – MATERIAL ACCOUNTING POLICIES.................................................................................................. 21
2.1
Basis of preparation ................................ ................................ ................................ ................................ .. 21
2.2
New accounting standards ................................ ................................ ................................ ........................ 22
2.3
Summary of material accounting policies ................................ ................................ ................................ ... 24
2.2
Geopolitical Crises and Macroeconomic Context ................................ ................................ ........................ 32
NOTE 3 – CASH AND CASH EQUIVALENTS ...................................................................................................... 33
As of 31 December 2024, and 2023, this caption only contained cash that was repayable on demand. ......... 33
NOTE 4 – FINANCIAL INSTRUMENTS .............................................................................................................. 33
4.1
Financial assets measured at fair value through profit or loss ................................ ................................ ..... 33
4.2
Financial liabilities measured at fair value through profit or loss ................................ ................................ . 34
4.3
Financial liabilities measured at amortised cost ................................ ................................ ......................... 35
NOTE 5 – LOANS AND RECEIVABLES ............................................................................................................... 36
NOTE 6 – OTHER ASSETS AND OTHER LIABILITIES .......................................................................................... 36
NOTE 7 – TAXATION ....................................................................................................................................... 36
NOTE 8 – SHAREHOLDERS’ EQUITY ................................................................................................................ 37
8.1
Share capital and share premium ................................ ................................ ................................ .............. 37
8.2
Reserves ................................ ................................ ................................ ................................ ................... 37
NOTE 9 – INTEREST INCOME AND EXPENSES.................................................................................................. 38
NOTE 10 – COMMISSION INCOME ................................................................................................................. 38
NOTE 11 – NET RESULT FROM FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT OR LOSS .......... 38
NOTE 12 – PERSONNEL EXPENSES .................................................................................................................. 38
NOTE 13 – OTHER OPERATING EXPENSES ...................................................................................................... 39
NOTE 14 – OFF-BALANCE SHEET ..................................................................................................................... 39
NOTE 15 – RISK MANAGEMENT ..................................................................................................................... 41
15.1
Market risk ................................ ................................ ................................ ................................ ............... 41
15.2 
Foreign currency risk ................................ ................................ ................................ ................................ . 41
15.3
Credit risk ................................ ................................ ................................ ................................ ................. 42
15.4
Interest rate risk ................................ ................................ ................................ ................................ ....... 42
15.5
Liquidity risk ................................ ................................ ................................ ................................ ............. 42
15.6
Fair Value measurement ................................ ................................ ................................ ........................... 44
15.7
Operational risk ................................ ................................ ................................ ................................ ........ 51
NOTE 16 – RELATED PARTIES ......................................................................................................................... 51
NOTE 17 – REMUNERATION, ADVANCES AND LOANS GRANTED TO MEMBERS OF THE ADMINISTRATIVE 
OR SUPERVISORY BODY .............................................................................................................. 54
NOTE 18 – INFORMATION ON LITIGATIONS ................................................................................................... 54
NOTE 19 – CAPITAL MANAGEMENT ............................................................................................................... 54
NOTE 20 – USE OF DERIVATIVES .................................................................................................................... 54
NOTE 21 - SIGNIFICANT CHANGES IN THE CURRENT PERIOD .......................................................................... 55
NOTE 22 – SUBSEQUENT EVENTS ................................................................................................................... 55

 
 
 
SG Issuer 
Executive Board Members 
As at 31 December 2024 
1
EXECUTIVE BOARD MEMBERS 
Chairman: 
Mr Yves CACCLIN 
Employee of Société Générale Luxembourg 
11, avenue Emile Reuter, L-2420 Luxembourg 
Members: 
Mr Thierry BODSON 
Employee of Société Générale Luxembourg 
11, avenue Emile Reuter, L-2420 Luxembourg 
Mr François CARALP 
Employee of Société Générale 
Tour Société Générale, 17, cours Valmy, 
F-92987 Paris-La Défense 7, France 
Mr Julien BOUCHAT 
Employee of Société Générale Luxembourg 
11, avenue Emile Reuter, L-2420 Luxembourg 
Mr Youenn LE BRIS 
Employee of Société Générale Luxembourg 
11, avenue Emile Reuter, L-2420 Luxembourg 
Mr Laurent SIMONET 
Employee of Société Générale 
Tour Société Générale, 17, cours Valmy, 
F-92987 Paris-La Défense 7, France 
Mr Samuel WOROBEL 
Employee of Société Générale 
Tour Société Générale, 17, cours Valmy, 
F-92987 Paris-La Défense 7, France 

 
 
 
 
SG Issuer 
Supervisory Board Members 
As at 31 December 2024 
2
SUPERVISORY BOARD MEMBERS 
Chairman: 
Mr Laurent WEIL 
Employee of Société Générale 
Tour Société Générale, 17, cours Valmy, 
F-92987 Paris-La Défense 7, France 
Vice-president: 
Mrs Peggy VENIANT COTTIN 
Employee of Société Générale Luxembourg 
11, avenue Emile Reuter, L-2420 Luxembourg 
Members: 
Mr Faouzi BORGI 
Employee of Société Générale 
Tour Société Générale, 17, cours Valmy, 
F-92987 Paris - La Défense 7, France 
Mr Gregory CLAUDY 
Independent Director 
225A, rue du Burgknapp, B-6717 Heinstert, 
Belgium 
Mr Emanuele MAIOCCHI 
Employee of Société Générale Luxembourg 
11, avenue Emile Reuter, L-2420 Luxembourg 

 
 
 
SG Issuer 
Audit Committee Members 
As at 31 December 2024 
3
AUDIT COMMITTEE MEMBERS 
Chairman: 
Mr Gregory CLAUDY 
Independent Director 
225A, rue du Burgknapp, B-6717 Heinstert, 
Belgium 
Members: 
Mr Emanuele MAIOCCHI 
Employee of Société Générale Luxembourg 
11, avenue Emile Reuter, L-2420 Luxembourg 
Mrs Peggy VENIANT COTTIN 
Employee of Société Générale Luxembourg 
11, avenue Emile Reuter, L-2420 Luxembourg 

 
SG Issuer 
Management and Administration 
As at 31 December 2024 
4
MANAGEMENT AND ADMINISTRATION 
Issuer 
SG Issuer 
10, Porte de 
France, L-4360 Esch-sur-Alzette, Luxembourg 
(following the decision of the 
Extraordinary General 
Meeting of 26 March 2025) 
15, Avenue Emile Reuter, 
L-2420 Luxembourg, Luxembourg (until 25 March 2025) 
Guarantor (if applicable, as specified in the Final Terms) 
Société Générale 
29, boulevard Haussmann, F-75009 Paris, France 
Arranger and Dealer 
Société Générale 
Tour Société Générale, 17, cours Valmy, 
F-92987 Paris-La Défense 7, France 
Security Trustee and Security Agent Trustee 
The Bank of New York Mellon Corporate Trustee Services Limited 
One Canada Square, London E14 5AL, 
United Kingdom 
Collateral Custodian 
The Bank of New York Mellon S.A., Luxembourg Branch 
Vertigo Building, Polaris, 2-4, rue Eugène Ruppert, L-2453 Luxembourg, 
Luxembourg 
Collateral Monitoring Agent 
The Bank of New York Mellon London Branch 
One Canada Square, 
London E14 5AL, 
United Kingdom 
Custodian Agent, Issuing and Paying Agent, Registrar, Exchange Agent and Transfer 
Agent 
Société Générale Luxembourg 
11, avenue Emile Reuter, L-2420 Luxembourg, Luxembourg 
Paying Agents 
Société Générale 
29, boulevard Haussmann, F-75009 Paris, France 
& 
Société Générale, New York Branch 
1221, avenue of the Americas, New York NY 10020, United States of America 
Warrant Agent 
Société Générale Luxembourg 
11, avenue Emile Reuter, L-2420 Luxembourg, Luxembourg 

 
 
 
 
SG Issuer 
Legal advisers and Réviseur d’entreprises agréé 
As at 31 December 2024 
5
LEGAL ADVISERS AND RÉVISEUR D’ENTREPRISES AGRÉÉ 
Legal advisers 
To 
the Arranger as to English, French and U.S. laws 
Allen Overy Shearman Sterling LLP 
52, avenue Hoche, CS 90005, 75379 Paris Cedex 08, France 
To 
the Trustee as to English Law 
Allen Overy Shearman Sterling LLP 
1 Bishops Square, London E1 6AD, United Kingdom 
To 
the Arranger as to Luxembourg Law 
Allen Overy Shearman Sterling 
5, avenue John F. Kennedy, 
L-1855 Luxembourg, Luxembourg 
Auditor (Réviseur d’Entreprises Agréé) 
PricewaterhouseCoopers, Société coopérative 
2, rue Gerhard Mercator L-2182 Luxembourg 

 
SG Issuer 
Report of the Executive Board and Corporate Governance Statement (continued) 
As at 31 December 2024 
6
REPORT OF THE EXECUTIVE BOARD AND CORPORATE 
GOVERNANCE STATEMENT 
The 
Directors 
of 
SG Issuer 
(the “Company” 
or “SGIS”) 
(each a 
“Director”, 
collectively 
the “Executive 
Board”) 
present the financial 
statements and the 
Report of the Executive 
Board and Corporate 
Governance Statement 
of the Company for the year ended 31 December 2024. 
1.
ACTIVITIES AND REVIEW OF THE DEVELOPMENT 
OF THE BUSINESS 
The purpose 
of SG 
Issuer is 
to issue 
Notes and 
Warrants with 
all types 
of underlying 
including, without 
restriction, 
Shares, Index, 
Interest Rate, 
Dividend, Credit Risk, 
Foreign Exchange, 
Commodities, Funds, Warrants, 
allowing 
investors 
to 
access to 
the full 
pricing capabilities 
of 
Société Générale, 
which proposes 
an 
extensive range 
of 
investment strategies linked to these various asset classes. 
Notes and Warrants issued 
by the Company can be sold in either Private Placements or Public Offerings. 
Notes 
are mainly Debt Securities, Bonds, Certificates. Issuing Proceeds raised by 
the sale of the Notes are transferred 
to Société Générale Paris S.A. 
(“Société Générale”) through a 
Fully Funded Swap (“FFS”), 
which perfectly mirrors 
SGIS for the full issue size. 
Warrants are financial 
products like Turbos, 
inline Warrants, daily Leverage 
Certificates, which aim to replicate 
the 
same 
financial 
exposure 
as 
buying 
(Call) 
or 
selling 
(Put) 
an 
asset 
such 
as 
a 
share 
or 
an 
index, 
at 
a 
predetermined price (strike price) on a 
predetermined date (expiry) and to offer different 
pay-off or exposures 
to investors. 
Payments 
in 
respect 
of 
the 
Notes 
and 
Warrants 
issued by 
the 
Company 
are 
unconditionally and 
irrevocably 
guaranteed by Société Générale. 
On request of investors, the Company can issue Collateralised Notes or Warrants (respectively “secured Notes” 
or “Secured 
Warrants”) in 
order to 
propose an additional layer 
of protection to 
investors in 
case of 
default of 
Société Générale. 
Notes and Warrants issuances are governed by the programs prepared by Société Générale. 
The main programs for Notes are 
(i) the Debt Instruments Issuance Program, the Base Prospectus of which has 
been 
updated 
and 
approved 
by 
the 
CSSF 
on 
31 
May 
2024 
and 
(ii) 
the 
“Programme 
d'Emission de 
Titres 
de 
Créance”, the Base Prospectus of which has been 
updated and approved by the 
CSSF on 12 June 2024. 
Similarly, 
the 
main 
program 
for 
Warrants 
is 
the 
Warrants 
Issuance 
Program, 
for 
which 
the 
last 
updates 
have 
been 
approved by the CSSF on 26 June 2024. 
In 
addition, 
(i) 
the 
German 
law 
Dual 
Language 
Debt 
Instruments 
Issuance 
Program 
has 
been 
updated 
and 
approved by 
the CSSF 
on 10 
June 2024 
and (ii) 
the Dual 
Language Leveraged 
and Tracking 
Products Issuance 
Program has been updated and approved by the CSSF on 2 July 2024. 
The 
UK 
Debt 
Instrument 
Issuance 
program 
has 
been 
approved 
by 
the 
FCA 
on 
31 
May 
2024 
and 
the 
Swiss 
Securities Issuance Program on 3 July 2024 
by the SIX Exchange Regulation Ltd. 
The state of business of the Company 
at the closing of the financial 
year is adequately presented in the financial 
statements published hereby. 
During 2024, 
21 737 new 
Notes were 
issued (among which 
917 new 
secured Notes) and 
1 553 new 
Warrants 
were issued. The net profit for the period from 1 January 2024 
to 31 December 2024 amounts to KEUR 234. 
The Company did 
not exercise 
any research 
and development activity, 
does not have 
any branch, 
and did not 
acquire any own shares. 
 

 
 
SG Issuer 
Report of the Executive Board and Corporate Governance Statement (continued) 
As at 31 December 2024 
7
2.
RISKS AND UNCERTAINTIES 
The risks associated with 
the investment in the 
Notes or Warrants 
depend on several factors. 
Such factors will 
vary depending on 
the characteristics of 
the Notes 
or Warrants issued, in 
particular depending 
on the 
underlying 
type, the 
maturity, 
the secured 
/ unsecured 
status 
of the 
Notes 
or Warrants, 
the interest 
rates 
incurred, the 
volatility of the underlying. 
For each Note, the Company systematically mirrors its position by contracting a FFS with Société 
Générale, with 
strictly 
identical 
characteristics. 
Also, 
for 
each 
Warrant, 
the 
Company 
systematically 
mirrors 
its 
position 
by 
contracting an option with Société Générale, with strictly identical characteristics. 
The legal documentation and the derivative 
instruments have been put in 
place in order to make 
sure that the 
assets 
match 
the 
liabilities 
at 
any 
time. 
Therefore, 
no 
market 
risk 
is 
supported 
by 
the 
Company. 
The 
risk 
management in 
relation 
to 
the 
Notes 
and 
Warrants 
is 
also 
described in 
Note 
15 of 
the financial 
statements 
hereafter. 
3.
FUTURE DEVELOPMENTS AND PERSPECTIVES 
In 2024, 
SG ISSUER issued 
warrants and daily 
leverage certificates over 
US single stock 
and listed 
on the Hong 
Kong Stock 
Exchanges and 
Clearing (
HKEX
) and 
the Singapore Exchange 
Securities Trading Limited 
(
Singapore 
Stock Exchange
) respectively. 
SG ISSUER 
was the 
first issuer in 
Asia to offer 
US Stock 
listed products on 
both the 
HKEX
 
and 
Singapore Stock 
Exchange.
4.
INFORMATION ON LITIGATIONS 
During the year ended 31 December 2020, SG Issuer, 
as the Issuer of Notes linked to 
the credit risk of a French 
corporate, 
and Société 
Générale, as 
the Guarantor, 
were brought 
before 
the Courts 
of Paris 
(alongside other 
French financial 
institutions) by 
end investors to obtain 
compensation for the 
financial loss 
they suffered on 
their 
investment 
in 
these 
securities. 
The 
French 
corporate 
was 
the 
subject 
of 
a 
“safeguard 
procedure”, 
which 
constitutes a 
credit event 
under the terms 
of the Notes 
which had a 
strong impact on 
the value of 
the Notes.
These investors rely on unfounded allegations 
according to which SG 
Issuer and Société Générale 
were aware of 
the difficulties of 
the French corporate 
when setting up 
and marketing 
these Notes and 
that in doing 
so, they 
failed 
to 
meet 
their 
regulatory 
obligations 
(to 
act 
in 
an 
honest, 
fair 
and 
professional 
manner, 
to 
provide 
information on the product risks and to determine the suitability of the 
Notes for retail investors). 
For this litigation, along with 
any other litigation relating to securities 
issued by SG Issuer, SG Issuer is 
entitled to 
an indemnification by Société Générale in respect 
of any sum due by SG Issuer regarding 
potential damages or 
attorneys' fees. 
5.
CORPORATE GOVERNANCE STATEMENT 
The 
Executive 
Board 
of 
the 
Company 
is 
committed 
to 
maintaining 
the 
standards 
of 
corporate 
governance 
enforced at the level 
of the 
European Union and 
at level of 
the Société 
Générale Group. This 
statement describes 
the Company’s governance principles and practices. 
In compliance 
with its status, 
the Company 
is governed 
by an 
Executive Board 
and supervised by 
a dedicated 
Supervisory Board. 

SG Issuer 
Report of the Executive Board and Corporate Governance Statement (continued) 
As at 31 December 2024 
8
5.1
Executive Board 
The Executive Board 
supervises and 
controls the 
Management and operations 
of the 
Company and 
is responsible 
for the Company system of risk management and internal control. 
The Executive Board meetings are held on demand several times during 
the year. 
The Executive 
Board has 
quorum when 
more than 
half of 
its members 
are present. 
An opinion 
supported by 
more than half of the members present becomes a decision. 
Key tasks of the Executive Board: 
-
Ensures that the supervision of accounting 
is organized and monitored appropriately; 
-
Reviews and approves the Company’s financial statements and condensed interim financial information; 
-
Supervises and controls operative management. 
5.2
Supervisory Board 
The 
Supervisory Board 
ensures 
permanently and 
by all 
means 
suited 
the control 
of the 
Management of 
the 
Company carried 
out by 
the Executive 
Board. However, 
this supervision has 
to be 
translated in 
no way 
by an 
intervention 
in 
the Management 
of the 
Company. 
The Supervisory 
Board 
can mandate 
advisory committees 
comprised 
of 
members 
of 
the 
Supervisory 
Board 
and/or 
of 
other 
non-members 
to 
lead 
different 
missions. 
The 
Supervisory 
Board 
can 
confer 
these 
advisory 
committees 
of 
the 
power 
or 
mandates 
permanently 
or 
temporary. These advisory committees cannot have the effect of restricting the powers of the Executive Board.
5.3
Audit Committee 
The mission of 
the Audit Committee 
is to monitor 
the issues 
related to the 
preparation and control 
of accounting 
and 
financial information, 
to monitor 
the independence 
of 
the 
statutory 
auditors, 
as well 
as 
to monitor 
the 
efficiency of the internal control, measurement, supervision, and risk control systems related to the accounting 
and financial processes. If needed, it 
gives recommendations and its opinion to the Supervisory 
Board. 
An Audit Committee of the Company took place on 28 April 2025, during 
which the financial statements for the 
year 
ended 
31 
December 2024 
and 
the 
external 
audit 
results 
were 
presented. 
At 
least 
one 
member 
of 
the 
committee must be independent, which is the case of the Chairman 
of the Company’s Audit Committee. 
5.4
Internal 
Audit 
The Internal Audit 
of both Société 
Générale Luxembourg and 
Société Générale support 
the Company’s Executive 
Board 
in 
overseeing 
the Company’s 
activities and 
securing its 
operations 
by carrying 
out 
internal 
audits and 
providing consultative 
assistance. The objective 
of Internal Audit 
is to 
add value 
by making recommendations 
designed to improve the Company’s functioning. Internal Audit 
is an independent function, and its activities 
are 
based on international professional internal audit standards and rules of 
ethics. 
The central 
task 
of Internal 
Audit is 
to 
audit the 
functioning of 
SG Issuer 
on a 
regular 
basis and 
evaluate 
its 
internal controls, risk management, and administrative function. 
The areas to be audited are determined 
by the 
projected financial and operational risks concerned. Internal Audit can also 
carry out special assignments at the 
request of management. 
Internal Audit does not have any direct authority over the activities 
it reviews. 
 

SG Issuer 
Report of the Executive Board and Corporate Governance Statement (continued) 
As at 31 December 2024 
9
5.5
Controls framework 
First level 
of controls 
is related 
to the 
execution of 
the procedures, guidelines 
and instructions 
established to 
ensure the proper and efficient functioning of 
the Company. They are executed by the involved teams in charge 
of the production. 
A 
second level 
of control 
is ensured 
by Société 
Générale 
Luxembourg: Outsourced 
Essential Services 
(“OES”) 
supervision (ensured 
by 
the 
Corporate 
department), Market 
Risk 
and 
Operational 
Risk 
(ensured 
by 
the 
Risk 
department), “Level 2 permanent 
control” activity (monitoring 
and assessment of 
the level 1 permanent 
control 
system). 
The Chief Financial Officer of the Company ensures the 
completeness of the procedural framework. 
5.6
New Products Committee 
All the 
new activities and business 
of the Company 
are analysed and 
authorized by a 
dedicated New Products 
Committee (NPC). All involved departments within Société Générale 
are represented (operations, finance, risk, 
accounting standards, etc.) to assess the impact for the Company. 
5.7
Service level agreements 
The Company and several of its service providers are subsidiaries of the Société 
Générale Group. 
Service Level 
Agreements (“SLAs”) were 
signed by 
the Company 
with Société 
Générale Luxembourg 
and with 
Société 
Générale. The 
SLAs govern 
the relations 
between the 
entities as 
well as 
their respective 
obligations. 
The services supplied by Société Générale Luxembourg and 
Société Générale are listed in the appendices of the 
agreements 
(mainly 
General 
services, legal 
services, business 
continuity 
management 
services 
and 
financial 
services from 
Société Générale 
Luxembourg and 
operational services 
– Middle 
Office and 
Back Office 
– from 
Société 
Générale). 
In 
particular, 
the 
calculation 
of 
the 
remuneration 
related 
to 
the 
issuance of 
the 
Notes 
is 
delegated to Société Générale Paris Middle Office within the framework of the SLA. 
Luxembourg, 29 April 2025 
For the Executive Board 
Yves CACCLIN 
Chairman of the Executive Board 
Youenn LE BRIS 
Member of the Executive Board 

 
 
SG Issuer 
Report of the Executive Board and Corporate Governance Statement (continued) 
As at 31 December 2024 
10
CORPORATE 
GOVERNANCE STATEMENT 
FOR THE FINANCIAL STATEMENTS
To 
the best of our knowledge, the financial statements gives a true and fair view of the financial position of the 
Company as at 
31 December 2024, and 
of its financial performance 
and cash flows 
for the year 
then ended in 
accordance with International Financial Accounting Standards (“IFRS”) 
as adopted by the European 
Union, 
and 
the Report 
of the 
Executive Board 
(management report) 
includes a 
fair presentation 
of the 
development and 
performance of the business and 
the position of the Company, 
together with a description 
of the main risks and 
uncertainties that it faces. 
Luxembourg, 29 April 2025 
Executive Board Member 
For the Executive Board 
Yves CACCLIN 
Chairman of the Executive Board 
Youenn LE BRIS 
Member of the Executive Board 

 
 
 
 
11 
Audit report
To 
the Shareholders of 
SG Issuer 
Report on the audit of the financial statements 
Our opinion 
In our opinion, the accompanying 
financial statements give 
a true and fair view of the financial 
position 
of SG Issuer (the 
“Company”) as at 31 December 2024, and of 
its financial performance and its 
cash 
flows for the year then ended 
in accordance with IFRS Accounting 
Standards. 
What we have audited 
The Company’s financial statements comprise: 
●
 
the Statement of Financial Position 
as at 31 December 2024; 
●
 
the Statement of Profit or Loss and 
Other Comprehensive Income 
for the year then ended; 
●
 
the Statement of Changes in Equity 
for the year then ended; 
●
 
the Statement of Cash Flows for 
the year then ended; and 
●
 
the 
notes to 
the financial 
statements, including 
material accounting 
policy information 
and 
other 
explanatory information. 
Basis for opinion 
We conducted our 
audit in accordance with the EU Regulation No 537/2014, the Law of 
23 July 2016 
on the 
audit profession (Law of 
23 July 2016) and with 
International Standards on Auditing 
(ISAs) as 
adopted 
for 
Luxembourg 
by 
the 
“Commission 
de 
Surveillance 
du 
Secteur 
Financier” 
(CSSF). 
Our 
responsibilities under the EU Regulation No 
537/2014, the Law 
of 23 July 2016 and ISAs 
as adopted 
for Luxembourg 
by the 
CSSF are 
further described 
in the 
“Responsibilities 
of the 
“Réviseur 
d’entreprises 
agréé” for the audit of the financial 
statements” section of our report. 
We believe that the 
audit evidence 
we have obtained 
is sufficient and appropriate 
to provide a basis 
for 
our opinion. 
We 
are 
independent 
of 
the 
Company 
in 
accordance 
with 
the 
International 
Code 
of 
Ethics 
for 
Professional Accountants, including 
International Independence 
Standards, issued by 
the International 
Ethics 
Standards 
Board 
for 
Accountants 
(IESBA 
Code) 
as 
adopted 
for 
Luxembourg 
by 
the 
CSSF 
together with 
the ethical 
requirements 
that are relevant 
to our 
audit of 
the financial 
statements. We 
have 
fulfilled our other ethical responsibilities 
under those ethical requirements. 
To 
the best of our knowledge and belief, we declare 
that we have not provided non-audit services that 
are prohibited under Article 5(1) of 
the EU Regulation No 537/2014. 
The 
non-audit 
services 
that 
we 
have 
provided 
to 
the 
Company 
and 
its 
controlled 
undertakings, 
if 
applicable, for the year then ended, are 
disclosed in Note 13 to the financial 
statements. 
Key audit matters 
The key 
audit matters 
are those 
that, in 
our professional 
judgment, were 
of most 
significance in 
the 
audit of the financial 
statements for the current 
period. These matters 
were addressed in 
the context of 

 
 
12 
our 
audit 
of 
the 
financial 
statements 
taken 
as 
a 
whole 
and 
for 
the 
purpose 
of 
forming 
our 
opinion 
thereon, and we do not express a separate 
opinion on these matters. 
Key audit matter
How our audit addressed the key 
audit matter
Mirroring of the financial 
instruments issued
The activity of the Company mainly consists 
of 
issuing 
Notes 
(secured 
and 
unsecured) 
and 
Warrants 
(the 
“financial 
instruments 
issued”). As 
of 31 
December 2024, the 
total 
balance of 
the financial 
instruments 
issued, 
presented 
in 
financial 
liabilities 
at 
fair 
value 
through 
profit 
or 
loss, 
amounts 
to 
KEUR 49,197,158 
(refer 
to 
Note 
4.2). 
The 
Company owns financial assets at fair value 
through 
profit 
or 
loss 
which 
amounts 
to 
KEUR 49,195,862 (refer to Note 4.1). 
To 
economically 
hedge 
the 
risks 
of 
the 
financial 
instruments 
issued, 
the 
Company 
enters 
into 
derivatives 
transactions 
with 
Société Générale 
S.A., presented 
in financial 
assets 
at 
fair 
value 
through 
profit 
or 
loss. 
These derivatives (Fully Funded 
Swaps and 
Options) fully 
replicate the 
characteristics of 
the 
financial 
instruments 
issued 
(defined 
hereafter as “mirroring”). 
Due 
to 
the 
significance 
of 
the 
financial 
instruments 
issued 
on 
the 
Company’s 
balance 
sheet 
and 
the 
potential 
financial 
impact 
of 
a 
non-perfect 
hedge, 
we 
have 
considered 
the 
mirroring 
of 
the 
financial 
instruments issued as a key audit matter. 
As 
part 
of 
the 
audit 
procedures on 
the 
mirroring of 
the 
financial instruments issued, we carried 
out the following 
audit procedures: 
●
 
We 
have 
inquired 
with 
the 
Management 
and 
the 
finance 
team 
of 
the 
Company 
to 
obtain 
an 
understanding 
of 
the 
design 
and 
implementation 
of 
the control environment; 
●
 
We 
have 
inspected 
the 
minutes 
of 
the 
governance 
bodies (Executive Board, 
Audit Committee and 
Board 
of 
Directors) 
to 
inspect 
whether 
any 
incidents 
have 
been reported; 
●
 
We 
have 
reperformed 
the 
mirroring 
control 
for 
a 
sample 
of 
dates, 
including 
the 
31 
December 
2024 
occurrence. 
The 
Company’s 
control 
aims 
to 
ensure 
the 
balancing 
between 
the 
assets 
(derivatives) 
and 
the liabilities (financial 
instruments issued); 
●
 
We 
have 
inspected 
the 
evidence 
of 
the 
control 
performed by 
the 
Company to 
monitor 
the 
mirroring 
suspense items. 
The Company’s 
control objective 
is 
to 
ensure 
the 
quick 
clearing 
of 
any 
mirroring 
discrepancies, if any; 
●
 
We have 
inspected the 
intragroup reconciliation with 
Société Générale S.A. and inspected that there 
were 
no material differences; 
●
 
We 
have reconciled 
the financial 
instruments issued 
and 
the 
related 
derivative 
instruments 
with 
the 
external confirmations obtained; 
●
 
We have used our internal 
valuation specialists for 
an 
independent 
valuation 
of 
the 
sample 
of 
financial 
instruments 
issued 
and 
of 
a 
sample 
of 
related 
derivatives instruments to assess the accuracy of the 
valuation and of the mirroring; 
●
 
We have compared the 
presentation and disclosures 
of these instruments in the 
financial statements of the 
Company 
with 
the 
requirements 
of 
the 
IFRS 
Accounting Standards. 
Other information 
The 
Executive 
Board 
is 
responsible for 
the 
other 
information. 
The 
other 
information 
comprises 
the 
information 
stated 
in 
the 
annual 
report 
including the 
Report 
of 
the 
Executive 
Board 
and 
Corporate 
Governance Statement but does 
not include the financial 
statements and our audit report thereon. 
Our opinion 
on the 
financial statements does 
not cover 
the other 
information and we 
do not 
express 
any form of assurance conclusion 
thereon. 

 
 
13 
In connection 
with our 
audit of 
the financial 
statements, 
our responsibility 
is to 
read the 
other information 
identified above and, in doing 
so, consider whether the other information 
is materially inconsistent with 
the financial statements or our knowledge obtained in the audit, or otherwise appears to be 
materially 
misstated. If, based 
on the work 
we have performed, 
we conclude 
that there is a material 
misstatement 
of this other information, we are required 
to report that fact. We have nothing to 
report in this regard. 
Responsibilities of 
the Executive 
Board and 
those charged 
with governance 
for 
the financial 
statements 
The Executive Board 
is responsible 
for the preparation 
and fair presentation 
of the financial 
statements 
in accordance with IFRS 
Accounting Standards, and for 
such internal control as 
the Executive Board 
determines is 
necessary to enable 
the preparation of 
financial statements that 
are free from 
material 
misstatement, whether due to fraud or 
error. 
In preparing the financial statements, 
the Executive Board is responsible 
for assessing the Company’s 
ability to continue as a going concern, disclosing, as applicable, matters 
related to going concern and 
using the going concern basis of accounting unless the Executive Board either intends to liquidate 
the 
Company or to cease operations, 
or has no realistic alternative 
but to do so. 
Those 
charged 
with 
governance 
are 
responsible 
for 
overseeing 
the 
Company’s 
financial 
reporting 
process. 
The 
Executive 
Board 
is 
responsible 
for 
presenting 
the 
financial 
statements 
in 
compliance 
with 
the 
requirements 
set 
out 
in 
the 
Delegated 
Regulation 2019/815 on 
European 
Single 
Electronic 
Format 
(“ESEF Regulation”). 
Responsibilities of the “Réviseur 
d’entreprises agréé” 
for the audit of the financial statements 
The objectives of our audit are to obtain 
reasonable assurance about 
whether the financial statements 
as a 
whole are free 
from material misstatement, 
whether due to 
fraud or 
error, 
and to 
issue an 
audit 
report that includes our opinion. 
Reasonable assurance is a high level of assurance, but 
is not a guarantee that an audit 
conducted in 
accordance with the 
EU Regulation No 537/2014, the Law of 
23 July 2016 and with 
ISAs as 
adopted 
for Luxembourg by the CSSF will 
always detect a material 
misstatement when it exists. Misstatements 
can arise from fraud or error and 
are considered material 
if, individually or in the aggregate, they 
could 
reasonably 
be 
expected 
to 
influence 
the 
economic 
decisions 
of 
users 
taken 
on 
the 
basis 
of 
these 
financial statements. 
As part 
of an 
audit in accordance 
with the 
EU Regulation No 537/2014, the Law of 
23 July 2016 and 
with ISAs as 
adopted for Luxembourg by the 
CSSF, 
we exercise professional judgment and maintain 
professional scepticism throughout 
the audit. We also: 
●
 
identify and 
assess the 
risks of 
material misstatement of 
the financial statements, 
whether due to 
fraud 
or 
error, 
design 
and 
perform 
audit 
procedures 
responsive to 
those 
risks, 
and 
obtain 
audit 
evidence that 
is sufficient and 
appropriate to 
provide a 
basis for 
our opinion. 
The risk of 
not detecting 
a material misstatement 
resulting from 
fraud is higher 
than for one 
resulting from 
error, as fraud may 
involve 
collusion, 
forgery, 
intentional 
omissions, 
misrepresentations, 
or 
the 
override 
of 
internal 
control; 
●
 
obtain an understanding of internal control relevant to the audit in order to design audit procedures 
that are appropriate in 
the circumstances, but not for 
the purpose of expressing an 
opinion on the 
effectiveness of the Company’s internal 
control; 

14 
●
 
evaluate the 
appropriateness of 
accounting policies 
used 
and 
the 
reasonableness of 
accounting 
estimates and related disclosures made 
by the Executive Board; 
●
 
conclude 
on 
the 
appropriateness 
of 
the 
Executive 
Board’s 
use 
of 
the 
going 
concern 
basis 
of 
accounting and, 
based on the 
audit evidence 
obtained, whether 
a material uncertainty 
exists related 
to 
events or 
conditions that 
may cast 
significant doubt 
on the 
Company’s ability 
to continue 
as a 
going concern. If we 
conclude that a material uncertainty 
exists, we are required to 
draw attention 
in our 
audit report to 
the related disclosures 
in the financial 
statements or, 
if such 
disclosures are 
inadequate, to modify our opinion. 
Our conclusions are based on the audit 
evidence obtained up to 
the date of our 
audit report. However, future 
events or conditions 
may cause the Company 
to cease 
to continue as a going concern; 
●
 
evaluate the 
overall presentation, 
structure and 
content of 
the financial 
statements, including 
the 
disclosures, and whether the 
financial statements represent 
the underlying transactions 
and events 
in a manner that achieves fair presentation. 
We 
communicate with 
those charged 
with governance 
regarding, among 
other matters, 
the planned 
scope 
and 
timing 
of 
the 
audit 
and 
significant 
audit 
findings, 
including any 
significant deficiencies 
in 
internal control that we identify during 
our audit. 
We also provide those charged with governance 
with a statement that we have complied with relevant 
ethical requirements 
regarding independence, 
and 
communicate to 
them 
all 
relationships and 
other 
matters that may 
reasonably be thought to 
bear on our independence, and where 
applicable, actions 
taken to eliminate threats or safeguards 
applied. 
From the matters 
communicated with 
those charged with 
governance, we 
determine those 
matters that 
were of most significance 
in the audit of 
the financial statements 
of the current 
period and are 
therefore 
the key audit matters. 
We describe 
these matters 
in our 
audit report 
unless law 
or regulation 
precludes public 
disclosure about 
the matter. 
We assess 
whether the 
financial statements 
have been 
prepared, in 
all material 
respects, in 
compliance 
with the requirements laid down 
in the ESEF Regulation. 
Report on other legal and regulatory requirements 
The Report of the 
Executive Board is consistent with the financial statements and has 
been prepared 
in accordance with applicable 
legal requirements. 
The Corporate 
Governance Statement 
is included 
in the 
Report of 
the Executive 
Board. The 
information 
required 
by 
Article 
68ter 
Paragraph 
(1) 
Letters 
c) 
and 
d) 
of 
the 
Law 
of 
19 
December 
2002 
on 
the 
commercial 
and 
companies 
register 
and 
on 
the 
accounting 
records 
and 
annual 
accounts 
of 

15 
undertakings, 
as 
amended, 
is 
consistent 
with 
the 
financial 
statements 
and 
has 
been 
prepared 
in 
accordance with applicable 
legal requirements. 
We have 
been appointed 
as “Réviseur 
d’Entreprises 
Agréé” by 
the General 
Meeting of 
the Shareholders 
on 26 April 2024 and the 
duration of our 
uninterrupted engagement, including previous renewals 
and 
reappointments, is 1 year. 
We have checked the 
compliance of 
the financial statements 
of the Company 
as at 31 December 2024 
with 
relevant statutory 
requirements set 
out 
in 
the 
ESEF 
Regulation that 
are 
applicable to 
financial 
statements. 
For the Company it relates to 
the requirement that financial 
statements are prepared in a valid 
XHTML 
format. 
In our opinion, the financial 
statements of the Company 
as at 31 December 2024 have 
been prepared, 
in all material respects, in compliance 
with the requirements laid 
down in the ESEF Regulation. 
 
PricewaterhouseCoopers, Société 
coopérative 
Represented by 
@esig 
Franck Pansera 
Luxembourg, 29 April 2025 

 
 
 
 
 
 
 
 
 
 
 
 
The accompanying Notes are an integral part of these financial statements. 
16 
SG Issuer 
Statement of Financial Position 
As at 31 December 2024 
Notes 
(‘000 EUR) 
2024 
(‘000 EUR) 
2023 
Cash and cash equivalents 
3 
63 575 
42 010 
Financial assets at fair value through profit or loss 
- 
Mandatorily measured at fair value through 
profit or loss 
4.1 
49 117 912 
51 118 092 
- 
Trading derivatives 
4.1 
77 950 
57 316 
Loans and receivables 
5 
50 026 
50 035 
Other assets 
6 
292 904 
2 182 233 
Total assets 
49 602 367 
53 449 686 
Financial liabilities at amortized cost 
4.3 
96 621 
82 741 
Financial liabilities at fair value through profit or loss 
- 
Designated at fair value through profit or loss 
4.2 
49 120 262 
51 112 066 
- 
Trading derivatives 
4.2, 13 
76 896 
57 148 
Other liabilities 
6 
306 067 
2 195 502 
Tax liabilities 
7 
87 
13 
Total 
liabilities 
49 599 933 
53 447 470 
Share capital 
8.1 
2000 
2 000 
Share premium 
- 
- 
Legal reserve 
8.2 
200 
200 
Other reserves 
8.2 
- 
- 
Profit for the financial year 
234 
15 
Total 
equity 
2 434 
2 216 
Total 
liabilities and equity 
49 602 367 
53 449 686 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying Notes are an integral part of these financial statements. 
17 
SG Issuer 
Statement of Profit or Loss and Other Comprehensive Income 
For the year ended 31 December 2024 
Notes 
(‘000 EUR) 
2024
(‘000 EUR) 
2023 
Interest income 
9 
3 496 
2 685 
Commission income 
10 
42 950 
47 931 
Total revenues 
46 446 
50 616 
Interest expenses 
9 
(29 739) 
(36 384) 
Net 
gain 
/ 
(loss) 
from 
financial 
instruments 
at 
fair 
value 
through profit or loss 
11 
263 
(335) 
Personnel expenses 
12 
(256) 
(303) 
Other operating expenses 
13 
(16 393) 
(13 563) 
Total 
expenses 
(46 125) 
(50 585) 
Profit before tax 
321 
31 
Income tax 
7 
(87) 
(16) 
Profit for the financial year 
234 
15 
Total comprehensive income for the financial year 
234 
15 

 
 
 
 
 
 
 
 
 
 
The accompanying Notes are an integral part of these financial statements. 
18 
SG Issuer 
 
(‘000 EUR) 
Share capital 
(‘000 EUR) 
Share premium 
(‘000 EUR) 
Legal reserve 
(‘000 EUR) 
Other 
reserves 
(‘000 EUR) 
Total 
reserves 
(‘000 EUR) 
Profit or 
(loss) for the 
financial year 
(‘000 EUR) 
Total 
equity 
As at 31 December 2022 
2 000 
-
200
(214)
(14) 
590 
2 576 
Allocation 
of 
the 
result 
of 
the 
previous 
year 
before dividend distribution 
- 
- 
- 
590 
590 
(590) 
- 
Dividend to the sole shareholder 
- 
- 
- 
(375)
(375) 
- 
(375) 
Capital increase/Allocation to 
the share 
premium 
account (Note 8.1) 
- 
22 050 
- 
- 
- 
- 
22 050 
Reimbursement of the 
share premium 
(Note 8.1) 
- 
(22 050) 
- 
- 
- 
- 
(22 050) 
Profit for the financial year 2023 
- 
- 
- 
- 
- 
15 
15 
As at 31 December 2023 
2 000 
- 
200 
1
201 
15 
2 216 
Allocation 
of 
the 
result 
of 
the 
previous 
year 
before dividend distribution
- 
- 
- 
15 
15 
(15) 
- 
Dividend to the sole shareholder
- 
- 
- 
(15) 
(15) 
(15) 
Capital increase/Allocation to 
the share 
premium 
account (Note 8.1)
- 
34 361 
- 
- 
- 
- 
34 361 
Reimbursement of the 
share premium 
(Note 8.1)
- 
(34 361) 
- 
- 
- 
- 
(34 361) 
Other adjustments 
(1) 
(1) 
(1) 
Profit for the financial year 2024
- 
- 
- 
234 
234 
As at 31 December 2024 
2 000 
- 
200 
- 
200 
234 
2 434 
Statement of Changes in Equity 
For the year ended 31 December 2024 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The accompanying Notes are an integral part of these financial statements. 
19 
SG Issuer 
Statement of Cash Flows 
For the year ended 31 December 2024 
Notes 
(‘000 EUR) 
2024 
(‘000 EUR) 
2023 
 
OPERATING ACTIVITIES 
Profit for the financial year 
234 
15 
Non cash adjustments :
 
Net change in fair value and foreign exchange difference 
4.1, 4.2 
(83 015) 
(427 831) 
 
Change in cost of risk 
5 
0 
Net(increase)/decrease in financial assets 
4.1 
142 922 
(6 280 576) 
Net increase/(decrease) in financial liabilities 
4.2 
(38 530) 
6 740 308 
(Increase)/decrease in other assets 
6 
1 889 329 
(1 838 738) 
Increase/(decrease) in tax liabilities and other 
liabilities 
6, 7 
(1 854 986) 
1 834 880 
Taxes 
paid 
7 
(13) 
201 
NET CASH FLOWS FROM OPERATING ACTIVITIES 
55 941 
28 259 
FINANCING ACTIVITIES 
Payment of capital surplus
*
8.1 
(34 361) 
(22 050) 
Dividend paid 
(15) 
(375) 
NET CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES 
(34 376) 
(22 425) 
 
Cash and cash equivalents as at January 1
st
3 
42 010 
36 176 
Net increase/(decrease) in cash and cash equivalents 
21 565 
5 834 
Cash and cash equivalents as at December 31
st
63 575 
42 010 
 
Additional information on operational cash flows from 
interest and dividends 
Interest paid 
36 331 
24 735 
Interest received 
9 
3 496 
2 685 
Dividend received 
- 
- 
* KEUR 34 361 for the year ended 31 December 2024 
(and KEUR 22 050 for the year ended 31 December 2023) 
represent the share premium reimbursed 
by the Company to the shareholder (refer to Note 8.1). 
 

 
 
SG Issuer 
Notes to the financial statements 
As at 31 December 2024 
 
20 
NOTE 1 – CORPORATE 
INFORMATION 
SG Issuer (hereafter the 
"Company" or “SGIS”) is 
a Luxembourg company incorporated on 16 
November 2006 as 
a public limited company (“Société Anonyme”) 
for an unlimited period. 
Since April 2013, the Company’s corporate objects are 
to issue debt securities, bonds, 
certificates, warrants and 
any other debt securities or acknowledgements of 
debts or financial securities, whether 
or not accompanied by 
guarantees, with any type of underlying 
security, including, without limitation, company stock, any 
other capital 
security or security 
other than capital, 
index, currency, 
exchange rate, 
interest rate, 
dividend, credit risk, fund 
unit, investment company 
stock, term deposit, 
life assurance contract, 
loan, merchandise, 
term contract, option, 
Warrant or option coupons, allocated 
or unallocated precious 
metals, unit of 
account, basket or any other 
factor 
or any other type of underlying securities and 
any combination of the latter. 
To 
that effect, 
the Company 
may 
purchase, hold, 
dispose of, 
lend, loan 
or resell, 
by 
any 
means, including 
in 
particular 
the 
use of 
trusts, in 
trust 
or repurchase, 
any 
type 
of 
assets 
whatever 
their 
names 
and 
forms 
and 
whether or not 
accompanied by guarantees, 
in particular 
financial instruments (financial 
securities - stocks, 
fund 
units, bonds, certificates, 
Warrants - or 
financial contracts - 
swaps, options or 
other) or 
any other 
debt securities, 
acknowledgements of 
debts or 
capital securities, receive 
or issue monetary 
loans (including loans 
convertible 
into 
shares of 
the Company) 
- within 
the group 
of companies 
to which 
the Company 
belongs - 
and to 
supply 
guarantees in any form (actual guarantees such 
as pledges, securities, 
mortgages or other - personal 
guarantees 
or any other form of guarantee) for 
their own account, for the account of the group of companies to which the 
Company belongs or on behalf of third parties. 
The Company’s financial year begins on 1 January and 
ends on 31 December each year. 
The Company’s capital is divided into 50 011 shares, of which 49 911 are held by 
Société Générale Luxembourg 
(hereafter “SG Luxembourg”) and 100 are held by Société 
Générale S.A.. 
The accounts of the Company for the 
year ended 31 December 2024 are included in the consolidated accounts 
of Société Générale S.A. (hereafter ”Société Générale” 
or the “parent Company” or 
the “SG Group”), which is at 
once 
the 
smallest 
and 
the largest 
body 
of 
undertakings of 
which 
the 
Company 
forms 
a 
part 
as 
a 
subsidiary 
undertaking, and whose head-office 
is located at 29, boulevard Haussmann, 75009 Paris, France. 

 
SG Issuer 
Notes to the financial statements 
As at 31 December 2024 
 
21 
NOTE 2 – MATERIAL 
ACCOUNTING POLICIES 
2.1
Basis of preparation 
2.1.1
Statement of compliance 
The financial 
statements 
of the 
Company as 
at and 
for the 
year ended 
31 December 
2024 have 
been prepared 
in 
accordance 
with 
International 
Financial 
Accounting 
Standards 
(“IFRS”) 
as 
adopted 
by 
the 
European 
Union 
and 
interpretations adopted by the 
International Accounting Standards Board (“IASB”). 
The financial statements as 
at and for the 
year ended 31 
December 2024 
were authorised for issue 
by the Supervisory 
Board on 28 April 2025. 
2.1.2
Functional and presentation currency 
The financial statements are prepared in Euro 
(“EUR”), which is the Company’s functional currency and the currency 
of its share 
capital. Unless stated 
otherwise, the amounts in 
the financial statements 
are expressed in 
thousands of 
EUR (KEUR). 
The value 
“0” indicates 
the presence 
of a 
number, 
which is 
rounded to 
zero, 
while “-“ 
represents the 
value nil. 
2.1.3
Critical estimates and judgments 
The preparation of 
the Company’s financial statements 
requires Executive Board 
to make judgments, 
estimates and 
assumptions 
that 
affect 
the 
reported 
amount 
of 
figures 
recorded 
in 
the 
statement 
of 
profit 
or 
loss 
and 
Other 
Comprehensive Income, on the 
unrealised or deferred gains 
and losses, on the 
valuation of assets and 
liabilities in the 
statement of financial position, and on information disclosed in the 
notes to the financial statements. 
In 
order to 
make 
these assumptions 
and estimates, 
the Executive 
Board 
uses information 
available at 
the date 
of 
preparation 
of 
the 
financial 
statements 
and 
can 
exercise 
its 
judgment. 
By 
nature, 
valuations 
based 
on 
estimates 
include risks and 
uncertainties relating 
to their occurrence 
in the 
future. Consequently, actual 
future results 
may differ 
from these estimates and may then have a significant impact on the 
financial statements. 
Uncertainty about these 
assumptions and estimates could result 
in outcomes that 
require a material 
adjustment to 
the 
carrying 
amount 
of 
assets 
or 
liabilities 
affected 
in 
future 
periods. 
In 
the 
process 
of 
applying 
the 
Company’s 
accounting policies, Executive Board 
has made the following 
judgments and assumptions concerning the future and 
other key 
sources of 
estimation uncertainty 
at the 
reporting date, 
that have 
a significant 
risk of 
causing a 
material 
adjustment to the carrying amounts of assets and liabilities within the 
next financial year. Existing circumstances and 
assumptions 
about 
future 
developments 
may 
change 
due 
to 
circumstances 
beyond 
Company’s 
control 
and 
are 
reflected in the assumptions 
if and when 
they occur. Items with the 
most significant effect on 
the amounts recognized 
in the financial statements with substantial Executive Board 
judgment and/or estimates are listed below with 
respect 
to judgments/estimates involved. 
The use of significant estimates and judgment mainly 
concerns the following topics: 
●
Fair value in the statement of financial position of financial instruments not quoted in an active market which are 
classified as financial assets and liabilities 
at fair value through profit or loss (see Notes 4.1 and 4.2); 
●
The analysis of the contractual cash flow characteristics of financial 
assets (see Note 2.3.3.1). 
2.1.4
Segment reporting 
No 
dedicated management 
reporting information 
is 
presented for 
SGIS to 
a chief 
decision maker; 
only the 
annual 
financial statements are presented to the Executive Board of SGIS in analysing the performance of the Company. The 
Company has mainly one geographical area related to its revenue, which is France. 

 
 
SG Issuer 
Notes to the financial statements 
As at 31 December 2024 
 
22 
2026
•Amendments to IAS 21 "Lack of Exchangeability"
2025
•Amendments to IFRS 9 "Amendments to the classification 
and measurement of 
financial instruments"
•Amendments to IFRS 9 and IFRS 7 “Contracts Referencing 
Nature-dependent 
Electricity ” (PPA and VPPA)
2027
•IFRS 18 "Presentation and Disclosure in Financial Statements"
2.2
New accounting standards 
2.2.1
New accounting standards applicable as at 1 January 2024 
AMENDMENTS TO IFRS 
16 “Lease liability 
in a sale and leaseback” 
These 
amendments 
provide 
clarifications 
on 
the 
subsequent 
measurement 
of 
leaseback 
transactions 
when 
the 
original sale of 
the asset meets 
the criteria of 
IFRS 15 “Revenue 
from contract 
with customers” for 
recognition as 
a 
sale. 
These 
amendments 
specify in 
particular 
how 
to 
subsequently measure 
the 
lease 
liability 
arising 
from 
these 
leaseback transactions, made of variable lease 
payments that do not depend on an 
index or a rate. 
This amendment has no impact on the 
Company financial statements as the Company does not have property, plant 
or equipment. 
2.2.2
Accounting standards, amendments or interpretations to be applied by the Company 
in the future 
The 
IASB 
published 
accounting 
standards 
and 
amendments, 
some 
of 
which 
have 
not 
been 
adopted 
by 
the 
European Union 
as at 
31 December 2024. 
Their application 
is required for 
the financial years 
beginning on or 
after 
1 January 2025 at 
the earliest 
or on 
the date 
of their 
adoption by 
the European 
Union. They 
have thus 
not been 
applied 
to 
the 
Company as 
at 
31 December 
2024.These 
standards are 
expected 
to 
be 
applied according 
to 
the 
following 
schedule:
Amendments to IFRS 21 “Lack of exchangeability”
Published on 15 August 2023 
These amendments specify 
the circumstances in which 
a currency is exchangeable 
(or not) into another 
currency, and 
how 
to 
determine 
the 
exchange 
rate 
to 
apply 
when 
a 
currency 
is 
not 
exchangeable. 
They 
also 
add 
to 
the 
list 
of 
supplementary 
information 
to 
be 
disclosed 
in 
the 
annex 
to 
the 
financial 
statements 
when 
a 
currency 
is 
not 
exchangeable. 
The provisions of these amendments are already applied 
to the preparation of the Company’s financial statements. 
 

SG Issuer 
Notes to the financial statements 
As at 31 December 2024 
 
23 
Amendments to IFRS 9 "Amendments to the classification 
and measurement of financial instruments" 
Published on 30 May 2024. 
These amendments 
clarify the 
classification of 
financial assets, 
in particular 
on how 
to assess 
whether contractual 
cash flows of a 
financial asset are consistent with 
a basic lending arrangement. They 
thus clarify the classification of 
financial assets with environmental, social and governance (ESG)-linked features. 
They also include specifications regarding the classification of contractually linked instruments and 
of financial assets 
guaranteed solely by security rights. 
Furthermore, 
these 
amendments 
also 
specify 
how 
to 
apply 
the 
derecognition 
of 
financial 
assets 
settled 
through 
electronic payment systems. 
New disclosures are also 
required on the 
investments in equity instruments 
originally designated at 
fair value through 
other comprehensive income, 
and the financial 
assets and liabilities 
with contingent features, such as 
those with ESG-
linked features. 
The amendments should have no impact on the Company’s 
financial statements. 
Amendments to IFRS 9 and IFRS 7 “Contracts referencing nature-dependent 
electricity” (PPA and VPPA) 
Published on 18 December 2024. 
The IASB issued amendments to IFRS 
9 and IFRS 7 relating 
to contracts referencing 
nature-dependent electricity the 
produced quantity of which is subject to hazard and variability. 
The contracts concerned can be settled: 
-
through contracts to buy or sell nature-dependent electricity: Power Purchase Agreements 
(PPA); 
-
virtually settled net for the difference between 
the contractually agreed price 
and the market price: 
Virtual Power 
Purchase Agreements (VPPA). 
These amendments clarify 
the conditions for the 
application of the own 
use exemption which allows 
for the exclusion 
of the Group-owned PPAs from the application scope of IFRS 9. 
These amendments should have no impact on the Company’s financial 
statements. 
IFRS 18 "Presentation and disclosure in financial statements” 
Published on 9 April 2024. 
This standard will supersede IAS 1 “Presentation of Financial Statements”. 
It will 
not change 
the rules 
for recognising 
assets, liabilities, 
income and 
expenses, nor 
their measurement; 
it only 
addresses their presentation in the Primary financial 
statements and in their related Notes. 
The main changes introduced by this new 
standard affect the income statement. The latter will have to be structured 
by 
mandatory 
sub-totals 
and 
articulated 
in 
three 
categories 
of 
income 
and 
expenses: 
the 
operating 
income 
and 
expenses, investment income and expenses, and financing income and 
expenses. 
For entities, for 
which investing in particular types 
of assets or providing financing to 
customers is one of 
their main 
business activities, such as banking and 
insurance entities, the standard 
provides for an appropriate 
presentation of 
the income and expenses relating to these activities 
under the operating income and expenses. 

 
 
 
 
 
 
 
 
 
 
 
 
 
SG Issuer 
Notes to the financial statements 
As at 31 December 2024 
 
24 
IFRS 18 
also requires 
presenting in 
the Notes management-defined 
performance measures (MPMs), 
i.e. alternative 
measures defined 
by the 
Management of 
the entity 
and used 
for public 
communication (justification 
of the 
use of 
these measures, calculation method, reconciliation with 
the subtotals required by the standard). 
Finally, 
the standard 
provides guidance 
on how 
to aggregate 
and disaggregate 
material information 
in the 
primary 
financial statements and in the related Notes. 
The application 
of IFRS 
18 will 
be required 
for annual 
periods beginning on 
1 January 2027; 
this application 
will be 
retrospective with a restatement of comparative information. 
The impact of this 
standard on the 
Company’s financial statements is 
currently being analysed as not 
yet in force 
at 
the date of these financial statements. 
2.3
Summary of material accounting policies 
2.1.5
Foreign currency transactions 
The Company maintains its books in EUR, which 
is the currency of the capital. 
Assets and 
liabilities denominated in 
foreign currencies 
are translated 
into EUR 
at the 
exchange rates 
ruling at 
the 
reporting 
date. 
Foreign 
exchange 
differences 
arising 
on 
translation 
and 
realized 
exchange 
gains 
and 
losses 
are 
recognised in the 
statement of profit 
or loss 
and Other 
Comprehensive Income 
in the caption 
“Net gains 
from financial 
instruments at fair value through profit or loss”
 
and 
“Interest Expenses”
. 
Revenues and expenses in 
foreign currencies are 
translated into EUR at 
the exchange rates 
prevailing at the 
date of 
the transactions. 
The most important 
foreign currency positions 
for the Company 
are USD, JPY, GBP, HKD and CHF. The 
following foreign 
exchange rates were used: 
USD 
JPY 
GBP 
HKD 
CHF 
31.12.2024 
1.0389 
163.06 
0.82918 
8.0686 
0.9412 
31.12.2023 
1.1050 
156.3300 
0.86905 
8.6314 
0.9260 
2.1.6
Cash and cash equivalents 
Cash and cash equivalents comprise only cash 
repayable on demand. 
Cash 
and 
cash 
equivalents 
in 
the 
Company 
are 
subject 
to 
impairment 
under 
IFRS 
9 
and 
are 
presented 
net 
of 
impairment (cf. Note 2.3.3.3). 
2.1.7
Financial instruments 
2.3.3.1 
Classification of financial instruments 
Classification of financial assets 
Financial assets 
are classified 
under IFRS 
9 based 
on the 
characteristics of 
their contractual 
cash flows 
and on 
how 
they are managed (business models). 
For the debt instruments 
held, SGIS has defined 
its business model as 
“hold to collect” 
for the Fully Funded 
Swaps, for 
Cash and cash equivalents and 
for Loans and receivables. 
These assets are acquired in 
order to collect the contractual 
cash-flows attached to the assets. No sale has been made in the past years and no sale 
is anticipated in the future. 

 
 
 
SG Issuer 
Notes to the financial statements 
As at 31 December 2024 
 
25 
The Fully Funded Swaps 
(hereafter “FFS”) are economically 
assimilated to loans 
with embedded derivatives 
(the swap 
embedded in 
the FFS). 
This type 
of financial 
assets complies with 
the IFRS 
Accounting Standards 
definition of 
debt 
instruments (fixed maturity, coupon calculated as a rate, no right nor interest/control in an entity). As these financial 
assets of SGIS contain embedded derivatives that modify the cash flows of the entire contract, the contract does not 
pass 
the 
Solely 
Payments 
of 
Principles 
and 
Interest 
(or 
“SPPI”) 
test 
and 
consequently 
these 
financial 
assets 
are 
mandatorily measured at Fair Value through Profit or Loss (“FVTPL”). 
Cash and cash 
equivalents and Loans 
and receivables are 
SPPI compliant 
and are 
thus measured at 
amortised cost. 
Cash and cash equivalents and Loans 
and receivables are subject to 
impairment under IFRS 9 and are 
presented net 
of impairment. 
The Options held, covering the Warrants issued, are Trading derivatives and thus measured at FVTPL. 
Purchases and sales of 
financial assets recorded under 
financial assets at 
fair value through profit or 
loss and Financial 
assets at fair value through other comprehensive income are recognised in the 
statement of financial position at the 
delivery-settlement date. 
Changes in fair value 
between the trade 
and settlement dates are 
recorded in the income 
statement or 
booked to shareholders’ 
equity depending on the accounting category 
of the relevant financial assets. 
Loans and receivables are 
recorded in statement of 
financial position 
on the date they 
are paid or 
at the maturity 
date 
for 
invoiced 
services. 
The 
trade 
date 
is 
the 
date 
on 
which 
the 
contractual 
commitment 
becomes 
binding 
and 
irrevocable for the Company. 
Classification of financial liabilities 
Financial liabilities are classified into one of the 
following two categories: 
●
Financial liabilities at fair value through profit or loss: 
These 
are 
financial liabilities 
held 
for 
trading 
purposes, which 
by 
default 
include 
derivative financial 
liabilities not 
qualifying 
as 
hedging 
instruments 
and 
non-derivative 
financial 
liabilities 
designated 
by 
the 
Company 
upon 
initial 
recognition to be carried at fair value through profit or loss in accordance with the 
fair value option. 
The Company has 
designated at fair 
value through profit 
or loss the notes 
issued because mirror transactions 
(Fully 
Funded Swaps or “FFS”) that are used to mirror those notes are measured mandatorily at fair value through profit or 
loss and thus reduce the accounting mismatch. 
●
Financial liabilities at amortised cost: 
These include the other non-derivative financial liabilities 
and are measured at amortized cost. 
2.3.3.2 
Valuation of financial instruments 
Definition of fair value 
Fair value 
is the 
price that would 
be received 
to sell 
an asset 
or paid 
to transfer 
a liability in 
an orderly 
transaction 
between market participants at the measurement date. 
In 
the 
absence 
of 
observable 
prices 
for 
identical 
assets 
or 
liabilities, 
the 
fair 
value 
of 
financial 
instruments 
is 
determined 
using 
another measurement 
technique 
that 
maximises 
the 
use 
of 
observable market 
input 
based 
on 
assumptions that market operators would use to set the price of the 
instrument in question. 
Fair value hierarchy 
The fair values of financial instruments include accrued 
interest as applicable. 
For information purposes, in the notes to the financial statements, the fair value 
of financial instruments is classified 
using a fair value hierarchy that reflects the significance of the inputs used according to 
the following levels: 

SG Issuer 
Notes to the financial statements 
As at 31 December 2024 
 
26 
Level 1 (L1): instruments valued on the basis of quoted 
prices (unadjusted) in active markets for identical assets or 
liabilities 
Level 1 instruments carried at fair value on the statement of financial position include in particular 
shares listed in an 
active 
market, 
government 
or 
corporate 
bonds 
priced 
directly 
by 
external 
brokers/dealers, 
derivatives 
traded 
on 
organised markets 
(futures, options), and 
units of funds 
(including UCITS) whose 
net asset value 
is available 
on the 
statement of financial position date. 
A financial instrument 
is regarded 
as quoted in 
an active market 
if quoted 
prices are readily 
and regularly available 
from an exchange, 
dealer, broker, 
industry group, pricing service or regulatory agency, 
and if they reflect actual and 
regular market transactions on an arm’s length basis. 
Determining whether a market is inactive 
requires the use of indicators such as a 
sharp decline in trading volume and 
the level 
of activity 
in the 
market, a sharp 
disparity in 
prices over 
time and 
among the 
various above-mentioned 
market 
participants, or 
the fact 
that the latest 
transactions conducted 
on an arm’s 
length basis 
did not take 
place recently 
enough. 
Where a financial instrument is traded in several markets 
to which the Company has immediate access, its fair value 
is represented by the market price at which volumes and activity levels 
are highest for the instrument in question. 
Transactions resulting from 
involuntary liquidations 
or distressed 
sales are 
usually not 
taken into account 
to determine 
the market price. 
Level 2 (L2): instruments valued using inputs other 
than quoted prices included in Level 1 
that are observable for 
the asset or liability, either directly (i.e. as prices) or indirectly (i.e. 
derived from prices) 
These are instruments measured using 
a financial model based on observable market 
inputs. Prices published by an 
external source derived from the valuation 
of similar instruments are considered as data derived 
from prices. 
Level 2 instruments include in particular 
non derivative financial instruments carried 
at fair value on the statement of 
financial 
position 
that 
are 
not 
directly 
quoted 
or 
do 
not 
have 
a 
quoted 
price 
on 
a 
sufficiently 
active market 
(e.g. 
corporate 
bonds, repos 
transactions, mortgage-backed 
securities, units 
of funds), 
and firm 
derivatives and 
options 
traded over-the-counter: interest rate swaps, caps, floors, swaptions, equity 
options, index options, foreign exchange 
options, commodity options and credit derivatives. The maturities of these 
instruments are linked to ranges of terms 
commonly traded 
in the 
market, and the 
instruments themselves 
can be 
simple or 
offer a more 
complex remuneration 
profile (e.g. barrier 
options, products with multiple 
underlying instruments), with said complexity 
remaining limited 
however. 
The valuation techniques used in this category are based on common methods shared by the main market 
participants. 
Level 3 (L3): instruments valued using inputs that 
are not based on observable market data (referred to as 
unobservable inputs) 
Level 
3 instruments 
carried at 
fair value 
on the 
statement of 
financial position 
are predominantly 
instruments for 
which the sales margin 
is not immediately recognized in profit or loss. 
In the context 
of SGIS, this sales margin is not applicable 
and hence not recognised
because there is a corresponding 
offsetting margin on the funded 
swap.
Accordingly, Level 3 financial instruments include derivatives with longer maturities than those 
usually traded and/or 
with 
specifically 
tailored 
return 
profiles. 
Similarly, 
debt 
measured 
at 
fair 
value 
is 
classified 
as 
Level 
3 
where 
the 
valuation of the associated embedded derivatives is also based 
on unobservable inputs. 
 

SG Issuer 
Notes to the financial statements 
As at 31 December 2024 
 
27 
The main L3 complex derivatives are: 
●
Equity derivatives: options 
with long maturities and/or 
incorporating bespoke remuneration 
mechanisms. These 
instruments are sensitive to market inputs 
(volatility, dividend rates, 
correlations, etc.). In the absence of market 
depth 
and 
an 
objective 
approach 
made 
possible 
by 
regularly 
observed 
prices, 
their 
valuation 
is 
based 
on 
proprietary 
methods 
(e.g. 
extrapolation 
from 
observable 
data, 
historical 
analysis). 
Hybrid 
equity 
instruments 
(i.e. having at least one 
non-equity underlying instrument) 
are also classified as 
L3 insofar as correlations between 
the different underlying are generally unobservable; 
●
Interest 
rate 
derivatives: 
long-term and/or 
exotic 
options, products 
sensitive to 
correlation 
between 
different 
interest 
rates, 
different 
exchange rates, 
or between 
interest 
rates 
and exchange 
rates, 
for example 
for quanto 
products (in which the instrument is settled in a currency different from the currency of the underlying); they are 
liable to 
be classified as 
L3 because 
the valuation inputs 
are unobservable 
due to 
the liquidity of 
the correlated 
pair and 
the residual maturity of 
the transactions (e.g. exchange 
rate correlations 
are deemed unobservable for 
the USD/JPY); 
●
Credit 
derivatives: 
L3 
credit 
derivatives 
mainly 
include 
baskets 
of 
instruments 
exposed 
to 
time 
to 
default 
correlation (“N to default” products in which the buyer of the hedge is compensated as of the Nth default, which 
are exposed 
to the 
credit quality 
of the 
issuers comprising the 
basket and 
to their 
correlation, or 
CDO Bespoke 
products, which 
are Collateralised 
Debt Obligations 
created 
specifically for 
a group 
of investors 
and structured 
according to their needs), as well as products subject to 
credit spread volatility; 
●
Commodity 
derivatives: 
this 
category 
includes 
products 
involving 
unobservable volatility 
or 
correlation 
inputs 
(i.e. options on commodity swaps or instruments based 
on baskets of underlyings). 
At the level of SG Group, valuation models are determined in order to 
fully embed the impact of IFRS 13 
as described 
above 
and 
use 
appropriate 
parameters 
and 
methodologies 
in 
order 
to 
determine 
L3 
instruments 
valuation. 
Counterparty 
credit 
risk 
estimates 
relies 
on 
Credit 
Value 
Adjustments 
(CVA) 
and 
Debit 
Value 
Adjustments 
(DVA) 
calculations. 
Different 
calculation methods 
can exist 
regarding the 
CVA-DVA 
/ OCA 
(Own Credit 
Adjustment) impact calculation: 
derived from the yield discounting methodology, other from the Monte-Carlo EPE/ENE (Expected Positive / Negative 
Exposure). The 
methodology for 
calculation of 
CVA-DVA 
(OCA not 
applicable to 
the Company) 
applied to 
SGIS (the 
same as the SG Group) is the yield discounting 
methodology. 
The valuation methods used by the Company to establish the 
fair value of financial instruments are detailed below. 
The fair values of financial instruments include accrued 
interest as applicable. 
●
For Unsecured Notes and Fully Funded Swaps 
The 
fair 
value 
for 
both the 
unsecured 
Notes 
(liabilities) and 
the 
Fully 
Funded Swap 
(FFS) 
(assets) is 
calculated 
by 
discounting the expected future 
cash flows with 
the risk-free curve. To 
take the credit 
adjustment into account, the 
risk-free 
curve 
is 
adjusted 
with 
Société 
Générale 
Group’s 
credit 
spread 
curve. 
A 
dedicated 
process 
has 
been 
implemented 
using 
Société 
Générale 
Group 
and 
SGIS 
operational 
teams’ 
input. 
This 
process 
is 
fully 
functional, 
constantly monitored as of today. 
●
For Secured and Repack Notes 
Secured 
Notes 
are 
Notes 
which 
are 
collateralized 
with 
assets 
deposited 
on 
segregated 
or 
pooled 
accounts 
with 
external custodian (The 
Bank of New 
York Mellon S.A., Luxembourg 
Branch, hereafter “BNY 
Mellon Luxembourg”) 
and 
pledged in favour of the Note holders. 
Repack Notes are Notes which 
allow investors to calibrate the funding yield 
of their structure by selecting 
a bond (the 
“Reference Bond”) issued by a third-party issuer (the “Reference Bond Issuer”). 
The collateral assets are composed of eligible securities. 

SG Issuer 
Notes to the financial statements 
As at 31 December 2024 
 
28 
Should Société Générale defaults, the pledge on the assets 
is to be enforced; the Notes holders are exposed to credit 
risk of the 
collateral (external securities). Therefore, 
as Société Générale and 
SGIS act solely as 
intermediary 
for risk 
transfer, 
the credit risk premium 
(external bonds issuers) shall 
not be adjusted with 
Société Générale credit 
spread. 
Thus, no additional credit adjustment is needed 
for the secured Notes. 
The fair 
value of the 
Secured Notes and the 
Repack Notes and 
the associated FFS 
is computed, for 
each accounting 
period, by discounting the expected future cash flows by a composite 
Repo rate curve. 
●
For Warrants and Options 
For 
financial 
instruments 
recognised 
at 
fair 
value 
in 
the 
statement 
of 
financial 
position, 
fair 
value 
is 
determined 
primarily on the basis of the prices quoted in an active market. 
These prices can be adjusted if none are available 
on 
the statement of financial position date or if the clearing value does 
not reflect transaction prices. 
However, due especially to the varied characteristics of 
financial instruments traded over the 
counter on the financial 
markets, a large number of financial products traded by the 
Company does not have quoted prices in the markets. 
The base models 
may not fully capture all 
factors relevant to the valuation of 
SGIS on these 
financial instruments such 
as credit risk 
(CVA), own credit (DVA) and/or 
funding costs (FVA).
Therefore, SGIS applies various 
techniques (from the 
Group) to estimate the credit risk associated with its financial 
instruments measured at fair value. 
The revaluation 
differences 
attributable 
to 
the Company’s 
credit risk 
are 
thus determined 
using valuation 
models 
which 
take 
into 
account 
the 
most 
recent 
financing 
terms 
and 
conditions 
on 
the 
markets 
along 
with 
the 
residual 
maturity of the related liabilities. 
●
For secured notes issued by the Company, 
as investors are not exposed to the Company’s 
risk, no own credit risk 
should impact the fair value of the instruments and as such, 
no adjustment has to be calculated; 
●
For unsecured notes, investors are not contractually exposed 
to the Company’s credit risk but to Société 
Générale 
Group’s 
own credit risk. 
SGIS 
valuation 
models 
therefore 
reflects 
the 
absence 
of 
credit 
risk, 
and 
structured 
bonds 
are 
not 
impacted 
by 
Own Credit Adjustments within the entity. 
Deferred margin related to main unobservable inputs 
The 
Company 
does 
not 
apply 
deferred 
margin 
related 
to 
its 
main 
unobservable 
inputs 
as 
margin 
on 
Notes 
and 
Warrants issued are offset by a similar margin on Fully Funded Swaps and Options 
purchased. 
2.3.3.3 
Impairments and provisions 
Some financial assets involve credit risk which exposes the Company to a potential loss if the counterparties were to 
be unable to respect 
their financial commitments. The Company is remunerated 
for bearing this risk by 
a portion of 
the contractual interest that it receives on those assets; this is known as the 
credit margin. 
This potential 
loss, or expected 
credit loss, 
is recognised 
in profit or 
loss without 
waiting for the 
occurrence of 
a default 
event on a specific counterparty. 
For loans 
and receivables 
measured at 
amortised cost 
or fair 
value through 
other comprehensive 
income, the 
expected 
credit loss, 
as assessed by 
the Company, 
is recognised 
in profit 
or loss. 
On the 
statement 
of financial 
position, this 
potential loss is recognised as 
an impairment that reduces the 
carrying amount of assets 
measured at amortised cost. 
Impairments are written 
-back in case 
of a subsequent 
decrease of credit 
risk. No impairment is 
recognised on cash 
and 
cash equivalents, 
as the 
credit risk 
is immaterial. 
The Company 
does not 
have 
loan commitments 
or financial 
guarantees contracts. 
 

SG Issuer 
Notes to the financial statements 
As at 31 December 2024 
 
29 
The group assesses on a forward-looking basis the 
expected credit losses associated with 
its debt instruments carried 
at amortised cost. The impairment 
methodology applied depends on 
whether there has been a 
significant increase in 
credit 
risk. 
For 
trade 
receivables, 
the 
group 
applies 
the 
simplified 
approach 
permitted 
by 
IFRS 
9, 
which 
requires 
expected lifetime losses to be recognised from initial recognition of the 
receivables. 
Impairment and provisions for credit risk 
To 
determine the amount of 
impairment or loss allowances 
to be recorded 
at each reporting date, 
these exposures 
are classified 
into one 
of three categories 
based on 
the increase in 
credit risk 
observed since initial recognition. 
An 
impairment or loss allowance shall be recognised for the 
exposures in each category as follows: 
●
Exposures 
classified 
in 
Stage 
1: 
At 
the 
initial 
recognition 
date, 
the 
exposures 
are 
systematically 
classified 
in 
Stage 
1, unless 
they 
are 
underperforming/credit-impaired on 
acquisition and 
during 
the lifetime 
of 
the credit. 
Stage 1 
exposures 
are 
impaired 
for 
the 
amount 
of 
credit 
losses 
that 
the 
Company 
expects 
to 
incur 
within 
12 months (12-month expected credit losses), based on 
past data and the current situation; 
●
Exposures classified in Stage 2: To 
identify Stage 2 exposures, the significant 
increase in credit risk is 
assessed by 
the 
Company, 
taking 
into 
account 
the 
counterparty’s 
credit 
risk 
rating, 
the 
magnitude 
of 
the 
change 
in 
the 
counterparty’s credit rating and the existence of payments delays of more than 30 days; 
●
Exposures classified in Stage 3 (doubtful 
outstanding): The Company determines 
whether or not there 
is objective 
evidence of impairment (default event). 
Stage 2 and 3 exposures are impaired for the amount of credit losses that the Company expects to incur over the life 
of 
the 
exposures 
(lifetime 
expected 
credit 
losses), 
taking 
into 
consideration 
past 
data, 
the 
present 
situation 
and 
reasonable forecast changes in economic conditions, and relevant macroeconomic factors through to maturity. 
Impairments / Reversal of impairments 
Impairments / Reversal of impairments 
includes net reversals of impairment 
and loss allowances 
for credit risk, losses 
on irrecoverable loans and amounts recovered on amortised receivables. 
2.3.3.4 
Offsetting financial assets and financial liabilities 
A financial asset 
and a 
financial liability 
are offset and 
the net 
amount presented on 
the statement of 
financial position 
when the Company has a legally enforceable right 
to set off the recognised amounts and intends either to 
settle the 
asset 
and 
liability 
on 
a 
net 
basis, 
or 
to 
realise 
the 
asset 
and 
settle 
the 
liability 
simultaneously. 
The legal right to set off the recognised amounts must be 
enforceable in all circumstances, in both the normal 
course 
of business and in the event of default of one of the 
counterparties. 
The financial instruments issued by the Company are subscribed by the investors 
through Société Générale as a lead 
manager during the 
issuance period and 
as a market maker 
for a secondary 
market. The instruments 
which are unsold 
are held by SG. 
The treatment is 
applied based on IAS 32 
Paragraph 42: “A 
financial asset and a 
financial liability shall be offset 
and 
the net amount presented in the statement of financial position when, 
and only when, an entity: 
●
Currently has a legally enforceable right to set off the recognized amounts; and 
●
Intends either to settle on a net basis, or to realise the asset 
and settle the liability simultaneously.” 
In December 2014, a 
cash netting clause was 
added in the legal 
framework with Société Générale 
Personne Morale 
and the Company 
consequently acquired a legally 
enforceable right to 
offset the recognized 
amount with the same 
counterparty (Société Générale). 
The assets (the 
Fully Funded Swaps) and 
the liabilities (the Notes) are 
settled (and 
intended to be settled) simultaneously. 
 

SG Issuer 
Notes to the financial statements 
As at 31 December 2024 
 
30 
In June 2017, the Company added a new cash 
netting clause in the legal framework with Société Générale 
Personne 
Morale and the Company consequently acquired a legally enforceable right 
to offset the recognized amount with the 
same counterparty 
(Société Générale). 
The 
assets (OTC 
Options) and 
the liabilities 
(the Warrants) 
are 
settled (and 
intended to be settled) simultaneously. 
In application of IAS 32 - Offsetting a financial asset and a financial liability, the Company proceeds to the accounting 
netting of 
the non-sold 
amounts. The 
impact of 
the off-setting 
for the 
non-sold Notes 
and the 
corresponding Fully 
Funded Swaps and impact of 
the off-setting for 
the non-sold Warrants and 
the corresponding options are described 
in Note 4.1 and Note 4.2. 
2.1.8
Other assets and other liabilities 
Settlement accounts for trades are included in other assets or other liabilities 
and are presented separately in 
distinctive captions on assets or liabilities side (cf. Note 6). 
2.1.9
Shareholders’ equity 
Equity are 
the resources contributed 
to the 
Company by external 
shareholders as capital, 
as well 
as the cumulative 
and undistributed results (retained earnings). 
The statement “Changes in Shareholders’ Equity” presents the various changes that affect the components of equity 
over the reporting period. 
2.1.10
Interest income and expense 
Interest is recognized 
as expense or income over 
the life of the financing 
service granted or received, proportionally 
to the principal amount outstanding. 
Interest income and expense are recorded in the statement of profit or loss and Other Comprehensive Income under 
Interest and similar income 
and Interest and similar 
expense for all financial 
instruments measured using 
the effective 
interest 
method 
(instruments 
at 
amortised cost 
and 
debt 
instruments 
at 
fair 
value 
through 
other comprehensive 
income). 
The effective 
interest 
rate 
is 
taken 
to 
be the 
rate 
used to 
net 
discount future 
cash 
inflows 
and outflows 
over 
the 
expected 
life 
of 
the 
instrument 
in 
order 
to 
establish 
the 
net 
book 
value 
of 
the 
financial 
asset 
or 
liability. 
The calculation of this rate considers the future cash 
flows estimated on the basis of the 
contractual provisions of the 
financial instrument 
without taking 
account of 
possible future 
credit 
losses and 
also includes 
commissions paid 
or 
received between 
the parties 
where these 
may 
be assimilated 
to interest, 
directly linked 
transaction costs, 
and all 
types of premiums and discounts. 
Where a financial 
asset is classified 
in Stage 3 
for impairment, subsequent 
interest income is 
measured at the 
effective 
interest rate applied to the 
net carrying 
amount of the 
financial asset 
with an offsetting 
entry equal 
to the outstanding 
financial asset before impairment. 
2.1.11
Fee income and expense 
Fee income 
and Fee 
expense combine 
fees on 
services rendered 
and received, 
as well 
as fees 
on pledged 
security 
granted that cannot 
be assimilated 
to interest. Fees 
that can 
be assimilated to 
interest are integrated into 
the effective 
interest rate on the associated financial instrument and are recorded under Interest income and Interest expenses. 
 

 
SG Issuer 
Notes to the financial statements 
As at 31 December 2024 
 
31 
The 
Company 
recognizes 
fee 
income 
or 
expense 
for 
an 
amount 
equivalent 
to 
the 
remuneration 
for 
the 
service 
provided and depending on the progress transferring control 
of these services: 
●
Fees for ongoing services, such as custody fees and administration costs are recognized as income over the life of 
the service; 
●
Fees for one-off services, such as issuance and listing fees are 
recognized as income when the service is provided. 
The possible mismatch 
between the payment 
date of the 
service provided and 
the date of 
execution of 
the service 
gives assets and liabilities depending on the type of contract and mismatch which are recognized under Other Assets 
and Other Liabilities. 
For example: supplier 
contracts generate trade payables, accrued 
expenses or prepaid 
expenses. 
Income related 
to the 
issuance of 
Notes and 
Warrants 
falls under 
the scope 
of IFRS 
15 and 
as such, 
is 
considered 
separately as income generated by 2 services when the Company performs its activities: 
●
The issuing fee recognized upfront for the initiation and the structuration of the issuance; 
●
Account and security servicing during the 
lifecycle of the security. 
2.1.12
Other operating expenses 
The Company records operating expenses according to the type of services 
to which they refer. 
Other operating expenses mainly include lease payments, building maintenance and other costs, travel and business 
expenses, outsourcing and advisory fees and marketing and 
advertising expenses. Detail is provided in Note 12. 
2.1.13
Income tax 
Income tax includes current taxes and deferred taxes: 
●
Current taxes correspond to the amount of taxes due (or refundable) as calculated according to the taxable profit 
base for the reporting period; 
●
Deferred 
taxes correspond 
to the 
amount of 
taxes resulting 
from past 
transactions and that 
will be 
payable (or 
refundable) in a future reporting period. 
2.3.9.1 
Current tax 
Current tax is 
based on 
the taxable 
profit and 
determined in 
accordance with 
the rules 
established by 
the local 
taxation 
authorities, upon which income taxes are payable. This tax expense also includes net allowances for 
tax adjustments 
pertaining to income tax. 
Tax 
credits arising in respect of 
interest from loans 
and income from securities are 
recorded in the relevant 
interest 
account as they 
are applied 
in settlement 
of income 
taxes for the 
year. The related tax 
charge is 
included under 
Income 
tax in the statement of profit or loss and Other Comprehensive Income. 
2.3.9.2 
Deferred tax 
Deferred taxes are recognized whenever 
the Company 
identifies a temporary 
difference between the 
accounting base 
and tax base for assets and liabilities that will affect future tax payments or from tax loss carried 
forward. 
The amount is 
based on the tax 
rate enacted 
or substantively enacted which 
is expected 
to apply when the 
asset is 
realized, or the liability settled. These deferred taxes are adjusted in the event of changes 
to tax rates. This amount is 
not discounted to present value. The 
Company off-sets its deferred tax 
assets against liabilities as there is both legal 
rights to offset its current tax assets and liabilities and it is the Company’s intention to settle on a net basis. 
 

 
SG Issuer 
Notes to the financial statements 
As at 31 December 2024 
 
32 
2.3.10 
Other commitments linked to secured notes 
In relation 
to each 
Serie of Secured 
Notes, in order 
to secure its 
obligations in respect 
of such Notes, 
the Company 
enters into a pledge agreement which is governed by the Luxembourg act dated 5 August 2005 on 
financial collateral 
arrangements, 
as 
amended. 
Under 
each 
pledge 
agreement, 
the 
Company 
grants 
first 
ranking 
security 
over 
the 
Collateral Assets contained 
in one 
or more accounts 
held by the 
Company with 
BNY Mellon 
Luxembourg (or such 
other 
custodian or 
account bank 
as is 
specified in 
the applicable 
Final Terms, pursuant to 
the terms 
of a 
custodian agreement 
between, inter alia, the Company and the collateral custodian). 
The security granted under each pledge agreement is granted either in favour of: 
-
(i) in the 
case of English 
Law Notes, The Bank 
of New York Mellon Corporate 
Trustee Services Limited or such 
other 
security trustee as is specified in the applicable Final Terms as security trustee on behalf of itself and the relevant 
Noteholders and the 
other relevant Secured 
Parties (as defined 
in the Additional 
Terms and Conditions for 
Secured 
Notes) or, 
-
(ii) in the case of French Law Notes, directly in favour of the relevant Noteholders and the other relevant Secured 
Parties as represented by The Bank of New York Mellon Corporate Trustee Services Limited or such other security 
agent as is specified in the applicable Final Terms as security agent. 
Following the occurrence of 
a Secured Note Acceleration 
Event (as defined in the 
Additional Terms and Conditions for 
Secured Notes), all Noteholders whose Notes have become immediately due and payable is first entitled to claim for 
any 
outstanding amounts 
due to 
them under 
the terms 
of the 
Guarantee. 
If neither 
the Issuer 
nor the 
Guarantor 
(pursuant 
to the 
terms of 
the Guarantee) 
has paid 
all amounts 
due to 
Noteholders within 
a period 
of 3 
Collateral 
Business 
Days 
following 
the 
occurrence of 
a 
Secured 
Note Acceleration 
Event, 
Noteholders may 
send a 
notice in 
writing to 
the Security 
Trustee 
(in the 
case of 
English Law 
Notes) or 
the Security 
Agent (in 
the case 
of French 
Law 
Notes) 
requesting 
that 
the 
relevant 
Pledge 
Agreement 
be 
enforced 
in 
accordance 
with 
the 
terms 
of 
the 
Base 
Prospectus. 
The 
Company borrows 
the 
securities to 
be 
pledged 
from Société 
Générale 
Group. 
In 
accordance with 
IFRS 
9, 
the 
borrowing of the 
securities to be pledged by 
the Company is not 
assimilated to the transfer 
of assets and thus does 
not 
result 
in 
recognition in 
the 
statement 
of financial 
position. The 
risks 
and rewards 
associated to 
the 
securities 
remain in Société Générale Group and as such 
are not presented in the Company’s statement of financial position. 
The 
pledged 
securities 
are 
accounted 
as 
an 
off 
balance-sheet 
commitment 
“Securities 
pledged”. 
The 
committed 
amount is re-measured at each closing to reflect the value of the 
securities pledged. 
2.2
Geopolitical Crises and Macroeconomic Context 
2024 was marked by geopolitical uncertainties, 
with, in particular, the continuing conflict in 
Ukraine and the situation 
in the Middle-East. 
In the U.S.A., 
economic growth 
was higher than 
expected, sustained by 
strong consumption. In 
the 
eurozone, after 
a first half-year when business remained resilient 
especially in the services sector, 
economic growth 
slackened in the second half-year, 
in particular as a result of the 
weakness of the German economy and the political 
uncertainties in 
France. In 
China, the 
support measures 
only allowed 
for 
economic growth 
not 
to deteriorate 
any 
further without any actual upturn. 
In this context, the Group Société Générale updated the macroeconomic scenarios chosen for the preparation of the 
consolidated financial statements and maintained some adjustments applied to 
its models. 
These macroeconomic 
scenarios are 
taken into 
account in 
the credit 
loss measurement 
models including 
forward-
looking data and are also used in tests of the recoverability of deferred tax assets. 
The methodological framework defined by the 
Group Société Générale is applied at the level of the Company. 

 
 
 
 
 
 
 
 
 
 
 
SG Issuer 
Notes to the financial statements 
As at 31 December 2024 
 
33 
 
NOTE 3 – CASH AND CASH EQUIVALENTS 
Cash 
and 
cash 
equivalents 
amount 
to 
KEUR 
63 
575 
as 
at 
31 
December 
2024 
(31 
December 
2023: 
KEUR 42 010) 
and are mainly composed of cash held 
with Société Générale Luxembourg and Société Générale. 
As of 31 December 2024, and 2023, 
this caption only contained cash that was 
repayable on demand. 
NOTE 4 – FINANCIAL INSTRUMENTS 
4.1
Financial assets measured at fair value through 
profit or loss 
31.12.2024 
31.12.2023 
(’000 EUR) 
(’000 EUR) 
Financial assets at fair value through profit or loss 
-
Mandatorily at fair value through profit or loss (Fully Funded 
Swaps) 
49 117 912 
51 118 092 
-
Trading derivatives (Options) 
77 950 
57 316 
Total 
49 195 862 
51 175 408 
As at 31 December 
2024, financial assets 
mandatorily at fair value through 
profit or loss (Fully 
Funded Swaps) amount 
to KEUR 
49 117 912 
(31 December 2023: KEUR 
51 118 092) 
and replicate 
all the Notes issued 
by the Company (see 
Note 4.2). Differences between the fair value of Fully Funded Swaps and Notes arise due to 
late settlements. 
As at 31 
December 2024, 
Trading derivatives (Options) amount 
to KEUR 77 
950 (31 December 2023: 
KEUR 57 316) 
and 
replicate all 
the Warrants 
issued by the Company 
(see Note 4.2). 
Differences between 
the fair value 
of Options and 
Warrants arise due to late settlements. 
As at 31 
December 2024, 
the impact 
of the 
offsetting of financial 
assets and 
financial liabilities 
(decrease in 
the balance 
sheet) is 
KEUR 36 
453 866 
for 
the non-sold 
Notes and 
the corresponding 
Fully Funded 
Swaps (31 December 
2023: 
KEUR 27 385 976) 
and KEUR 5 492 
093 for the non-sold 
Warrants and the corresponding Options 
(31 December 2023: 
KEUR 4 020 277) 
(see Note 4.2). 
Please also see Note 15.6.3 for the disclosure of the 
fair value hierarchy. 
The movements in financial assets 
at fair value through profit or loss were as follows: 
(‘000 EUR) 
Mandatorily at 
fair value through 
profit or loss 
(‘000 EUR) 
Trading 
derivatives 
(‘000 EUR) 
Total 
As at 1 January 2024 
51 118 092 
57 316 
51 175 408 
Acquisition 
19 105 860 
52 253 
19 158 113 
Maturity/Disposal/Liquidation/Cancellation 
(19 275 209) 
(25 816) 
(19 301 025) 
Change in fair value and foreign exchange difference 
(1 830 831) 
(5 803) 
(1 836 634) 
As at 31 December 2024
49 117 912 
77 950 
49 195 862 

 
 
 
 
 
 
 
 
 
 
 
SG Issuer 
Notes to the financial statements 
As at 31 December 2024 
 
34 
(‘000 EUR) 
Mandatorily at 
fair value through 
profit or loss 
(‘000 EUR) 
Trading 
derivatives 
(‘000 EUR) 
Total 
As at 1 January 2023 
38 757 924 
1 025 209 
39 783 133 
Acquisition 
40 748 369 
552 880 
41 301 249 
Maturity/Disposal/Liquidation/Cancellation 
(33 790 350) 
(1 230 337) 
(35 020 687) 
Change in fair value and foreign exchange difference 
5 402 149 
(290 436) 
 
5 111 713 
As at 31 December 2023
51 118 092 
57 316 
51 175 408 
4.2
Financial liabilities measured at fair value through profit or loss 
31.12.2024 
31.12.2023 
(’000 EUR) 
(’000 EUR) 
Financial liabilities at fair value through profit or loss 
-
Mandatorily at fair value through profit or loss (Notes) 
49 120 262 
51 112 066 
-
Trading derivatives (Warrants) 
76 896 
57 148 
Total 
49 197 158 
51 169 214 
As at 31 December 2024, the Company has 
issued secured and unsecured Notes for a total amount of 
KEUR 49 120 262 (31 December 2023: 
KEUR 51 112 066): 
●
24 334 unsecured Notes were issued (stock) for a total amount of KEUR 43 580 
459 
(31 December 2023: 22 973 
unsecured Notes were issued (stock) for a total amount of KEUR 45 246 924); 
●
1 030 secured Notes were issued (stock) for a total amount of KEUR 5 539 803 (31 
December 2023: 426 secured 
Notes were issued (stock) for a total amount of KEUR 5 865 142). 
In 
addition 
to 
the 
guarantee 
on 
first 
demand 
granted 
by 
Société 
Générale 
on 
unsecured 
and 
secured 
Notes, 
subscribers of 
the secured 
Notes issued 
by the 
Company benefit 
from additional 
collateral assets 
securing the 
payment 
due under 
the Notes 
terms, structured in 
form of 
a pledge governed 
by Luxembourg 
Law. This 
pledge may only 
be 
enforced following a default of the Company or Société Générale in its role of Guarantor. 
Pledged collateral assets are deposited on an 
account held in the name 
of the Company with an authorised 
custodian 
not belonging to the Société Générale Group and are pledged in favour of the 
Notes holders. 
As 
at 
31 
December 
2024, 
securities 
deposited 
at 
The 
Bank 
of 
New 
York 
Mellon 
S.A./NV, 
Luxembourg 
Branch 
as 
collateral for secured issuances amount to KEUR 7 251 220 (31 December 
2023: KEUR 5 865 142). 
As 
at 
31 
December 
2024, 
the 
Company 
also 
issued 
Warrants 
for 
a 
total 
amount 
of 
KEUR 
76 896 
(31 
December 2023: 
KEUR 57 
148). Refer 
to Note 
14 for 
further details 
on Off-balance 
sheet items 
related 
to the 
Warrants activity. 
As at 31 
December 2024, 
the impact 
of the 
offsetting of financial 
assets and 
financial liabilities 
(decrease in 
the balance 
sheet) is 
KEUR 36 
453 847 
for 
the non-sold 
Notes and 
the corresponding 
Fully Funded 
Swaps (31 December 
2023: 
KEUR 27 385 976) 
and KEUR 5 492 
093 for the non-sold 
Warrants and the corresponding 
Options (31 December 
2023: 
KEUR 4 020 587) 
(see Note 4.1). 
Please also see Note 15.6.3 for the disclosure of the 
fair value hierarchy. 

 
 
 
 
 
 
 
 
 
 
 
 
 
SG Issuer 
Notes to the financial statements 
As at 31 December 2024 
 
35 
The movements in financial liabilities at fair value through profit or 
loss were as follows: 
(‘000 EUR) 
Designated at fair 
value through 
profit or loss 
(‘000 EUR) 
Trading 
derivatives 
(‘000 EUR) 
Total 
As at 1 January 2024 
51 112 066 
57 148 
51 169 214 
Acquisition 
19 190 860 
51 603 
19 242 463 
Cancelled/Liquidation/Maturity Disposal 
(19 269 183) 
(25 689) 
(19 294 872) 
Change in fair value and foreign exchange difference 
(1 913 481) 
(6 166) 
(1 919 647) 
As at 31 December 2024
49 120 262
76 896
49 197 158 
(‘000 EUR) 
Designated at fair 
value through 
profit or loss 
(‘000 EUR) 
Trading 
derivatives 
(‘000 EUR) 
Total 
As at 1 January 2023 
38 754 129 
1 025 105 
39 779 234 
Acquisition 
40 748 369 
552 818 
41 301 187 
Cancelled/Liquidation/Maturity Disposal 
(33 364 749) 
(1 230 338) 
(34 595 087) 
Change in fair value and foreign exchange difference 
4 974 317 
(290 437) 
4 683 880 
As at 31 December 2023
51 112 066 
57 148 
51 169 214 
4.3
Financial liabilities measured at amortised cost 
As at 31 
December 2024 and 2023, financial liabilities at 
amortised cost are mainly composed 
of a convertible bond 
of KEUR 48 000, issued by 
the Company and fully subscribed 
by Société Générale Luxembourg, with maturity in 
2025. 
Conversion may occur each year. 
On this 
convertible bond, the 
Company pays 
to Société 
Générale Luxembourg 
both variable interests 
calculated on 
Euribor 3M plus 
a margin 
of 0.34% 
(total rate of 
3.086% 
as at 
31 December 2024) 
and activity 
related interests. Activity 
related interests means 
an amount equal to 100% of the activity 
related profit generated by the Company. 
The convertible 
bond maturity shall 
be automatically extended 
by successive periods 
of one year, 
unless either the 
Issuer or 
the Holder 
has exercised 
its right 
to terminate 
the bond 
on the 
scheduled maturity 
date. The 
conversion 
option belongs to the Holder. 
Estimation of the fair value of financial liabilities at amortised 
cost is disclosed in Note 15.6. 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
SG Issuer 
Notes to the financial statements 
As at 31 December 2024 
 
36 
NOTE 5 – LOANS AND RECEIVABLES 
As at 31 December 2024 and 2023, loans and 
receivables only consist in deposits with Société Générale Luxembourg, 
which represent the reinvestment of the Company’s share capital, reserves and other available funds. 
As 
at 
31 
December 
2024, 
expected 
credit 
losses 
calculated 
on 
loans 
and 
receivables 
in 
accordance 
with 
IFRS 
9 
amounted to EUR 154. 
The fair values of loans and receivables are presented in the Note 15.6.2. 
NOTE 6 – OTHER ASSETS AND OTHER LIABILITIES 
As 
at 
31 
December 
2024 
and 
2023, 
other 
assets 
and 
other 
liabilities 
are 
composed 
of 
settlement 
accounts, 
as 
presented below: 
(‘000 EUR) 
31.12.2024 
(‘000 EUR) 
31.12.2023 
Settlement accounts on securities transactions 
123 756 
1 926 198 
Miscellaneous receivables 
169 148 
256 035 
Total other assets 
292 904 
2 182 233 
(‘000 EUR) 
31.12.2024 
(‘000 EUR) 
31.12.2023 
Settlement accounts on securities transactions 
124 095 
1 931 937 
Deferred income 
6 576 
5 218 
Miscellaneous payables 
175 396 
258 347 
Total other liabilities 
306 067 
2 195 502 
Miscellaneous payables and 
receivables mainly consist of premium 
payables on Warrants and receivables on 
financial 
instruments 
replicating 
the 
Warrants 
issued. 
The 
variance 
is 
linked 
to 
the 
activity 
of 
the 
Company 
and 
the 
early 
settlement of some balances compared to prior year. 
NOTE 7 – TAXATION 
The Company is liable for all taxes applicable to Luxembourg commercial companies. 
Since 2007, the Company has been part of 
a tax integration group led by SG Luxembourg, as authorised by the article 
164 
bis 
LIR 
and 
has 
concluded 
a 
Tax 
Sharing 
Agreement 
(the 
“Agreement”) 
with 
SG 
Luxembourg. 
Under 
the 
Agreement, the 
Company pays 
to SG 
Luxembourg, with 
respect to 
each financial 
year, 
an amount 
equal to 
the tax 
which would be levied on the profits of the Company 
in the absence of any tax consolidation with the Parent. 
The effective 
tax rate 
of current 
tax applied as 
of 31 December 
2024 is 24.94 
% (31 December 
2023: 25.08 %). 
The 
current tax rate includes the corporate tax and the municipal tax. 
For the year ended 31 December 2024, tax expenses amount to 
KEUR 87 (31 December 2023: KEUR 16). 
No deferred tax are existing for the Company. 
The Company belongs to 
a group that is within 
the scope of 
the EU/OECD Pillar 
Two model rules. Pillar Two legislation 
was enacted 
in Luxembourg, 
the jurisdiction in 
which the 
company is 
incorporated, which 
has come 
into effect 
for 
fiscal years starting on or after 31 December 2023. 

 
 
SG Issuer 
Notes to the financial statements 
As at 31 December 2024 
 
37 
Under the legislation, the Company is liable to pay a top-up tax for the difference between its Pillar Two effective tax 
rate per jurisdiction and the 15% minimum tax rate. 
The 
Company 
performed 
an 
impact 
assessment 
of 
the 
OECD 
(Organisation 
for 
Economic 
Co-operation 
and 
Development) transitional safe harbour rules and the full Pillar Two rules. The Company concluded that it should not 
be subject to top-up tax for the current year. 
NOTE 8 – SHAREHOLDERS’ EQUITY 
8.1
Share capital and share premium 
On 30 November 2020, 100 shares 
were sold by SG Luxembourg to Société Générale 
for a total amount of EUR 4 000. 
SG Luxembourg still 
held 49 907 shares 
amounting to EUR 1 
996 280 for 
which it waived its 
entire voting rights 
and 
right 
to 
dividends. After 
this 
transaction, 
the subscribed 
and fully 
paid share 
capital 
amounted 
to EUR 
2 000 
280, 
divided into 50 007 shares with nominal value of 
EUR 40 each. No other restrictions are attached to the shares. 
By resolution adopted on 15 January 2024, the Executive Board decided to increase the capital of the Company from 
EUR 
2,000 
400 
to 
EUR 
2,000 
440 
by 
the 
issue 
of 
a 
new 
share 
with 
a 
nominal 
value 
of 
EUR 40, 
subscribed 
by 
SG Luxembourg. 
In 
the 
context 
of 
the 
capital 
increase, 
the 
2023 
activity 
related 
interests 
amounting 
to 
KEUR 
34,361 
have 
been 
allocated to the Share premium. It was then paid to the shareholders in June 
2024. 
As at 31 December 2024, the subscribed 
and fully paid share capital 
is EUR 2 000 440, divided 
into 50 011 shares with 
nominal value of EUR 40 each. 
The Company manages its capital to ensure it will be able to continue as a 
going concern. The capital amount may be 
increased, subject to the approval of the Shareholders, if the Company’s activity evolves, incurring 
specific additional 
risks. 
8.2
Reserves 
8.2.1
Legal reserve 
In accordance with the 
Luxembourg law, the Company is required to allocate 
a minimum of 
5% of its annual 
net profit 
to a Legal reserve until this reserve equals 10% of the subscribed 
share capital. This reserve may not be distributed. 
As at 31 December 2024 and 2023, the 
legal reserve amounts to KEUR 200 (31 December 
2023: KEUR 200). 
8.2.2
Other reserves 
Since 2013, the Company is fiscally integrated in its parent company Société Générale Luxembourg. Société Générale 
Luxembourg constitutes 
the Net Wealth 
Tax 
reserve for 
the Company. 
As a consequence, 
no additional Net Wealth 
Tax reserve has been constituted by the Company since 2013. 
During the first half of 2024, a dividend of KEUR 
15 has been paid (31 December 
2023: KEUR 375). 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SG Issuer 
Notes to the financial statements 
As at 31 December 2024 
 
38 
NOTE 9 – INTEREST INCOME AND EXPENSES 
(‘000 EUR) 
31.12.2024 
 
(‘000 EUR) 
31.12.2023 
Interest income on cash and cash equivalents 
1 478 
940 
Interest income on loans and receivables 
2 018 
1 745 
Total 
interest income 
3 496 
2 685 
Interest expenses on financial liabilities at amortized cost (note 4.3) 
(29 041) 
(36 063) 
Interest expenses on financial liabilities at fair value 
(698) 
(321) 
Total 
interest expenses 
(29 739) 
(36 384) 
Net interest margin 
(26 243) 
(33 699) 
NOTE 10 – COMMISSION INCOME 
Commission income can be broken down as follows: 
(‘000 EUR) 
31.12.2024 
 
(‘000 EUR) 
31.12.2023 
Issuing upfront fees on Notes 
36 725 
42 133 
Servicing fees on Notes 
5 515 
5 089 
Commission on Warrants 
710 
709 
Commission income 
42 950 
47 931 
As 
at 
31 
December 
2024, 
KEUR 
6 
576 
are 
retained 
as 
deferred 
income 
under 
the 
caption 
“other 
liabilities” 
(2023: KEUR 5 218) 
(cf. Note 6). 
NOTE 11 – NET RESULT 
FROM FINANCIAL INSTRUMENTS AT 
FAIR VALUE 
THROUGH PROFIT OR 
LOSS 
Net result from financial instruments at fair value through profit or loss can be broken down as follows: 
(‘000 EUR) 
31.12.2024 
 
(‘000 EUR) 
31.12.2023 
Net gain on financial assets held for trading
23 356 786 
26 984 339 
Net gain on financial assets at fair value option
12 569 826 
9 930 605 
Net loss on financial liabilities held for trading
(23 355 568) 
(26 983 187) 
Net loss on financial liabilities at fair value option
(12 570 781) 
(9 932 092) 
Total
263 
(335) 
NOTE 12 – PERSONNEL EXPENSES 
(‘000 EUR) 
31.12.2024 
 
(‘000 EUR) 
31.12.2023 
Wages and salaries 
(218) 
(252) 
Social charges and associated costs 
(19) 
(26) 
Pension related costs 
(19) 
(25) 
Total 
(256) 
(303) 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SG Issuer 
Notes to the financial statements 
As at 31 December 2024 
 
39 
The Company had 3 full-time equivalents during 
the year ended 31 December 2024 (2023: 
3). 
The annual cost 
of pension is 
calculated and invoiced 
by Société 
Générale Luxembourg, based 
on SG Luxembourg’s 
group total cost of pensions and according to the number of 
the Company’s full time equivalent employees. 
NOTE 13 – OTHER OPERATING 
EXPENSES 
 
(‘000 EUR) 
31.12.2024 
 
(‘000 EUR) 
31.12.2023 
Issuance fees 
(12 620) 
(11 109) 
Other operating charges 
(3 773) 
(2 454) 
Total 
(16 393) 
(13 563) 
Issuance fees mainly consist 
of listing fees, collateral monitoring 
agent fees, maintenance of 
registers fees and trading 
fees. 
Other operating charges are 
mainly composed of 
operating costs related 
to the Company 
(including audit 
fees) as well 
as activities outsourced to Société Générale S.A. and 
Société Générale Luxembourg.
Remuneration of the Réviseur d’entreprises agréé 
The fees paid by the Company to its Réviseur d’Entreprises Agréé were as follows: 
 
(‘000 EUR) 
31.12.2024 
 
(‘000 EUR) 
31.12.2023 
Statutory audit of the financial statements 
226 
194 
Other assurance services 
40 
39 
Total 
266 
233 
Other assurance services for the year consists of a limited 
review as of 30 June. 
NOTE 14 – OFF-BALANCE SHEET 
As at 31 December 2024, 
financial instruments to be 
issued (commitment taken before 31 December 
2024 with value 
date after 31 December 2024) amount to KEUR 8 583 451 
(31 December 2023: KEUR 4 721 
740). 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SG Issuer 
Notes to the financial statements 
As at 31 December 2024 
 
40 
Warrants issuance summary 
The Warrants issued as at 31 December 2024 and 2023 break down 
as follows: 
31 December 2024 
31 December 2023 
Warrant Type 
Category of 
Underlying 
Type of Underlying 
Option 
Type 
Quantity 
Notional 
(‘000 EUR) 
Fair Value 
(‘000 EUR) 
Quantity 
Notional 
(‘000 EUR) 
Fair Value 
(‘000 EUR) 
Currency Warrant 
Currency 
Currency 
Call 
42 
317 609 
- 
Put 
47 
271 723 
- 
Equity Warrant 
Equity 
Ordinary Share 
Call 
136 
1 891 844 
13 188 
522 
9 474 493 
11 691 
Put 
1 441 
35 156 224 
55 957 
250 
2 437 384 
3 412 
REIT 
Call 
1 
31 976 
2 
- 
- 
- 
Fund 
Mutual Fund 
Call 
3 
74 598 
298 
2 
102 479 
- 
Put 
3 
40 044 
5 991 
1 
30 883 
Funds 
Fund 
Fund 
Call 
- 
- 
9 
37 467 
5 006 
Mutual Fund 
Call 
- 
- 
2 
22 274 
413 
Equity 
Ordinary Share 
Call 
- 
- 
63 
549 667 
2 538 
Put 
- 
- 
51 
430 787 
719 
Index Warrant 
Equity 
Call 
- 
- 
1 
- 
- 
Fund 
Fund 
Call 
- 
- 
1 
- 
- 
Index 
Index 
Call 
128 
4 815 156 
1 078 
365 
11 165 363 
27 313 
Put 
12 
318 210 
381 
337 
13 234 333 
6 054 
Fund Warrant 
Fund 
Mutual Fund 
Call 
- 
- 
- 
Put 
- 
- 
- 
Fund 
Call 
1 
- 
- 
Total Call
268 
6 813 574 
14 566 
1 008 
21 669 353 
46 963 
Total Put
1 456 
35 514 478 
62 330 
686 
16 405 110 
10 185 
Total Warrants
1 724 
42 328 052 
76 896 
1 694 
38 074 463 
57 148 

 
SG Issuer 
Notes to the financial statements 
As at 31 December 2024 
 
41 
NOTE 15 – RISK MANAGEMENT 
The Company and several 
of its service providers are subsidiaries of the 
Société Générale Group and therefore 
benefit from Société Générale’s internal control systems. 
15.1 
Market risk 
Market risk is 
the risk 
that changes 
in market 
prices, such 
as interest rates, 
securities prices, 
and foreign 
exchange 
rates 
will 
affect 
the 
Company’s 
income 
or the 
value 
of 
its 
holding of 
financial instruments. 
The 
objective 
of 
market risk management is to manage and control market risk exposures within acceptable parameters. 
The Company issues 
Notes and 
Warrants. The Notes 
are systematically mirrored with 
FFS concluded 
with Société 
Générale, with strictly identical characteristics. In the same 
way, the Warrants 
issued are mirrored with Options 
concluded with Société Générale, with strictly identical 
characteristics. 
The risks associated with 
the investment in the 
Notes and Warrants depend 
on several factors. Such factors vary 
depending on the characteristics 
of the Notes and 
Warrants issued, in 
particular depending on the underlying, 
the maturity of the Notes, 
the Secured / Unsecured 
status of the Notes, the 
interest rates incurred, the volatility 
of the underlying, etc.. 
The main risks 
in relation to investments 
in Notes and 
Warrants issued by 
the Company are 
described in 
the Base 
Prospectus under the section “Risk Factor“. 
Because 
of 
its 
structure 
(perfect 
match 
between 
the 
assets and 
the 
liabilities), the 
impact 
of 
an 
immediate 
change of a market parameter would have no consequence on the net profit of the Company. 
The 
Company 
is 
also 
exposed 
to 
structural 
interest 
rate 
risk, 
namely 
through 
the 
following 
transactions: 
reinvestment of available equity by participating interests or loans to the Company’s treasury (SG Luxembourg) 
with hedged interest 
rate risk. The 
structural interest rate 
risk is monitored 
via the sensitivity of the 
economic 
value of the positions measured through modified 
duration. 
Modified 
duration 
is 
calculated 
based 
on 
the 
change 
in 
the 
net 
present 
value 
of 
positions 
subsequent 
to 
a 
1% change in the rate curve. Exposure monitoring is based on the determination of modified duration over the 
short (up to one year), medium (one to five years) and long 
(more than five years) term. 
Climate and ESG matters have been considered in the fair value of the financial instruments. 
These are deemed 
to have a minor impact. 
15.2 
Foreign currency risk 
Foreign currency risk can only arise on financial instruments that are denominated in a currency other than the 
functional 
currency 
in 
which 
they 
are 
measured. 
Translation-related 
risks 
are 
therefore 
not 
included 
in 
the 
assessment of the Company’s exposure to currency risks. 
Because 
of 
its 
structure 
(perfect 
match 
between 
the 
assets and 
the 
liabilities), the 
impact 
of 
an 
immediate 
change of a foreign exchange rates would have no consequence on the net profit of the Company. 
Following explanation above, foreign currency risk is strictly limited. 
Process of control allows to monitor it 
closely and to confirm that exposure 
of the entity to foreign currency 
risk 
remains in a very conservative limit. 
 

 
 
 
SG Issuer 
Notes to the financial statements 
As at 31 December 2024 
 
42 
15.3 
Credit risk 
Credit risk is the risk that a third party will not 
be able to meet its contractual obligation. 
The Company 
only contracts 
financial instruments with 
SG Luxembourg 
and Société 
Générale. Therefore, 
the 
credit 
risk of 
the 
Company is 
limited 
to 
the credit 
risk 
on SG 
Luxembourg 
and Société 
Générale. 
Should this 
situation evolve, specific limits would be proposed to limit the credit 
risk incurred. 
As at 
31 December 2024 
and 2023, 
no financial assets 
were past 
due nor 
impaired. No 
Estimated 
Credit Loss 
(ECL) was booked for financial assets. 
All 
the Notes 
and 
Warrants 
issued by 
the Company 
benefit from 
a 
guarantee 
provided by 
Société Générale, 
meaning that payments 
in respect of 
the instruments 
issued by 
the Company are 
unconditionally and 
irrevocably 
guaranteed by Société Générale (the Guarantor). 
As at 31 December 2024, the 
rating of Société Générale is: A- from Fitch 
Ratings, A from R&I, A from Standard 
& 
Poor’s and A1 from Moody’s. 
15.4 
Interest rate risk 
Interest rate risk is the 
risk that changes 
in market interest rates may adversely affect the 
value of the assets 
and 
liabilities of the Company. 
Due 
to 
the 
financial 
instruments 
contracted 
by 
the 
Company 
with 
Société 
Générale 
to 
mirror 
the 
financial 
instruments issued, the Company is not significantly 
exposed to interest rate risk. 
15.5 
Liquidity risk 
Liquidity risk is 
the risk that 
the Company may 
be unable to 
meet the payment 
obligations associated with 
its 
financial liabilities when they fall due. 
The Company does not face any material liquidity 
risk thanks to the perfect replication between the 
contractual 
obligations of: 
●
The financial instruments issued by the Company; 
and 
●
The financial assets replicating the financial instruments 
issued by the Company. 
 

 
SG Issuer 
Notes to the financial statements 
As at 31 December 2024 
 
43 
Analysis per remaining contractual 
maturities 
As at 31 December 2024, analysis per 
remaining contractual maturities is as follows: 
31.12.2024 
- EUR' 000 
< 3 
months 
From 3 
months to 1 
year 
From 1 to 5 
years 
> 5 years 
Total 
Cash and cash equivalents 
63 575 
63 575 
Financial assets at fair value through 
profit or loss 
-
Mandatorily at fair value 
through profit or loss 
4 502 308 
7 413 592 
17 609 084 
19 592 928 
49 117 912 
-
Trading derivatives 
17 036 
32 857 
27 897 
160 
77 950 
Loans and receivables 
48 026 
200 
800 
1 000 
50 026 
Financial liabilities at amortised 
cost
69 550 
27 071 
96 621 
Financial liabilities at fair value 
through profit or loss 
-
Designated at fair value 
through profit or loss 
4 410 064 
7 413 257 
17 618 922 
19 678 019 
49 120 262 
-
Trading derivatives 
16 793 
33 124 
26 979 
0 
76 896 
As at 31 December 2023 
analysis per remaining contractual maturities is as follows: 
31.12.2023 - EUR' 000 
< 3 
months 
From 3 
months to 1 
year 
From 1 to 5 
years 
> 5 years 
Total 
Cash and cash equivalents 
42 010 
- 
- 
- 
42 010 
Financial assets at fair value through 
profit or loss 
-
Mandatorily at fair value 
through profit or loss 
4 125 291 
6 937 558 
19 617 291 
20 437 952 
51 118 092 
-
Trading derivatives 
7 210 
25 313 
24 793 
- 
57 316 
Loans and receivables 
48 035 
200 
800 
1 000 
50 035 
Other assets 
2 182 233 
- 
- 
- 
2 182 233 
Financial liabilities at amortised 
cost
331 
82 410 
- 
- 
82 741 
Financial liabilities at fair value 
through profit or loss 
-
Designated at fair value 
through profit or loss 
4 129 857 
6 936 107 
19 615 243 
20 430 859 
51 112 066 
-
Trading derivatives 
6 902 
25 246 
25 000 
- 
57 148 

 
SG Issuer 
Notes to the financial statements 
As at 31 December 2024 
 
44 
15.6 
Fair Value 
measurement 
According to the fair value hierarchy established by IFRS 13, Level 3 (L3) 
comprises products valued using inputs 
that are not based on observable market data (referred to as unobservable inputs). 
For 
these products, 
fair value 
is 
determined using 
models based 
on valuation 
techniques commonly 
used by 
market 
participants to 
measure 
financial instruments, 
such as 
discounted 
future cash 
flows for 
Notes 
or the 
Black 
& 
Scholes 
formula 
for 
certain 
options 
and 
using 
valuation 
parameters 
that 
reflect 
current 
market 
conditions as at the 
statement of financial 
position date. These 
valuation models are validated 
independently by 
the experts from the Market Risk Department of the Group’s Risk Division. 
Furthermore, the parameters 
used in 
the valuation 
models, whether derived 
from observable market 
data or 
not, are checked by the Finance Division of Société Générale, in accordance with the methodologies defined by 
the Market Risk Department. 
The 
Notes 
and 
the 
related 
FFS 
are 
classified 
as 
Level 
3 
when 
the 
valuation 
of 
the 
associated 
embedded 
derivatives (underlying of the Notes) is also based 
on unobservable market data. 
On each 
element of 
an identified list 
of unobservable parameters, 
it comes 
to determining 
the uncertainty 
of 
marking, and cross sensitivities with this 
uncertainty for a confidence interval of the value of the positions. 
In parallel, marking the levels of each of these 
parameters is collected and reported in the Note. 
The 
methods 
for 
determining 
the 
level 
of 
uncertainty, 
as 
well 
as 
calculating 
the 
confidence 
interval 
from 
sensibilities depend on each parameter. 
Transfers 
from Level 2 to Level 
3 are determined at the 
end of each month and occur in 
case of a modification 
within a parameter (e.g. no longer linked to the deal, modification 
of the observability rule of the parameter). 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SG Issuer 
Notes to the financial statements 
As at 31 December 2024 
 
45 
15.6.1 
Estimates 
of 
Level 
3 
instruments 
and 
other 
most 
significant 
unobservable 
inputs 
as 
at 
31 December 2024 (by type of underlying): 
Type of 
underlying 
Assets 
In 
million 
EUR 
Liabilities 
In 
million 
EUR 
Main products 
Valuation 
techniques used 
Significant 
unobservable 
inputs 
Range of 
unobservable 
inputs Min & Max 
Equity / 
funds 
16 297 
16 295 
Simple and complex 
derivatives on funds, 
equities or baskets on 
stocks 
Various option 
models on funds, 
equities or baskets 
on stocks 
Equity volatilities 
[3% ; 166%] 
Equity dividends 
[0.0% ; 11.0%] 
Unobservable 
correlations 
[-200% ; 200%] 
Hedge funds 
volatilities 
N/A 
Mutual funds 
volatilities 
[1.7% ; 26.8%] 
Rates and 
Forex 
9 241 
9 241 
Hybrid forex / interest 
rate or credit / interest 
rate derivatives 
Hybrid forex 
interest rate or 
credit interest rate 
option pricing 
models 
Correlations 
[-60% ; 90%] 
Forex derivatives 
Forex option 
pricing models 
Forex volatilities 
[1% ; 25%] 
Interest rate derivatives 
whose notional is 
indexed on the 
prepayment behavior 
on European collateral 
pools 
Prepayement 
modeling 
Constant 
prepayment rates 
[0.0% ; 20.0%] 
Inflation instruments 
and derivatives 
Inflation pricing 
models 
Inflation/ inflation 
correlations 
[81% ; 92%] 
Credit 
3 780 
3 780 
Collateralized Debt 
Obligations and index 
tranches 
Recovery and base 
correlation 
projection models 
Time to default 
correlations 
[0% ; 100%] 
Recovery rate 
variance for single 
name underlying 
[0% ; 100%] 
Other credit derivatives 
Credit default 
models 
Time to default 
correlations 
[0% ; 100%] 
Quanto 
correlations 
[0% ; 100%] 
Unobservable 
credit spreads 
[0bps ; 90.8 bps] 
Commodity 
- 
- 
Derivatives on 
commodities baskets 
Option models on 
commodities 
Commodities 
correlations 
0 
Total 
29 318 
29 316 
Unobservable inputs add a 
degree of uncertainty in 
the valuation of 
Level 3 instruments. 
However, 
by its very 
nature, and considering 
mirror transactions are 
concluded with 
Société Générale to 
mirror the financial 
liabilities 
issued by 
the Company, 
the Company has 
no market 
risk exposure. The 
impact of an 
immediate change in 
an 
unobservable parameter would have no consequence on the net profit or net 
equity of the Company. 
Moreover, 
changes in an unobservable parameter would have 
by underlying a minor effect on both assets and 
liabilities. 
Finally, 
the Company 
considers that 
changes in 
the unobservable parameters 
would not 
a material 
impact on 
the profit or loss of the Company considering the 
mirroring in place for financial instruments (refer to Note 4).

 
 
 
 
 
 
SG Issuer 
Notes to the financial statements 
As at 31 December 2024 
 
46 
15.6.2. 
Carrying amounts and fair values of assets and 
liabilities not measured at fair value in the statement 
of financial position
31.12.2024 
– EUR’ 000 
Carrying amount 
Fair value 
Cash and cash equivalents 
63 575 
63 575 
Loans and receivables * 
50 026 
50 094 
Other assets 
292 904 
292 904 
31.12.2024 
– EUR’ 000 
Carrying amount 
Fair value 
Financial liabilities at amortised cost *
96 621 
 
96 728 
Other liabilities 
306 067 
306 067 
Tax liabilities 
87 
87 
* For 
Loans and 
receivables and 
Financial liabilities 
at amortised 
cost, the fair 
values are 
calculated by discounting 
the expected future cash flows under a EUR risk free curve adjusted with Société Générale Group credit spread 
curve (EUR swap curve from Bloomberg and Société Générale credit spread curve provided by Risk department 
Paris). 
 

 
 
 
 
 
 
 
 
 
 
 
 
SG Issuer 
Notes to the financial statements 
As at 31 December 2024 
 
47 
31.12.2023 
- EUR' 000 
Carrying amount 
Fair value 
Cash and cash equivalents 
42 010 
42 010 
Loans and receivables * 
50 035 
49 915 
Other assets 
2 182 233 
2 182 233 
Total assets 
53 449 686 
53 449 566 
31.12.2023 
- EUR' 000 
Carrying amount 
Fair value 
Financial liabilities at amortised cost *
82 741 
82 744 
Other liabilities 
2 195 502 
2 195 502 
Tax liabilities 
13 
13 
Total 
liabilities 
53 447 470 
53 447 473 
* For 
Loans and 
receivables and 
Financial liabilities 
at amortised 
cost, the fair 
values are 
calculated by discounting 
the expected future cash flows under a EUR risk free curve adjusted with Société Générale Group credit spread 
curve (EUR swap curve from Bloomberg and Société Générale credit spread curve provided by Risk department 
Paris). 
Determining fair value is dependent on many factors 
and can be an estimate of what value may 
be obtained in 
the open market at any point in time. 
Regarding financial instruments at amortised cost with short term maturity 
(<1 year), the Company considers 
the difference between fair value and carrying amount as non-material. 
Regarding other assets and other liabilities, in consideration of their short term nature, the Company considers 
the difference between fair value and carrying amount as non-material. 

 
 
 
 
 
 
 
 
 
 
 
 
SG Issuer 
Notes to the financial statements 
As at 31 December 2024 
 
48 
15.6.3 
The fair value hierarchy of IFRS 13
As at 31 December 
2024, the Company determined 
the fair values of 
its financial instruments 
on the basis of 
the 
following hierarchy: 
31.12.2024 
- EUR’ 000 
Level 1 
Level 2 
Level 3 
Total 
Financial assets at fair value through profit 
or loss 
 
 
 
 
 
- Mandatorily at fair value through profit 
or loss 
- 
19 815 438 
29 302 474 
49 117 912 
 
Commodities instruments 
- 
1 546 
0 
1 546 
 
Credit derivatives/securities 
- 
1 043 704 
3 520 322 
4 564 026 
 
Equity and index securities 
- 
16 721 749 
16 287 602 
33 009 351 
 
Foreign exchange instruments/securities 
- 
346 941 
1 714 102 
2 061 043 
 
Interest rate instruments/securities 
- 
1 545 087 
7 527 010 
9 072 097 
 
Other financial instruments 
- 
156 411 
253 438 
409 849 
 
- Trading derivatives 
- 
62 432 
15 518 
77 950 
 
Equity and Index instruments 
- 
62 134 
9 527 
71 661 
Foreign exchange instruments / securities 
- 
298 
5 991 
6 289 
 
Financial liabilities at fair value 
through profit or loss 
 
- Designated at fair value through profit or loss 
- 
19 819 729 
29 300 533 
49 120 262 
 
Commodities instruments 
- 
1 546 
0 
1 546 
 
Credit derivatives/securities 
- 
1 043 641 
3 520 322 
4 563 963 
 
Equity and index securities 
- 
16 726 121 
16 285 388 
33 011 509 
 
Foreign exchange instruments/securities 
- 
346 940 
1 714 148 
2 061 088 
 
Interest rate instruments/securities 
- 
1 545 087 
7 527 237 
9 072 324 
 
Other financial instrument 
- 
156 394 
253 438 
409 832 
 
- Trading derivatives 
- 
61 378 
15 518 
76 896 
 
Equity and Index instruments 
- 
61 080 
9 527 
70 607 
Foreign exchange instruments / securities 
- 
298 
5 991 
6 289 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SG Issuer 
Notes to the financial statements 
As at 31 December 2024 
 
49 
As at 31 December 
2023, the Company determined 
the fair values of 
its financial instruments 
on the basis of 
the 
following hierarchy: 
31.12.2023 - EUR’ 000 
Level 1 
Level 2 
Level 3 
Total 
Financial assets at fair value through profit 
or loss 
 
 
 
 
 
- Mandatorily at fair value through profit 
or loss 
24 163 037 
26 955 055 
51 118 092 
 
Commodities instruments 
- 
5 139 
- 
5 139 
 
Credit derivatives/securities 
- 
1 095 924 
3 611 352 
4 707 276 
 
Equity and index securities 
- 
17 428 536 
17 146 422 
34 574 958 
 
Foreign exchange instruments/securities 
- 
847 056 
330 314 
1 177 370 
 
Interest rate instruments/securities 
- 
4 652 926 
5 582 430 
10 235 356 
 
Other financial instruments 
- 
133 456 
284 537 
417 993 
 
- Trading derivatives 
39 589 
17 727 
57 316 
 
Equity and Index instruments 
- 
34 167 
12 848 
47 015 
Other financial instruments 
- 
5 422 
4 879 
10 301 
 
Financial liabilities at fair value 
through profit or loss 
 
- Designated at fair value through profit or loss 
24 163 037 
26 949 029 
51 112 066 
 
Commodities instruments 
- 
5 139 
- 
5 139 
 
Credit derivatives/securities 
- 
1 095 924 
3 611 352 
4 707 276 
 
Equity and index securities 
- 
17 427 697 
17 140 396 
34 568 093 
 
Foreign exchange instruments/securities 
- 
847 056 
330 314 
1 177 370 
 
Interest rate instruments/securities 
- 
4 652 926 
5 582 430 
10 235 356 
 
Other financial instrument 
- 
134 295 
284 537 
418 832 
 
-Trading derivatives 
39 024 
18 124 
57 148 
 
Equity and Index instruments 
- 
38 611 
13 118 
51 729 
Other financial instruments 
- 
413 
5 006 
5 419 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SG Issuer 
Notes to the financial statements 
As at 31 December 2024 
 
50 
The following table describes the variation in Level 3 by financial instruments 
(in KEUR): 
Financial assets at fair value 
through profit or loss
Balance at 
01.01.2024 
Acquisitions 
(Issuance)
Change in 
fair value
Reimbur-
sements
Transfers 
from L2 
to L3
Transfers 
from L3 
to L2
Balance 
31.12.2024 
Designated at fair value 
through P&L 
26 955 055 
10 659 140 
-2 651 637 
-3 490 185 
707 712 
-2 877 611 
29 302 474 
Equity and index instrument 
17 146 422 
5 298 314 
-2 144 203 
-2 579 063 
484 522 
-1 918 390 
16 287 602
Foreign exchange 
instruments 
330 314 
1 356 658 
-62 099 
-45 268 
185 318 
-50 822 
1 714 101
Interest rate instruments 
5 582 430 
2 843 962 
-56 281 
-488 354 
21 101 
-375 847 
7 527 011
Credit derivatives/securities 
3 611 352 
998 985 
-306 088 
-292 605 
16 771 
-508 093 
3 520 322 
Others financial instruments 
284 537 
161 221 
-82 966 
-84 895 
-24 459 
253 438
Trading derivatives 
17 727 
- 
2 394 
-4 546 
- 
-57 
15 518 
Equity and index instruments 
12 848 
- 
1 073 
-4 337 
- 
-57 
9 527 
Foreign exchange instruments 
- 
- 
- 
- 
- 
- 
- 
Other financial instruments 
4 879 
- 
1 321 
-209 
- 
- 
5 991 
Financial liabilities at fair 
value through profit or loss
Balance at 
01.01.2024 
Acquisitions 
(Issuance)
Change in 
fair value
Reimbur-
sements
Transfers 
from L2 
to L3
Transfers 
from L3 
to L2
Balance 
31.12.2024 
Designated at fair value 
through P&L 
26 949 028 
10 663 226 
-2 651 637 
-3 490 185 
707 712 
-2 877 611 
29 300 533 
Equity and index instrument 
17 140 396 
5 302 126 
-2 144 203 
-2 579 063 
484 522 
-1 918 390 
16 285 388
Foreign exchange 
instruments 
330 314 
1 356 705 
-62 099 
-45 268 
185 318 
-50 822 
1 714 148
Interest rate instruments 
5 582 429 
2 844 189 
-56 281 
-488 354 
21 101 
-375 847 
7 527 237
Credit derivatives/securities 
3 611 352 
998 985 
-306 088 
-292 605 
16 771 
-508 093 
3 520 322 
Others financial instruments 
284 537 
161 221 
-82 966 
-84 895 
-24 459 
253 438
Trading derivatives 
18 124 
- 
1 997 
-4 546 
- 
-57 
15 518 
Equity and index 
instruments 
13 118 
- 
803 
-4 337 
- 
-57 
9 527 
Foreign exchange 
instruments 
- 
- 
- 
- 
- 
- 
- 
Other financial instruments 
5 006 
- 
1 194 
-209 
- 
- 
5 991 
 

 
SG Issuer 
Notes to the financial statements 
As at 31 December 2024 
 
51 
Transfers from Level 3 to Level 2 
The consensus data 
provided by external counterparties 
are considered observable if 
the underlying market is 
liquid and if the prices provided are 
confirmed by actual transactions. For high maturities, 
these consensus data 
are not observable. This is the case for the implied volatility used for the valuation of options with 
maturities of 
more than five years. However, when the residual maturity 
of the instrument falls below 
five years, its fair value 
becomes sensitive to observable parameters. 
Transfers 
from Level 2 to Level 3 
Transfers 
from Level 2 to Level 3 can occur in case of a modification 
within a parameter (no longer linked to the 
deal, modification of the observability rule 
of the parameter, etc.). 
15.7 
Operational risk 
Operational risk is 
the risk of 
loss or fraud 
caused by defects 
or failures in internal 
procedures or systems, human 
error or external 
events, including IT risk 
and management risk. Particular 
attention is paid 
to compliance risk, 
which receives enhanced monitoring. 
The Company participates in 
the effort to strengthen the 
management and monitoring 
of operational risk led 
by 
the 
Société Générale 
Group. This 
effort 
is 
guided by 
the Operational 
Risk 
Department, which 
reports to 
the 
Société Générale 
Group Risk 
Department, and 
is relayed 
by different 
Group operational 
risk monitoring 
units 
responsible for implementing the 
policies and directives issued by the 
Société Générale Group and monitoring 
and controlling operational risks. 
The monitoring 
arrangement mainly 
relies on 
four processes 
supervised by 
the operational 
risk departments: 
periodic risk and 
control self-assessment (RCSA), 
collect of internal data on 
losses due to operational 
errors with 
exhaustive real-time reporting of incidents, pattern analyses, and permanent 
control system. 
These procedures are supplemented by a crisis management unit 
and a business continuity plan. 
NOTE 16 – RELATED PARTIES 
During 
the 
year, 
the 
Company entered 
into 
transactions with 
related 
parties. Those 
transactions 
along with 
related balances as at 31 December 2024 and 
2023 are presented below. Related parties are considered to be a 
party that has the 
ability to control the Company 
or exercise significant influence 
over the Company in making 
financial or operational decisions. 
The Company has a related party 
relationship with SG Luxembourg, its 
parent 
company 
(SG) 
and 
with 
its 
Executive 
Board 
Members, 
Supervisory Board 
Members 
and 
Executive 
Officers. 
As disclosed below 
in the table, 
the Company 
entered into transactions 
with SG 
Luxembourg, its parent 
company 
(SG) and other SG Group entities. 
The issued Notes are sold to Société Générale as market 
maker, 
such Notes being expected to be subscribed 
in 
fine 
by third 
party investors, 
either for their 
own account or 
via distribution network. Moreover, 
all Notes are 
guaranteed by Société Générale. 
Also, 
the Company 
borrows securities 
from Société 
Générale, which 
serve as 
collateral for 
the secured 
Notes 
issued by the Company. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SG Issuer 
Notes to the financial statements 
As at 31 December 2024 
 
52 
As at 31 December 2024 
Société Générale 
(Parent Company) 
SG 
Luxembourg 
Other SG Group 
entities 
EUR’ 000 
 
 
 
Cash and cash equivalents 
57 309 
0 
 
12 
Financial assets at fair value through profit or loss 
-
Mandatorily at fair value through profit 
or loss 
49 117 912 
- 
- 
-
Trading derivatives 
77 950 
- 
- 
Loans and receivables 
- 
50 026 
- 
Other assets 
292 904 
- 
- 
Total assets 
49 546 075 
50 026 
 
12 
 
Financial liabilities at amortised cost 
262 
93 529 
- 
Financial liabilities at fair value through profit or loss 
-
 
Designated at fair value through profit 
or loss* 
140 341 
- 
312 728 
-
Trading derivatives* 
36 207 
- 
- 
Other liabilities 
302 977 
3 090 
- 
Tax liabilities 
- 
- 
- 
Total 
liabilities 
479 787 
96 619 
312 728 
 
Interest income 
- 
2 018 
- 
Commission income 
42 769 
- 
- 
Total revenues 
42 769 
2 018 
- 
Interest expenses 
0 
(29 041) 
- 
Personnel expenses 
(256) 
- 
Other operating expenses 
(4 205) 
(4 953) 
- 
Total 
expenses 
(4 205) 
(34 250) 
- 
 
Total comprehensive income for the financial year 
38 564 
(32 232) 
- 
Financial commitments 
8 545 530 
- 
- 
Financial commitments-collateral to be returned 
7 251 220 
- 
- 
*
The financial liabilities at fair value through profit or loss appearing on the statement 
of financial position are the 
financial instruments issued by the Company and subscribed 
by investors, who are not related parties. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SG Issuer 
Notes to the financial statements 
As at 31 December 2024 
 
53 
As at 31 December 2023 
Société Générale 
(Parent Company) 
SG Luxembourg 
Other SG Group 
entities 
EUR’ 000 
 
 
 
Cash and cash equivalents 
38 451 
2 002 
704 
Financial assets at fair value through profit or loss 
-
Mandatorily at fair value through profit 
or loss 
51 118 092 
- 
- 
-
Trading derivatives 
57 316 
- 
- 
Loans and receivables 
- 
50 035 
- 
Other assets 
2 182 232 
- 
- 
Total assets 
53 396 091 
52 037 
704 
 
Financial liabilities at amortised cost 
294 444 
84 679 
314 875 
Financial liabilities at fair value through profit or loss 
-
 
- Designated at fair value through 
profit or loss* 
- 
- 
- 
-
 
- Trading derivatives* 
- 
- 
- 
Other liabilities 
256 240 
2 108 
- 
Tax liabilities 
- 
- 
- 
Total 
liabilities 
550 684 
86 787 
314 875 
 
Interest income 
- 
1 745 
- 
Commission income 
47 931 
- 
- 
Total revenues 
47 931 
1 745 
- 
Interest expenses 
- 
(38 331) 
- 
Personnel expenses 
- 
(303) 
- 
Other operating charges 
(1 049) 
(5 468) 
- 
Total 
expenses 
(1 049) 
(44 102) 
- 
 
Total comprehensive income for the financial year 
46 882 
(42 357) 
- 
Financial commitments 
4 721 740 
- 
- 
- 
Financial commitments-collateral to be returned 
5 865 142 
- 
- 
*
The financial liabilities 
at fair 
value through 
profit or loss 
appearing on 
the statement 
of financial position 
are the 
financial instruments issued by the Company and subscribed 
by investors, who are not related parties. 
 

SG Issuer 
Notes to the financial statements 
As at 31 December 2024 
 
54 
NOTE 17 – REMUNERATION, 
ADVANCES 
AND LOANS GRANTED TO MEMBERS OF THE 
ADMINISTRATIVE OR SUPERVISORY 
BODY
The independent director of the Company earned a 
remuneration of EUR 
28 000 for his services related to 
the 
year ended 31 December 2024 (31 December 
2023: EUR 28 000). 
As 
at 
31 
December 
2024 
and 
2023, 
no 
other 
payment, 
advance 
or 
loans 
were 
given 
to 
members 
of 
the 
administrative or supervisory body. 
NOTE 18 – INFORMATION 
ON LITIGATIONS
During the year ended 31 December 2020, SG Issuer, 
as the Issuer of Notes linked to the credit 
risk of a French 
corporate, 
and Société 
Générale, as 
the Guarantor, 
were brought 
before the 
Courts of 
Paris (alongside 
other 
French financial institutions) 
by end 
investors to obtain compensation 
for the financial 
loss they suffered 
on their 
investment 
in 
these 
securities. 
The 
French 
corporate 
was 
the 
subject 
of 
a 
“safeguard 
procedure”, 
which 
constitutes a 
credit event 
under the terms 
of the Notes 
which had a 
strong impact on 
the value of 
the Notes. 
These investors rely on unfounded allegations according 
to which SG Issuer 
and Société Générale 
were aware of 
the difficulties of 
the French corporate 
when setting up 
and marketing 
these Notes and 
that in 
doing so, they 
failed 
to 
meet 
their 
regulatory 
obligations 
(to 
act 
in 
an 
honest, 
fair 
and 
professional 
manner, 
to 
provide 
information on the product risks and to determine the suitability of the Notes 
for retail investors). 
On 27 July 2021, the 
Company received a new letter from end 
investors in order to obtain compensation for the 
financial loss 
they suffered 
on their 
investment in 
securities issued by 
the Company. 
This letter 
relates to 
the 
same litigation described above. 
For this litigation, along with 
any other litigation relating to securities 
issued by SG Issuer, SG Issuer is 
entitled to 
an indemnification by Société Générale in respect 
of any sum due by SG 
Issuer regarding potential damages or 
attorneys’ 
fees. 
No change on this case compared to 31 December 2023 
financial statements. 
NOTE 19 – CAPITAL 
MANAGEMENT
In consideration 
of the information mentioned 
in the previous notes, 
the exposure of 
the Company to various 
risks is limited thanks to the mirroring that is in place for the 
financial instruments. 
The Company does not have any loan covenants. 
For dividends, please refer to the Note 8.2.2. 
NOTE 20 – USE OF DERIVATIVES 
The 
Company uses 
derivatives to 
mirror the 
instruments issued. These 
derivatives are 
measured at 
fair value 
through profit or loss. 
The Company does not apply hedge accounting. 
For further details on the derivatives, please refer to Notes 4.1 and 15. 

SG Issuer 
Notes to the financial statements 
As at 31 December 2024 
 
55 
NOTE 21 - SIGNIFICANT CHANGES IN THE CURRENT PERIOD 
There are no 
significant events in the current period 
that may have 
an impact on the financial statements 
that 
would not be included in the preceding notes. 
NOTE 22 – SUBSEQUENT EVENTS 
Following the 
decision of 
the Extraordinary General 
Meeting of 
26 March 2025, the Company 
has changed its 
corporate address to 10, Porte de France, L-4360 Esch-sur-Alzette, Luxembourg. 
Apart, from 
the abovementioned 
item, there 
was no 
other subsequent 
events which 
could have 
a significant 
impact on the financial information as at 31 December 
2024. 