| Assets in the course of construction |
Note 16—Assets in the course of construction
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Land and
Buildings |
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Space
segment |
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Ground
segment |
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Other
fixtures,
tools &
equipment |
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Total |
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Cost and net book value as at 1 January |
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Movements |
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3 |
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190 |
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91 |
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28 |
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312 |
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Additions through business combinations (Note 4) |
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4 |
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629 |
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182 |
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14 |
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829 |
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Transfers to assets in use (Note 15) |
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(9 |
) |
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(494 |
) |
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(87 |
) |
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(23 |
) |
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(613 |
) |
Transfers from/(to) intangible assets (Note 17) |
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— |
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(17 |
) |
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(2 |
) |
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(6 |
) |
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(25 |
) |
Transfers between categories |
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5 |
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— |
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— |
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(5 |
) |
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— |
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Impact of currency translation |
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— |
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(92 |
) |
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(6 |
) |
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(3 |
) |
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(101 |
) |
Cost and net book value as at 31 December |
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1 |
Additions mainly related to mPOWER satellites, SES-25, SES-26 and Intelsat IS-41 to IS-45. |
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Land and
Buildings |
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Space
segment |
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Ground
segment |
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Other
fixtures,
tools &
equipment |
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Total |
|
Cost and net book value as at 1 January |
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Movements |
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4 |
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325 |
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51 |
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17 |
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397 |
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Transfers to assets in use (Note 15) 2 |
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(17 |
) |
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(516 |
) |
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(82 |
) |
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(14 |
) |
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(629 |
) |
Transfers from/(to) intangible assets (Note 17) |
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(2 |
) |
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— |
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(16 |
) |
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— |
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(18 |
) |
Transfers from/(to) inventory |
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— |
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— |
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(20 |
) |
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10 |
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(10 |
) |
Impact of currency translation |
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— |
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55 |
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2 |
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1 |
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58 |
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Cost and net book value as at 31 December |
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| 1 |
Additions mainly related to SES-24, SES-25, SES-26, mPOWER programme, C-band |
| 2 |
Includes transfer EUR 434 million of assets in the course of construction impairment booked in 2023 |
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Land and
Buildings |
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Space
segment |
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Ground
segment |
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Other
fixtures,
tools &
equipment |
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Total |
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Cost and net book value as at 1 January |
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Movements |
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9 |
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170 |
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43 |
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17 |
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|
239 |
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Transfers to assets in use (Note 15) |
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(2 |
) |
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(8 |
) |
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(30 |
) |
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(14 |
) |
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(54 |
) |
Transfers from/(to) intangible assets (Note 17) |
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— |
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— |
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(20 |
) |
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— |
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(20 |
) |
Impairment |
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— |
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(425 |
) |
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— |
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— |
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(425 |
) |
Impact of currency translation |
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— |
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(45 |
) |
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(2 |
) |
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(2 |
) |
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(49 |
) |
Cost and net book value as at 31 December |
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| 1 |
Additions mainly related to mPOWER programme , SES-24, SES-25, SES-26, C-band, partly offset by C-band reimbursable space segment cost of EUR 36 million and ground segment cost of EUR 2 million . | Borrowing costs of EUR 31 million (2024: EUR 16 million) arising from financing specifically relating to satellite procurements were capitalised during the year and are included under ‘Space segment’ additions in the table above. A weighted average effective rate of 3.96% (2024: 3.45 %, 2023: 3.10 %) was used, representing the Group’s average weighted cost of borrowing. Excluding the impact of loan origination costs and commitment fees, the average weighted interest rate was 3.70% (2024: 3.14 %, 2023: 2.97 %). The space segment additions in 2025 related primarily to:
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• |
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mPOWER satellites for EUR 106 million (2024: EUR 159 million); |
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• |
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GEO satellites for EUR 62 million (2024: EUR 129 million) – see Note 34; |
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• |
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payments to launch service providers. | In 2023, in conjunction with the annual impairment test, SES recorded an impairment charge of EUR 425 million against the assets under construction related to certain mPOWER satellites, reflecting technical issues arising on those satellites during on-orbit testing and the impact of those on the commercialisation assumptions of the overall programme. No impairment charges to assets in the course of construction were required as a result of the 2025 or 2024 impairment tests. |