Maturity profile and financing

Maturity structure of the debt portfolio at 31.12.2019 (CHF m)

You'll find further share price informationen on the online report:

Financing

Financing policy

One of the means by which Repower manages debt is by targeting a net debt to EBITDA ratio of 3 or lower in the medium term.

  • It has set a target corridor of 2 to 3. A study by the German Federal Ministry of Economics and Technology gives 3.5 as the figure that should not be exceeded in the longer term if a company wants to avoid problems, for example with expanding credit. Repower’s policy does allow it to exceed these target figures for limited periods of time, for example to implement necessary investment programmes that have a negative impact on the metrics.
  • The equity ratio must be kept within the 35-45 per cent range.

Net debt

Breakdown of net debt 2015 – 2019


Breakdown of net debt

in CHF m 2019 2018 2017 2016 2015 2014 2013 2012 2011
Cash 367.1 316.3  394.5 298.4 411.9 405.0 273.0 262.1 339.9
Wertschriften 119  85.9 20.1 35.1 0.1 0.2 1.7 1.7 3.0
Weitere Positionen für Abzugskapital   0.0      10.0 56.0 0.3    
Cash and cash equivalents 486.1 402.2  414.60 333.5 422.1 461.2 275.0 263.8  342.8
Loans 337.3 331.6  261.5 177.3 196.0  159.5 210.4 234.1 254.5
Bonds 96.1 95.9  114.1 116.4 237.4  409.1 312.4 311.8 311.2
Other long-term financial liabilities 2.6 2.7  2.8 0.1 0.1  0.2 0.3 0.7 0.0
Other short-term financial liabilities 17.0 11.4  30.4 19.5 202.9  83.8 37.6 42.3 14.0
Financial liabilities 456.0 441.6  408.9 313.3 636.4  652.5 560.7 588.8 579.7
Repower Group’s net financial liabilities -33.1 39.4  -5.7 -20.2 214.3  191.4 287.2 326.4  236.8
Pension provisions 3.9 3.7  3.7 45.5 42.1  28.7 26.7 41.3 7.6
Reversion provisions 0.0 1.6  0.0 12.9 13.0 13.5 13.1 13.2 36.5
Net debt -29.2 44.7  -2.0 41.2 269.5 233.5 327.1 380.9 280.9
EBITDA* 117.3 82  79.2 75.3 59.3 89.4 135.8 148.4 167.0
Net debt to EBITDA ratio -0.2 0.5  0.0 0.5 4.5 2.6 2.4 2.6 1.7



 *EBITDA after exceptional items

 Nebt debt changes between 31.12.2019 and 31.12.2018

A Net debt 31.12.2018 E Interests / divestments
B Real Investment                               F Currency translation effects/Other
C Repayment of liabilities G Net Debt 31.12.2019
D Operating Cash Flow  

Credit ratings

  • Credit ratings from agencies have a major impact on borrowing costs. The better the rating, the more easily a company can access the debt markets and the cheaper it can raise borrowed capital.
  • The successful capital increase and the improved operating income for 2016 and 2017 have resulted in a confirmation of the investment grade ratings by UBS, Bank Vontobel and ZKB.

Rating agency Long-/Short term rating Outlook Date Analyst Phone/E-Mail
UBS BBB- Deteriorating 12.04.2019 Alexandra Bossert +41 44 239 14 76
alexandra.bossert@ubs.com
Bank Vontobel BBB Stable 08.04.2020 Dominik Meyer +41 58 283 63 41
dominik.meyer@vontobel.ch
Credit Suisse Low BBB Stable 07.04.2020 Daniel Rupli +41 44 333 13 79
daniel.rupli@credit-suisse.com
ZKB BBB- Stable 08.04.2020 Luca Corletto +41 44 292 33 94
luca.corletto@zkb.ch

Your contact

Lorenzo Trezzini

CFO

+41 81 839 7111

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