Maturity profile and financing

Maturity structure of the debt portfolio at 31.12.2016 (CHF m)

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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 2012 – 2016

 

Breakdown of net debt

in CHF m 2016 2015 2014 2013 2012 2011
Cash 298.4 411.9 405.0 273.0 262.1 339.9
Wertschriften 35.1 0.1 0.2 1.7 1.7 3.0
Weitere Positionen für Abzugskapital   10.0 56.0 0.3    
Cash and cash equivalents 333.5 422.1 461.2 275.0 263.8  342.8
Loans 177.3 196.0  159.5 210.4 234.1 254.5
Bonds 116.4 237.4  409.1 312.4 311.8 311.2
Other long-term financial liabilities 0.1 0.1  0.2 0.3 0.7 0.0
Other short-term financial liabilities 19.5 202.9  83.8 37.6 42.3 14.0
Financial liabilities 313.3 636.4  652.5 560.7 588.8 579.7
Repower Group’s net financial liabilities -20.2 214.3  191.4 287.2 326.4  236.8
Pension provisions 45.5 42.1  28.7 26.7 41.3 7.6
Reversion provisions 12.9 13.0 13.5 13.1 13.2 36.5
Net debt 41.2 269.5 233.5 327.1 380.9 280.9
EBITDA* 75.3 59.3 89.4 135.8 148.4 167.0
Net debt to EBITDA ratio 0.5 4.5 2.6 2.4 2.6 1.7



 *EBITDA after exceptional items

Changes between 31.12.2015 and 31.12.2016

 

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 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- Negative 05.04.2017 Alexandra Bossert +41 44 239 14 76
alexandra.bossert@ubs.com
Bank Vontobel BBB- Stable 04.04.2017 Dominik Meyer +41 58 283 63 41
dominik.meyer@vontobel.ch
Credit Suisse High BB Stable 05.04.2017 Daniel Rupli +41 44 333 13 79
daniel.rupli@credit-suisse.com
ZKB BBB- Negative 05.04.2017 Luca Corletto +41 44 292 33 94
luca.corletto@zkb.ch

Your contact

Brigitte Krapf

CFO

+ 41 81 839 7111