Maturity structure of the debt portfolio at 31.12.2016 (CHF m)
You'll find further share price informationen on the online report:
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.
Breakdown of net debt 2013 – 2017
Breakdown of net debt
| in CHF m | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 |
| Cash | 394.5 | 298.4 | 411.9 | 405.0 | 273.0 | 262.1 | 339.9 |
| Wertschriften | 20.1 | 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 | 414.60 | 333.5 | 422.1 | 461.2 | 275.0 | 263.8 | 342.8 |
| Loans | 261.5 | 177.3 | 196.0 | 159.5 | 210.4 | 234.1 | 254.5 |
| Bonds | 114.1 | 116.4 | 237.4 | 409.1 | 312.4 | 311.8 | 311.2 |
| Other long-term financial liabilities | 2.8 | 0.1 | 0.1 | 0.2 | 0.3 | 0.7 | 0.0 |
| Other short-term financial liabilities | 30.4 | 19.5 | 202.9 | 83.8 | 37.6 | 42.3 | 14.0 |
| Financial liabilities | 408.9 | 313.3 | 636.4 | 652.5 | 560.7 | 588.8 | 579.7 |
| Repower Group’s net financial liabilities | -5.7 | -20.2 | 214.3 | 191.4 | 287.2 | 326.4 | 236.8 |
| Pension provisions | 3.7 | 45.5 | 42.1 | 28.7 | 26.7 | 41.3 | 7.6 |
| Reversion provisions | 0.0 | 12.9 | 13.0 | 13.5 | 13.1 | 13.2 | 36.5 |
| Net debt | -2.0 | 41.2 | 269.5 | 233.5 | 327.1 | 380.9 | 280.9 |
| EBITDA* | 79.2 | 75.3 | 59.3 | 89.4 | 135.8 | 148.4 | 167.0 |
| Net debt to EBITDA ratio | 0.0 | 0.5 | 4.5 | 2.6 | 2.4 | 2.6 | 1.7 |
*EBITDA after exceptional items
Changes between 31.12.2017 and 31.12.2016
- 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- | Negative | 12.04.2018 | Alexandra Bossert | +41 44 239 14 76 alexandra.bossert@ubs.com |
| Bank Vontobel | BBB- | Stable | 10.04.2018 | Dominik Meyer | +41 58 283 63 41 dominik.meyer@vontobel.ch |
| Credit Suisse | Low BBB | Stable | 11.04.2018 | Daniel Rupli | +41 44 333 13 79 daniel.rupli@credit-suisse.com |
| ZKB | BBB- | Stable | 10.04.2018 | Luca Corletto | +41 44 292 33 94 luca.corletto@zkb.ch |
Your contact
Have any questions about Repower?
If you need to contact us urgently or simply want to speak to us in person, you can call us on
+41 81 839 7111 any working day between 7.30am and 4pm (Central European Time).
Outside office hours you can leave your phone number and details of the best time to return your call, and we’ll be glad to get back to you.