Maturity profile and financing

Maturity structure of the debt portfolio at 31.12.2020 (CHF m)

Maturity structure

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 2016 – 2020

Breakdown of net debt 2016 – 2020

Breakdown of net debt/net liquidity

 

 

2020

2019

2018

2017

2016

 

 

       

Cash and cash equivalents

301

367

316

395

318

Securities & Fixed term deposits

196

120

87

61

17

Financial liabilities

405

453

442

419

321

Accrued interest

3

3

3

4

3

Net debt/Net liquidity *)

-89

-31

42

-33

-11

EBITDA

129

117

82

79

52

Net debt factor

-0.7

-0.3

0.5

-0.4

-0.2

 

 

 

 

* Net liquidity is shown with a negative sign and, like net debt, is now calculated on the basis of cash and cash equivalents, marketable securities, fixed-term deposits, and current and non-current financial liabilities, including accrued interests.

 Nebt debt changes between 31.12.2019 and 31.12.2020

Nebt debt changes between 31.12.2019 and 31.12.2020

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 21.04.2021 Alexandra Bossert +41 44 239 14 76
alexandra.bossert@ubs.com
Credit Suisse Mid BBB Stable 08.04.2021 Daniel Rupli +41 44 333 13 79
daniel.rupli@credit-suisse.com
ZKB BBB- Positive 27.08.2021 Armin Rechberger +41 44 292 39 51
armin.rechberger@zkb.ch

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