Debt

Maturity profile and financing

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

Financing

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.

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

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 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

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