Maturity profile and financing

Maturity structure of the debt portfolio at 31.12.2018 (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 2014 – 2018

 

 

Breakdown of net debt

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



 *EBITDA after exceptional items

 Nebt debt changes 2018

A Net debt 31.12.2017 E Interests / divestments
B Real Investment                               F Currency translation effects/Other
C Repayment of liabilities G Net Debt 31.12.2018
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- Positive 10.04.2019 Dominik Meyer +41 58 283 63 41
dominik.meyer@vontobel.ch
Credit Suisse Low BBB Stable 10.04.2019 Daniel Rupli +41 44 333 13 79
daniel.rupli@credit-suisse.com
ZKB BBB- Stable 10.04.2019 Luca Corletto +41 44 292 33 94
luca.corletto@zkb.ch

Your contact

Brigitte Krapf

CFO

+ 41 81 839 7111