The net financial position at 31 December 2014 rose by euro 71.4 million against 31 December 2013.
Cash flow is detailed below:
|31 December 2014||31 December 2013|
|Initial net financial position||(363.2)||(267.6)|
|Ebitda before non-recurring items||63.5||49.1|
|Net working capital and fund provisions||0.1||(65.6)|
|Cash flow from operations||47.2||(28.7)|
|Ordinary cash flow from operations||18.8||(64.1)|
|Reimbursement of VAT receivables||15.2||8.5|
|Non-operating cash flow||52.6||(31.5)|
|Total cash flow||71.4||(95.6)|
|Final net financial position||(291.8)||(363.2)|
Cash flow from operations, which in the last twelve months generated euro 47.2 million, remains steady, against outlays for euro 65.6 million in 2013, as a result of increased focus on the management of inventory and trade receivables. This is mainly attributable to the management of operating activities net of equity investments (euro 63.5 million) and the positive management of net working capital including provisions, despite the year 2014 registers a recovery in investments.
Cash flow from ordinary operations, including cash-out for taxes and financial costs, was positive for euro 18.8 million and significantly improved against the loss of euro 64.1 million in 2013. Non-operating cash flow, which includes the effects of developments in the capital and other extraordinary items, was positive for euro 52.6 million despite outlays attributable to restructuring costs (euro 20.3 million).
These items generated a cash flow in 2014 totalling euro 71.4 million, against outlays equal to euro 95.6 million of the previous year.
Mondadori Group’s financial position at 31 December 2014 is made in detail as follows:
|Net financial position|
|Cash and cash equivalents||13.0||65.7|
|Financial assets at fair value||-||-|
|Held-for-sale financial assets||-||-|
|Assets (liabilities) from derivative instruments||(1.7)||0.2|
|Other financial assets (liabilities)||(7.4)||0.5|
|Loans (short and medium/long term)||(295.7)||(429.6)|
|Net financial position||(291.8)||(363.2)|
It should be pointed out that the net financial position would show a deficit of euro 292.1 million euro in 2014 (vs. 365.9 million euro in 2013), if calculated according to the method recommended by Consob, as it would not include the balance of non-current financial assets.
Since 2009 the Mondadori Group has held no bonded loans and its debt is financed through the use of medium-long term credit lines.
The overall credit lines available to the Group at 31 December 2014 amounted to euro 757.4 million, of which euro 570.0 committed. In January 2015 a partial anticipated repayment of the committed lines for a total of euro 15.0 million was carried out. The Group’s short-term loans, totalling euro 187.4 million, used for euro 18.8 million at 31 December 2014, included overdraft credit lines on current accounts, advances subject to collection and “hot money” flows.
The main medium-long-term loans at 31 December 2014 are:
with interest rate hedge
|(1) instalments of equal amounts coming due
in December 2016 and December 2017; partial anticipated repayment in January
2015 of euro 7.5 million.
(2) coming due in December 2017; partial anticipated repayment (Term Loan) in January 2015 of euro 2.5 million.
(3) coming due in December 2016; partial anticipated repayment (Term Loan) in January 2015 of euro 5.0 million.
(4) coming due in December 2018.