(Euro/millions)201620152014
Net financial position (start of the period)(199.4)(291.8)(363.2)
EBITDA before non recurring items108.673.067.9
Associates(4.7)(3.7)(3.8)
Net working capital and fund11.814.20.2
CAPEX(16.3)(13.5)(11.9)
Operating cash flow99.470.052.4
Net financial charges(17.7)(17.6)(21.3)
Taxes(13.8)(6.9)(7.0)
Radio cash flow(5.2)
Ordinary cash flow67.945.418.8
Treasury & new shares placement31.1
Cash-out for restructuring(14.9)(21.2)(20.3)
VAT receivables cash-in15.58.015.2
Acquisitions / disposals(132.6)60.226.6
Extraordinary cash flow(138.1)47.052.6
Total cash flow(64.2)92.471.4
Net financial position (end of the period)(263.6)(199.4)
(Euro/millions)20161H1620151H152014
Net financial position (start of the period)(199.4)(199.4)(291.8)(291.8)(363.2)
EBITDA before non recurring items108.626.773.023.867.9
Associates(4.7)(0.5)(3.7)1.4(3.8)
Net working capital and fund11.8(27.8)14.228.30.2
CAPEX(16.3)(7.2)(13.5)(7.5)(11.9)
Operating cash flow99.4(8.7)70.0(10.6)52.4
Net financial charges(17.7)(7.9)(17.6)(7.8)(21.3)
Taxes(13.8)(9.5)(6.9)(5.1)(7.0)
Radio cash flow1.3(5.2)
Ordinary cash flow67.926.145.4(22.2)18.8
Treasury & new shares placement31.1
Cash-out for restructuring14.9(7.1)(21.2)(11.6)(20.3)
VAT receivables cash-in15.515.18.02.215.2
Acquisitions / disposals(132.6)157.360.2(3.1)26.6
Extraordinary cash flow(138.1)(149.3)47.0(12.5)52.6
Total cash flow(64.2)(175.4)92.4(34.7)71.4
Net financial position (end of the period)(263.6)(199.4)