(Euro/millions) 2015 2014 2013
Net financial position (start of the period) (291.8) (363.2) (267.6)
EBITDA before non recurring items 73.0 67.9 49.1
Associates (3.7) (3.8) (9.5)
Net working capital and fund 14.2 0.2 (65.6)
CAPEX (13.5) (11.9) (2.8)
Operating cash flow 70.0 52.4 (28.7)
Net financial charges (17.6) (21.3) (24.2)
Taxes (6.9) (7.0) (11.2)
Radio cash flow (5.2)
Ordinary cash flow 45.4 18.8 (64.1)
Treasury & new shares placement 31.1
Cash-out for restructuring (21.2) (20.3) (37.8)
VAT receivables cash-in 8.0 15.2 8.5
Acquisitions / disposals 60.2 26.6 (2.2)
Extraordinary cash flow 47.0 52.6 (31.5)
Total cash flow 92.4 71.4 (95.6)
Net financial position (end of the period) (199.4) (291.8)
(Euro/millions) 1H16 2015 1H15 2014 1H14
Net financial position (start of the period) (194.4) (291.8) (291.8) (363.2) (363.2)
EBITDA before non recurring items 26.7 73.0 23.8 67.9 18.1
Associates (0.5) (3.7) 1.4 (3.8) (1.6)
Net working capital and fund (27.8) 14.2 28.3 0.2 (34.0)
CAPEX (7.2) (13.5) (7.5) (11.9) (4.0)
Operating cash flow (8.7) 70.0 (10.6) 52.4 (21.5)
Net financial charges (7.9) (17.6) (7.8) (21.3) (12.3)
Taxes (9.5) (6.9) (5.1) (7.0) 0.5
Radio cash flow  – 1.3 (5.2) (1.5)
Ordinary cash flow 26.1 45.4 (22.2) 18.8 (34.8)
Treasury & new shares placement 31.1 31.1
Cash-out for restructuring (7.1) (21.2) (11.6) (20.3) (14.2)
VAT receivables cash-in 15.1 8.0 2.2 15.2 4.7
Acquisitions / disposals 157.3 60.2 (3.1) 26.6 7.4
Extraordinary cash flow (149.3) 47.0 (12.5) 52.6 29.1
Total cash flow (175.4) 92.4 (34.7) 71.4 (5.7)
Net financial position (end of the period) (374.8) (326.5)