(Euro/millions)201520142013
Net financial position (start of the period)(291.8)(363.2)(267.6)
EBITDA before non recurring items73.067.949.1
Associates(3.7)(3.8)(9.5)
Net working capital and fund14.20.2(65.6)
CAPEX(13.5)(11.9)(2.8)
Operating cash flow70.052.4(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 flow45.418.8(64.1)
Treasury & new shares placement31.1
Cash-out for restructuring(21.2)(20.3)(37.8)
VAT receivables cash-in8.015.28.5
Acquisitions / disposals60.226.6(2.2)
Extraordinary cash flow47.052.6(31.5)
Total cash flow92.471.4(95.6)
Net financial position (end of the period)(199.4)(291.8)
(Euro/millions)1H1620151H1520141H14
Net financial position (start of the period)(194.4)(291.8)(291.8)(363.2)(363.2)
EBITDA before non recurring items26.773.023.867.918.1
Associates(0.5)(3.7)1.4(3.8)(1.6)
Net working capital and fund(27.8)14.228.30.2(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 flow26.145.4(22.2)18.8(34.8)
Treasury & new shares placement31.131.1
Cash-out for restructuring(7.1)(21.2)(11.6)(20.3)(14.2)
VAT receivables cash-in15.18.02.215.24.7
Acquisitions / disposals157.360.2(3.1)26.67.4
Extraordinary cash flow(149.3)47.0(12.5)52.629.1
Total cash flow(175.4)92.4(34.7)71.4(5.7)
Net financial position (end of the period)(374.8)(326.5)