(€/m)20172016201520142013
Net financial position (start of the period) (263.6)(199.4)(291.8)(363.2) (267.6)
EBITDA before non recurring items 110.5108.573.067.9 49.1
Dividends minorities (3.3)(4.7)(3.7)(3.8) (9.5)
Net working capital and fund 4.212.714.20.2 (65.6)
CAPEX (19.3)(17.2)(13.5)(11.9) (2.8)
Operating cash flow 92.299.470.052.4 (28.7)
Net financial charges (14.0)(17.7)(17.6)(21.3) (24.2)
Associates (1.8) –
Taxes (7.6)(13.8)(6.9)(7.0) (11.2)
Radio cash flow –(5.2) –
Ordinary cash flow 68.767.945.418.8 (64.1)
Treasury & new shares placement –31.1 –
Cash-out for restructuring (13.8)(14.9)(21.2)(20.3) (37.8)
VAT receivables cash-in 6.815.58.015.2 8.5
Acquisitions / disposals 12.7(132.6)60.226.6 (2.2)
Extraordinary cash flow 5.7(132.0)47.052.6 (31.5)
Total cash flow 74.4(64.2)92.471.4 (95.6)
Net financial position (end of the period) (189.2)(263.6)(199.4)(291.8)
(€/m)1H1820171H1720161H1620151H1520141H142013
Net financial position (start of the period)(284.4)(263.6)(263.6)(199.4)(199.4)(291.8)(291.8)(363.2)(363.2)(267.6)
EBITDA before non recurring items112.5110.521.6108.526.773.023.867.918.149.1
Dividends minorities(3.3)(3.3)1.1(4.7)(0.5)(3.7)1.4(3.8)(1.6)(9.5)
Net working capital and fund(8.7)4.2(32.1)12.7(27.8)14.2(28.3)0.2(34.0)(65.6)
CAPEX(20.3)(19.3)(9.1)(17.2)(7.2)(13.5)(7.5)(11.9)(4.0)(2.8)
Operating cash flow80.392.2(18.4)99.4(8.7)70.0(10.6)52.4(21.5)(28.7)
Net financial charges(10.0)(14.0)(7.1)(17.7)(7.9)(17.6)(7.8)(21.3)(12.3)(24.2)
Associates(2.8)(1.8)
Taxes(5.4)(7.6)(5.3)(13.8)(9.5)(6.9)(5.1)(7.0)0.5(11.2)
Radio cash flow1.3(5.2)(1.5)
Ordinary cash flow62.168.7(30.8)67.9(26.1)45.4(22.2)18.8(34.8)(64.1)
Treasury & new shares placement31.131.1
Cash-out for restructuring(11.4)(13.8)(9.2)14.9(7.1)(21.2)(11.6)(20.3)(14.2)(37.8)
VAT receivables cash-in0.36.85.915.515.18.02.215.24.78.5
Acquisitions / disposals(5.0)12.713.3(132.6)(157.3)60.2(3.1)26.67.4(2.2)
Extraordinary cash flow(16.0)5.710.0(138.1)149.347.0(12.5)52.629.1(31.5)
Total cash flow46.074.4(20.8)(64.2)(175.4)92.4(34.7)71.4(5.7) (95.6)
Net financial position (end of the period) (238.4)(284.4)