(Euro/millions)2016201520142013
Net financial position (start of the period)(199.4)(291.8)(363.2) (267.6)
EBITDA before non recurring items108.673.067.9 49.1
Associates(4.7)(3.7)(3.8) (9.5)
Net working capital and fund11.814.20.2 (65.6)
CAPEX(16.3)(13.5)(11.9) (2.8)
Operating cash flow99.470.052.4 (28.7)
Net financial charges(17.7)(17.6)(21.3) (24.2)
Taxes(13.8)(6.9)(7.0) (11.2)
Radio cash flow0.00.0(5.2) 0.0
Ordinary cash flow67.945.418.8 (64.1)
Treasury & new shares placement0.00.031.1 0.0
Cash-out for restructuring(14.9)(21.2)(20.3) (37.8)
VAT receivables cash-in15.58.015.2 8.5
Acquisitions / disposals(132.6)60.226.6 (2.2)
Extraordinary cash flow(138.1)47.052.6 (31.5)
Total cash flow(64.2)92.471.4 (95.6)
Net financial position (end of the period)(263.6)(199.4)(291.8)
(Euro/millions)1H1720161H1620151H1520141H142013
Net financial position (start of the period)(263.6)(199.4)(199.4)(291.8)(291.8)(363.2) (363.2) (267.6)
EBITDA before non recurring items21.6108.626.773.023.867.9 18.149.1
Associates1.1(4.7)(0.5)(3.7)1.4(3.8) (1.6) (9.5)
Net working capital and fund(32.1)11.8(27.8)14.228.30.2 (34.0) (65.6)
CAPEX(9.1)(16.3)(7.2)(13.5)(7.5)(11.9) (4.0) (2.8)
Operating cash flow(18.4)99.4(8.7)70.0(10.6)52.4 (21.5) (28.7)
Net financial charges(7.1)(17.7)(7.9)(17.6)(7.8)(21.3) (12.3)24.2)
Taxes(5.3)(13.8)(9.5)(6.9)(5.1)(7.0) 0.5(11.2)
Radio cash flow0.00.00.00.01.3(5.2) (1.5) 0.0
Ordinary cash flow(30.8)67.926.145.4(22.2)18.8 (34.8) (64.1)
Treasury & new shares placement0.00.00.00.00.031.1 31.1 0.0
Cash-out for restructuring(9.2)14.9(7.1)(21.2)(11.6)(20.3) (14.2) (37.8)
VAT receivables cash-in5.915.515.18.02.215.2 4.7 8.5
Acquisitions / disposals13.3(132.6)157.360.2(3.1)26.6 7.4 (2.2)
Extraordinary cash flow10.0(138.1)(149.3)47.0(12.5)52.6 29.1 (31.5)
Total cash flow(20.8)(64.2)(175.4)92.4(34.7)71.4 (5.7) (95.6)
Net financial position (end of the period)(284.4)(374.8)(291.8)(368.9)