The Group’s net financial position as at 30 June 2016 amounted to -329.0 million euro, compared to -243.5 million euro as at 30 June 2015, due to a substantial generation of cash, despite net investments of over 170 million euro for the Rizzoli Libri and Banzai Media acquisitions.


This was the result of an increase in cash flow from operations during the year and, in particular, to the continued increase in ordinary cash flow.


The net financial position as at 30 September 2016 breaks down as follows:

Net financial position (€ mln)Euro/millions 30 June 2016Euro/millions 30 June 2015Euro/millions 31 December 2015
Cash and cash equivalents65.424.230.7
Assets (liabilities) from derivative instruments(2.6)(1.4)(0.0)
Other financial assets (liabilities)(10.5)(4.5)(3.4)
Loans (short and medium/long term)(381.4)(262.0)(226.6)
Net financial position(329.0)

Since 2009 the Mondadori Group has held no bonded loans and its debt is financed through the use of medium-long term credit lines. At 30 September 2016 these totalled EUR 700.6 million, of which EUR 500.7 is committed.

These lines were renegotiated in December 2015 through the signing of a new financing agreement with a pool of primary banking institutions that provides economic conditions for improvements in terms of interest rates and commissions.

(Euro/millions)Pool of Credit InstitutionsOf which unutilisedOf which with interest rate hedge
(1) Term Loan A1 (Refinancing)226.1150.0
(2) Term Loan A2 (Line dedicated to acquisition of RCS Libri)124.0
(3) Revolving Facility B100.0100.0
(4) Acquisition Line C50.013.8
Due date20162017201820192020
(1)€ 6.3 million€ 18.8 million€ 25.1 million€ 25.1 million€ 151.5 million
(2)€ 3.4 million€ 10.2 million€ 13.6 million€ 13.6 million€ 83.2 million
(3)Bullet in December
(4)Bullet in December with possibility of increasing to EUR 105.0 million

The Group’s short-term credit facilities, totalling EUR 199.9 million, of which EUR 2.7 million was utilised as at 30 September 2016, are made up of current account overdrafts, advances on invoices and short-term credit.