At 30 September 2017, the Mondadori Group’s net financial position stood at -256 million euro versus -329 million euro at September 2016 and -263.6 million euro at December 2016.
In the last twelve months, the net financial position improved by approximately 73 million Euro.

Cash flow 9M17

Cash flow from ordinary operations stood at 51.6 million euro, 76.6 million euro of which from operations minus tax and financial costs of 25.1 million euro; cash flow from extraordinary operations came to 21.3 million euro.

Ordinary cash flow 9M17

The net financial position as at 30 September 2017 breaks down as follows:

Net financial position (€ mln)Euro/millions
30 September 2017
30 September 2016
31 December 2016
Cash and cash equivalents 88.1 65.477.6
Assets (liabilities) from derivative instruments (1.1) (2.6)(1.6)
Other financial assets (liabilities) (5.2) (10.5)(13.4)
Loans (short and medium/long term) (337.9) (381.4)(326.2)
Net financial position (256.0) (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 2017 amounted to 695.2 million euro, 470.6 million euro of which committed.

(Euro/millions)Pool of Credit InstitutionsOf which unutilisedOf which with interest rate hedge
(1) Term Loan A1 (Refinancing)187.2145.9
(2) Term Loan A2 (Line dedicated to acquisition of RCS Libri)102.7
(3) Revolving Facility B100.0100.0
(4) Acquisition Line C80.043.8
Due date2017201820192020
(1)€ 15.9 million€ 21.2 million€ 21.2 million€ 129.6 million
(2)€ 8.7 million€ 11.6 million€ 11.6 million€ 70.8 million
(3)bullet loan, coming to maturity
in December
(4)bullet loan coming to maturity
in December, increasable up to
105.0 million euro,
with concurrent reduction
of A1 or A2

The Group’s short-term loans, totaling 224.6 million euro, 16.4 million euro of which drawn down at 30 September, included overdraft credit lines on current accounts, advances subject to collection and “hot money” lines.