(€/m)20192018[1]2017[1]2016201520142013
Net financial position (start of the period)(147.2)(189.2)(263.6)(199.4)(291.8)(363.2)(267.6)
EBITDA before non recurring items94.590.184.5108.573.067.949.1
Net working capital and fund(5.4)(4.8)13.612.714.20.2(65.6)
CAPEX ante IFRS16(18.4)(19.8)(18.7)(17.2)(13.5)(11.9)(2.8)
Operating cash flow70.865.579.499.370.052.4(28.7)
Net financial charges(1.6)(2.9)(7.0)(17.7)(17.6)(21.3)(24.2)
Taxes(20.7)(7.9)(3.2)(13.8)(6.9)(7.0)(11.2)
Ordinary cash flow from assets held for sale1.815.31.4(5.2)
Ordinary cash flow50.370.168.767.945.418.8(64.1)
Cash-out for restructuring(5.4)(11.3)(8.8)(14.9)(21.2)(20.3)(37.8)
VAT receivables cash-in(0.5)(1.3)6.815.58.015.28.5
Associates(7.4)(2.7)
Acquisitions / disposals58.4(7.0)3.8(132.6)60.226.6(2.2)
Other extraordinary income / expenses(1.6)(2.4)
Extraordinary cash flow from assets held for sale(3.0)(3.4)3.8
Extraordinary cash flow41.5(28.9)5.6(132.0)47.052.6(31.5)
Total cash flow91.842.074.3(64.2)92.471.4(95.6)
Net financial position (end of the period)(55.4)(147.2)(189.2)(263.6)(199.4)(291.8)

[1] Data presented in accordance with IFRS5, with Mondadori France discontinuing

(€/m)1H2020191H19[1]2018[1]1H18[1]2017[1]1H1720161H1620151H15
Net financial position (start of the period)(204.2)(147.2)(238.4)(189.2)(284.4)(263.6)(263.6)(199.4)(199.4)(291.8)(291.8)
EBITDA before non recurring items83.794.591.890.1112.584.521.6108.526.773.023.8
Dividends minorities –(3.3)1.1(4.7)(0.5)(3.7)1.4
Net working capital and fund(9.4)(5.4)(8.7)(4.8)(8.7)13.6(32.1)12.7(27.8)14.2(28.3)
CAPEX(19.2)(18.4)(19.1)(19.8)(20.3)(18.7)(9.1)(17.2)(7.2)(13.5)(7.5)
Operating cash flow55.170.8 64.0 65.580.379.4(18.4)99.4(8.7)70.0(10.6)
Net financial charges(4.0)(1.6)(1.1)(2.9)(10.0)(7.0)(7.1)(17.7)(7.9)(17.6)(7.8)
Taxes(14.4)(20.7)(16.4)(7.9)(5.4)(3.2)(5.3)(13.8)(9.5)(6.9)(5.1)
Ordinary cash flow from assets held for sale(1.4)1.8(14.0) 15.3-1.41.3
Ordinary cash flow35.350.3 60.570.164.968.7(30.8)67.9(26.1)45.4(22.2)
Treasury & new shares placement –
Cash-out for restructuring(5.8)(5.4)(8.5)(11.3)(11.4)(8.8)(9.2)14.9(7.1)(21.2)(11.6)
VAT receivables cash-in0.30.5(0.7)(1.3)0.36.85.915.515.18.02.2
Associates(4.6)(7.4)(5.4)(2.7) (2.8)(1.8)
Acquisitions / disposals58.158.4(4.0)(7.0)(5.0)3.813.3(132.6)(157.3)60.2(3.1)
Extraordinary cash flow from assets held for sale(0.1)(3.0)(5.1)(3.4)3.83.8
Other extraordinary income / expenses(9.2)(1.6)(2.5)(2.4)
Extraordinary cash flow38.841.5(26.3)(28.1)(18.8)5.610.0(138.1)149.347.0(12.5)
Total cash flow74.091.834.242.046.074.3(20.8)(64.2)(175.4)92.4(34.7)
Net financial position (end of the period)(130.1)(204.2)(326.5)

[1] Data presented in accordance with IFRS 5, with Mondadori France discontinuing