(€/m)2018[1]2017[1]2016201520142013
Net financial position (start of the period) (189.2) (263.6)(199.4)(291.8)(363.2) (267.6)
EBITDA before non recurring items 90.1 84.5108.573.067.9 49.1
Net working capital and fund (3.8) 13.612.714.20.2 (65.6)
CAPEX (20.0) (18.7)(17.2)(13.5)(11.9) (2.8)
Operating cash flow 66.3 79.499.370.052.4 (28.7)
Net financial charges (2.9) (7.0)(17.7)(17.6)(21.3) (24.2)
Associates (3.5) (1.8) –
Taxes (7.9) (3.2)(13.8)(6.9)(7.0) (11.2)
Ordinary cash flow from assets held for sale 15.3 1.4(5.2) –
Ordinary cash flow 70.9 68.767.945.418.8 (64.1)
Cash-out for restructuring (11.3) (8.8)(14.9)(21.2)(20.3) (37.8)
VAT receivables cash-in (1.2) 6.815.58.015.2 8.5
Acquisitions / disposals (9.5) 3.8(132.6)60.226.6 (2.2)
Extraordinary cash flow from assets held for sale (3.4) 3.8 – – – –
Extraordinary cash flow (28.9) 5.6(132.0)47.052.6 (31.5)
Total cash flow 42.0 74.3(64.2)92.471.4 (95.6)
Net financial position (end of the period) (147.2) (189.2)(263.6)(199.4)(291.8)

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

(€/m)1H19[1]2018[1]1H18[1]2017[1]1H1720161H1620151H1520141H14
Net financial position (start of the period) (238.4) (189.2)(284.4)(263.6)(263.6)(199.4)(199.4)(291.8)(291.8)(363.2)(363.2)
EBITDA before non recurring items 91.8 90.1112.584.521.6108.526.773.023.867.918.1
Dividends minorities – –(3.3)1.1(4.7)(0.5)(3.7)1.4(3.8)(1.6)
Net working capital and fund (8.7) (3.8)(8.7)13.6(32.1)12.7(27.8)14.2(28.3)0.2(34.0)
CAPEX (19.1) (20.0)(20.3)(18.7)(9.1)(17.2)(7.2)(13.5)(7.5)(11.9)(4.0)
Operating cash flow 64.0 66.380.379.4(18.4)99.4(8.7)70.0(10.6)52.4(21.5)
Net financial charges (1.1) (2.9)(10.0)(7.0)(7.1)(17.7)(7.9)(17.6)(7.8)(21.3)(12.3)
Taxes (16.4)(7.9)(5.4) (3.2)(5.3)(13.8)(9.5)(6.9)(5.1) (7.0)0.5
Ordinary cash flow from assets held for sale(14.0) 15.3-1.41.3(5.2)(1.5)
Ordinary cash flow 60.570.964.968.7(30.8)67.9(26.1)45.4(22.2)18.8(34.8)
Treasury & new shares placement – –31.131.1
Cash-out for restructuring(8.5) (11.3)(11.4)(8.8)(9.2)14.9(7.1)(21.2)(11.6)(20.3)(14.2)
VAT receivables cash-in(0.7) (1.2)0.36.85.915.515.18.02.215.24.7
Associates(5.4)(3.5) (2.8)(1.8)
Acquisitions / disposals (4.0) (9.5)(5.0)3.813.3(132.6)(157.3)60.2(3.1)26.67.4
Extraordinary cash flow from assets held for sale (5.1) (3.4)3.83.8
Other extraordinary income / expenses (2.5) – – – – – – – – –
Extraordinary cash flow (26.3) (28.9)(18.8)5.610.0(138.1)149.347.0(12.5)52.629.1
Total cash flow 34.2 42.046.074.3(20.8)(64.2)(175.4)92.4(34.7)71.4(5.7)
Net financial position (end of the period)(204.2) (238.4)(368.9)

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