The Mondadori Group Net Financial Position excluding the impact of IFRS16, as at 30 September 2020, stood at € -82.3 million, improving significantly by approximately 25% (€ + 28 million) versus € -110.4 million at September 2019.

Net financial position (€ mn)September 2020September 2019December 2019
Cash and cash equivalents30.5 5.3 44.2
Assets (liabilities) from derivative financial instruments (0.9) (1.5) (1.0)
Other financial assets (liabilities) 34.3 17.7 126.7
Loans (short and medium/long term) (146.2) (131.9) (129.5)
Held-for-sale financial assets (liabiliaties) 0.0 0.0 0.0
Net financial position excluding IFRS16(82.3)(110.4)(40.4)
Financial payables IFRS16(88.0)(99.1)(95.9)
Total net financial position(170.4)(209.5)

IFRS 16 NFP stood at € -170.4 million and included the impact of IFRS 16 of -€88.0 million; the improvement versus September 2019 is approximately € 40 million.

Since 2009 the Mondadori Group has held no bonded loans and its debt is financed through the use of medium-long term credit lines.

The overall credit lines available to the Group at 30 September 2020 amounted to € 564.1 million, of which € 317.5 million committed.

The Group’s short-term loans, totalling to €246.6 million, € 29,7 million of which drawn down at 30 September 2020, include overdraft credit lines on current accounts, advances subject to collection and “hot money” lines.

The pool loan, with a residual amount of €317.5 million at 30 September, is made as follows:

(Euro/millions)Bank poolof which:

unutilized

of which:

with interest rate hedge

(1) Term Loan A117.578.3
(2) RCF100.0100.0
(3) Acquisition Line C100.0100.0 –
Total loans317.5
Maturity dates202020212022
(1) Term Loan A€ 22.5 mln

(December)

€ 27.5 mln

(December)

 € 67.5 mln

(December)

(2) RCF – –bullet loan, coming to maturity in December
(3) Acquisition Line C – –bullet loan, coming to maturity in December
the availability period ends in December 2020
NFP/EBITDA adj. ratio2019201820172016201520142013
  0.7x 1.6x 1.7x 2.6x 2.7x 4.6x 7.1x

The Group’s NFP and the relating LTM cash flow are detailed below:

(€/ml)LTM
Sept-20
Initial NFP IFRS16(209.3)
 Financial liabilities application of IFRS16 (98.9)
Initial NFP no IFRS16(110.4)
Adjusted EBITDA (no IFRS16)82.4
NWC and provisions(3.2)
CAPEX no IFRS16(21.6)
Cash flow from operations57.6
Financial income / (expense) no IFRS16(3.8)
Tax(13.1)
Ordinary cash flow from continuing operations40.8
Cash flow from ordinary operations discontinued or discontinuing operations0.7
Cash flow from ordinary operations41.5
Restructuring costs(6.7)
Share capital increase / dividends non controlling interests and associates(3.5)
Purchases  / disposals(2.6)
Other(0.6)
Cash flow from extraordinary operations or discontinuing operations0.0
Cash flow from extraordinary operations(13.4)
Total cash flow28.1
NFP no IFRS 16(82.3)
IFRS16 effects in the period10.8
Final NFP (170.4)