The Mondadori Group Net Financial Position excluding IFRS16, as at 30 June 2020, was a negative €130.1 million, a significant improvement of €74.1 million compared with -€204.2 million in June 2019.

Net financial position (€ mn)June 2020June 2019December 2019
Cash and cash equivalents27.5 34.3 44.2
Assets (liabilities) from derivative financial instruments (1.0) (1.4) (1.0)
Other financial assets (liabilities) 24.3 (0.2) 126.7
Loans (short and medium/long term) (180.9) (241.5) (129.5)
Held-for-sale financial assets (liabiliaties) 0.0 4.6 0.0
Net financial position excluding IFRS16(130.1)(204.2)(40.4)
Financial payables IFRS16(89.4)(102.0)(95.9)
Total net financial position(219.5)(306.2)

IFRS 16 NFP amounted to -€219.5 million and included the impact of IFRS 16 of -€89.4 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 total credit lines available to the Group at 30 June 2020 amounted to €554.1 million, of which €317.5 million committed.

The Group’s short-term credit lines, amounting to €236.6 million, utilised for €64.7 million at 30 June 2020, consist of overdraft facilities on current accounts, advances s.b.f. and “hot money” lines.

The pool of €317.5 million at 30 June consists of:

(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

Term Loan B (€ 100 million) fully repaid on 31 July 2019.

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
NFP at beginning of period excl. IFRS16(204.2)
Adjusted EBITDA (excl. IFRS16)83.7
Change in NWC and provisions(9.4)
CAPEX excl. IFRS16(19.2)
Cash flow from operations55.1
Financial income (expense) excl. IFRS16(4.0)
Tax(14.5)
Cash flow from ordinary operations of discontinued assets1.4
Ordinary cash flow35.3
Restructuring costs(5.8)
Extraordinary tax amounts / prior years0.3
Share capital increase / dividends non controlling interests and associates(4.6)
Purchase of assets(0.4)
Disposal of assets58.5
Other extraordinary income / expenses(9.2)
Cash flow from extraordinary operations of discontinued assets(0.1)
Cash flow from extraordinary operations38.8
Total cash flow74.0
NFP end of period excl. IFRS 16(130.1)
IFRS16 effects in the period12.5
NFP end of period(219.5)