Net Financial Position
| Net financial position (€ mn) | June 2020 | June 2019 | December 2019 |
|---|---|---|---|
| Cash and cash equivalents | 27.5 | 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) | (55.4) |
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 pool | of which: unutilized | of which: with interest rate hedge |
|---|---|---|---|
| (1) Term Loan A | 117.5 | – | 78.3 |
| (2) RCF | 100.0 | 100.0 | – |
| (3) Acquisition Line C | 100.0 | 100.0 | – |
| Total loans | 317.5 | 200.0 | 78.3 |
| Maturity dates | 2020 | 2021 | 2022 |
|---|---|---|---|
| (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.
Debt maturity profile
| NFP/EBITDA adj. ratio | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|
| 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 operations | 55.1 |
| Financial income (expense) excl. IFRS16 | (4.0) |
| Tax | (14.5) |
| Cash flow from ordinary operations of discontinued assets | 1.4 |
| Ordinary cash flow | 35.3 |
| Restructuring costs | (5.8) |
| Extraordinary tax amounts / prior years | 0.3 |
| Share capital increase / dividends non controlling interests and associates | (4.6) |
| Purchase of assets | (0.4) |
| Disposal of assets | 58.5 |
| Other extraordinary income / expenses | (9.2) |
| Cash flow from extraordinary operations of discontinued assets | (0.1) |
| Cash flow from extraordinary operations | 38.8 |
| Total cash flow | 74.0 |
| NFP end of period excl. IFRS 16 | (130.1) |
| IFRS16 effects in the period | 12.5 |
| NFP end of period | (219.5) |