Net Financial Position
| Net financial position (€ mn) | September 2020 | September 2019 | December 2019 |
|---|---|---|---|
| Cash and cash equivalents | 30.5 | 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) | (55.4) |
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 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 the availability period ends in December 2020 |
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 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 operations | 57.6 |
| Financial income / (expense) no IFRS16 | (3.8) |
| Tax | (13.1) |
| Ordinary cash flow from continuing operations | 40.8 |
| Cash flow from ordinary operations discontinued or discontinuing operations | 0.7 |
| Cash flow from ordinary operations | 41.5 |
| 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 operations | 0.0 |
| Cash flow from extraordinary operations | (13.4) |
| Total cash flow | 28.1 |
| NFP no IFRS 16 | (82.3) |
| IFRS16 effects in the period | 10.8 |
| Final NFP | (170.4) |