The Mondadori Group’s Net Financial Position no IFRS 16 at 31 December 2020, stood at € -14.8 million, improving strongly versus € -55.4 million at December 2019.
IFRS 16 NFP stood at € –97.6 million (IFRS 16 impact of € -82.8 million), improving by 35% versus end 2019 (€ -53.7 million).

Net financial position (€ mn)31 December 202031 December 2019
Cash and cash equivalents110.2 44.2
Assets (liabilities) from derivative financial instruments (0.8) (1.0)
Other financial assets (liabilities) 13.8 30.8
Loans (short and medium/long term) (138.0) (129.5)
Held-for-sale financial assets (liabiliaties) 0.0 0.0
Net financial position excluding IFRS16(14.8)(55.4)
Financial payables IFRS16(82.8)(95.9)
Total net financial position(97.6)

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 31 December 2020 amounted to € 456.0 million, of which € 195.0 million committed.

The Group’s short-term loans, totaling € 261.0 million, € 44.7 million of which drawn down at 31 December 2020, include overdraft credit lines on current accounts, advances subject to collection and “hot money” flows.

At 31 December 2020, the € 195.0 million pool consisted of the following lines:

(Euro/millions)Bank poolof which:

unutilized

of which:

with interest rate hedge

(1) Term Loan A95.063.3
(2) RCF100.0100.0
Total loans195.0
Maturity dates20212022
(1) Term Loan A€ 27.5 mln
(December)
 € 67.5 mln
(December)
(2) RCF –bullet loan, coming to maturity in December
NFP/EBITDA adj. ratio2020*2019*201820172016201520142013
 0.2x0.7x1.6x1.7x2.6x2.7x4.6x7.1x
  • IFRS16 excl.

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

(€/ml)FY 2020FY 2019
Initial NFP IFRS16(151.3)(255.9)
Financial liabilities application of IFRS16(9.59)(108.7)
Initial NFP no IFRS16(55.4)(147.2)
Adjusted EBITDA (no IFRS16)82.494.5
NWC and provisions1.2(5.4)
CAPEX no IFRS16(21.8)(18.4)
Cash flow from operations61.970.8
Financial income / (expense) no IFRS16(3.7)(1.6)
Tax(6.9)(20.7)
Ordinary cash flow from continuing operations51.248.4
Cash flow from ordinary operations discontinued or discontinuing operations0.01.8
Cash flow from ordinary operations51.250.3
Restructuring costs(5.2)(5.4)
Share capital increase / dividends non controlling interests and associates(1.1)(7.4)
Purchases  / disposals(0.5)58.4
Other(3.7)(1.1)
Cash flow from extraordinary operations or discontinuing operations0.0(3.0)
Cash flow from extraordinary operations(10.5)41.5
Total cash flow40.791.8
NFP no IFRS 16(14.8)(55.4)
IFRS16 effects in the period13.012.8
Final NFP (97.6)(151.3)