The Mondadori Group’s NFP (no IFRS 16) at 31 March 2020 stood at € -96.9 million, improving by € 82.4 million versus € -179.3 million at March 2019.

Net financial position (€ mn)31 March 202031 March 201931 December 2019
Cash and cash equivalents44.2 68.7 44.2
Assets (liabilities) from derivative financial instruments (1.0) (1.0) (1.0)
Other financial assets (liabilities) 19.7 (8.8) 126.7
Loans (short and medium/long term) (159.8) (242.0) (129.5)
Held-for-sale financial assets (liabiliaties) 0.0 3.8 0.0
Net financial position excluding IFRS16(96.9)(179.3)(55.4)
Financial payables IFRS16(97.0)(107.1)(95.9)
Total net financial position(193.9)(286.4)

IFRS 16 NFP stood at € -193.9 million and includes the IFRS 16 impact of € -97.0 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 31 March 2020 amounted to € 554.1 million, € 317.5 million of which committed.

The Group’s short-term loans, amounting to € 236.6 million, € 44.710.0 million of which drawn down at 31 March 2020, included overdraft credit lines on current accounts, advances subject to collection and “hot money” flows.

At 31 March, the € 317.5 million pool consisted of:

(Euro/millions)Bank poolof which:

unutilized

of which:

with interest rate hedge

(1) Term Loan A117.578.3
(2) Term Loan B
(3) RCF100.0100.0
(4) 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) Term Loan B
(3) RCF – –bullet loan, coming to maturity in December
(4) Acquisition Line C – –bullet loan, coming to maturity in December

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

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

(€/ml)March 2020December 2019
NFP at beginning of period(284.3)(255.9)
Financial liabilities – application at 01-01-2019 of IFRS16(105.0)(107.9)
NFP at beginning of period excl. IFRS16(179.3)(148.0)
Adjusted EBITDA (no IFRS16)89.794.5
Change in NWC and provisions(1.3)(5.4)
CAPEX no IFRS16(19.2)(18.4)
Cash flow from operations69.270.8
Financial income (expense) no IFRS16(2.7)(1.6)
Tax(20.7)(20.7)
Ordinary cash flow from continuing operations45.848.4
Cash flow from ordinary operations of discontinued assets1.31.8
Cash flow from ordinary operations47.150.3
Restructuring costs(6.0)(5.4)
Extraordinary tax amounts / prior years0.30.5
Share capital increase / dividends non controlling interests and associates(6.5)(7.4)
Purchase of assets(0.4)(0.1)
Disposal of assets58.558.5
Cash flow from extraordinary operations of discontinued assets(8.8)(1.6)
Other extraordinary income / expenses (2.1) (3.0)
Cash flow from extraordinary operations35.141.5
Total cash flow82.391.8
NFP end of period excl. IFRS 16(96.9)(56.2)
IFRS16 effects in the period8.112.8
NFP end of period incl. IFRS 16(193.9)(151.3)