Net Financial Position
| Net financial position (€ mn) | 31 December 2020 | 31 December 2019 |
|---|---|---|
| Cash and cash equivalents | 110.2 | 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) | (151.3) |
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 pool | of which: unutilized | of which: with interest rate hedge |
|---|---|---|---|
| (1) Term Loan A | 95.0 | – | 63.3 |
| (2) RCF | 100.0 | 100.0 | – |
| Total loans | 195.0 | 200.0 | 63.3 |
| Maturity dates | 2021 | 2022 |
|---|---|---|
| (1) Term Loan A | € 27.5 mln (December) | € 67.5 mln (December) |
| (2) RCF | – | bullet loan, coming to maturity in December |
| NFP/EBITDA adj. ratio | 2020* | 2019* | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|---|
| 0.2x | 0.7x | 1.6x | 1.7x | 2.6x | 2.7x | 4.6x | 7.1x |
- IFRS16 excl.
The Group’s NFP and the relating cash flow are detailed below:
| (€/ml) | FY 2020 | FY 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) | 82.4 | 94.5 |
| NWC and provisions | 1.2 | (5.4) |
| CAPEX no IFRS16 | (21.8) | (18.4) |
| Cash flow from operations | 61.9 | 70.8 |
| Financial income / (expense) no IFRS16 | (3.7) | (1.6) |
| Tax | (6.9) | (20.7) |
| Ordinary cash flow from continuing operations | 51.2 | 48.4 |
| Cash flow from ordinary operations discontinued or discontinuing operations | 0.0 | 1.8 |
| Cash flow from ordinary operations | 51.2 | 50.3 |
| 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 operations | 0.0 | (3.0) |
| Cash flow from extraordinary operations | (10.5) | 41.5 |
| Total cash flow | 40.7 | 91.8 |
| NFP no IFRS 16 | (14.8) | (55.4) |
| IFRS16 effects in the period | 13.0 | 12.8 |
| Final NFP | (97.6) | (151.3) |