(€/m)20222021202020192018[1]20172016
Net financial position (start of the period)(94.8)(97.6)(151.3)(147.2)(189.2)(263.6)(199.4)
EBITDA before non recurring items120.991.082.494.590.184.5108.5
Effects of shareholdings / dividends received(4.7)
Net working capital and fund24.410.31.2(5.4)(4.8)13.612.7
CAPEX ante IFRS16(41.7)(22.0)(21.8)(18.4)(19.8)(18.7)(17.2)
Operating cash flow103.679.361.970.865.579.499.3
Net financial charges(4.1)(2.4)(3.7)(1.6)(2.9)(7.0)(17.7)
Taxes(21.6)(13.9)(6.9)(20.7)(7.9)(3.2)(13.8)
Ordinary cash flow from assets held for sale(7.7)5.31.815.31.4
Ordinary cash flow70.268.251.250.370.168.767.9
Cash-out for restructuring(8.8)(6.9)(5.2)(5.4)(11.3)(8.8)(14.9)
VAT receivables cash-in(0.33.40.5(1.3)6.815.5
Associates(1.0)(0.1)(1.1)(7.4)(2.7)
Acquisitions / disposals(42.6)(8.6)(0.5)58.4(7.0)3.8(132.6)
Other extraordinary income / expenses(7.0)(3.8)(3.7)(1.6)(2.4)
Extraordinary cash flow from assets held for sale(0.3)(3.0)(3.4)3.8
Extraordinary cash flow(59.5)(16.1)(10.5)41.5(28.9)5.6(132.0)
Total cash flow10.752.240.791.842.074.3(64.2)
Net financial position (end of the period)(106.0)37.4(14.8)(55.4)(147.2)(189.2)
Additional Net Financial Position from IFRS16 from application13.1(82.1)(82.9)(95.9)
Final NFP IFRS16(177.4)(44.7)(97.6)(151.3)(147.2)

[1] Data presented in accordance with IFRS5, with Mondadori France discontinuing
As of January 1, 2019, the data are reported according to IFRS16

(€/m)20221H2220211H2120201H2020191H19[1]2018[1]1H18[1]2017[1]
Net financial position (start of the period)(94.8)(155.1)(97.6)(219.5)(151.3)(204.2)(147.2)(238.4)(189.2)(284.4)(263.6)
EBITDA before non recurring items120.996.791.093.782.483.794.591.890.1112.584.5
Effects of shareholdings / dividends received(3.3)
Net working capital and fund24.46.710.310.11.2(9.4)(5.4)(8.7)(4.8)(8.7)13.6
CAPEX(41.7)(28.9)(22.0)(22.4)(21.8)(19.2)(18.4)(19.1)(19.8)(20.3)(18.7)
Operating cash flow103.674.479.381.461.955.170.864.065.580.379.4
Net financial charges(4.1)(3.3)(2.4)(2.4)(3.7)(4.0)(1.6)(1.1)(2.9)(10.0)(7.0)
Taxes(21.6)(21.8)(13.9)(10.5)(6.9)(14.5)(20.7)(16.4)(7.9)(5.4)(3.2)
Ordinary cash flow from assets held for sale(7.7)(3.8)5.3(1.4)1.8(14.0) 15.3-1.4
Ordinary cash flow70.245.468.268.551.235.350.360.570.164.968.7
Cash-out for restructuring(8.8)(10.6)(6.9)(5.3)(5.2)(5.8)(5.4)(8.5)(11.3)(11.4)(8.8)
VAT receivables cash-in(0.3)(0.3)3.43.70.30.5(0.7)(1.3)0.36.8
Associates(1.0)(0.5)(0.1)(0.2)(1.1)(4.6)(7.4)(5.4)(2.7) (2.8)(1.8)
Acquisitions / disposals(42.6)(146.4)(8.6)(6.9)(0.5)58.158.4(4.0)(7.0)(5.0)3.8
Other extraordinary income / expenses(7.0)(2.9)(3.8)2.1(3.7)(9.2)(1.6)(2.5)(2.4)
Extraordinary cash flow from assets held for sale(0.1)(0.3)(0.1)(3.0)(5.1)(3.4)3.83.8
Extraordinary cash flow(59.5)(160.9)(16.1)(6.5)(10.5)38.841.5(26.3)(28.1)(18.8)5.6
Free cash flow10.7(115.6)52.261.940.774.091.834.242.046.074.3
Paid dividends(22.2)(22.2)
Total cash flow(11.5)(137.8)52.261.940.774.091.834.242.046.074.3
Net financial position (end of the period)(106.0)(189.2)
Additional Net Financial Position from IFRS16 from application13.17.7(82.1)(86.8)(82.9)(89.4)(95.9)
Final NFP IFRS16(177.4)

[1] Data presented in accordance with IFRS5, with Mondadori France discontinuing
As of January 1, 2019, the data are reported according to IFRS16