(€/m)2021202020192018[1]201720162015
Net financial position (start of the period)(97.6)(151.3)(147.2)(189.2)(263.6)(199.4)(291.8)
EBITDA before non recurring items91.082.494.590.184.5108.573.0
Effects of shareholdings / dividends received(4.7)3.7
Net working capital and fund10.31.2(5.4)(4.8)13.612.714.2
CAPEX ante IFRS16(22.0)(21.8)(18.4)(19.8)(18.7)(17.2)(13.5)
Operating cash flow79.361.970.865.579.499.370.0
Net financial charges(2.4)(3.7)(1.6)(2.9)(7.0)(17.7)(17.6)
Taxes(13.9)(6.9)(20.7)(7.9)(3.2)(13.8)(6.9)
Ordinary cash flow from assets held for sale5.31.815.31.4
Ordinary cash flow68.251.250.370.168.767.945.4
Cash-out for restructuring(6.9)(5.2)(5.4)(11.3)(8.8)(14.9)(21.2)
VAT receivables cash-in3.40.5(1.3)6.815.58.0
Associates(0.1)(1.1)(7.4)(2.7)
Acquisitions / disposals(8.6)(0.5)58.4(7.0)3.8(132.6)60.2
Other extraordinary income / expenses(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(16.1)(10.5)41.5(28.9)5.6(132.0)47.0
Total cash flow52.240.791.842.074.3(64.2)92.4
Net financial position (end of the period)37.4(14.8)(55.4)(147.2)(189.2)(263.6)
Additional Net Financial Position from IFRS16 from application(82.1)(82.9)(95.9)
Final NFP IFRS16(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)20211H2120201H2020191H19[1]2018[1]1H18[1]2017[1]1H172016
Net financial position (start of the period)(97.6)(219.5)(151.3)(204.2)(147.2)(238.4)(189.2)(284.4)(263.6)(263.6)(199.4)
EBITDA before non recurring items91.093.782.483.794.591.890.1112.584.521.6108.5
Effects of shareholdings / dividends received(3.3)1.1(4.7)
Net working capital and fund10.310.11.2(9.4)(5.4)(8.7)(4.8)(8.7)13.6(32.1)12.7
CAPEX(22.0)(22.4)(21.8)(19.2)(18.4)(19.1)(19.8)(20.3)(18.7)(9.1)(17.2)
Operating cash flow79.381.461.955.170.864.065.580.379.4(18.4)99.3
Net financial charges(2.4)(2.4)(3.7)(4.0)(1.6)(1.1)(2.9)(10.0)(7.0)(7.1)(17.7)
Taxes(13.9)(10.5)(6.9)(14.5)(20.7)(16.4)(7.9)(5.4)(3.2)(5.3)(13.8)
Ordinary cash flow from assets held for sale5.3(1.4)1.8(14.0) 15.3-1.4
Ordinary cash flow68.268.551.235.350.360.570.164.968.7(30.8)67.9
Cash-out for restructuring(6.9)(5.3)(5.2)(5.8)(5.4)(8.5)(11.3)(11.4)(8.8)(9.2)14.9
VAT receivables cash-in3.43.70.30.5(0.7)(1.3)0.36.85.915.5
Associates(0.1)(0.2)(1.1)(4.6)(7.4)(5.4)(2.7) (2.8)(1.8)
Acquisitions / disposals(8.6)(6.9)(0.5)58.158.4(4.0)(7.0)(5.0)3.813.3(132.6)
Other extraordinary income / expenses(3.8)2.1(3.7)(9.2)(1.6)(2.5)(2.4)
Extraordinary cash flow from assets held for sale(0.3)(0.1)(3.0)(5.1)(3.4)3.83.8
Extraordinary cash flow(16.1)(6.5)(10.5)38.841.5(26.3)(28.1)(18.8)5.610.0(132.0)
Total cash flow52.261.940.774.091.834.242.046.074.3(20.8)(64.2)
Net financial position (end of the period)37.4(263.6)
Additional Net Financial Position from IFRS16 from application(82.1)(86.8)(82.9)(89.4)(95.9)
Final NFP IFRS16(44.7)

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