Cash flow statement
| (€/m) | 2021 | 2020 | 2019 | 2018[1] | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|
| 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 items | 91.0 | 82.4 | 94.5 | 90.1 | 84.5 | 108.5 | 73.0 |
| Effects of shareholdings / dividends received | – | – | – | – | – | (4.7) | 3.7 |
| Net working capital and fund | 10.3 | 1.2 | (5.4) | (4.8) | 13.6 | 12.7 | 14.2 |
| CAPEX ante IFRS16 | (22.0) | (21.8) | (18.4) | (19.8) | (18.7) | (17.2) | (13.5) |
| Operating cash flow | 79.3 | 61.9 | 70.8 | 65.5 | 79.4 | 99.3 | 70.0 |
| 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 sale | 5.3 | – | 1.8 | 15.3 | 1.4 | – | – |
| Ordinary cash flow | 68.2 | 51.2 | 50.3 | 70.1 | 68.7 | 67.9 | 45.4 |
| Cash-out for restructuring | (6.9) | (5.2) | (5.4) | (11.3) | (8.8) | (14.9) | (21.2) |
| VAT receivables cash-in | 3.4 | – | 0.5 | (1.3) | 6.8 | 15.5 | 8.0 |
| 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 flow | 52.2 | 40.7 | 91.8 | 42.0 | 74.3 | (64.2) | 92.4 |
| Net financial position (end of the period) | 37.4 | (14.8) | (55.4) | (147.2) | (189.2) | (263.6) | (199.4) |
| 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) | 1H22 | 2021 | 1H21 | 2020 | 1H20 | 2019 | 1H19[1] | 2018[1] | 1H18[1] | 2017[1] | 1H17 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Net financial position (start of the period) | (155.1) | (97.6) | (219.5) | (151.3) | (204.2) | (147.2) | (238.4) | (189.2) | (284.4) | (263.6) | (263.6) |
| EBITDA before non recurring items | 96.7 | 91.0 | 93.7 | 82.4 | 83.7 | 94.5 | 91.8 | 90.1 | 112.5 | 84.5 | 21.6 |
| Effects of shareholdings / dividends received | – | – | – | – | – | – | – | – | (3.3) | – | 1.1 |
| Net working capital and fund | 6.7 | 10.3 | 10.1 | 1.2 | (9.4) | (5.4) | (8.7) | (4.8) | (8.7) | 13.6 | (32.1) |
| CAPEX | (28.9) | (22.0) | (22.4) | (21.8) | (19.2) | (18.4) | (19.1) | (19.8) | (20.3) | (18.7) | (9.1) |
| Operating cash flow | 74.4 | 79.3 | 81.4 | 61.9 | 55.1 | 70.8 | 64.0 | 65.5 | 80.3 | 79.4 | (18.4) |
| Net financial charges | (3.3) | (2.4) | (2.4) | (3.7) | (4.0) | (1.6) | (1.1) | (2.9) | (10.0) | (7.0) | (7.1) |
| Taxes | (21.8) | (13.9) | (10.5) | (6.9) | (14.5) | (20.7) | (16.4) | (7.9) | (5.4) | (3.2) | (5.3) |
| Ordinary cash flow from assets held for sale | (3.8) | 5.3 | – | – | (1.4) | 1.8 | (14.0) | 15.3 | – | -1.4 | – |
| Ordinary cash flow | 45.4 | 68.2 | 68.5 | 51.2 | 35.3 | 50.3 | 60.5 | 70.1 | 64.9 | 68.7 | (30.8) |
| Cash-out for restructuring | (10.6) | (6.9) | (5.3) | (5.2) | (5.8) | (5.4) | (8.5) | (11.3) | (11.4) | (8.8) | (9.2) |
| VAT receivables cash-in | (0.3) | 3.4 | 3.7 | – | 0.3 | 0.5 | (0.7) | (1.3) | 0.3 | 6.8 | 5.9 |
| Associates | (0.5) | (0.1) | (0.2) | (1.1) | (4.6) | (7.4) | (5.4) | (2.7) | (2.8) | (1.8) | – |
| Acquisitions / disposals | (146.4) | (8.6) | (6.9) | (0.5) | 58.1 | 58.4 | (4.0) | (7.0) | (5.0) | 3.8 | 13.3 |
| Other extraordinary income / expenses | (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) | 3.8 | 3.8 | – |
| Extraordinary cash flow | (160.9) | (16.1) | (6.5) | (10.5) | 38.8 | 41.5 | (26.3) | (28.1) | (18.8) | 5.6 | 10.0 |
| Free cash flow | (115.6) | 52.2 | 61.9 | 40.7 | 74.0 | 91.8 | 34.2 | 42.0 | 46.0 | 74.3 | (20.8) |
| Paid dividends | (22.2) | – | – | – | – | – | – | – | – | – | – |
| Total cash flow | (137.8) | 52.2 | 61.9 | 40.7 | 74.0 | 91.8 | 34.2 | 42.0 | 46.0 | 74.3 | (20.8) |
| Net financial position (end of the period) | (205.8) | 37.4 | (68.3) | (14.8) | (130.1) | (55.4) | (204.2) | (147.2) | (238.4) | (189.2) | (284.4) |
| Additional Net Financial Position from IFRS16 from application | 7.7 | (82.1) | (86.8) | (82.9) | (89.4) | (95.9) | – | – | – | – | – |
| Final NFP IFRS16 | (285.1) | (44.7) | (155.1) | (97.6) | (219.5) | (151.3) | – | – | – | – | – |
[1] Data presented in accordance with IFRS5, with Mondadori France discontinuing
As of January 1, 2019, the data are reported according to IFRS16