(€/m)202020192018[1]2017[1]201620152014
Net financial position (start of the period)(151.3)(147.2)(189.2)(263.6)(199.4)(291.8)(363.2)
EBITDA before non recurring items82.494.590.184.5108.573.067.9
Effects of shareholdings / dividends received(4.7)3.73.8
Net working capital and fund1.2(65.6)(5.4)(4.8)13.612.714.2
CAPEX ante IFRS1621.8(18.4)(19.8)(18.7)(17.2)(13.5)(11.9)
Operating cash flow61.970.865.579.499.370.052.4
Net financial charges(3.7)(1.6)(2.9)(7.0)(17.7)(17.6)(21.3)
Taxes(6.9)(20.7)(7.9)(3.2)(13.8)(6.9)(7.0)
Ordinary cash flow from assets held for sale1.815.31.4(5.2)
Ordinary cash flow51.250.370.168.767.945.418.8
Cash-out for restructuring(5.2)(5.4)(11.3)(8.8)(14.9)(21.2)(20.3)
VAT receivables cash-in(0.5)(1.3)6.815.58.015.2
Associates(1.1)(7.4)(2.7)
Acquisitions / disposals(0.5)58.4(7.0)3.8(132.6)60.226.6
Other extraordinary income / expenses(3.7)(1.6)(2.4)
Extraordinary cash flow from assets held for sale(3.0)(3.4)3.8
Extraordinary cash flow(10.5)41.5(28.9)5.6(132.0)47.052.6
Total cash flow(40.7)91.842.074.3(64.2)92.471.4
Net financial position (end of the period)(14.8)(55.4)(147.2)(189.2)(263.6)(199.4)
Additional Net Financial Position from IFRS16 from application(82.9)(95.9)
Final NFP IFRS16(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)1H2120201H2020191H19[1]2018[1]1H18[1]2017[1]1H1720161H16
Net financial position (start of the period)(219.5)(151.3)(204.2)(147.2)(238.4)(189.2)(284.4)(263.6)(263.6)(199.4)(199.4)
EBITDA before non recurring items93.782.483.794.591.890.1112.584.521.6108.526.7
Effects of shareholdings / dividends received(3.3)1.1(4.7)(0.5)
Net working capital and fund10.11.2(9.4)(5.4)(8.7)(4.8)(8.7)13.6(32.1)12.7(27.8)
CAPEX(22.4)(21.8)(19.2)(18.4)(19.1)(19.8)(20.3)(18.7)(9.1)(17.2)(7.2)
Operating cash flow81.461.955.170.864.065.580.379.4(18.4)99.4(8.7)
Net financial charges(2.4)(3.7)(4.0)(1.6)(1.1)(2.9)(10.0)(7.0)(7.1)(17.7)(7.9)
Taxes(10.5)(6.9)(14.5)(20.7)(16.4)(7.9)(5.4)(3.2)(5.3)(13.8)(9.5)
Ordinary cash flow from assets held for sale(1.4)1.8(14.0) 15.3-1.4
Ordinary cash flow68.551.235.350.360.570.164.968.7(30.8)67.9(26.1)
Treasury & new shares placement
Cash-out for restructuring(5.3)(5.2)(5.8)(5.4)(8.5)(11.3)(11.4)(8.8)(9.2)14.9(7.1)
VAT receivables cash-in3.70.30.5(0.7)(1.3)0.36.85.915.515.1
Associates(0.2)(1.1)(4.6)(7.4)(5.4)(2.7) (2.8)(1.8)
Acquisitions / disposals(6.9)(0.5)58.158.4(4.0)(7.0)(5.0)3.813.3(132.6)(157.3)
Other extraordinary income / expenses2.1(3.7)(9.2)(1.6)(2.5)(2.4)
Extraordinary cash flow from assets held for sale(0.1)(3.0)(5.1)(3.4)3.83.8
Extraordinary cash flow(6.5)(10.5)38.841.5(26.3)(28.1)(18.8)5.610.0(138.1)149.3
Total cash flow61.940.774.091.834.242.046.074.3(20.8)(64.2)(175.4)
Net financial position (end of the period)(68.3)(130.1)(374.8)
Additional Net Financial Position from IFRS16 from application(86.8)(82.9)(89.4)(95.9)
Final NFP IFRS16(155.1)(219.5)

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