The Mondadori Group’s Net Financial Position, excluding the impact of IFRS 16, reflects at 30 September 2022 Net Debt of € 173.4 million. Excluding D Scuola, Net Debt would fall to € 39.8 million: a comparison with the same figure of 2021 shows an increase of € 12.5 million, attributable to the acquisitions completed during the year.

Net financial position (€ mn)30 September 202230 September 2022 (excl. D Scuola)30 September 202131 December 2021
Cash and cash equivalents17.0164.887.490.7
Assets (liabilities) from derivative financial instruments10.010.0(1.0)(0.1)
Other financial assets (liabilities)(24.9)(39.0)(5.1)(26.4)
Loans (short and medium/long term)(175.6)(175.6)(110.6)(164.4)
Held-for-sale financial assets (liabiliaties)0.00.02.15.4
Net financial position excluding IFRS16(173.4)(39.8)(27.3)(94.8)
Financial payables IFRS16(62.3)(60.4)(84.2)(84.3)
Total net financial position(1235.7)(100.3)

IFRS 16 NFP stood at € -235.7 million and includes the IFRS 16 impact of € -62.3 million; without D Scuola, the figure would come to € -100.3 million, improving by approximately € 11 million versus 30 September 2021: the impact, in terms of cash out, of the acquisitions completed by the Group is, in fact, offset by the lower financial debt accounted for under IFRS 16, due mainly to the renegotiation of the terms of the lease contract for the Group’s Segrate HQ.

(Euro/millions)Bank poolof which:
unutilized
of which:
with interest rate hedge
Term Loan A95.0 (1)95.0
RCF125.0 (2)125.0
Acquisition Line C230.0 (3)230.0
Total loans450.0

(1) Maturities: n.6 refunds of € 15.8 million, coming to maturity on 31 December of each year until the end of December 2026.
(2) Bullet loan, coming to maturity in December 2026.
(3) Final maturity on 31 December 2026, available until the end of April 2023; refunds equal to 1/3 of the amount used by the loan starting from 31 December 2024.

Key Debt Ratios

2021202020192018
Net financial position IFRS16179.1197.6151.3
Net financial position before IFRS1694.8114.855.4147.2
Shareholders’ equity (including minority interests)219.61172.4170.0142.0
Net invested capital398.71270.0321.3317.9
Ordinary Cash Flow*68.251.248.554.8
Net financial position / Net invested capital0.40.40.5
Net financial position / Shareholders’ equity0.80.60.9
Ordinary Cash Flow / Net financial position0.40.50.3
NFP/Adj. EBITDA (before IFRS16)1.00.20.61.6

* excl. Disposed activities

1) Balance Sheet figures include D Scuola.