The Mondadori Group’s Net Financial Position, excluding the impact of IFRS 16, stood at € -27.3 million at 30 September 2021, improving significantly by approximately € 55 million versus € -82.3 million at 30 September 2020.

IFRS 16 NFP stood at € -111.6 million and includes the IFRS 16 impact of € -84.2 million mainly from the Segrate office of the Group and the points of sale of the Retail area: the improvement versus the September 2020 figure is approximately € 59 million (+35%).

Net financial position (€ mn)30 September 202130 September 202031 December 2020
Cash and cash equivalents89.430.5110.2
Assets (liabilities) from derivative financial instruments (1.0) (0.9) (0.8)
Other financial assets (liabilities)(5.1)34.313.8
Loans (short and medium/long term)(110.6)(146.2)(138.0)
Held-for-sale financial assets (liabiliaties)0.00.00.0
Net financial position excluding IFRS16(27.3)(82.3)(14.8)
Financial payables IFRS16(84.2)(88.0)(982.8)
Total net financial position(111.6)

The overall credit lines available to the Group at 30 June 2021 amounted to € 711.2 million, of which € 450.0 committed.

The Group’s short-term loans, totaling € 261.2 million, € 30.0 million of which drawn down at 30 June 2021, include overdraft credit lines on current accounts, advances subject to collection and “hot money” flows.

The Group has strengthened its Committed pool loans by refunding its existing ones and by signing a new financial agreement on 11 May 2021with a bank pool (Banco BPM, BNL, Intesa Sanpaolo e Unicredit) of € 400 million, maturing on 31 December 2026:

(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

202020192018
Net financial position IFRS1697.6151.3
Net financial position before IFRS1614.855.4147.2
Shareholders’ equity (including minority interests)172.4170.0142.0
Net invested capital270.0321.3317.9
Ordinary Cash Flow*51.248.554.8
Net financial position / Net invested capital0.40.5
Net financial position / Shareholders’ equity0.60.9
Ordinary Cash Flow / Net financial position0.50.3
NFP/Adj. EBITDA (before IFRS16)0.20.61.6

* excl. Disposed activities