Cash

The group's cash position posts a structural surplus, owing to the substantial working capital generated by subscriptions. The group has invested in cash  UCITS, the aim being to achieve a yield on a par with Eonia.

In addition, the group has negotiated variable rate credit lines, some of which are hedged against rate increase. The group has no significant credit risk, given the relative high proportion of subscription sales paid in advance.  
In France, the group's main client is NMPP.

Forex hedging for Canadian and US-Dollar denominated assets has gradually been lowered (future sales amounted to 2 MUSD as at June 30, 2009).

Free cashflow amounted 50.35 M€ as at June 30, 2009, as against 61.36 M€ as at June 30, 2008, as an exceptional 18 M€ settlement was made to the pension fund in the second half of 2008.

Long-term financial debt increased 10.05 M€.
Cash minus financial debt amounted to 9.90 M€, versus 24.95 M€ at the end of fiscal 2008, i.e. - 15.05 M€ essentially due to seasonal factors. Cash minus financial debt amounted to 34.47 M€ at the close of H108, versus 53.57 M€ as at December 31, 2007.

Cashflow from operation activities amounted to 6.26 M€, versus 5.83 M€ in H108.

Working capital requirement rose 0.89 M€ from December 31, 2008.
Cash allocated to investments amounted to 3.03 M€ in H109 as against 7.38 M€ in H108, which included the Weltbild acquisition.

The current accounts of proportionally consolidated or equity affiliates contributed 0.48 M€.

Subscribers debt dropped from 89.39 M€ as at june 30, 2009 to 88.08 M€ as at june 30, 2008. It dropped from December 31, 2008 (106.14 M€) due to seasonal factors.

The group used a 6.01 M€ leaseback to finance the interior work in the Montrouge facilities in 2008. The leaseback was restated in the consolidated accounts, which showed 5.48 M€ in fixed assets and a 5.18 M€ loan in liabilities as at June 30, 2009.