The Interim Management Statement at 30.09.2018 has been prepared in accordance with IFRS 5, presenting the figures for Mondadori France under “Profit (loss) from discontinued operations” 
- Consolidated revenue from continuing operations € 658.1 million: -6.9% versus € 707.1 million at 30.09.2017
- Adjusted EBITDA from continuing operations € 62.8 million: +3.2% versus € 60.8 million at 30.09.2017
- Profit from continuing operations € 15.8 million versus € 25.5 million at 30.09.2017, which had included extraordinary gains and lower restructuring costs.The figure grows by 3% in the third quarter versus the same period of 2017. As a result of the fair value adjustment of French operations, amounting to € -198.1 million, the figure at 30.09.2018 drops into negative territory to € -181.5 million versus € 31.2 million at 30.09.2017
- Group net financial position improves by 18% reaching € -209.3 million versus € -256 million at 30.09.2017
2018 TARGET ON CONTINUING OPERATIONS SCOPE
- High single-digit drop in consolidated revenue;
- Slight increase in adjusted EBITDA;
- Profit from continuing operations down by approximately € 7 million due to higher negative non-ordinary items;
- Cash flow from ordinary operations around € 50 million (€ 55/60 million including discontinued operations)
 In 2018, “Profit (loss) from discontinued operations” includes the net result of Mondadori France in the first nine months of the current year, together with the recognition of the fair value adjustment of the assets being sold, in line with the negotiations currently underway, previously measured at value in use. The item also includes intercompany financial expense relating to Mondadori France. The “adjusted result from continuing operations” therefore differs in this amount from the result from continuing operations shown in the financial statements attached to this Statement (€ -193.3 million in 9M 2018 and € 12.8 million in 9M 2017, in accordance with IFRS 5). For the sake of comparison, figures for the first nine months of 2017 have been restated accordingly.
 Beginning from 1 January 2018 (and to provide a consistent presentation, also for 2017), the Mondadori Group has adopted the new IFRS 15 – Revenue from Contracts with Customers – revenue recognition standard.
The new IFRS 15 presents revenue and costs differently, with no effect on EBITDA. Beginning from 2018, the result generated by associates (consolidated at equity), previously classified in adjusted EBITDA, is shown under EBIT; for consistency, 2017 has been reclassified accordingly.
 This document, in addition to the statements and conventional financial measures required by IFRS, presents a number of reclassified statements and alternative performance measures in order to better evaluate the operating and financial performance of the Group, the definition of which is explained in the section “Glossary of terms and alternative performance measures used”.