(Euro/millions)20192018[1]2017[1]2016201520142013
Trade receivables222.7224.2254.1298.7242.1259.3 312.4
Inventory120.8122.3120.8143.4108.2108.4124.0
Trade payables(282.6)(286.9)(368.0)(415.0)(349.6)(343.4)(3,807.0)
Other assets (liabilities)(11.2)(8.3)46.4(14.6)(31.7)(14.9)0.6
Net working capital49.654.153.312.5(30.9)9.456.2
Intangible assets220.3226.7224.5612.2552.3553.7617.5
Tangible assets17.919.123.133.331.232.443.9
Investments28.132.237.643.044.939.538.6
Tangible assets IFRS1693.9
Fixed invested capital360.4278.1285.2688.5628.5625.6700.0
Provisions & severance indemnities(88.7)(100.5)(101.7)(119.6)(102.7)(110.7)(134.3)
Assets/ (liabilities) of discontinued operations89.1297.756.6
Net invested capital321.3317.9534.6581.4495.0580.9 621.9
Share capital68.068.068.068.068.068.064.1
Reserves and minority shareholders’ equity73.9279.8246.9227.3221.2220.5380.0
Net result28.2(177.1)30.422.56.40.6(185.4)
Shareholders’ equity170.0170.7345.3317.8295.5289.1258.7
Net financial position151.3147.2189.2263.6199.4291.8363.2
Net invested capital225.4317.9534.6581.4494.9580.9

[1] Data presented in accordance with IFRS5, with Mondadori France discontinuing

Balance sheet (Euro/millions)1Q2020199M191H19[1]1Q19[1]2018[1]9M18[1]1H18[1]1Q18[1]2017[1]9M17[1]1H171Q1720169M161H16
Trade receivables173.0222.7264.0223.1187.3224.2259.9227.9204.1254.1289.7268.8247.4298.7342.7313.6
Inventory131.8120.8133.0134.6134.7122.3132.7140.7131.5120.8137.6160.5151.4143.4165.9184.3
Trade payables(231.6)(282.6)(343.0)(319.3)(291.4)(286.9)(352.3)(340.0)(320.3)(368.0)(377.1)(407.9)(378.6)(415.0)(441.2)(435.5)
Other assets/(liabilities)(5.9)(11.2)51.262.142.9(8.3)63.067.352.446.462.124.33.7(14.6)7.518.1
Net working capital67.349.6 105.2100.573.551.3103.395.967.753.3112.345.723.912.574.980.5
Intangible assets220.4220.3223.5225.8227.6226.7224.3226.2228.1224.5225.7602.3611.8612.2599.9604.3
Tangible assets17.617.917.117.618.219.121.825.122.223.123.428.731.733.334.035.3
Tangible assets IFRS1694.693.997.8101.1107.0
Investments25.928.128.730.031.432.336.536.336.937.640.941,642,543,044,744,5
Fixed invested capital358.4360.4367.1374.5384.3278.1282.7284.6287.3285.2289.9672.5686.0300.1678.6684.2
Provisions & severance indemnities(79.8)(88.7)(96.8)(91.7)(98.9)(100.5)(107.5)(103.6)(100.9)(101.7)(102.0)(111.0)(114.6)(119.6)(125.5)(117.8)
Assets/(liabilities) of discontinued operations93.594.289.194.8296.4299.8297.7301.210.919.1
Net invested capital345.9321.3375.5476.8455.1317.9373.2573.3553.9534.6601.5607.2595.4581.4638.8666.0
Share capital68.068.068.068.068.068.068.068.068.068.068.068.068.068.068.068.0
Reserves and minority shareholders’ equity103.073.974.974.674.8251.1277.4248.8247.4246.9246.2250.4250.4227.3223.9227.0
Net result(19.1)28.223.1(1.9)(3.5)(177.1)(181.5)(12.5)(13.6)30.431.24.4(9.2)22.5117.0(3.8)
Shareholders’ equity151.9170.0165.9170.6168.6170.7163.9334.9332.0345.3345.5322.9309.2317.8309.8291.2
Third-party capital and reserves (relating to discontinued operations)0.1 –29.929.328.728.230.630.2
Net financial position96.955.4110.4204.2179.3147.2 209.3238.4221.9189.2256.0284.4286.2263.6329.0374.8
Net financial position IFRS16193.9151.399.1102.0107.1 – – – – – – – – – – –
Net invested capital345.9 455.0

[1] Data presented in accordance with IFRS5, with Mondadori France discontinuing