Balance sheet (Euro/millions)20202019[2]2018[1]2017[1]201620152014
Trade receivables192.1222.7224.2254.1298.7242.1259.3
Inventory111.5120.8122.3120.8143.4108.2108.4
Trade payables(238.2)(273.3)(286.9)(368.0)(415.0)(349.6)(343.4)
Other assets/(liabilities)(21.8)(20.7)(8.3)46.4(14.6)(31.7)(14.9)
Net working capital43.649.451.353.312.530.99.4
Intangible assets187.7220.3226.7224.5612.2552.3553.7
Tangible assets17.017.919.123.133.331.232.4
Investments20.628.132.337.643.044.939.5
Tangible assets IFRS1680.393.9 – – – – –
Fixed invested capital305.5360.4278.1285.2688.5628.5625.6
Provisions(46.4)(55.1)(100.5)(101.7)(119.6)(102.7)(110.7)
Severance indemnities(32.8)(33.4)(47.5)(51.0)
Assets/(liabilities) of discontinued operations89.1297.756.6
Net invested capital270.0321.3317.9534.6581.4495.0580.9
Share capital68.068.068.068.068.068.068.0
Reserves & minority shareholders’ equity99.973.9251.1246.9227.3221.1220.5
Net result4.528.2(177.1)30.422.56.40.6
Shareholders’ equity172.4170.0142.0345.3317.8295.5289.1
Net financial position97.6151.3147.2189.2263.6199.4291.8
Net invested capital225.4317.9534.5581.4494.9580.9

[1] Data presented in accordance with IFRS5, with Mondadori France discontinued
[2] Data are reported according to IFRS16

Balance sheet (Euro/millions)1Q2120209M201H201Q2020199M191H191Q19[1]2018[1]9M18[1]1H18[1]1Q18[1]2017[1]9M17[1]1H17
Trade receivables157.3192.1231.4181.4173.0222.7264.0228.1192.3224.2259.9227.9204.1254.1289.7268.8
Inventory121.4111.5125.6143.5131.8120.8133.0134.6134.7122.3132.7140.7131.5120.8137.6160.5
Trade payables(205.4)(238.2)(246.2)(242.6)(231.6)(291.5)(382.0)(272.4)(235.7)(286.9)(352.3)(340.0)(320.3)(368.0)(377.1)(407.9)
Other assets/(liabilities)(16.6)(21.8)(6.0)20.4(5.9)(2.3)(19.3)100.5(20.6)(8.3)63.067.352.446.462.124.3
Net working capital56.743.6104.8102.867.349.6100.8190.970.751.3103.395.967.753.3112.345.7
Intangible assets194.4187.7210.5211.6220.4220.3223.5225.8227.6226.7224.3226.2228.1224.5225.7602.3
Tangible assets16.217.017.517.917.617.917.117.618.219.121.825.122.223.123.428.7
Tangible assets IFRS1681.220.685.086.794.693.997.8101.1107.0 – – – – – – –
Investments19.280.321.623.725.928.128.730.031.432.336.536.336.937.640.941.6
Fixed invested capital311.0305.5334.6339.9358.4360.4367.1374.5384.2278.1282.7284.6287.3285.2289.9672.5
Provisions & severance indemnities(71.8)(79.2)(81.7)(78.2)(79.8)(88.7)(92.4)(88.7)(94.2)(100.5)(107.5)(103.6)(100.9)(101.7)(102.0)(111.0)
Assets/(liabilities) of discontinued operations94.389.194.8296.4299.8297.7301.2
Net invested capital295.9270.0357.7364.5345.9321.3375.5476.8455.0317.9373.2573.3553.9534.6601.5607.2
Share capital68.068.068.068.068.068.068.068.068.068.068.068.068.068.068.068.0
Reserves & minorities shareholders’ equity106.299.9101.3102.0103.073.974.974.674.8251.1277.4248.8247.4246.9246.2250.4
Net result(10.2)4.518.0(25.0)(19.1)28.223.1(1.9)(3.5)(177.1)(181.5)(12.5)(13.6)30.431.24.4
Shareholders’ equity164.0172.4187.3145.0151.9170.0165.9140.7139.3142.0163.9304.9301.8345.3345.5322.9
Third-party capital & reserves (relating to discontinued operations) – –0.10.10.129.929.328.728.230.630.2 – – –
Net financial position131.897.6170.4219.5193.955.4110.4306.2286.4147.2209.3238.4221.9189.2256.0284.4
Net invested capital295.9345.9

[1] Data presented in accordance with IFRS5, with Mondadori France discontinuing
As of January 1, 2019, the data are reported according to IFRS16