(Euro/millions)31-Dec-18[1]31-Dec-17[1]31-Dec-1631-Dec-1531-Dec-1431-Dec-13
Trade receivables 219.0254.1298.7242.1259.3 312.4
Inventory 122.3120.8143.4108.2108.4124.0
Trade payables (333.4)(368.0)(415.0)(349.6)(343.4)(3,807.0)
Other assets (liabilities) 46.146.4(14.6)(31.7)(14.9)0.6
Net working capital 54.153.312.5(30.9)9.456.2
Intangible assets 226.7224.5612.2552.3553.7617.5
Tangible assets 19.123.133.331.232.443.9
Investments 32.237.643.044.939.538.6
Fixed invested capital 278.2 285.2688.5628.5625.6700.0
Provisions & severance indemnities (103.3)(101.7)(119.6)(102.7)(110.7)(134.3)
Assets/ (liabilities) of discontinued operations 89.1297.756.6
Net invested capital 317.9534.6581.4495.0580.9 621.9
Share capital 68.068.068.068.068.064.1
Reserves and minority shareholders’ equity 279.8246.9227.3221.2220.5380.0
Net result (177.1)30.422.56.40.6(185.4)
Shareholders’ equity170.7345.3317.8295.5289.1258.7
Net financial position 147.2189.2263.6199.4291.8363.2
Net invested capital 317.9534.6581.4494.9580.9

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

Balance sheet (Euro/millions)9M191H19[1]1Q19[1]2018[1]9M18[1]1H18[1]1Q18[1]2017[1]9M17[1]1H171Q1720169M161H161Q162015
Trade receivables 264.0 223.1 187.3 219.0 259.9227.9204.1254.1289.7268.8247.4298.7342.7313.6241.9242.1
Inventory 133.0 134.6 134.7 122.3 132.7140.7131.5120.8137.6160.5151.4143.4165.9184.3108.5108.2
Trade payables (343.0) (319.3) (291.4) (333.4) (352.3)(340.0)(320.3)(368.0)(377.1)(407.9)(378.6)(415.0)(441.2)(435.5)(336.1)(349.6)
Other assets/(liabilities) 51.2 62.1 42.9 46.1 63.067.352.446.462.124.33.7(14.6)7.518.1(24.3)(31.7)
Net working capital 105.2100.5 73.5 54.1103.395.967.753.3112.345.723.912.574.980.5(10.0)30.9
Intangible assets 223.5 225.8 227.6 226.7224.3226.2228.1224.5225.7602.3611.8612.2599.9604.3550.9552.3
Tangible assets 17.1 17.6 18.2 19.121.825.122.223.123.428.731.733.334.035.330.231.2
Tangible assets IFRS16 97.8 101.1 107.0 – – – – – – – – – – – – –
Investments 28.7 30.0 31.4 32.336.536.336.937.640.941,642,543,044,744,544,044,9
Fixed invested capital367.1374.5384.3278.2282.7284.6287.3285.2289.9672.5686.0300.1678.6684.2625.2628.5
Provisions & severance indemnities (96.8) (91.7) (98.9) (103.3)(107.5)(103.6)(100.9)(101.7)(102.0)(111.0)(114.6)(119.6)(125.5)(117.8)(97.4)(102.7)
Assets/(liabilities) of discontinued operations – 93.5 94.2 89.194.8296.4299.8297.7301.210.919.1
Net invested capital375.5476.8455.1317.9373.2573.3553.9534.6601.5607.2595.4581.4638.8666.0517.8495.0
Share capital68.068.068.068.068.068.068.068.068.068.068.068.068.068.068.068.0
Reserves and minority shareholders’ equity74.974.674.8251.1277.4248.8247.4246.9246.2250.4250.4227.3223.9227.0226.7221.1
Net result23.1(1.9)(3.5)(177.1)(181.5)(12.5)(13.6)30.431.24.4(9.2)22.5117.0(3.8)(1.8)6.4
Third-party capital and reserves (relating to discontinued operations) – 29.9 29.3 28.7 28.2 30.6 30.2 – – – – – – – – –
Shareholders’ equity165.9170.6168.6170.7163.9334.9332.0345.3345.5322.9309.2317.8309.8291.2292.8295.5285.0
Net financial position110.4204.2179.3147.2 209.3238.4221.9189.2256.0284.4286.2263.6329.0374.8224.9199.4
Net financial position IFRS1699.1102.0107.1 – – – – – – – – – – – – –
Net invested capital 375.5373.2528.6

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