Balance sheet (Euro/millions)20192018[1]2017[1]2016201520142013
Trade receivables222.7224.2254.1298.7242.1259.3312.4
Inventory120.8122.3120.8143.4108.2108.4124.0
Trade payables(291.5)(286.9)(368.0)(415.0)(349.6)(343.4)(3,807.0)
Other assets/(liabilities)(2.3)(8.3)46.4(14.6)(31.7)(14.9)0.6
Net working capital49.651.353.312.530.99.456.2
Intangible assets220.3226.7224.5612.2552.3553.7617.5
Tangible assets17.919.123.133.331.232.443.9
Investments28.132.337.643.044.939.538.6
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 capital321.3317.9534.6581.4495.0580.9621.9
Share capital68.068.068.068.068.068.064.1
Reserves & minority shareholders’ equity73.9251.1246.9227.3221.1220.5380.0
Net result28.2(177.1)30.422.56.40.6(185.4)
Shareholders’ equity170.0142.0345.3317.8295.5289.1258.7
Net financial position55.4147.2189.2263.6199.4291.8363.2
Net invested capital225.4317.9534.5581.4494.9580.9

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

Balance sheet (Euro/millions)9M201H201Q2020199M191H19[1]1Q19[1]2018[1]9M18[1]1H18[1]1Q18[1]2017[1]9M17[1]1H171Q172016
Trade receivables231.4181.4173.0222.7264.0228.1192.3224.2259.9227.9204.1254.1289.7268.8247.4298.7
Inventory125.6143.5131.8120.8133.0134.6134.7122.3132.7140.7131.5120.8137.6160.5151.4143.4
Trade payables(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)(378.6)(415.0)
Other assets/(liabilities)86.0)20.4(5.9)(2.3)(19.3)100.5(20.6)(8.3)63.067.352.446.462.124.33.7(14.6)
Net working capital104.8102.867.349.6100.8190.970.751.3103.395.967.753.3112.345.723.912.5
Intangible assets210.5211.6220.4220.3223.5225.8227.6226.7224.3226.2228.1224.5225.7602.3611.8612.2
Tangible assets17.517.917.617.917.117.618.219.121.825.122.223.123.428.731.733.3
Tangible assets IFRS1685.086.794.693.997.8101.1107.0 – – – – – – – – –
Investments21.623.725.928.128.730.031.432.336.536.336.937.640.941.642.543.0
Fixed invested capital334.6339.9358.4360.4367.1374.5384.2278.1282.7284.6287.3285.2289.9672.5686.0300.1
Provisions & severance indemnities(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)(114.6)(119.6)
Assets/(liabilities) of discontinued operations94.389.194.8296.4299.8297.7301.2
Net invested capital357.7364.5345.9321.3375.5476.8455.0317.9373.2573.3553.9534.6601.5607.2595.4581.4
Share capital68.068.068.068.068.068.068.068.068.068.068.068.068.068.068.068.0
Reserves & minorities shareholders’ equity101.3102.0103.073.974.974.674.8251.1277.4248.8247.4246.9246.2250.4250.4227.3
Net result18.0(25.0)(19.1)28.223.1(1.9)(3.5)(177.1)(181.5)(12.5)(13.6)30.431.24.4(9.2)22.5
Shareholders’ equity187.3145.0151.9170.0165.9140.7139.3142.0163.9304.9301.8345.3345.5322.9309.2317.8
Third-party capital & reserves (relating to discontinued operations)0.10.10.129.929.328.728.230.630.2 – – – – –
Net financial position170.4219.5193.955.4110.4306.2286.4147.2209.3238.4221.9189.2256.0284.4286.2263.6
Net invested capital357.7375.5

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