Balance sheet (Euro/millions)2021 incl. D Scuola202120202019[2]2018[1]2017[1]20162015
Trade receivables165.0162.5168.1222.7224.2254.1298.7242.1
Inventory120.7114.1111.5120.8122.3120.8143.4108.2
Trade payables(223.0)(207.1)(212.2)(273.3)(286.9)(368.0)(415.0)(349.6)
Other assets/(liabilities)(42.2)(23.4)(22.5)(20.7)(8.3)46.4(14.6)(31.7)
Net working capital20.546.044.949.451.353.312.530.9
Intangible assets351.8187.4197.3220.3226.7224.5612.2552.3
Tangible assets14.614.516.917.919.123.133.331.2
Investments18.718.720.628.132.337.643.0
Tangible assets IFRS1680.778.680.293.9 – – – –
Fixed invested capital465.9299.3304.5360.4278.1285.2688.5628.5
Provisions(47.1)(45.2)(45.7)(55.1)(100.5)(101.7)(119.6)(102.7)
Severance indemnities33.138.3(31.5)(33.4)(47.5)(51.0)
Assets/(liabilities) of discontinued operations(7.6)(7.6)(2.3)89.1297.7
Net invested capital398.7564.3270.0321.3317.9534.6581.4495.0
Share capital68.068.068.068.068.068.068.068.0
Reserves & minority shareholders’ equity107.4107.499.973.9279.8246.9227.3221.1
Net result44.244.24.528.2(177.1)30.422.56.4
Shareholders’ equity219.6219.6172.4170.0170.7.0345.3317.8295.5
Net financial position179.144.797.6151.3147.2189.2263.6199.4
Net invested capital398.7264.3270.0321.3317.9534.5581.4494.9

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

Balance sheet (Euro/millions)1Q22FY21 Includ. D ScuolaFY219M211H211Q2120209M201H201Q2020199M191H191Q19[1]2018[1]9M18[1]1H18[1]
Trade receivables116.8165.0162.5195.6163.5157.3192.1231.4181.4173.0222.7264.0228.1192.3224.2259.9227.9
Inventory131.7120.7114.1121.8132.4121.4111.5125.6143.5131.8120.8133.0134.6134.7122.3132.7140.7
Trade payables(190.7)(223.0)(207.1)(199.9)(199.2)(205.4)(238.2)(246.2)(242.6)(231.6)(291.5)(382.0)(272.4)(235.7)(286.9)(352.3)(340.0)
Other assets/(liabilities)(10.4)(42.2)(23.4)(13.7)0.3(16.6)(21.8)(6.0)20.4(5.9)(2.3)(19.3)100.5(20.6)(8.3)63.067.3
Net working capital47.420.546.0103.896.956.743.6104.8102.867.349.6100.8190.970.751.3103.395.9
Intangible assets353.0351.8187.4189.5192.5194.4187.7210.5211.6220.4220.3223.5225.8227.6226.7224.3226.2
Tangible assets15.014.614.516.416.516.217.017.517.917.617.917.117.618.219.121.825.1
Tangible assets IFRS1617.018.718.780.983.981.220.685.086.794.693.997.8101.1107.0 – – –
Investments78.180.778.616.416.619.280.321.623.725.928.128.730.031.432.336.536.3
Fixed invested capital463.1465.9299.3303.2309.5311.0305.5334.6339.9358.4360.4367.1374.5384.2278.1282.7284.6
Provisions & severance indemnities(79.5)(80.2)(73.5)(70.7)(73.3)(71.8)(79.2)(81.7)(78.2)(79.8)(88.7)(92.4)(88.7)(94.2)(100.5)(107.5)(103.6)
Assets/(liabilities) of discontinued operations(2.0)(7.6)(7.6)(1.6)94.389.194.8296.4
Net invested capital429.0398.7264.3334.7333.1295.9270.0357.7364.5345.9321.3375.5476.8455.0317.9373.2573.3
Share capital68.068.068.068.068.068.068.068.068.068.068.068.068.068.068.068.068.0
Reserves & minorities shareholders’ equity155.0107.4107.4105.8105.7106.299.9101.3102.0103.073.974.974.674.8251.1277.4248.8
Net result(11.4)44.244.249.44.4(10.2)4.518.0(25.0)(19.1)28.223.1(1.9)(3.5)(177.1)(181.5)(12.5)
Shareholders’ equity211.6219.6219.6223.2178.0164.0172.4187.3145.0151.9170.0165.9140.7139.3142.0163.9304.9
Third-party capital & reserves (relating to discontinued operations)0.10.10.129.929.328.728.230.6
Net financial position217.4179.144.7111.6155.1131.897.6170.4219.5193.955.4110.4306.2286.4147.2209.3238.4
Net invested capital429.0295.9

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