(€/M)20202019[3]2018[1]2017[1]201620152014
Revenue from sales and services744.0884.9891.4970.1[2]1,263.31,123.21,169.5
Cost of goods sold225.3279.4280.3302.4396.4434.7480.1
Variable costs257.6284.3292.1330.9415.4287.7272.5
Fixed costs49.760.170.281.3102.4116.8129.1
Personnel costs131.3153.2159.8171.0240.7207.7222.2
Other expenses/(income)(18.0)(2.6)(1.1)0.53.0(2.4)
Adjusted EBITDA98.1110.490.184.5109.072.767.9
Restructuring costs8.96.411.75.110.812.76.5
Negative / (positive) non recurring items4.61.10.9(7.3)3.7(21.2)(10.1)
EBITDA84.687.077.586.794.081.671.5
Depreciation and amortization55.426.026.226.334.027.123.3
Depreciation and amortization IFRS1614.414.6
EBIT29.276.951.260.460.054.548.2
Net financial6.64.67.017.716.023.024.2
Associates7.38.113.24.0(0.5)0.30.1
Other charges / (income) from associates(0.6)(1.0) –0.1
Pre-tax result15.965.235.249.542.338.325.2
Income taxes(3.0)18.614.922.318.020.516.7
Result from continuing operations18.946.620.327.224.317.88.4
Result from discontinued operations(2.6)(195.5)5.81.0(8.7)(4.7)
Minorities1.22.02.52.72.73.1
Net result18.942.8(177.1)30.422.56.40.6
Net earnings per share (in euro units)0.0170.109(0.677)0.1160.0860.0240.002
Diluted net earnings per share (in euro units)0.0170.108(0.677)0.1160.0860.0240.002

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

(€/M)1H211Q2120209M201H201Q2020199M19[1]1H19[1]1Q19[1]2018[1]9M18[1]1H18[1]1Q18[1]FY17[1]9M17[1]
Revenue from sales and services320.4144.8744.0541.9288.9135.3884.9658.9380.0166.8891.4658.5390.8177.7970.1707.1
Cost of goods sold94.643.2225.3159.684.844.5279.4205.4121.456.9280.3208.4124.958.9302.4213.7
Variable costs116.9/td>

153.3257.6177.8103.646.2284.3213.9129.154.3292.1214.9133.059.8330.9245.9
Fixed costs24.612.549.735.824.212.076.041.828.114.670.240.928.515.081.359.6
Personnel cost67.835.1131.398.265.535.9153.2114.779.339.4159.8120.585.043.2171.0127.1
Other expenses / (income)(4.9)(0.4)(18.0)(0.5)(0.2)(0.1)(2.6)(0.3)0.2(0.1)(1.1)(0.8)(0.6)(0.2)
EBITDA adjusted21.51.198.171.011.0(3.2)94.683.421.91.790.174.619.91.084.560.8
Restructuring costs1.70.98.92.71.60.66.43.01.10.611.76.05.43.25.12.2
Negative / (positive) non recurring items0.8(0.1)4.63.20.90.61.12.00.10.93.83.10.1(7.3)(4.6)
EBITDA19.00.284.665.18.4(4.2)87.078.420.61.177.564.811.4(2.4)86.763.2
Depreciation and amortization12.25.955.425.418.26.125.917.111.14.726.215.510.25.026.315.4
Depreciation and amortization IFRS166.63.314.410.87.43.711.17.43.610.77.23.5
EBIT0.2(9.0)29.228.9(17.2)(14.0)61.150.22.1(7.2)51.238.6(5.9)(10.9)60.447.8
Net financial1.71.16.65.13.71.62.22.30.7(0.1)2.93.22.10.67.04.9
Other charges / (income) from associates0.40.47.3(0.9)6.66.9(1.0)1.01.82.92.8
Associates3.11.6(0.6)5.13.41.38.15.33.00.313.29.98.20.34.02.2
Pre-tax result(5.1)(12.1)15.919.6(30.9)(23.8)51.741.5(1.6)(9.2) 35.225.6(16.1)(14.6)49.540.8
Income taxes(9.4)(1.9)(3.0)1.6(5.9)(4.7)18.616.13.0(1.4)14.99.8(2.5)(1.9)22.315.3
Result from continuing operations4.4(10.2)18.918.0(25.0)(19.1)33.125.4(4.6)(7.9)20.315.8(13.6)(12.7)27.225.5
Result from discontinued operations(2.6)(1.1)3.94.9(195.5)(195.7)2.2(0.1)5.87.7
Minorities1.2(1.2)1.20.52.0(1.6)1.10.72.51.9
Net result4.4(25.0)

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