The results of the Interim Management Statement at 30 September 2019 have been prepared showing Magazines France in the item “Adjusted result from discontinued operations” 
- Consolidated revenue steady at € 658.9 million versus € 658.5 million at 30.09.2018;
- Adjusted EBITDA (before IFRS 16) € 71.3 million: approximately +13% versus € 62.8 million at 30.09.2018;
- EBITDA (before IFRS 16) up sharply to € 66.3 million: +25% versus € 53 million at 30.09.2018;
- Adjusted net result from continuing operations of € 25.4 million: improving by over 60% versus € 15.8 million at 30.09.2018;
- Group net result € +23.1 million versus € -181.5 million at 30 September 2018, which had included the impact from the fair value adjustment of Mondadori France of approximately € -200 million;
- Group net financial position (before IFRS 16) € -110.4 million: improving in the 12 months by approximately € 99 million as a result of the steady generation of cash flow from ordinary operations.
TARGETS FOR CONTINUING OPERATIONS IN 2019 CONFIRMED
- Revenue down slightly (steady on a like-for-like basis);
- Single-digit growth of adjusted EBITDA (before IFRS 16);
- Strong growth (before IFRS 16) of net result (forecast in the range of € 30-35 million);
- Cash flow from ordinary operations forecast at approximately € 45 million, paving the way for the distribution of a dividend.
 As of 1 January 2019, the Group has adopted the new IFRS 16 – Leases. The new standard provides a new definition of lease (operating leases) and introduces a criterion based on the control (right of use) of an asset to distinguish leases from service contracts, the differences lying in: the identification of the asset, the right to replace the asset, the right to essentially receive all the financial benefits arising from the use of the asset, and the right to control the use of the asset underlying the contract.
The standard introduces a single lessee accounting model, by which an asset under an operating lease is recognized in assets with an offsetting financial liability. P/L will no longer record lease payments as operating/general costs, rather the depreciation of the booked asset and the financial expense implicit in the lease payment. An exception to this accounting model are leases regarding low-value assets and those with a term of 12 months or less.
 In 2019, the “Adjusted result from discontinued operations” includes the net result recorded by Mondadori France in the current year, together with the recognition of the fair value adjustment of the discontinued group. This item also includes the financial expense held by the Parent Company, but attributable to Mondadori France and charged to the latter under the intercompany loan agreement (approximately € 1.6 million). The “Adjusted result from continuing operations” and the “Adjusted result from discontinued operations” therefore differ by this amount from the amounts of the statements attached to this Report (equal to € 0.4 million in 9M 2019 and € -193.3 million in 9M 2018), prepared in accordance with IFRS international accounting standards. To enable a like-for-like comparison, 2018 figures have been restated accordingly.