The results of the 2018 financial report have been prepared in accordance with IFRS 5, showing Magazines France amounts under “Adjusted result from discontinued operations” 
Targets set for the year achieved:
- further operating and financial consolidation
- greater focus on the more profitable core businesses
Results in line with forecasts:
- Consolidated net revenue from continuing operations € 891.1 million: -8.1% versus € 970.1 million in 2017;
- Adjusted EBITDA from continuing operations € 90.1 million: +6.6% versus € 84.5 million in 2017;
- Adjusted net profit from continuing operations € 20.3 million as forecast (€ -6.9 million versus 2017 due to higher restructuring costs).
As a result of the fair value adjustment of French operations, amounting to € -200.1 million, the figure at 31.12.2018 drops to € -177.1 million versus € 30.4 million at 31.12.2017
- Group net financial position improves by approximately 22% to reach € -147.2 million versus € -189.2 million in 2017
Targets for continuing operations in 2019
- Slight drop in revenue
- Single-digit growth of adjusted EBITDA
- Strong improvement of net result (forecast at € 30-35 million)
- Cash flow from ordinary operations forecast at approximately € 45 million, creating sustainable conditions for a possible return in the future to the dividend
Proposed revocation and granting of powers to the board of directors pursuant to articles 2443 and 2420 ter of the italian civil code
 In 2018, the “Adjusted result from discontinued operations” included the net result of Mondadori France in the current year, together with the recognition of the fair value adjustment of assets being sold, to reflect the negotiations in progress, previously measured at value in use. 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 € 3 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 € -192.4 million in 2018 and € 12.6 million in 2017), prepared in accordance with IFRS international accounting standards.
To enable a like-for-like comparison, 2017 figures have been restated accordingly.
 This document, in addition to the statements and conventional financial measures required by IFRS, presents a number of reclassified statements and alternative performance measures in order to better evaluate the operating and financial performance of the Group, the definition of which is explained in the section “Glossary of terms and alternative performance measures used”.