(€/M) 2020 2019[3] 2018[1] 2017[1] 2016 2015 2014
Revenue from sales and services 744.0 884.9 891.4 970.1[2] 1,263.3 1,123.2 1,169.5
Cost of goods sold 225.3 279.4 280.3 302.4 396.4 434.7 480.1
Variable costs 257.6 284.3 292.1 330.9 415.4 287.7 272.5
Fixed costs 49.7 60.1 70.2 81.3 102.4 116.8 129.1
Personnel costs 131.3 153.2 159.8 171.0 240.7 207.7 222.2
Other expenses/(income) (18.0) (2.6) (1.1) – 0.5 3.0 (2.4)
Adjusted EBITDA 98.1 110.4 90.1 84.5 109.0 72.7 67.9
Restructuring costs 8.9 6.4 11.7 5.1 10.8 12.7 6.5
Negative / (positive) non recurring items 4.6 1.1 0.9 (7.3) 3.7 (21.2) (10.1)
EBITDA 84.6 87.0 77.5 86.7 94.0 81.6 71.5
Depreciation and amortization 55.4 26.0 26.2 26.3 34.0 27.1 23.3
Depreciation and amortization IFRS16 14.4 14.6 – – – – –
EBIT 29.2 76.9 51.2 60.4 60.0 54.5 48.2
Net financial 6.6 4.6 7.0 17.7 16.0 23.0 24.2
Associates 7.3 8.1 13.2 4.0 (0.5) 0.3 0.1
Other charges / (income) from associates (0.6) (1.0)  – – – 0.1 –
Pre-tax result 15.9 65.2 35.2 49.5 42.3 38.3 25.2
Income taxes (3.0) 18.6 14.9 22.3 18.0 20.5 16.7
Result from continuing operations 18.9 46.6 20.3 27.2 24.3 17.8 8.4
Result from discontinued operations – (2.6) (195.5) 5.8 1.0 (8.7) (4.7)
Minorities – 1.2 2.0 2.5 2.7 2.7 3.1
Net result 18.9 42.8 (177.1) 30.4 22.5 6.4 0.6
Net earnings per share (in euro units) 0.017 0.109 (0.677) 0.116 0.086 0.024 0.002
Diluted net earnings per share (in euro units) 0.017 0.108 (0.677) 0.116 0.086 0.024 0.002

[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) 9M21 1H21 1Q21 2020 9M20 1H20 1Q20 2019 9M19[1] 1H19[1] 1Q19[1] 2018[1] 9M18[1] 1H18[1] 1Q18[1] FY17[1]
Revenue from sales and services 588.9 320.4 144.8 744.0 541.9 288.9 135.3 884.9 658.9 380.0 166.8 891.4 658.5 390.8 177.7 970.1
Cost of goods sold 173.2 94.6 43.2 225.3 159.6 84.8 44.5 279.4 205.4 121.4 56.9 280.3 208.4 124.9 58.9 302.4
Variable costs 200.3 116.9 153.3 257.6 177.8 103.6 46.2 284.3 213.9 129.1 54.3 292.1 214.9 133.0 59.8 330.9
Fixed costs 35.8 24.6 12.5 49.7 35.8 24.2 12.0 76.0 41.8 28.1 14.6 70.2 40.9 28.5 15.0 81.3
Personnel cost 100.0 67.8 35.1 131.3 98.2 65.5 35.9 153.2 114.7 79.3 39.4 159.8 120.5 85.0 43.2 171.0
Other expenses / (income) (5.5) (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 adjusted 85.0 21.5 1.1 98.1 71.0 11.0 (3.2) 94.6 83.4 21.9 1.7 90.1 74.6 19.9 1.0 84.5
Restructuring costs 3.2 1.7 0.9 8.9 2.7 1.6 0.6 6.4 3.0 1.1 0.6 11.7 6.0 5.4 3.2 5.1
Negative / (positive) non recurring items 1.4 0.8 (0.1) 4.6 3.2 0.9 0.6 1.1 2.0 0.1 – 0.9 3.8 3.1 0.1 (7.3)
EBITDA 80.5 19.0 0.2 84.6 65.1 8.4 (4.2) 87.0 78.4 20.6 1.1 77.5 64.8 11.4 (2.4) 86.7
Depreciation and amortization 18.5 12.2 5.9 55.4 25.4 18.2 6.1 25.9 17.1 11.1 4.7 26.2 15.5 10.2 5.0 26.3
Depreciation and amortization IFRS16 10.0 6.6 3.3 14.4 10.8 7.4 3.7 – 11.1 7.4 3.6 – 10.7 7.2 3.5 –
EBIT 52.0 0.2 (9.0) 29.2 28.9 (17.2) (14.0) 61.1 50.2 2.1 (7.2) 51.2 38.6 (5.9) (10.9) 60.4
Net financial 3.9 1.7 1.1 6.6 5.1 3.7 1.6 2.2 2.3 0.7 (0.1) 2.9 3.2 2.1 0.6 7.0
Other charges / (income) from associates 0.4 0.4 0.4 7.3 (0.9) 6.6 6.9 (1.0) 1.0 – 1.8 2.9 – – 2.8 –
Associates 2.9 3.1 1.6 (0.6) 5.1 3.4 1.3 8.1 5.3 3.0 0.3 13.2 9.9 8.2 0.3 4.0
Pre-tax result 44.8 (5.1) (12.1) 15.9 19.6 (30.9) (23.8) 51.7 41.5 (1.6) (9.2)  35.2 25.6 (16.1) (14.6) 49.5
Income taxes (4.6) (9.4) (1.9) (3.0) 1.6 (5.9) (4.7) 18.6 16.1 3.0 (1.4) 14.9 9.8 (2.5) (1.9) 22.3
Result from continuing operations 49.4 4.4 (10.2) 18.9 18.0 (25.0) (19.1) 33.1 25.4 (4.6) (7.9) 20.3 15.8 (13.6) (12.7) 27.2
Result from discontinued operations – – – – – – – (2.6) (1.1) 3.9 4.9 (195.5) (195.7) 2.2 (0.1) 5.8
Minorities – – – – – – – 1.2 (1.2) 1.2 0.5 2.0 (1.6) 1.1 0.7 2.5
Net result 49.4 18.0

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