2007 - April

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2.0 Notes to the consolidated financial statements at December 31 st 2007 1.1.2. Change of accounting method There are no changes in accounting methods to report for 2007. 1.1.3. New IFRS APRIL GROUP has applied IFRS 7 “Financial instruments: information to be provided” and the amendment to IAS 1 “Presentation of the financial statements – information to be provided concerning the capital” ahead of schedule, as adopted under European Community Commission Regulation 108/2006 of January 11 th , 2006, and made compulsory for financial years starting after January 1st, 2007. It has also taken into account IFRIC 8 “Scope of IFRS 2” (Regulation 1329/2006 of September 8 th , 2006) and IFRIC 10 “Interim Financial Reporting and Impairment” (Regulation 610/2007 of June 1 st , 2007), applicable for drawing up APRIL GROUP’s financial statements. control with a limited number of other shareholders are proportionately consolidated. Companies over which APRIL GROUP exercises a significant influence are consolidated on an equity basis. Certain equity interests meeting the abovementioned criteria are not consolidated on account of their small size. The securities of such companies are recorded under equity securities. The consolidation of all of these companies would not have a significant impact on the consolidated financial statements. The individual accounts incorporated into the consolidated financial statements are drawn up as on the closing date for the consolidated financial statements. Inter-company transactions, inter-company accounts on the balance sheet and internal profits and distributions of earnings have been eliminated. 1.3. Conversion of the financial statements and transactions in other currencies carried out by Group companies in any currency other than that in which they are presented are initially booked by applying the day’s exchange rate between the presentation currency and the foreign currency on the transaction date to the foreign currency amount. Conversion differences resulting from the payment of monetary elements or the conversion of monetary elements at different rates than those used when initially recorded in the accounts are booked on the income statement. 1.4. Use of estimates Drawing up financial statements in accordance with the conceptual IFRS framework may require the use of estimates and assumptions in order to determine certain amounts included in these statements. 1.5. Specific presentation provisions 1.1.4. Early aplication for 2007 APRIL GROUP has applied IFRIC 11 “Group and Treasury Share Transactions” ahead of schedule, as adopted under European Community Commission Regulation 611/2007 of June 1 st , 2007. 1.2. Consolidation principles and methods The financial statements of companies over which APRIL GROUP directly or indirectly exercises exclusive control are fully consolidated. The financial statements of companies over which APRIL GROUP directly or indirectly exercises joint The financial statements of foreign companies are drawn up in the local currency, which corresponds to the operating currency for all Group companies. The assets and liabilities of Group companies expressed in foreign currencies are converted into euros at the exchange rate in force at year-end. Income statement items are converted based on the average exchange rate for the period. Exchange differences resulting from the conversion of foreign subsidiary financial statements are booked directly to foreign currency adjustments under consolidated shareholders’ equity. Transactions concerning monetary or non-monetary elements The presentation of the consolidated financial statements adopted by the Group represents a general presentation incorporating certain aggregates specific to the insurance business in order to factor in the specific features of the APRIL GROUP. Indeed, APRIL is an insurance brokerage group that also includes insurance companies. 1.5.1. Presentation of the balance sheet The balance sheet is presented in increasing order of liquidity, incorporating the specific aggregates for insurance companies: 99 Return to the contents section
2.0 Notes to the consolidated financial statements at December 31 st 2007 Financial investments for insurance activities, which are valued in accordance with IAS 32 and 39, Trade receivables, which are broken down into receivables from insurance operations and reinsurance accepted and receivables from cession operations on reinsurance, Operating liabilities, which are also broken down, with liabilities from insurance operations and reinsurance accepted and liabilities from cession operations on reinsurance, Underwriting provisions, which are booked gross under liabilities, with the reinsured portion under assets: transferee and retrocession share in underwriting provisions and financial liabilities. Financial liabilities are broken down in order to differentiate between technical liabilities on investment policies and financial debt. 1.5.2. Presentation of the income statement The income statement is presented with a breakdown for each type of entry, in line with CNC recommendation 2004-R.02 dated October 27 th , 2004 and factoring in the specific aggregates for insurance companies: Inderwriting expenses for insurance policies (cf. note 1.8); The result for reinsurance “net income or expenses for reinsurance cessions” (cf. note 1.9). The figure for financial income net of charges and excluding cost of debt corresponds to revenues and earnings from the disposal of insurance company investments and operating cash-flow from the brokerage activities. It also includes the change in the fair value of financial instruments recorded at their fair value and earnings. Since it is directly linked to the APRIL GROUP’s financial model and activities, both for the insurance business and for brokerage activities, which generate a cash surplus, they are incorporated into «income from ordinary activities”. 1.6. Revenues Revenues comprise: Acquisition commissions in payment of business contributions, Management commissions in payment of administrative functions, Development commissions based on underwriting portfolio results, Insurance premiums gross of reinsurance, Acceptance premiums, Services provided. The principles for recording and recognizing revenues are as follows: For acquisition and management commissions: revenues comprise the share in commissions relating to premiums acquired over the period. For development commissions: they are recorded in the year of acquisition insofar as they can be reliably valued. Otherwise, they are recorded upon collection. For insurance premiums: revenues comprise premiums issued and to be issued, acquired as on the date for the close of accounts, net of cancellations and gross of reinsurance. Premiums linked to investment policies without any discretionary profit-sharing are not recognized under revenues. For services provided: revenues are taken into account as of the service performance start date. Income is taken into account as and when services are delivered. At year-end, the commissions corresponding to the nonexecuted fraction of policies represent pre-booked income.. 1.7. Financial income net of charges and excluding cost of debt Financial income net of charges groups together all financial income and expenses excluding the cost of debt: Financial income from insurance company investments, Revenues from cash and cash equivalent investments, Financial expenses linked to such investments (including external management costs), Changes in the fair value of investments against earnings, Capital gains and losses on disposals net of provisions and write-backs for depreciation. The cost of debt primarily corresponds to financial expenses incurred on funds borrowed. 100 Return to the contents section
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04 P. financial statements financia
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7.0 Index 7.0 of headings of headin
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7.0 Index of headings INFORMATIONS
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2007 - April

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