2007 - April
2007 - April
2007 - April
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2.0<br />
Notes to the consolidated financial statements at December 31 st <strong>2007</strong><br />
6.10. Technical liabilities for investment policies<br />
6.12. Financial liabilities<br />
In light of the development of business on the life insurance<br />
savings market, technical liabilities were recorded for the<br />
first time in <strong>2007</strong> linked to investment policies without any<br />
discretionary profit-sharing for a total of 8,322 thousand<br />
euros.<br />
6.11. Provisions for contingencies and losses<br />
The main actuarial assumptions retained as Group standards<br />
for determining provisions for retirement benefits are as<br />
follows:<br />
Discount rate: 4%<br />
Rate of increase in salaries: 2%<br />
Rate of inflation: 2%<br />
Other provisions for contingencies and losses primarily<br />
concern commitments made in connection with the relocation<br />
process undertaken by several Group companies.<br />
Provisions for disputes primarily correspond to disputes linked<br />
to the operational activities of APRIL GROUP companies, none<br />
of which represent a significant amount on their own.<br />
6.12.1. Breakdown of financial liabilities<br />
BREAKDOWN OF FINANCIAL LIABILITIES<br />
(in thousand euros)<br />
DEC 31 st , <strong>2007</strong> DEC 31 st , 2006<br />
Balance<br />
sheet value<br />
%<br />
Balance<br />
sheet value<br />
Subordinated debt 1,524 5% 1,524 19%<br />
Debt represented by securities<br />
Borrowings from credit institutions 10,703 35% 1,021 13%<br />
Other financial debt 18,078 60% 5,478 68%<br />
BORROWINGS AND FINANCIAL DEBT RECORDED<br />
ON AN AMORTIZED BASIS<br />
30,305 100% 8,023 100%<br />
Subordinated debt<br />
Debt represented by securities<br />
Borrowings from credit institutions<br />
Other financial debt<br />
BORROWINGS AND DEBT RECORDED<br />
ON A FAIR VALUE BASIS FOR EARNINGS<br />
Derivatives incorporated for insurance policies<br />
Derivative liabilities subject to hedge accounting<br />
Other derivative liabilities<br />
DERIVATIVE LIABILITIES<br />
TOTAL FINANCIAL LIABILITIES 30,305 100% 8,023 100%<br />
which, financial instrument liabilities held for transaction<br />
purposes<br />
%<br />
BREAKDOWN OF PROVISIONS<br />
(in thousand euros)<br />
DEC 31 st ,<br />
2006<br />
Changes<br />
in scope<br />
Increase<br />
Decrease<br />
DEC 31 st ,<br />
<strong>2007</strong><br />
Provisions for disputes 3,021 -5 696 -621 3,091<br />
Provisions for pensions 3,996 1,138 518 -125 5,527<br />
Other provisions for contingencies and<br />
losses<br />
TOTAL PROVISIONS FOR CONTINGENCIES<br />
AND LOSSES<br />
8,430 255 2,252 -5,278 5,659<br />
15,447 1,388 3,466 -6,024 14,277<br />
Financial liabilities resulting from commitments to buy out<br />
minority interests are recorded under other financial debt and<br />
totaled 15,118 thousand euros at December 31 st , <strong>2007</strong>.<br />
135<br />
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