2007 - April

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3.0 Information on the company’s activities Haussmann Conseils APRIL GROUP completed the acquisition of 80% of Haussmann Conseils on October 1 st , 2003. This company designs group programs for personal health and personal protection insurance. COUCHON Assurances APRIL GROUP acquired 100% of COUCHON Assurances on December 23 rd , 2003. This company specializes in the design and management of P&C insurance policies for individuals. FORUM FINANCES APRIL GROUP acquired 100% of FORUM FINANCE on October 1 st , 2003. Until this point, the Group had owned a 59.58% interest in FORUM FINANCES. 3.4.2. Investments underway The Company is constantly looking into opportunities for investments. 3.4.3. Future investments The Company is constantly looking into opportunities for investments. 3.5. Management report See the Executive Board’s management report on page 50 and following 3.6. Issuer risk: risk management at APRIL GROUP 3.6.1. Identification of risk factors The Risk Manager is responsible for the overall management of risks within the Group. Within this framework, the risk manager has been tasked to identify the main risk factors defined in the APRIL GROUP risk repository: financial risks, risks relating to businesses and insurance operations, operational risks, accounting risks, strategic risks and legal non-compliance risks. He is also responsible for identifying new risks based on the information available or exchanges with risk or insurance professionals, and members of the Sustainable Development Committee. Lastly, he works with the findings and recommendations set out by the internal audit manager in connection with their audit assignments and the assignments carried out by other players, including financial controllers, business division auditors, Statutory Auditors, etc. The risk manager informs and advises the Group Committee, and reports on this mission to the Sustainable Development Committee. Each type of risk is subject to an in-depth review, with a risk map and action plan drawn up for each company, aimed at eliminating, transferring or reducing the residual risk. The company’s managers are responsible for implementing the action plan defined in connection with the audits or mapping processes, formally reporting at least once a year during June’s Strategic Committee meeting At the same time, the Group internal audit manager ensures the coherency and efficiency of internal control within Group companies. He coordinates and controls the activities of all the Group’s internal audit players. An annual audit plan is drawn up, factoring in exposure to risks in the various Group companies. This plan concerns all the companies in the Group. The plan for Year N is validated at the end of Year N-1 by the Group Committee. It is formally reviewed and presented to the Sustainable Development Committee twice a year for follow-up. It may also be updated as and when necessary according to the priorities identified over the course of the year. Several types of mission are carried out: cross-business and optimization missions, specific audit and control missions, follow-up missions for companies recently incorporated into the Group, and follow-up missions on previous audits. These missions are performed based on a set of standards that all Group company managers are familiar with: the internal audit charter. A written report is drafted along with a synopsis of the recommendations issued further to all such missions. Recommendations are classified into 3 categories: high risk, moderate risk, low risk. For each recommendation, a deadline is set and a manager appointed. The application of recommendations is monitored through follow-up missions during which progress made against the planned deadlines and recommendations is checked. 25 Return to the contents section
3.0 Information on the company’s activities In 2007, 12 internal audit missions were carried out in 8 Group companies, notably covering the following issues: intellectual protection within the Group, review of insurance policies, application of the French law on intermediation, preclosing process, compensation and IT risks. In addition, two integration follow-up audits were carried out on companies that joined the Group in 2005. All of this work aims to consolidate the internal control process within Group companies. representing 1,524 thousand euros, 10,703 thousand euros in various bank borrowings, 2,294 thousand euros in credit current accounts and 15,118 thousand euros in financial liabilities resulting from commitments to buy out minority interests. The Group’s cash-flow, excluding current bank borrowings, is invested in full in short-term financial investments (96,568 thousand euros at December 31 st , 2007) through a dedicated “monetary equivalent” UCITS (APRIL Trésorerie). 3.6.2. Market risk (interest rate, foreign exchange, equity, credit) 3.6.2.1. Link between the business and the risks identified APRIL GROUP’s business is based around two key areas with significantly different approaches to market risks: brokerage, which does not expose the Group to market risks, and insurance companies, for which market risk management represents one of their core businesses. Brokerage Through its activity and financial model, where cash-flow generates a negative working capital requirement, the brokerage business enables the Group to achieve a very low level of debt (total financial liabilities of only 30,305 thousand euros on the consolidated balance sheet) and a very high level of liquidity (177,718 thousand euros in net cash and cash equivalents on the consolidated balance sheet). The Group’s financial debt comprises a subordinated loan Insurance companies One of the basic functions of the insurance business involves investing premiums received from clients with a view to settling any future claims. Asset management, i.e. the choice of asset class and securities, is therefore a crucial element of Insurance companies business. In order to improve performance levels, the financial management of the Group’s insurance portfolios is delegated to a qualified external service provider. The management of assets and liabilities makes it possible to maximize the match between the rate of future payments and the investment of these premiums in various categories of assets. 3.6.2.2. Risk assessment At December 31 st , 2007, APRIL GROUP, through its insurance subsidiaries (mainly Axeria Prévoyance and Axeria Iard), had a portfolio of financial investments worth some 309,797 thousand euros, with the following breakdown: 26 Return to the contents section
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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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