2007 - April

3.0
Information on the company’s activities
Interest rate risk
APRIL GROUP’s portfolio is made up primarily of bonds. As
such, it is exposed to an interest rate risk. More specifically,
this concerns a fair value impairment risk for fixed-rate bonds
and a cash-flow risk on coupons for variable-rate bonds.
The table opposite presents the portfolio’s interest rate risk
exposure at December 31 st , 2007 by maturity:
INTEREST RATE RISK EXPOSURE BY MATURITY
(In thousand euros)
< 1 year
< 2
years
< 3
years
< 4
years
< 5
years
> 5
years
Bonds exposed to fair value risk 28,268 19,881 12,073 24,567 10,175 45,753 140,717
Bond UCITS exposed to fair value risk
Derivative assets exposed to fair value risk
Other financial assets exposed to fair value risk
FINANCIAL INSTRUMENTS EXPOSED TO FAIR VALUE RISK 28,268 19,881 12,073 24,567 10,175 45,753 140,717
Total
Bonds exposed to cash-flow risk 2,628 1,378 5,447 2,974 25,222 37,649
Bond UCITS exposed to cash-flow risk
Derivative assets exposed to cash-flow risk
Other financial assets exposed to cash-flow risk
FINANCIAL INSTRUMENTS EXPOSED TO CASH-FLOW RISK 2,628 1,378 5,447 2,974 25,222 37,649
TOTAL PORTFOLIO 30,896 21,259 12,073 30,014 13,149 70,975 178,366
% 17.3% 11.9% 6.8% 16.8% 7.4% 39.8% 100.0%
Credit risk
APRIL GROUP is exposed to a credit risk through the issuers
of bonds held in its portfolio. However, this risk is limited
thanks to the stringent selection of issuers (over 90% of
issuers for bond assets are rated at least A by Standard &
Poor’s).
The table opposite presents a breakdown of the bond
portfolio at December 31 st , 2007 by issuer rating:
CREDIT RISK EXPOSURE BY ISSUER RATING (1)
(In thousand euros)
N.D. AAA AA A+ to A-
BBB+
to BBB-
< BBB- Total
Bonds exposed to credit risk 1,003 78,913 28 766 53,718 15,966 178,366
Bonds UCITS exposed to credit risk
TOTAL BOND PORTFOLIO 1,003 78,913 28,766 53,718 15,966 178,366
% 0.6% 44.2% 16.1% 30.1% 9.0% 100.0%
(1) Standard & Poors rating (long-term)
28
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