2007 - April

1.0 Management report report Management
Board of Directors’ report on operations for the
year ended December 31 st , 2007, presented at
the combined general shareholders’ meeting on
April 24 th , 2008
Dear Shareholders,
As required under French Law, your Board of Directors
is pleased to report on the activities of your Company, its
subsidiaries and the Group during the financial year ended
December 31 st , 2007, presenting the results of its activity
and the outlook for the future, and lastly, submitting the
balance sheet and annual statutory and consolidated financial
statements for the year then ended for your approval.
accordance with IFRS, as adopted within the European Union.
The IFRS framework includes the International Financial
Reporting Standards (IFRS), International Accounting
Standards (IAS), and their interpretations by the International
Financial Reporting Interpretations Commit- tee (IFRIC).
The accounting rules and valuation principles retained for
drawing up the consolidated financial statements at December
31 st , 2007 are those contained in the IFRS standards and
interpretations published in the European Union’s official
gazette on December 31 st , 2007, the application of which is
compulsory as of this date. Any standards or interpretations
adopted by the IASB or IFRIC but not yet made compulsory by
the European Union at December 31 st , 2007 have not been
applied.
1. Activity and results of the company,
its subsidiaries and the Group
The annual financial statements at December 31 st , 2007 that
we are submitting for your approval have been drawn up in
accordance with the rules of presentation and the valuation
methods provided for under the regulations in force in
France.
APRIL GROUP:
In a market that is expected to be down slightly, dropping
by around -1.2%, APRIL GROUP’s revenues were up 16.1%
and 83.8 million euros to 604.2 million euros. On a constant
structural basis, organic growth came out at 12.8% and
68.3 million euros, with the impact of external growth
representing 15.5 million euros.
Pursuant to European Regulation 1606/2002 of July 19 th ,
2002, the consolidated financial statements that we
are submitting for your approval have been drawn up in
External growth has been driven by several key strategies:
The strengthening of positions on the corporate market,
with the acquisition of the Assinco Group;
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