2007 - April

1.0
Management report
All of the investments carried out were self-financed.
The Group’s financial debt came to 30.3 million euros,
compared with 8.1 million euros in 2006, primarily comprising:
15.1 million euros in financial liabilities resulting from
commitments to buy out minority interests;
10.7 million euros in borrowings from credit institutions,
primarily due to the new companies included in the basis
for consolidation;
3 million euros in other debt (lease financing, other financial
debt);
1.5 million euros for a subordinated loan.
2. Post-balance sheet events and outlook
for 2008
Post-balance sheet events:
There are no significant events to report after December
31 st , 2007.
Outlook:
APRIL GROUP is pursuing its growth policy based on three key
strategies:
The development of its offering in order to:
- Capitalize on the numerous opportunities opened up by
the development of the supplementary health market in
France,
- Consolidate its leadership on individual loan insurance,
- Become a reference player in terms of group social protection,
- Pursue the development of savings-pension offerings,
- Ensure profitable development on property and casualty
insurance for retail clients,
- Diversify its offerings on high-growth and high-profitability
niches, increasing the number of opportunities for
partnerships with its distributors,
- Become the reference partner for its distributor clients
while cultivating its positioning as a global and segmented
player,
The development of distribution in order to :
- Provide an increasingly differentiating quality of service
to agent and broker partners, ramping up initiatives to
consolidate mutual relations,
- Develop partnerships with key account clients,
- Develop direct distribution for retail and corporate
clients;
The internationalization of its activities in order to:
- Duplicate the wholesaler model with international
brokerage networks, capitalizing on our channel
management expertise,
- Take up positions to accompany major clients in Europe
on certain business lines,
- Get our insurance companies to accompany the
international development of the Group’s brokerage
companies.
External growth, in line with an opportunistic acquisition
strategy, is enabling the Group to incorporate new product
or channel expertise.
For 2008, APRIL GROUP is maintaining a revenue growth
target of 15%.
3. Allocation of income
In light of the statutory financial statements for the year ended
December 31 st , 2007, with a profit of 104,657,613.89 euros,
we propose the following allocation:
3,147.36 euros to “legal reserves”;
17,956,678.08 euros to shareholders as dividends;
The balance, i.e. 86,697,788.45 euros, to “other reserves”.
As such, each of the 40,810,632 shares comprising the share
capital is to be paid a net dividend of 0.44 euros.
In accordance with the legal provisions in force since January
1 st , 2005, this dividend will not be accompanied by an avoir
fiscal tax credit. However, in accordance with the provisions
of Article 158-3-2 of the General French Tax Code (Code
Général des Impôts), only individual shareholders will be
entitled to a rebate equal to 40% of the amount of the
dividend paid out.
This dividend is to be paid out on Monday May 5th, 2008.
If the company were to hold any of its own shares as on
the date that these dividends were paid out, the sums
corresponding to dividends not paid out on account of such
shares would be allocated to retained earnings.
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