2007 - April

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