2007 - April

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2.0 Notes to the consolidated financial statements at December 31 st 2007 Note 12. Off-balance sheet commitments The Group’s off-balance sheet commitments in relation to third parties were as follows at December 31 st , 2007: In thousand euros Commitments given Commitments received Collateral 8,079 80,453 (1) Mortgages N/A N/A Guarantees 50 158 Other 74 N/A TOTAL 8,203 80,606 (1) Collateral received in connection with reinsurance operations Commitments to buy out minority interests: The commitments to buy out minority interests that do not comply with the rule set forth in Note 1.28 are presented below: In thousand euros Minority interest share Note 13. Net income and dividends The company calculates earnings per share and fully diluted earnings per share: Earnings per share do not factor in any potential shares. LThey are drawn up based on the weighted average number of shares outstanding over the year. Fully diluted earnings per share are determined factoring in any dilutive shares issued in connection with stock option schemes. In this way, earnings per share can be presented as follows: Dividends paid in 2007, 2006 and 2005 relative to 2006, 2005 and 2004 came to 16,293 K€ (0.4 € per share includin treasury shares), 13,395 K€ (0.33 € per share) and 8,896 K€ (0.22 € per share). Minority commitment to sell Group commitment to purchase Option period APRIL Cover 30% Yes Yes 30/06/2012 to 30/06/2013 L&E Title Insurance Services 14% No Yes 01/01/2009 to 30/06/2020 (1) APRIL North America 30.1% Yes Yes 30/06/2012 to 30/09/2025 APRIL Yacht Broker di Assicurazioni 30% Yes Yes From 01/07/2007 (1) APRIL Santé 2.62% Yes Yes From 31/03/2018 Solidaris 20% Yes Yes From 01/04/2018 APRIL Réunion 8.75% Yes Yes From 01/04/2011 Assinco 20% Yes Yes 01/01/2012 to 30/06/2016 A dividend of 0.44 euro per share, representing a total dividend payment of 17,957 thousand euros, will be put forward for approval at the general shareholders’ meeting on April 24 th , 2008. This distribution is not recorded under accrued expenses in the financial statements. NET INCOME Dec 31 st , 2007 NET INCOME 72,111 Weighted number of ordinary shares at year-start (thousands) 40,732 Shares issued excluding options Options exercised 79 Treasury stock -155 WEIGHTED NUMBER OF ORDINARY SHARES 40,656 NET INCOME PER SHARE 1.77 Dilutive instruments: stock options 631 WEIGHTED NUMBER OF ORDINARY SHARES AFTER INTEGRATION OF POTEN- 41,287 TIAL DILUTIVE INSTRUMENTS NET INCOME (FACTORING IN IMPACT OF DILUTIVE INSTRUMENTS AS RELEVANT) DILUTED NET EARNINGS PER SHARE 1.75 14. Post-balance sheet events None. (1) Not able to be calculated 147 Return to the contents section
3.0 Statutory 3.0 report on the consolidated financial statements Statutory Auditors’ report on the consolidated financial statements Auditors’ Year ended December 31 st , 2007 Dear Shareholders, Pursuant to the mandate given to us at the general shareholders’ meeting, we have audited the consolidated financial statements of APRIL GROUP for the financial year ended December 31 st , 2006, as contained in this report on pages 93 to 147. The consolidated financial statements are the responsibility of the Directors’ Board. Our responsibility is to express an opinion on these accounts based on our audit. 1. Opinion on the consolidated financial statements We conducted our audit in accordance with the industry standards applicable in France. These standards require that we plan and perform the audit to obtain reasonable assurance that the consolidated financial statements are free from any material misstatements. An audit includes examining, on a test basis, evidence supporting the information contained in these accounts. An audit also involves assessing the accounting principles used and the significant estimates made when drawing up the accounts, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for the opinion presented hereafter. We certify that the consolidated financial statements for the year are, in view of IFRS, as adopted within the European Union, fair and accurate and faithfully reflect the assets, liabilities, financial position and earnings of the consolidated group comprising the parties and entities included in the basis for consolidation. 2. Basis for our opinions Pursuant to the provisions of Article L.823-9 of the French Commercial Code relative to the forming of our opinions, we would like to draw your attention to the following points: Indefinite intangible fixed assets and goodwill are subject to an annual impairment test under the conditions described in Note 1.16. Our work consisted of assessing the data and assumptions used for estimates, notably the cash flow forecasts drawn up by the company, checking the calculation methodology applied and assessing the valuations determined in this way; Financial assets are recognized and valued in line with the conditions set out in Note 1.17 to the consolidated financial statements. 148 Return to the contents section
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Property Heath and Life and savings
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1.0 Management report APRIL Solutio
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03 P. financial statements financia
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2007 - April

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