2007 - April

3.0
Notes to the statutory financial statements of APRIL GROUP SA for the year ended December 31 st , 2007
1.7. Retirement benefits
1.9. Corporate income tax
Commitments relative to retirement benefits are valued
based on the likely fair value of the entitlements acquired,
taking into consideration the legal provisions and national
wage bargaining agreements in force, based on actuarial
hypotheses primarily factoring in wage rises through to
retirement age, staff turnover and mortality tables. The
commitments calculated in this way are booked as provisions
for contingencies and losses.
Any differences resulting from changes in actuarial assumptions
are booked against earnings as soon as they are recorded.
1.8. Foreign currency transactions
Transactions in foreign currencies are booked at the exchange
rate in force for the transaction date. Receivables and
payables are valued at the closing exchange rate or at their
hedging price. Any difference resulting from the discounting
of receivables and payables in foreign currencies is recorded
under foreign currency adjustments. Any unrealized foreign
currency losses are subject to a provision for liabilities, as
relevant.
APRIL GROUP is at the head of the tax consolidation
group comprising APRIL GROUP and its subsidiaries APRIL
Assurances, APRIL GROUP DOMMAGES PARTICULIERS, APRIL
Premium, APRIL Mobilité, APRIL Patrimoine, APRIL GROUP
CORPORATE, TMS CONTACT, APRIL GROUP PRÉVOYANCE
INDIVIDUELLE, APRIL Conseils, APRIL Santé, FORUM FINANCES,
Easyssur, ALLO Assurances, FGA, CIARE, Axeria Iard, Axeria
Prévoyance, SFG, CGCA, Solucia Protection Juridique, GI2A,
APRIL Immobilier, SASCO, SEPCOFI, Axeria Vie, Europassur,
APRIL GROUP VIE, ISR COURTAGE, APRIL Solutions Entreprises,
APRIL Assurances Entreprises, APRIL Corporate Broking, APRIL
Marketing Solutions, APRIL Solutions in which the Group has
a direct or indirect interest of over 95%.
Tax expenses are borne by consolidated companies in the
same way as if there were no tax consolidation structure.
Tax savings made by the Group linked to losses recorded
by consolidated companies, are booked against earnings in
APRIL GROUP’s accounts and subject to a provision to cover
the risk of having to reimburse corporate income tax on
losses used by APRIL GROUP if subsidiaries become profitable
again.
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