2007 - April

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3.0 Notes to the statutory financial statements of APRIL GROUP SA for the year ended December 31 st , 2007 Note 14. Corporate income tax Note 16. Average headcount Note 18. Individual training entitlement The application of the tax consolidation agreement generated 3,821 thousand euros in tax savings for the tax consolidation group. The company would have recorded a 3,072 thousand euro expense without this tax consolidation agreement. The tax savings, booked in the accounts of APRIL GROUP, linked to losses recorded by consolidated companies that are likely to benefit these same companies when they post profits again, came to 7,729 thousand euros and are covered by a provision for liabilities booked for the same amount. Note 15. Commitments given and received Commitments received Better fortune clause: APRIL GROUP SA granted APRIL Solutions the right to write off its debt, with a better fortune clause, for 3,450 thousand euros. Commitments to buy out minority interests The commitments to buy out minority interests are presented below: 2007 2006 2005 Managers and assimilated 24 25 21 Employees 1 0 0 TOTAL 25 25 21 Note 17. Executive compensation During the year, APRIL GROUP SA changed its structure from a French limited company (Société Anonyme) with Executive and Supervisory Boards to a French limited company with a Board of Directors. Compensation paid to Executive Board members totaled 505 thousand euros. In 2007, compensation for the Chairman and members of the Board of Directors totaled 125 thousand euros. The amount paid to the five highest earners came to 770 thousand euros. In accordance with the provisions of Law 2004-391 of May 4th, 2004 relative to professional training, the Group’s French companies grant their employees an individual entitlement to a minimum of 20 hours per calendar year, which may be cumulated over up to six years, with, in the event of them not have being used by the end of this period, all such entitlements capped at 120 hours. No expense was recorded in 2007, pursuant to the opinion issued by the Emergency Committee of the National Accounting Board (CNC) - number 2004-F dated October 13th, 2004. Note 19. Post-balance sheet events N/A In thousand euros Minority interest share Minority engagement to sell Group commitment to purchase APRIL North America 30.1 % Yes Yes Option perdiod June 30th, 2012 to Sep 30th, 2025 163 Return to the contents section
4.0 Statutory Auditors’ general report Auditors’ general report Statutory Annual financial statements Year ended December 31 st , 2006 Dear Shareholders, Pursuant to the mandate given to us at the General Meeting, please find hereafter our report relative to the financial year ended December 31 st , 2007 on: - Our audit of the annual financial statements of APRIL GROUP SA, as appended to the present report, - The basis for our opinions, - The specific procedures and information required under French law. The annual financial statements are the responsibility of the Executive Board. Our responsibility is to express an opinion on these accounts based on our audit. assurance that the annual financial statements are free from any material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and information contained in these accounts. An audit also involves assessing the accounting methods and 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. In our opinion, the annual financial statements present fairly, in all material respects, the financial position of the company at December 31 st , 2006 and the results of its operations for the year then ended, in accordance with the accounting rules and principles in force in France. 2. Basis for our opinions 1. Opinion on the annual 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 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: 164 Return to the contents section
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Property Heath and Life and savings
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2007 - April

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