2007 - April

3.0
Information on the company’s activities
In thousand euros Market value % Historical cost
Unrealized capital gains
or losses
Bonds 178,366 58% 183,158 -4,792
Bond UCITS 0 0% 0 0
TOTAL BONDS 178,366 58% 183,158 -4,792
Equities 0 0% 0 0
Foreign exchange risk
All of APRIL GROUP’s portfolio is invested in euros, but there
may be an indirect foreign exchange risk on account of the
underlying resources (notably equity UCITS). The following
table presents the portfolio’s exposure to currency market
risks as at December 31 st , 2007:
Equity UCITS 51,500 17% 41,654 9,847
TOTAL EQUITIES 51,500 17% 41,654 9,847
Other 25,760 8% 24,729 1,031
Monetary 54,171 17% 53,683 488
TOTAL PORTFOLIO 309,797 100% 303,224 6,573
Of which Axeria Prévoyance 181,848 59% 171,933 9,914
Of which Axeria Iard 61,272 20% 57,900 3,372
Of which other companies 66,677 22% 73,391 -6,713
FOREIGN EXCHANGE RISK
EXPOSURE
(In thousand euros)
Total %
Financial assets denominated in EUR 305,954 98.8%
Financial assets denominated in GBP 2,411 0.8%
Financial assets denominated in USD
Financial assets denominated in
other currencies
1,432 0.5%
Liquidity risk
On account of the Group’s asset-liability management
approach, this risk is not significant.
Equity risk
The Group’s insurance companies have invested 17% of their
portfolios on the equities market, while the French insurance
and mutual supervisory authority (Autorité de Contrôle
des Assurances et des Mutuelles) sets the limit at 65% of
regulated assets. The companies have therefore a highly
cautious approach in relation to regulatory environment.
Investments are made exclusively through UCITS, enabling a
satisfactory distribution of risks.
These UCITS are based on shares from various sectors –
banking, insurance, mass retail, cosmetics, industry, etc. –
primarily covering Europe, including France, as well as Japan
on an ancillary basis.
The following table presents a detailed breakdown of the
portfolio’s equity risk exposure by region at December 31 st ,
2007:
EQUITY RISK EXPOSURE BY REGION
(In thousand euros)
TOTAL PORTFOLIO 309,797 100%
Europe USA Other regions Total
Equities
Equity UCITS 49,328 2,172 51,500
TOTAL PORTEFOLIO 49,328 2,172 51,500
% 95.8 % 4.2 % 100.0 %
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