2007 - April

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1.0 Management report Changes in the workforce Training 2005 2006 2007 Average headcount 1,458 1,887 2,446 Number of permanent contract arrivals 334 316 447 % of average headcount 23% 17% 19% Number of permanent contract departures 179 163 257 % of average headcount 12% 9% 10.5% Number of fixed-term contract arrivals 167 199 154 % of average headcount 12% 11% 6% 2005 2006 2007 Training costs/payroll 4.4% 3.5% 3.4% A relative reduction in training spending was recorded, but the amount committed was up 14% in value terms over 2007. The arrival of new companies within the Group is affecting the genuine training effort made by other Group companies. The total cost of training, including staff wage costs during training time, represents 6% of the payroll. Number of fixed-term contract departures 171 157 180 % of average headcount 12% 8% 7 8. Description of the main risks Despite the changes in the Group’s format, the turnover rate (number of departures excluding fixed-term contracts/ headcount) has remained stable at 11.3%, compared with 13.5% in 2005 and 10.5% in 2006. A reduction in the use of “short-term” contracts (fixed-term contracts) has been seen in favor of permanent contracts. Internal mobility Number of transfers between two Group companies Number of transfers within the same company 2005 2006 2007 47 40 61 132 126 174 Compensation 2005 2006 2007 Total compensation (€’000) 58,062 71,735 78,602 Profit-sharing (€’000) 7,274 7,612 8,258 Average compensation (€) 31,927 32,439 32,752 External staff 2005 2006 2007 Cost of external staff (€’000) 4,029 5,423 5,911 Identification of risk factors The risk manager is responsible for the overall management of risks within the APRIL GROUP. Within this framework, the risk manager has been tasked to identify the main risk factors defined in the APRIL GROUP risk repository: financial risks, risks relating to businesses and insurance operations, operational risks, accounting risks, strategic risks and legal non-compliance risks. The risk manager identifies new risks based on feedback from the risk mapping interviews, the information available or exchanges with risk or insurance professionals, and members of the Sustainable Development Committee. The Group’s growth is opening up more opportunities for staff: close to 10% of them took on new responsibilities in 2007. Number of hours worked by temps 76,192 54,601 59,514 55 Return to the contents section
1.0 Management report Lastly, he works with the findings and recommendations set out by the internal audit manager in connection with their audit assignments and the assignments carried out by other players, including financial controllers, business division auditors, Statutory Auditors, etc. The risk manager informs and advises the Group Committee, and reports on this mission to the Sustainable Development Committee. Each type of risk is subject to an in-depth review, with a risk map and action plan drawn up for each company, aimed at eliminating, transferring or reducing the residual risk. The company’s managers are responsible for implementing the action plan defined in connection with the audits or mappings, formally reporting on them at least once a year at June’s Strategic Committee meeting. At the same time, the Group internal audit manager ensures the coherency and efficiency of internal control within Group companies. Lastly, he coordinates and controls the activities of all the Group’s internal audit departments. An annual audit plan is drawn up, factoring in the exposure to risks in the various Group companies. This plan concerns all the companies in the Group. The plan for Year N is validated at the end of Year N-1 by the Group Committee. It is formally reviewed and presented to the Sustainable Development Committee twice a year for follow-up. It may also be updated as and when necessary according to the priorities identified over the course of the year. This concerns several types of assignments: cross-business assignments and optimization issues, specific audit and control assignments, assignments to monitor companies that have recently been incorporated into the Group, and assignments to follow up on previous audits. These assignments are carried out in line with the internal audit charter, a set of standards that all of the managers of Group companies are familiar with. A written report is drafted along with a synopsis of the recommendations issued further to all such missions, rated based on three categories: high risk, moderate risk and low risk. For each recommendation, a deadline is set and a manager appointed. The application of recommendations is monitored through follow-up missions during which progress made against the planned deadlines and recommendations is checked. In 2007, 12 internal audit missions were carried out in eight Group companies, notably covering the following issues: intellectual protection within the Group, review of insurance policies, application of the French law on intermediation, preclosing process, compensation and IT risks. In addition, two integration follow-up audits were carried out on companies that joined the Group in 2005. All of this work aims to consolidate the internal control process within Group companies. Market risk (interest rate, foreign exchange, equity, credit) Link between the business and the risks identified APRIL GROUP’s business is based around two key areas with significantly different approaches to market risks: brokerage, which does not expose the Group to market risks, and insurance companies, for which market risk management represents one of their core businesses. Brokerage Through its activity and financial model, where cash-flow generates a negative working capital requirement, the brokerage business enables the Group to achieve a particularly low level of debt (total financial debt of only 30,305 thousand euros on the consolidated balance sheet) and a very high level of liquidity (177,718 thousand euros in net cash and cash equivalents on the consolidated balance sheet). The Group’s financial debt primarily comprises a subordinated loan representing 1,524 thousand euros, 10,703 thousand euros in various bank borrowings, 2,294 thousand euros in credit current accounts and 15,118 thousand euros in financial liabilities resulting from commitments to buy out minority interests. The Group’s cash-flow, excluding current bank borrowings, is invested in full in short-term financial investments (96,568 thousand euros at December 31 st , 2007) primarily through a dedicated “monetary equivalent” UCITS (APRIL Trésorerie). Insurance companies One of the basic functions of the insurance business involves investing premiums received from clients, pending payments for any claims incurred. 56 Return to the contents section
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7.0 Index of headings INFORMATIONS
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2007 - April

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