2007 - April

1.0
APRIL GROUP consolidated financial statements at December 31 st , 2007
Consolidated cash-flow statement
CASH-FLOW STATEMENT (in thousand euros) Notes Dec, 31 st 2007 Dec, 31 st 2006
CONSOLIDATED NET INCOME 72,111 65,508
Elimination of net expenses without any impact on cash-flow 7.1 41,998 20,835
Income from equity affiliates
Income from disposals and other income 62 175
Cash-flow 7.2 114,171 86,518
Change in assets and liabilities 7.3 7,376 4,394
NET CASH-FLOW LINKED TO ACTIVITIES 121,547 90,912
Net investments in tangible and intangible fixed assets -17,863 -7,228
Net insurance activity investments -54,174 -36,815
Net cash-flow on acquisitions of consolidated companies -28,546 -8,283
NET CASH-FLOW LINKED TO INVESTMENTS -100,584 -52,326
Capital increase linked to the exercising of stock options 1,403 2,954
Capital increase linked to minority interest in consolidated companies 1,263
Acquisition and disposal of treasury stock 416 -6,608
Dividends paid
- to APRIL GROUP shareholders -16,227 -13,391
- to minority interests in consolidated companies -558 -189
Net change in borrowings -515 -83
NET CASH FLOW FROM FINANCING OPERATIONS -14,218 -17,318
Impact of conversions -578 184
CHANGE IN CASH 7.4 6,167 21,452
The notes on Pages 98 to 147 represent an integral part of the consolidated financial statements.
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