APRIL: EBIT of 44.8m

Transcription

1 Lyon, 28 August 2014 APRIL: EBIT of 44.8m Stable sales at constant scope and exchange rates Stable EBIT margin of 11.6% (IFRS - m) 1H H 2013 Change % Revenues (1.3%) Net financial income % % of revenues 2.1% 2.1% EBIT (2.2%) % of revenues 11.6% 11.7% Operating income (2.9%) % of revenues 11.3% 11.5% Net income (group share) (2.2%) % of revenues 6.9% 6.9% The Board of Directors met on Thursday 28 August 2014 to approve APRIL's half-year accounts. APRIL recorded consolidated revenues of 387.0m in the first half of 2014, corresponding to a slight decrease of 1.3% compared to the first half of As indicated on 28 July, at constant scope and exchange rates, revenues remained stable with insurance premiums up 2.0% to 142.6m and brokerage commissions down 1.1% to 244.4m. EBIT came to 44.8m, down 1.0m (-2.2%), benefiting from well-controlled operating parameters and a stable financial income. This decline can be explained mainly by non-recurring costs incurred by the adaptation and consolidation of the strategic model of certain overseas companies, as well as by substantial investments, especially in IT, intended to prepare the future of our group. Income statement by division Health & Personal Protection Property & Casualty Holding & Others (IFRS - m) 1H H H H H H 2013 Revenues Net financial income % of revenues 2.3% 2.1% 1.3% 1.5% EBIT % of revenues 19.2% 18.5% 0.1% 2.1% Operating income (1.2) % of revenues 19.3% 18.4% (0.9%) 2.5% (Sales: Intra-group eliminations: 4.0m)

2 The current EBIT margin therefore came to 11.6% of revenues: - the Health & Personal Protection division, driven by premiums, further improved its EBIT margin to 19.2% of revenues, this in spite of investments to prepare for the widespread adoption of group health insurance as from 1 January 2016 and the impact of the company's decision to stop prefinancing the production of individual employee health policies - while Property & Casualty dropped to 0.1%, primarily as a result of non-recurring charges linked to the consolidation of the strategic model of the most recent acquisitions After a tax charge of 16.6m (38%), the group's consolidated net income (group share) came to 26.6m, down 2.2%, representing a net margin of 6.9% of sales, stable compared to the first half of At balance sheet level, APRIL had consolidated group shareholders equity of 561.5m at 30 June 2014 and restated net cash of 198.3m. Despite an environment impacted by developments both in terms of regulations and the market itself, the group's capacity for innovation and flexibility represent key assets for building on these opportunities. To do so fully, April has established an investment programme that seeks to improve the group's competitiveness based on its primary growth levers including, in particular, the deployment of international management platforms, the adaptation of its offering in the context of the ANI (Interprofessional National Agreement), innovation through the creation of new insurance solutions, the development of multi-channel distribution, and the overhaul of information systems first and foremost for its French entities. April's solid balance sheet combined with the launch of these investment measures in 2014, which leverage the group's core strengths, should allow April to reinforce the resilience of its long-established markets, pursue its development within its various businesses, and establish a foothold in new territories. All regulated information is available on (Finance section). APRIL GROUP will publish its sales for the 3rd quarter of 2014 on 27 October 2014 after the market closes. About APRIL APRIL is an international insurance services group which has chosen innovation as the key to driving its development. Making this commitment, which means pushing boundaries and keeping things simple, has enabled it to become in less than 20 years the leading master broker in France and an international authority with operations in 37 different countries. Over 4,000 staff members insure, advise, design, manage and distribute insurance solutions and assistance services for private individuals, professionals and businesses, amounting to some 6 million policy holders. APRIL achieved a turnover of 778.6m in APRIL is listed on Euronext Paris (Compartment B, SRD deferred settlement service). Contact Ana Roibas (0) (0) ana.roibas@april.com

3 Appendix 1: Summary consolidated income statement (IFRS - m) 1H H 2013 Revenues Other operating income Financial income net of charges and excluding cost of debt Total income from ordinary activities Insurance underwriting expenses (117.4) (124.2) Income or expenses net of reinsurance cessions (5.1) 0.5 Other purchases and external expenses (52.9) (55.5) Fee-sharing agreements (59.6) (61.3) Depreciation allowance (6.6) (6.0) Provisions (4.7) (6.3) Other operating income and expenses (114.2) (112.4) EBIT Other operating income and expenses (1.1) (0.8) Operating income Financial expenses (0.0) (0.0) Tax charge (16.6) (16.7) Net income from continuing operations Net income of discontinued operations 0.0 (1.0) Consolidated net income Minority interests Net income (Group share)

4 Appendix 2: Summary consolidated balance sheet statement (IFRS - m) 30 June December 2013 Intangible fixed assets Goodwill Tangible fixed assets Financial investments Transferee and retrocession share in underwriting provisions and financial liabilities Other assets Fixed assets 1, ,162.0 Receivables from insurance operations or reinsurance accepted Receivables from cession operations on reinsurance Trade receivables Cash and cash equivalents Other assets Current assets Total assets 2, ,600.4 Group shareholders equity Minority interests Total shareholders equity Underwriting provisions for insurance policies Provisions for contingencies and losses Other liabilities Non-current liabilities Liabilities from insurance operations or reinsurance accepted Current bank borrowings Liabilities relating to assigned reinsurance transactions Operating liabilities Other liabilities Current liabilities Total liabilities 2, ,600.4

5 Appendix 3: Summary consolidated cash flow statement (IFRS - m) 1H H 2013 Net income (Group share) Net income of discontinued operations - (1.0) Share of minority interests in income of consolidated companies Net income from continuing operations Cash flow Change in working capital requirement Operating cash flow from discontinued operations Net cash flow from operating activities Net investments in tangible and intangible fixed assets (9.9) (10.2) Net investments in financial assets (1.1) (22.1) Net cash flow on acquisitions of consolidated companies (0.9) - Investments in equity-consolidated companies - (0.2) Investment cash flow from discontinued operations - (0.1) Net cash flow from investment activities (11.9) (32.6) Capital increase linked to the exercising of stock options - - Capital increase linked to minority interest in consolidated companies Acquisition and disposal of treasury stock 0.1 (0.0) Dividends paid (21.1) (13.8) Net change in borrowings (0.1) (0.2) Financing cash flow from discontinued operations - - Net cash flow from financing activities (21.0) (14.0) Cash flow from discontinued operations Impact of conversions 0.0 (0.7) Change in cash