APRIL: EBIT of €44.8m

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 2013. 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.

The current EBIT margin therefore came to 11.6% of revenues:

- the Health & Personal Protection division, driven by premiums, further improved its EBIT margin to19.2% 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 2013.

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.

APRIL

28 August 2014