Operating Profit on Ordinary Activities of €86.5m, Impacted by Lower Financial Income, in Line With Expectations PR Newswire LYON, France, February 26, 2014 LYON, France, February 26, 2014 /PRNewswire/ -- *Sales growth of 1.6 % at constant exchange rates *Current operating margin of 11.1 % *Proposed dividend of €0.50 per share (EURm) 2013 2012 Change % Change Consolidated sales 778.6 773.5 0.7 % 5.1 Net financial income 17.2 23.0 - 25.4 % - 5.8 as a % of sales 2.2 % 3.0 % Operating profit on ordinary activities 86.5 92.8 - 6.8 % - 6.3 as a % of sales 11.1 % 12.0 % Operating profit 84.9 88.5 - 4.1 % - 3.6 as a % of sales 10.9 % 11.4 % Net profit 51.0 53.4 - 4.4 % - 2.4 as a % of sales 6.6 % 6.9 % APRIL GROUP recorded consolidated sales of €778.6m in 2013 , corresponding to an increase of 0.7 % on a reported basis and of 1.6 % at constant exchange rates , with a decrease of 0.5 % in brokerage commissions to €499.0m and an increase of 2.9 % in insurance premiums to €279.6m. Operating profit on ordinary activities reached €86.5m , down €6.3m. This is attributable mainly to a decline of €5.8m in financial income, due to a low interest rate environment combined with prudent portfolio management. Adjusted for the financial income, the Group's operating performance would have been stable. The current operating margin came in at 11.1 % of sales; the Health & Personal Protection division posted a margin of 17.7 %, i.e. a slight decrease of 0.6 points compared to 2012, while the Property & Casualty division presents a margin of 2.2 %, down by 1.7 points. Looking at the detail: *The Health & Personal Protection division recorded an operating profit on ordinary activities of €88.2m, i.e. a decrease of €3.7m, attributable to the financial income. *The Property & Casualty division recorded an operating profit of €6.5m, down by €4.5m, due notably to the ongoing rationalisation of the direct sales network and to the non-recurring integration costs of the assistance business. Health & Personal Property & Holding & (EURm) Protection Casualty Other 2013 2012 2013 2012 2013 2012 Consolidated sales 498.4 501.6 290.7 281.8 - - Net financial income 11.8 15.5 3.6 6.3 1.8 1.2 as a % of sales 2.4 % 3.1 % 1.3 % 2.2 % Operating profit on ordinary activities 88.2 91.9 6.5 11.0 - 8.1 - 10.1 as a % of sales 17.7 % 18.3 % 2.2 % 3.9 % Operating profit 87.6 91.8 5.8 6.7 - 8.4 - 10.0 as a % of sales 17.6 % 18.3 % 2.0 % 2.4 % (Sales: Intra-group eliminations: €10.5m) After corporate income tax of €32.3m and a loss from discontinued operations of €1.0m, the Group's share of net profit was €51.0m , down 4.4 %, representing a net margin of 6.6 % of sales. APRIL has a solid balance sheet, with consolidated shareholders' equity of €550.3m and adjusted net cash of €190.5m. In that context, the Board of Directors has decided to propose a dividend per share of €0.50 . For 2014, the teams will be concentrating all their efforts on initiating the return to growth and improving the Group's profitability. All regulated information is available on http://www.april.com/finance . APRIL GROUP will publish its sales for the 1 ^st quarter of 2014 on 28 April 2014 after the market closes. About APRIL APRIL designs, manages and distributes insurance solutions and assistance services for individuals, professionals and businesses. Founded in 1988, APRIL has nearly 4,000 members of staff, is established in 37 countries and achieved a turnover of €778.6m in 2013. APRIL is listed on Euronext Paris (Compartment B, SRD - deferred settlement service). Contact: Contact: Ana Roibas / Head of Financial Communication, +33(0)7-86-05-28-99, firstname.lastname@example.org
Operating Profit on Ordinary Activities of €86.5m, Impacted by Lower Financial Income, in Line With Expectations
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