Operating Profit on Ordinary Activities of €86.5m, Impacted by Lower Financial
Income, in Line With Expectations
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
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
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.
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,
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