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

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, ana.roibas@april.com
 
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