•   1.9% growth in sales
  •   Operating margin on ordinary activities of 11.7%



The Board of Directors met on Thursday 29 August when it approved APRIL's interim financial statements for the six months ended 30 June 2013.


APRIL recorded consolidated sales of €392 million in the first half of 2013, corresponding to an increase of 1.9%. Brokerage commissions and fees increased by 0.9% to €251.9 million, while insurance premiums increased by 3.6% to €140.2 million.


At €45.8 million, the operating profit on ordinary activities declined by €2.4 million or 5.1%. The increase in activity, the tight management of operating costs and stability of the operating indicators had a positive impact of the operating profit. Its decrease was due to a €2.8 million decrease in net financial income due to the lower yields for short-term bond and money market investments. The operating margin on ordinary activities represented 11.7% of sales. Health & Personal Protection recorded a further improvement in its operating margin to 18.5%, whereas Property & Casualty recorded a decrease to 2.1%, due mainly to the streamlining of the distribution network.


After taking into account income tax expense of €16.7 million (compared with €17.3 million in the first half of 2012) and losses of €1 million contributed by discontinued operations (compared with a profit of €0.9 million in the first half of 2012), consolidated net profit came to €27.2 million, down 16.2%, equivalent to a net margin of 6.9%.


As regards the consolidated balance sheet, shareholders' equity reached €526.2 million at 30 June 2013, while the adjusted net cash position reached €189.9 million.


In what is a year of transition, APRIL has seen the first signs of a consolidation in the growth achieved by its activities in Health & Personal Protection, mobility/assistance as well as Property & Casualty excluding the distribution network, while operating profitability remains tightly controlled. Under these conditions, sales growth over 2013 as a whole should be on a level with the first half, with the impact of the decline in net financial income on operating profit on ordinary activities expected to be slightly more pronounced.

Sales for the first nine months of 2013 will be published on 28 October 2013 after the market closes.
All regulated information is available on www.april.com/finance. Financial information concerning the first half comprises this press release, the interim financial report with the consolidated financial statements, and the presentation provided to financial analysts.

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 €773.52m in 2012. APRIL is listed on Euronext Paris (Compartment B, SRD - deferred settlement service).

Contact
Jean-Marc Atlan [EKNO] / Advisor to the CEO
+33 (0)6 07 37 20 44
jean-marc [dot] atlan[at] ekno [dot] fr

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