2007 was another year of growth with a 16.1% increase in sales. Earnings also progressed. Net profit grew by 10.8% while operating profit rose by 8.1% to €104.6 million, corresponding to 17.3% of consolidated sales. Earnings grew slightly more slowly than sales as we decided to accelerate and intensify our investment programme as from the second half of 2007 in the light of market opportunities and attractive acquisition opportunities. 2007 featured no less than five acquisitions and the creation of ten new companies, which was a nice way of celebrating the Group’s 20th anniversary.

In keeping with our diversification strategy, we reinforced various growth levers by investing in new businesses (life insurance and legal cover) as well as consolidating our existing businesses. We also invested in new niche markets, in deploying our proprietary distribution networks (network of outlets under the APRIL Santé name, thorough revamping of the Mutant Assurances network, development of Assurtis and numerous on-line marketing projects). Lastly, expansion into new geographic regions has become a major focus of development. During the year we entered the North American market, created a structure in Hungary and strengthened the Group’s positions in French overseas territories. These moves were facilitated by the Group’s new organisation by business division and its strengthened human resources designed to achieve its goal of tripling sales by 2012 while maintaining high profitability. The foundations for achieving this goal must be laid now because profitability in the insurance business is based on the maturity of portfolios and procedures. The capacity to anticipate trends and respond rapidly is therefore a key strategic advantage.

The APRIL share price fell significantly following the release of the Group’s 2007 results. Although the results were again of excellent quality, with strong growth and profitability, the markets reacted negatively considering that the levels attained fell short of expectation. Since the beginning of the year many other companies have also seen their share price tumble despite releasing excellent results. This does not call into question the quality of the business or of its strategy, it merely reflects that in financial markets that have been turbulent and vulnerable in recent months, some investors prefer to focus on short-term performances rather than medium or long-term projects. More than ever before, given our results, our human resources, our investment capacity and strong internal project dynamic, we can be particularly confident in the success of our initiatives. We can therefore continue to fulfil our commitment to ensuring steady growth and profitability for the shareholders that have placed their trust in us.