Lyon, 26 April 2016
APRIL reports first quarter
sales of €208.4m, up 6.5%
(IFRS - €m) | Q1 2016 | Q1 2015 | Change | Q1 2015 LFL 1 | Change |
Consolidated sales | 208.4 | 195.6 | +6.5% | 195.5 | +6.6% |
Brokerage commissions and fees | 115.6 | 115.7 | -0.1% | 115.6 | ~ |
Insurance premiums | 92.8 | 79.9 | +16.1% | 79.9 | +16.1% |
APRIL recorded consolidated sales of €208.4m for the first quarter of 2016, up 6.5% compared with the reported figures for Q1 2015.
The Group posted a €1.8m currency loss for the period, which mainly impacted South America and, to a lesser extent, Canada. These foreign exchange movements mostly affected Property & Casualty commissions. Conversely, Health & Personal Protection commissions benefited from a €1.8m consolidation gain mainly due to the late 2015 and early 2016 acquisitions of Avilog and GlobalHealth.
Like-for-like first quarter sales rose by 6.6%, with brokerage commissions stable at €115.6m and insurance premiums up 16.1% at €92.8m.
APRIL Chairman and CEO Bruno Rousset commented: "The trends published at this early stage in the year are in line with our expectations and show a consistent sales momentum. Our teams continue to implement our specialist tailored-product approach, in order to consolidate our positions on key markets such as P&C and loan insurance and to accelerate our development on priority target groups such as professionals and seniors. Each step is important, and this year is no exception: we will continue to work on our strategic growth levers in order to improve the performance of the group in the longer term."
Sales by division
(IFRS - €m) | Q1 2016 | Q1 2015 | Change | Q1 2015 LFL 1 | Change |
Health & Personal Protection | 127.3 | 125.4 | +1.5% | 127.1 | +0.2% |
Commissions and fees | 73.5 | 74.7 | -1.5% | 76.3 | -3.7% |
Insurance premiums | 53.8 | 50.7 | +5.9% | 50.7 | +5.9% |
Property & Casualty | 81.7 | 70.7 | +15.5% | 69.1 | +18.3% |
Commissions and fees | 42.4 | 41.5 | +2.2% | 39.8 | +6.6% |
Insurance premiums | 39.3 | 29.3 | +34.3% | 29.3 | +34.2% |
Intra-group eliminations | (0.6) | (0.6) | n/a | (0.6) | n/a |
[1] Pro forma or 'like-for-like' sales at constant consolidation scope and exchange rates: they take into account any acquisitions, disposals and changes in consolidation method, as well as exchange rate fluctuations, calculated on the basis of the prior year accounts converted using the exchange rate for the current year.
Changes by type of revenues are as follows:
Quarterly sales
(IFRS - €m) | 2016 | 2015 | Change | 2015 LFL 1 | Change |
Q1 | 208.4 | 195.6 | +6.5% | 195.5 | +6.6% |
Q2 | - | 206.1 | - | - | - |
Q3 | - | 198.5 | - | - | - |
Q4 | - | 197.8 | - | - | - |
Total | - | 798.0 | - | - | - |
Outlook:
At this stage of the year, given the fundamental changes affecting the French individual health insurance market, the Group still anticipates a decline in its full-year current EBIT which could range between 8% to 12% compared to 2015.
In the long term, the productivity gains achieved through the business model adaptation process already underway, combined with accelerated development in our key markets, notably through targeted investments, should lead to a gradual improvement in the Group's financial performance.
Marc Le Doze, Group CFO, will be holding a conference call for financial analysts, investors, and the press this evening at 6.15 pm (French Time).
Dial in details: France - 0805 632 056 or 01 76 74 24 28 / United Kingdom - 0800 694 0257
International +44 (0) 1452 555 566
Please dial in a few minutes beforehand, in order to register, and give the following reference number: 9176 3415.
Contacts:
Analysts and investors
Sandrine Gallien: +33 (0)4 72 36 49 31 / +33 (0)6 20 26 06 24 -
sandrine.gallien@april.com
Press
Samantha Druon: +33(0)4 72 00 46 56 -
samantha.druon@insign.fr
Upcoming events:
About APRIL
APRIL, an international insurance services group, has chosen innovation as the key to driving its development since it was established in 1988, by seeing insurance from the customer's perspective. Its ambition is to make insurance easier and more accessible. Making this commitment, which means pushing boundaries and keeping things simple, has enabled it to become the leading wholesale broker in France and an international authority in the sector. 3,800 staff members offer, advise on, design, manage and distribute specialised insurance solutions (Health & Personal Protection, Property & Casualty, Mobility and Legal Protection) and assistance services for private individuals, professionals and businesses. APRIL operates in Europe, the Americas, Asia, Africa and the Middle East. APRIL is listed on Euronext Paris (Compartment B), and posted sales of €798.0 million in 2015.
Full regulated information is available on our website at www.april.com (investors section).