Shareholder`s letter 27 - March 2013 15 April 2013
Transcription
Shareholder`s letter 27 - March 2013 15 April 2013
Shareholders’ #27 letter March 2013 Development International expansion and growth 2012 full year results 2012 ROC: +10.4% APRIL in the stock markeT 2012, a reassuring year - Stock market 2012 data Trend from 01/01/2013 to 03/11/2013 april: 28.6% cac 40: 16.4% APRIL, 25 YEARS OF INNOVATION 4 ? questions for BRUNO ROUSSET Founder and Chief Executive Officer, APRIL Innovation… this has been the big issue for APRIL right from the start: why? When you create a company, you have to innovate. This was the case for us 25 years ago, on a very institutionalised and regulated insurance market where it was not really easy to innovate. However, we had no choice: at a given moment, you have to be able to surprise consumers! APRIL managed to change the image of insurance thanks to its original approach to the market. We began by removing opacity in the policies which we sought to make simple, clear and easily understood. We also chose to adopt a totally new position in the insurance chain, by becoming a designer and manager of insurance policies as well as carrying out the traditional businesses of insurer and distributor. We overhauled the insurance chain with simpler, cheaper products while offering fast and high quality management services. We added a new link in the insurance chain, that of services. This was the missing link that we created, and which makes us stand out because we changed the insurers’ relationship with brokers and end customers. In these 25 years, everything has changed – insurance, customers, brokers and the regulations – except APRIL’s determination to innovate. Today, we innovate by drawing on our past experiences and observations. What are the challenges now facing the group? Now more than ever, we need to stay close to the market and define the areas where we want to innovate. We have set up a department of strategic marketing and innovation. The goal is to ensure that each group entity innovates. Product innovation, although essential, is not in itself enough. We also need to innovate in terms of processes, distribution, human resources, value chain, etc. APRIL has opted for a finely balanced position close to its partners. To this end, the group has created a network of specialised businesses in niche markets and has almost as many companies as it has product niches. Indeed, we have all the necessary expertise to meet the very specific needs of professionals and retail customers in clearly identified situations. In this way, APRIL has become the leading broker in markets such as boating, travel insurance, expatriate insurance, etc. What areas will APRIL target next for innovation? APRIL’s approach is one of ongoing progress rather than breakaway innovation. The important thing is to choose the right target in an industry where a price war is raging. It is APRIL’s approach that is innovative. We want to innovate by segmentation, as we succeeded in doing with our loan insurance products scaled according to the subscriber’s age and with supplementary health insurance policies modulated according to the policyholder’s region of residence or health. We are also working on our rapidity and efficiency, because when you innovate you are copied and you need to come up with something else – very quickly – in order to stay ahead. We also innovate to enhance customer loyalty in a very volatile environment fostered by the regulations. Our aim is to maintain a steady relationship with them. Lastly, we choose the areas for innovation according to the added value we can bring. We know, for example, that we will be strengthening our position – and innovating – in collective insurance, insurance for VSE/SME, etc. Despite the crisis, an increasingly restrictive regulatory framework and a highly competitive market, APRIL has opted for renewal: do you see this as a risk or an opportunity? APRIL is confirming its growth potential in a world of opportunities! Regulatory constraints will clean up the markets: it is up to us to make full use of our responsiveness. Europe is experiencing a crisis but not the whole world and APRIL is playing the card of international expansion and mobility. Not only are we seizing new business opportunities abroad, we are also adding to our experience. Above all, in this area also we are learning to innovate by approaching markets differently, attacking them from a new angle. Lastly, we are counting greatly on technology to support our growth. We are currently investing heavily in two far-reaching IT projects in collective insurance and property and casualty. Our information system has become a strategic tool. Together, at APRIL, our goal is to return to strong growth by fulfilling our customers’ expectations, even before these have been expressed in some cases. Innovation at the heart of the system APRIL will celebrate its 25th anniversary in 2013. Twenty-five years of innovation at its customers’ service. 2012 was an imaginative year for our teams and no less than 30 products and services were added to APRIL’s range during the year, showing that the cooperation between teams has been fruitful. APRIL, changer l’image de l’assurance Prévoyance Pro Active APRIL Une solution protectrice et adaptée à votre situation Un prix juste, défini en fonction des risques liés à votre profession Des garanties au choix selon vos besoins (seule la couverture décès est obligatoire) Une indemnisation forfaitaire : ex. 15€ souscrits = 15€ versés Une prise en charge des arrêts de travail liés au dos Vous souhaitez faire un baptême de plongée, aérien ou un stage initiation ? Vous êtes couvert automatiquement. AVANTAGE HOSPITALISATION EXCLUSIVITÉ APRIL INNOVATION HOSPITALISATION À DOMICILE ET AMBULATOIRE (HDA) APRIL s'adapte aux nouvelles pratiques médicales A sa création en 1988, APRIL a pris l’engagement de changer l’image de l’assurance en plaçant le client au cœur de son organisation. Aujourd’hui, ce sont plus de 2 millions d’assurés qui confient chaque jour la protection de leur famille et de leurs biens aux 3500 collaborateurs du groupe. APRIL a su gagner leur confiance en leur proposant des contrats qui respectent un juste équilibre entre le prix, le niveau de protection et le service associé et a ainsi démontré que l’assurance n’est plus ce qu’elle était. APRIL s’engage Vous bénéficiez d’un service de proximité Nous sommes à vos côtés pour vous soutenir à chaque instant. Vous comprenez ce que vous achetez Parce que s’assurer, protéger sa famille, c’est compliqué, nous voulons vous simplifier l’assurance. Vous êtes assuré au prix le plus juste Pour nous, chaque personne est différente et mérite le meilleur service. Vous êtes fidèle et vous y gagnez Nous mettons tout en œuvre pour mériter et conserver votre confiance. Plus d’informations sur www.april.fr La franchise 3 jours est appliquée pour tout type d'hospitalisation : en établissement Hospitalier d'au moins 24h, à Domicile et même en Ambulatoire pour les franchises 15/3/3 et 30/3/3. Avec APRIL, optez pour une protection globale qui vous protège dans toutes les situations Découvrez l'application iPrev pour les TNS CONTACTEZ VOTRE ASSUREUR-CONSEIL Réf : 17638 - 09/2012 - Document à caractère publicitaire – L’ensemble des marques ; logos, charte graphique et argumentaire commerciaux figurant dans le présent document, sont déposés et sont la propriété d’APRIL SA. Toute reproduction, partielle ou totale desdits éléments et textes de toute nature, est interdite et fera l’objet de poursuites judiciaires. Prévoyance Pro Active or how to make life simpler for self-employed professionals Prévoyance Pro Active, available through APRIL Santé Prévoyance, is a package for self-employed workers (self-employed professionals, tradesmen, shopkeepers and farmers) covering loss of income in the case of incapacity to work. Apart from the fact that it is adapted to each business (catering, law, accounting, etc.) and to each worker’s contractual insurance cover, this package is truly innovative in that it adapts to changes in the policyholder’s life and offers the possibility of lifelong cover for long-term care. It also includes an original proactive assistance service, which, if the policyholder is hospitalised, offers help in dealing with day-to-day matters. prévoyance pro active Une protection complète et adaptée, tout au long de votre vie FRAIS GÉNÉRAUX Prise en charge des frais de la société en cas d’arrêt de travail du chef d’entreprise ou de l’un de ses salariés clé. Pour les travailleurs indépendants COMPLÉMENTAIRE SANTÉ Une couverture pour prendre en charge les soins les plus coûteux. PERTE D’EMPLOI Vous n’avez pas droit aux prestations de Pôle Emploi ? Nous vous aidons à maintenir jusqu’à 80% de vos revenus pendant 9 mois ou 50% pendant 15 mois. HOMME CLÉ Une protection complète pour protéger l’entreprise en cas de disparition de l’homme clé (dirigeant, associé, collaborateur...). Immeuble Aprilium 114 bd Marius Vivier Merle 69439 LYON Cedex 03 Tél. : 0 974 50 20 20 - Fax : 04 78 53 65 18 www.april.fr S.A. au capital de 500 000 € - RCS Lyon 428 702 419 - Intermédiaire en assurances - immatriculée à l’ORIAS sous le n°07 002 609 (www.orias.fr) - Autorité de Contrôle Prudentiel - 61 rue Taitbout - 75436 Paris cedex 09. Contrat conçu et géré par APRIL Santé Prévoyance et assuré par QUATREM Assurances Collectives (Prévoyance Pro Active APRIL), entreprise régie par le codes des assurances, S.A. à Directoire et Conseil de surveillance au capital social de 380 426 249€ dont le siège social est situé 59/61, rue Lafayette – BP 46009 75423 Paris Cedex 09 – RCS Paris 412 367 724, Solucia Protection Juridique (Pack Bonne Route) et AXERIA Assistance Limited (Assistance Pro Active). L’assurance n’est plus ce qu’elle était. Classic +: combining Personal Protection and Legal Protection with Motor Insurance Classic + is the most comprehensive motor insurance in the market. Developed by APRIL Partenaires, it includes an option, “Assur-cotisation”, covering payment of the premium in the event of the policyholder’s incapacity. Another advantage is the Legal Protection element relating to driving licences, providing advice and assistance if the driver loses points. 1er AVIS MEDICAL (FIRST MEDICAL ADVICE): a 24/7 medical advice service APRIL has put in place a totally new «first medical advice» call centre. This service is provided through APRIL International Assistance to the policyholders of the group’s various subsidiaries worldwide, in particular for expatriates who often have difficulty accessing medical services. [ LA MOBILITÉ ] PARTICULIERS Des garanties frais de santé complètes et innovantes Nouveauté 2013 : service de 1er avis médical Une équipe de médecins à votre disposition 24h/24 et 7j/7 pour : Ambassade vous aider à comprendre un symptôme, un diagnostic ou un traitement, vous donner des conseils avant ou après une hospitalisation, en cas de maladie chronique, ou de maternité..., vous aider à préparer vos voyages (vaccins obligatoires et conseillés), vous renseigner sur les équivalences des médicaments dans le monde entier. If they need to policyholders can call the centre and receive medical assistance (understanding symptoms, medical diagnosis and treatment, information about equivalent medication worldwide) and help in dealing with day-to-day medical issues (advice, guidance, making appointments with local practitioners and specialists, etc.). L’assurance des expatriés de toutes nationalités Aperçu de la couverture proposée 2013 Hospitalisation prise en charge à 100% des frais réels, avec un remboursement de la chambre privée jusqu’à 200 €/jour Vos premières consultations auprès de médecins généralistes et spécialistes non plafonnées (sauf en cas de Découvrez vidéo pourquoi les180 expatriés choix de l'offre Essentielle). Les suivantes sontencouvertes jusqu’à €/acte. choisissent APRIL International Expat Frais d’analyses, de radiographies et de pharmacie des frais réels pourcouverts s'assureràà100% l'étranger : Séances d’orthophonistes de vos enfants remboursées à 100% des frais réels Forfait Médecines douces incluant le remboursement des ostéopathes, homéopathes, acupuncteurs… jusqu'à 1 500 €/an Couverture des vaccins liés aux voyages jusqu'à 150 €/an/personne. Les autres vaccins sont remboursés à 100% APRIL International s'engagedes avecfrais réels. la Fondation pour la Nature et l'Homme Dépistages couverts à 100% des frais réels et l'association Handicap International Garanties prévention jusqu’à 1 000 €/an/personne incluant le remboursement des traitements antipaludéens Soins, prothèses et implants dentaires remboursés jusqu’à 2 000 € la 1ère année puis jusqu’à 2 500 € les années Suivez-nous sur Facebook et suivantes Twitter ! www.facebook.com/AprilExpat Lunettes (verres et monture) remboursées jusqu’à 650 €/an/personne international www.twitter.com/AprilExpat A new assistance Smartphone application for boaters L’assurance n’est plus ce qu’elle était. Imprimé avec des encres végétales sur papier recyclé Bénéficiez de garanties PRÉVENTION pour toute votre famille Avec Ambassade, sont couverts : les traitements anti-paludéens et les vaccins liés ou non aux voyages (fièvre jaune, grippe…) les traitements et médicaments d’aide à l’arrêt du tabac les dépistages pour toute la famille : dépistage de l’hépatite B, du papillomavirus (infections sexuellement transmissibles), des troubles de l’audition ou de cancers (cancer du sein, du col de l’utérus, de la prostate…) Et pour vos enfants : le dépistage néo-natal les bilans réguliers chez le médecin ou le pédiatre les vaccins (varicelle, rubéole, rougeole, coqueluche…) les frais d'orthodontie 5 As part of its innovation policy, APRIL has launched a new application offering an assistance and repair service at dock or at sea. Using their telephone, boaters can view their boat’s geographic location, speed in knots and GPS positioning. They can also contact the regional rescue service CROSS (Centre Régional Opérationnel de Surveillance et de Sauvetage) if they are in difficulty, call the 24 / 7 APRIL Marine assistance service, pre-notify a claim in the case of accidents and send a photo to the claims handling service. This application can be downloaded from App Store and Google Play by boaters whether insured with APRIL Marine or not. Development: international expansion and growth In a highly contrasting economic environment, it is essential for APRIL and crucial to its performance to be capable of calling itself into question, adapting, and showing solidarity and commitment in all its undertakings. The entire group works to find synergies and speed up its development. Focus on a constantly adapting organisation. International expansion of business lines and divisions Since the beginning of 2013, APRIL’s various international subsidiaries are grouped within the four business divisions – Health and Personal Protection, Property and Casualty, International (mobility / assistance), Protection and Legal Services division. The new organisation is more consistent with APRIL’s worldwide presence and will foster inter-company exchanges in the area of product and services innovation strategies, accentuate the feeling of belonging to a group and provide for improved sharing of information and feedback on experience. Controlling underwriting risk across the whole value chain Lasting and profitable growth in our business must be underpinned by careful supervision of the portfolio’s underwriting quality. By their inclusion in each division, the insurance companies help strengthen the staff’s insurance culture and heighten their vigilance with regard to risk taking. Ongoing investment in information technology With the goal of facilitating daily tasks for customers and staff, we work constantly on improving our information systems. APRIL is currently engaged in two major management software projects for collective insurance and property and casualty. Our future information systems are strategic tools for ensuring fast response in terms of product launches, developing e-commerce, offering remote access solutions, secure data exchange and electronic signature facilities, as well as for staying a step ahead of new trends in customer behaviour, whether businesses or individuals. Managing the brand through its values Each of APRIL’s 4,000 employees is guided in all their actions by the brand values: simplicity, customer friendliness, imagination and responsibility.These values contribute to APRIL’s corporate spirit, to the quality of customer relationships and guide the innovation strategy. 2012 ANNUAL RESULTS ROC 2012: +10.4 % IFRS (Em) 2012 2011 % of sales 773.5 CONSOLIDATED SALES Change % of sales 757.4 +2.1 % OPERATING PROFIT ON ORDINARY ACTIVITIES 92.8 12.0 % 84.1 11.1 % +10.4 % OPERATING PROFIT 88.5 11.4 % 79.6 10.5 % +11.3 % NET PROFIT 53.4 6.9 % 55.5 7.3 % -3.7 % Full details of the result are available at www.april.fr to €3.3 million consisting almost entirely of commitments to buy out minority shareholders, and adjusted net cash amounted to €185 million. APRIL recorded consolidated sales of €773.52 million in 2012, up by 2.1% on a reported basis and by 1.8% pro forma. Net investment income was up by nearly €10 million to €23 million, corresponding to 3% of sales, which is comparable to the 2010 level. Operating profit on ordinary activities rose by 10.4% to €92.81 million, representing an almost 1 percentage point improvement in the operating margin to 12%. The group therefore achieved a significant improvement in operating profitability in 2012. 2013 will enable APRIL to continue its international expansion and further develop its position of the past 25 years as an innovative niche player in order to stand out from its peers and boost its growth momentum. Thanks to 1.6% growth in commissions, the Health Insurance and Personal Protection business managed to increase its operating margin by 2.6 points to 18.3% of sales. Although commissions grew by 1%, the trend for the Property & Casualty activity was more mixed, with a 1.8 point contraction in the operating margin to 3.9% of sales. Sales by division in 2012 (EM) 501.6 281.8 64 % After tax, which increased by €11 million to €35.6 million, consolidated net profit was down by 3.7% to €53.4 million, corresponding to a net margin of 6.9% of sales, net earnings per share of €1.32 and return on equity of 10.8%. It will be proposed at the General Meeting of Shareholders the payment of a net dividend of €0.33 per share, corresponding to a payout rate of one quarter of the group’s earnings. 36 % Health Insurance and Personal Protection Property & Casualty (Inter-division eliminations: €9.9 million) In terms of its financial structure, shareholders’ equity at 31 December 2012 came to €514.5 million, gross debt amounted Balance sheet IFRS (Em) 31/12/2012 31/12/2011 514.5 CONSOLIDATED SHAREHOLDER’ EQUITY Change 475.3 + 39.2 DEBT TO EQUITY RATIO 0.6 % 1.1 % NET CASH AND CASH EQUIVALENTS 105.5 149.7 -44.1 RESTATED NET CASH 185.5 169.7 +15.8 Change in operating margin by division Health Insurance and Personal Protection 20.5 % Property & Casualty 5.7 % 20.5 % 15.7 % 18.3 % 15.7 % 18.3 % 3.9 % -1.3 % 2010 2010 2011 2011 2012 5.7 % 2012 2010 3.9 % -1.3 % 2011 2010 2011 2012 2012 -0.5 pts APRIL IN THE STOCK MARKET After a very turbulent year in 2011, particularly for financial stocks, the Paris stock market regained confidence in 2012, in particular after the summer when the outlook for the future of the euro zone seemed more reassuring. With a gain of 15.2% in 2012, the CAC 40 index recovered virtually all the ground lost in 2011. Against this background, APRIL stood out with a 28.1% increase in its share price, thanks to the market’s positive reception of its 2015 growth plan, the general recovery of the financial sector and the good performance posted by mid caps APRIL share price performance since January 2012 APRIL (€) 15 10 5 Jan 12 Feb 12 Mar 12 Apr 12 May 12 KEY DATA Introduced: 10/23/1997 - Second marché ISIN Code : FR0004037125 High/low since 01/02/2012: €10,69 - €16,41 Closing price on 02/19/2013: €15,11 2013 AGENDA/FINANCIAL RELEASES First quarter sales: April 29th, 2013* First half sales: July 22nd, 2013* Half year results: August 29th, 2013* Jun 12 Jul 12 Aug 12 Sep 12 Oct 12 Nov 12 Dec 12 Jan 13 Feb 13 Third quarter sales: October 28th, 2013* * After the stock market closes These releases are published in the financial and business press and can be viewed at www.april.com/finance GENERAL MEETING OF SHAREHOLDERS: April 18th, 2013 DIVIDEND PAYMENT: April 29th, 2013 According to a TPI survey conducted on February 19th, 2013 APRIL has 8 871 shareholders. INVESTOR RELATIONS Kælia - Tel. : +33 (0)4 72 00 35 80 / Fax : +33 (0)4 72 00 35 89 - [email protected] APRIL Registered Office: APRIL, immeuble APRILIUM, 114 bd Marius Vivier Merle, 69 439 Lyon cedex 03 - France www.april.com French limited company with a Board of Directors and share capital of €16,361,654 – Registered with the Lyon Trade and Companies Registry under number 377 994 553. Insurance broker - Registered with ORIAS under number 07 019 355 (www.orias.fr) ISSN 1957 - 0279. Photo credit: Noel Bouchut/Fotolia. Design and creation: 20