Le Foyer S.A.

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The combination of an increased headcount and the costof replacing the IT system (booked to 2003) drove operatingexpenses higher.Net profit in 2003 amounted to € 0.08 million against€ 0.21 million in 2002.Consolidated figures for asset management(including financial income of Le Foyer S.A.)(€ million) 2003 2002 2001Assets under management 1 182.16 1058.00 1 046.60Net profit 2.80 1.87 2.82Headcount (at year-end) 31 23 2240OutlookDespite signs of recovery, the economic environmentremains fragile. Positive equity-market trends should benefit FoyerAsset Management and Le Foyer, Patrimonium & Associées in2004. Changes in Luxembourg and European legislation havetriggered repositioning moves within Luxembourg’s privatebanking industry. While this repositioning has the potential tocreate both opportunities and challenges, it is too soon to drawany conclusions on its overall impact.
1990 – Financial restructuring culminatesin the creation of Le Foyer Group
Page 1: Le Foyer S.A.Annual Report 2003
Page 5: Tribute toMr Marc LambertMr Marc La
Page 9 and 10: 2003 consolidated financial highlig
Page 11 and 12: Board of DirectorsLe Foyer, Compagn
Page 13: ManagementGeneralManagement::Franç
Page 16: Mr Ernest Hamélius(founder member)
Page 19 and 20: Mr Max Lambert(founder member),Vice
Page 21 and 22: Consolidated management reportConso
Page 23 and 24: Revenues grew 6.2% to € 203.58 mi
Page 25 and 26: In individual insurance, growth slo
Page 27 and 28: Thanks to the economic upturn and r
Page 29 and 30: Non-life insuranceStrong revenue gr
Page 31 and 32: Among Le Foyer Assurances’ subsid
Page 33 and 34: OutlookFollowing the sharp decline
Page 35 and 36: 1925 - Foundation ofLe Foyer’s Be
Page 37 and 38: Foyer Re reported a € 6.88 millio
Page 39 and 40: Following an 11.8% increase in 2002
Page 41: Asset ManagementProfits buoyed by r
Page 46 and 47: 44Consolidated balance sheetat 31.1
Page 48 and 49: 46Consolidated balance sheetat 31.1
Page 50 and 51: 48Consolidated profit and lossaccou
Page 56 and 57: Notes to the consolidated accountsa
Page 58 and 59: Companies included in the scope of
Page 60 and 61: 11 (a) Conversion of items denomina
Page 62 and 63: 11 (h) Accounts receivableAccounts
Page 64 and 65: 11 (l) Accounts payableAccounts pay
Page 66 and 67: Land, buildings and installations13
Page 68 and 69: Other financial investments15 The p
Page 70 and 71: Special items with a share in reser
Page 72 and 73: Geographical breakdown of life prem
Page 74 and 75: June 2000 - Stock market flotation
Page 76 and 77: Appropriation of profitAt the Annua
Page 78 and 79: 76Balance sheetat 31.12.2003ASSETSN
Page 80 and 81: 78Consolidated profit and loss acco
Page 82 and 83: In the event of lasting diminution
Page 84 and 85: Shareholders’ equity6 Movements i
Page 86 and 87: AgentsAgents and Employees of Le Fo
Page 88 and 89: Le Foyer S.A.fax: +352 43 83 22www.
Page 91: An English version of the Le Foyer
Page 96:
www.lefoyer.lu
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Le Foyer S.A.

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