Le Foyer S.A.

Intangible assets12 Movements in intangible assets over the course of the year wereas follows:GoodwillConcessions,in Start-up R&D patents andacquisition expenses expenses licences Total Total(in €) 2003 2003 2003 2003 2003 2002Gross value at 01.01. xxxxx-xxx -xxx -xxx 6 095 610.95 6 095 610.95 4 700 897.36Additions in the year 4 514 989.41 51 859.00 496 171.97 516 769.22 5 579 789.60 1 382 677.38Changes in scope of consolidation -xxx -xxx -xxx 139 228.64 139 228.64 12 036.21Disposals in the year -xxx -xxx -xxx -582 781.32 -582 781.32 -xxxGross value at 31.12. 4 514 989.41 51 859.00 496 171.97 6 168 827.49 11 231 847.87 6 095 610.95Cumulative valueadjustments at 01.01. -xxx -xxx -xxx -3 270 483,84 -3 270 483,84 -2 506 605,64Additions in the year -xxx -25 079.50 -209 392.14 -85 934.96 -320 406.60 -xxxChanges in scope of consolidation -xxx -xxx -xxx -xxx -xxx -7 312.90Value adjustments in the year -2 708 993.65 -8 926.50 -96 399.83 -908 145.34 -3 722 465.32 -756 565.30Write-back of value adjustments -xxx -xxx -xxx 582 780.14 582 780.14 -xxxCumulative valueadjustments at 31.12. -2 708 993.65 -34 006.00 -305 791.97 -3 681 784.00 -6 730 575.62 -3 270 483.84Net value at 31.12. 1 805 995.76 17 853.00 190 380.00 2 487 043.49 4 501 272.25 2 825 127.11The group’s R&D expenses relate to a decision support tool for use inthe area of risk financing.63