Le Foyer S.A.

Management reportManagement report from the Board of Directors ofLe Foyer S.A. presented to the Annual GeneralMeeting of Shareholders on 1 April 2004.Net profit in 2003 was € 9.72 million, compared to€ 9.37 million in the previous year.The table below gives a breakdown of the company’s results.(€ millions) 31.12.2003 31.12.2002Income from participating interests 9.30 9.18Le Foyer Assurances 8.25 6.27Le Foyer Vie -xx 1.65Foyer Asset Management 1.05 1.26Income from securities, cash and equivalents 1.46 1.21Charges (value adjustments, interest, financial expenses) -0.48 -0.57General expenses -0.36 -0.27Profit before tax 9.92 9.56Tax -0.20 -0.19Net profit 9.72 9.37Income from participating interests represent dividendspaid to Le Foyer S.A. by its subsidiaries. The sums paid by eachof the three main subsidiaries have changed, but the overall sumreceived by Le Foyer S.A. in 2003 was slightly higher than thatreceived in 2002.73OutlookPending approval at the Annual General Meetings of the respectivecompanies, in the first half of 2004 Le Foyer S.A. will receivethe following dividends from its subsidiaries:(€)Le Foyer Assurances 7 500 000.00Foyer Asset Management 1 500 000.00Foyer Vie 1 000 000.00Total 10 000 000.00