Le Foyer S.A.

76Balance sheetat 31.12.2003ASSETSNotes 31.12.2003 (€) 31.12.2002 (€)Fixed assetsTangible fixed assets3(b)Other equipment, machines and furniture 5 652.50 5 652.50Long-term financial investmentsShares in associated undertakings 4 44 263 644.44 44 350 144.44Participating interests –xxxxx 226 979.17Securities held as financial fixed assets 468 000.00 287 500.00Total fixed assets 44 737 296.94 44 870 276.11Current assetsAccounts receivable 9Other accounts receivable 3(c),5 54 456.69 11 324 416.29SecuritiesOther short-term investments 3(d), 3(e) 17 895 200.00 6 635 200.00Balances with banks and post office accounts,cheques and cash 20 402 763.41 20 103 890.28Total current assets 38 352 420.10 38 063 506.57Accrued income 309 771.19 150 509.21TOTAL ASSETS 83 399 488.23 83 084 291.89The notes included in the annex are an integral part of the annual accounts.