Le Foyer S.A.

78Consolidated profit and loss accountat 31.12.2003Notes 31.12.2003 (€) 31.12.2002 (€)ExpensesPersonnel expenses 10Salaries and other wage costs 14 192.47 3 388.51Social security charges 1 607.02 383.92Adjustments to asset values3(g)Adjustments to the value of other short-term investments 110 150.00 248 800.00Interest and similar expenses 207 206.97 26 355.20Other expenses 353 157.82 283 776.54Losses on the sale of assets 158 955.54 268 287.61Tax on income from ordinary operations 181 506.35 108 344.54Other taxes not included in the above item 19 901.35 77 612.70Net profit 9 717 931.78 9 369 641.77Total expenses 10 764 609.30 10 386 590.79IncomeIncome on fixed assetsIncome on long-term financial investments 9 299 932.50 9 179 931.00Income from current assetsIncome from other short-term investments 472 741.26 478 853.96Write-back of adjustments to the value of assets 180 500.00 –xxxxxOther interest and similar income 448 149.15 641 554.82Income from the sale of assets 363 286.39 86 251.01Total income 10 764 609.30 10 386 590.79The notes included in the annex are an integral part of the annual accounts.