Le Foyer S.A.

3 (f) Accounts payableAccounts payable are recorded on the liability side at their repaymentvalue.Where the sum required to settle the amount owed is higher thanthe sum received, the difference is recorded as a charge on the datethe debt is booked.Where the sum required to settle the amount owed is lower than thesum received, the difference is posted to the profit and loss accountand staggered over the term of the agreement.3 (g) Value adjustmentsValue adjustments are deducted directly from the value of the assetin question.Long-term financial investments4 The company had the following interests in associated undertakingsat 31 December 2003:Shareholders’Cost equity Profit for% of acquisition at 31.12.2003 2003holding € € €Le Foyer Assurances S.A. 99.999394% 23 175 257.94 87 941 345.55 14 941 398.79Le Foyer Vie S.A. 99.999394% 7 784 662.72 24 690 575.24 2 688 373.40Foyer International S.A. 99.999857% 9 936 780.95 18 538 763.53 414 616.11Foyer Asset Management S.A. 99.998333% 1 489 442.83 5 609 747.58 2 316 795.95Le Foyer, Patrimonium & Associés S.A. 75.477387% 1 877 500.00 2 071 870.08 81 425.8744 263 644.44Other accounts receivable and other accountspayable815 Other accounts receivable at 31 December 2003 totalled € 54,456.69(2002: € 11,324,416.29) and included amounts owed by associatedundertakings of € 3,110.37 (2002: € 3,769.04).Other accounts payable at 31 December 2003 totalled € 4,802,284.09(2002: € 6,779,543.93) and consisted mainly of amounts owed toassociated undertakings of € 42,231.38 (2002: € 78,267.94) and securitiespurchased pending settlement of € 4,678,094.75 (2002: € 6,619,756.84).