13:07     IPE GROUP<00929> - Results Announcement (1)                         

    IPE Group Limited announced on 21/03/2005:                                
    (stock code: 00929 )                                                      
    Year end date: 31/12/2004                                                 
    Currency: HKD                                                             
    Auditors' Report: Unqualified                                             
                                                                              
                                                            (Audited   )      
                                         (Audited   )       Last              
                                         Current            Corresponding     
                                         Period             Period            
                                         from 01/01/2004    from 01/01/2003   
                                         to 31/12/2004      to 31/12/2003     
                                   Note  ('000      )       ('000      )      
    Turnover                           : 281,672            208,255           
    Profit/(Loss) from Operations      : 58,603             50,422            
    Finance cost                       : (5,109)            (3,942)           
    Share of Profit/(Loss) of                                                 
      Associates                       : N/A                N/A               
    Share of Profit/(Loss) of                                                 
      Jointly Controlled Entities      : N/A                N/A               
    Profit/(Loss) after Tax & MI       : 50,676             42,403            
    % Change over Last Period          : +19.51    %                          
    EPS/(LPS)-Basic (in dollars)       : 0.129              0.114             
             -Diluted (in dollars)     : 0.128              N/A               
    Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
    Profit/(Loss) after ETD Items      : 50,676             42,403            
    Final Dividend                  3  : 1.8 cents          N/A               
      per Share                                                               
    (Specify if with other             : N/A                N/A               
      options)                                                                
                                                                              
    B/C Dates for                                                             
      Final Dividend                   : 31/05/2005         to 03/06/2005 bdi.
    Payable Date                       : 07/06/2005                           
    B/C Dates for Annual                                                      
      General Meeting                  : 31/05/2005         to 03/06/2005 bdi.
    Other Distribution for             : N/A                                  
      Current Period                                                          
                                                                              
    B/C Dates for Other                                                       
      Distribution                     : N/A                                  
                                                                              
    Remarks:                                                                  
                                                                              
    1.      GROUP RESTRUCTURING AND BASIS OF PRESENTATION                     
                                                                              
    The Company was incorporated in the Cayman Islands under the Companies Law
    as an exempted company on 10 July 2002 and its shares have been listed on 
    The Stock Exchange of Hong Kong Limited (the "Exchange") with effect from 
    1 November 2004.                                                          
                                                                              
    Under a group reorganization scheme (the "Reorganization") to rationalize 
    the structure of the Company and its subsidiaries (collectively referred  
    as the "Group") in preparation for the listing of the Company's shares on 
    the Exchange, the Company became the holding company of the Group on 25   
    June 2004.  It was accomplished by acquiring the entire issued share      
    capital of Best Device Group Limited, the previous holding company of the 
    subsidiaries now comprising the Group, in consideration of and in exchange
    for the allotment and issue of a total of 99,999,999 shares of HK$0.1 each
    of the share capital of the Company to the then sole shareholder of Best  
    Device Group Limited.                                                     
                                                                              
    The Group resulting from the Reorganization is regarded as a continuing   
    entity.  Accordingly, the financial statements of the Group have been     
    prepared using the principles of merger accounting in accordance with the 
    Statement of Standard Accounting Practice 27 "Accounting for Group        
    Reconstructions" issued by the Hong Kong Institute of Certified Public    
    Accountants.  The consolidated financial statements have been prepared on 
    the basis that the Company had been the holding company of the Group for  
    both years presented, rather than 25 June 2004.  The consolidated         
    financial statements of the Group for the years ended 31 December 2003 and
    2004 included the results of the Company and its subsidiaries since 1     
    January 2003 or since their respective dates of incorporation whichever   
    was a shorter period as if the current Group structure had been in        
    existence throughout the two years presented.                             
                                                                              
    2.      EARNINGS PER SHARE                                                
                                                                              
    a)      Basic earnings per share                                          
                                                                              
    The calculation of the basic earnings per share is based on the profit    
    attributable to shareholders of approximately HK$50,676,000 (2003: HK$42, 
    403,000) and the weighted average of 393,808,219 (2003: 372,500,000)      
    ordinary shares in issue during the year.  The weighted average number of 
    shares used to calculate the last year's earnings per share included the  
    pro-forma ordinary shares in issue calculated based on the assumption that
    the Reorganization, as set out in note 1 to the financial statements, had 
    been completed on 1 January 2003.