08:58     MENGNIU DAIRY<02319> - Results Announcement (1)                     

    China Mengniu Dairy Company Limited announced on 06/04/2005:              
    (stock code: 02319 )                                                      
    Year end date: 31/12/2004                                                 
    Currency: RMB                                                             
    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                           : 7,213,827          4,071,468         
    Profit/(Loss) from Operations      : 439,618            305,950           
    Finance cost                       : (29,086)           (12,900)          
    Share of Profit/(Loss) of                                                 
      Associates                       : 32                 738               
    Share of Profit/(Loss) of                                                 
      Jointly Controlled Entities      : N/A                N/A               
    Profit/(Loss) after Tax & MI       : 319,393            164,372           
    % Change over Last Period          : +94.3     %                          
    EPS/(LPS)-Basic (in dollars)       : 0.357              0.192             
             -Diluted (in dollars)     : 0.285              N/A               
    Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
    Profit/(Loss) after ETD Items      : 319,393            164,372           
    Final Dividend                     : RMB 0.0585         N/A               
      per Share                                                               
    (Specify if with other             : N/A                N/A               
      options)                                                                
                                                                              
    B/C Dates for                                                             
      Final Dividend                   : 25/05/2005         to 30/05/2005 bdi.
    Payable Date                       : 08/07/2005                           
    B/C Dates for Annual                                                      
      General Meeting                  : 25/05/2005         to 30/05/2005 bdi.
    Other Distribution for             : N/A                                  
      Current Period                                                          
                                                                              
    B/C Dates for Other                                                       
      Distribution                     : N/A                                  
                                                                              
    Remarks:                                                                  
                                                                              
    i)      GROUP REORGANIZATION AND BASIS OF PRESENTATION                    
                                                                              
    The Company was incorporated in the Cayman Islands on 16 February 2004 as 
    an exempted company with limited liability. The shares of the Company have
    been listed on The Stock Exchange of Hong Kong Limited (the ''Hong Kong   
    Stock Exchange'') with effect from 10 June 2004.                          
                                                                              
    Pursuant to a group reorganization scheme (the ''Reorganization'') to     
    rationalize the structure of the Group in preparation for the public      
    listing of the Company's shares on the Hong Kong Stock Exchange, the      
    Company acquired the entire issued share capital of China Dairy Holdings, 
    the then holding company of the subsidiaries comprising the Group, and    
    thereby became the holding company. Further details of the Group          
    Reorganization are set out in the Company's prospectus dated 1 June 2004. 
                                                                              
    The Reorganization involved companies under common control and, for       
    accounting purposes, the Group is regarded and accounted for as a         
    continuing group. Accordingly, the consolidated financial statements have 
    been prepared using the pooling of interests method of accounting as if   
    the Company has always been the holding company of the Group. On this     
    basis, the Company has been treated as the holding company of the         
    companies comprising the Group for the financial years presented rather   
    than from the date of acquisition of China Dairy Holdings.                
                                                                              
    In the opinion of the directors, the financial statements, prepared on the
    above basis, present fairly the results, cash flows and the state of      
    affairs of the Group as a whole.