09:00     GOLIK HOLDINGS<01118> - Results Announcement (2)                    

                                                                              
    3.      POTENTIAL IMPACT ARISING FROM THE RECENTLY ISSUED ACCOUNTING      
    STANDARDS                                                                 
                                                                              
    In 2004, the Hong Kong Institute of Certified Public Accountants issued a 
    number of new or revised Hong Kong Accounting Standards and Hong Kong     
    Financial Reporting Standards ("HKFRSs") (herein collectively referred to 
    as "new HKFRSs") which are effective for accounting periods beginning on  
    or after 1st January, 2005.  The Group has not early adopted these new    
    HKFRSs in the financial statements for the year ended 31st December, 2004.
                                                                              
    The Group has commenced considering the potential impact of these new     
    HKFRSs but is not yet in a position to determine whether these new HKFRSs 
    would have a significant impact on how its results of operations and      
    financial position are prepared and presented.  These new HKFRSs may      
    result in changes in the future as to how the results and financial       
    position are prepared and presented.                                      
                                                                              
    4.      CHANGES IN ACCOUNTING POLICY                                      
                                                                              
    In the current year, the Group has changed its accounting policy with     
    respect to the measurement of land and buildings.  In previous year, land 
    and buildings of the Group were stated at cost less depreciation and any  
    identified impairment losses.  As the revalued amount of the land and     
    buildings can reflect the up-to-date value of its properties and its      
    business, and to provide more relevant information to the users than out- 
    of-date depreciated cost information, the Group has decided to state land 
    and building at their revalued amount, less any subsequent accumulated    
    depreciation and subsequent accumulated impairment losses.  This change in
    accounting policy has been accounted for in accordance with Statement of  
    Standard Accounting Practice 17 "Property, plant and equipment".          
                                                                              
    The change in accounting policy has resulted in an increase in the loss of
    HK$5,873,000 for the year ended 31st December, 2004.  This change in      
    accounting policy may also have a significant effect on the results of    
    operations and financial position of the Group following the adoption of  
    new HKFRSs.                                                               
                                                                              
    For more details, please refer to the press announcement today.