09:01     CHINA EB LTD<00165> - Results Announcement (1)                      

    China Everbright Limited announced on 21/04/2005:                         
    (stock code: 00165 )                                                      
    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                           : 223,952            306,700           
    Profit/(Loss) from Operations   3  : 345,368            208,753           
    Finance cost                       : (7,925)            (7,023)           
    Share of Profit/(Loss) of                                                 
      Associates                       : (428,941)          237,818           
    Share of Profit/(Loss) of                                                 
      Jointly Controlled Entities      : N/A                N/A               
    Profit/(Loss) after Tax & MI       : (215,192)          223,713           
    % Change over Last Period          : N/A       %                          
    EPS/(LPS)-Basic (in dollars)       : (0.1376)           0.1431            
             -Diluted (in dollars)     : (0.1376)           0.1429            
    Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
    Profit/(Loss) after ETD Items      : (215,192)          223,713           
    Final Dividend                     : NIL                $0.033            
      per Share                                                               
    (Specify if with other             : N/A                N/A               
      options)                                                                
                                                                              
    B/C Dates for                                                             
      Final Dividend                   : N/A                                  
    Payable Date                       : N/A                                  
    B/C Dates for Annual                                                      
      General Meeting                  : 20/05/2005         to 27/05/2005 bdi.
    Other Distribution for             : N/A                                  
      Current Period                                                          
                                                                              
    B/C Dates for Other                                                       
      Distribution                     : N/A                                  
                                                                              
    Remarks:                                                                  
                                                                              
                                                                              
    1.      Basis of Presentation                                             
                                                                              
    During the year, the HKICPA issued a number of new Hong Kong Financial    
    Reporting Standards ("HKFRS") and revised Hong Kong Accounting Standards  
    ("HKAS")(together "new HKFRSs") which are effective for accounting periods
    beginning on or after 1st January 2005.  The Company and its subsidiaries 
    (collectively the "Group") have early adopted the following three new     
    HKFRSs prospectively with effect from 1st January 2004.                   
                                                                              
    HKAS 36 Impairment of Assets                                              
    HKAS 38 Intangible Assets                                                 
    HKFRS 3 Business Combinations                                             
                                                                              
    The early adoption of the above new HKFRSs has resulted in a prospective  
    change in the accounting policies for consolidation, goodwill and trading 
    rights.                                                                   
                                                                              
    Adoption of HKFRS 3                                                       
    -------------------                                                       
    Prior to the adoption of HKFRS 3, goodwill on acquisitions occurring on or
    after 1st January 2001 is included in intangible assets and is carried at 
    cost less accumulated amortisation and accumulated impairment losses.     
    Goodwill is amortised using the straight-line method over its estimated   
    useful life of 10 years.                                                  
                                                                              
    Goodwill on acquisitions that occurred prior to 1st January 2001 was      
    eliminated against reserves.  Any impairment loss identified in respect of
    goodwill previously eliminated against reserves should be recognised in   
    the profit and loss account.                                              
                                                                              
    Upon the adoption of HKFRS 3, the Group ceased amortisation of goodwill   
    recorded as intangible assets from 1st January 2004, accumulated          
    amortisation as at 1st January 2004 had been eliminated with a            
    corresponding decrease in the cost of goodwill.                           
    Goodwill recorded as intangible assets is tested annually for impairment. 
                                                                              
    In accordance with HKFRS 3, impairment loss identified in respect of      
    goodwill previously eliminated against reserve shall not be recognised in 
    the profit and loss account.  Had HKFRS 3 not been early adopted, the     
    Group would have recorded an impairment loss on goodwill relating to      
    investment in associates previously eliminated against reserve of HK$3,412
    million.  The Group's net loss for 2004 would have been increased by the  
    same amount.  The net assets of the Group would have remained unchanged   
    had the above-mentioned impairment loss been recognized in the profit and 
    loss account.