10:53     UNIVERSAL HOLD<00419> - Announcement (6)                            

                                                                              
    )        2        (24,716        )                                        
                                                                              
                                                                              
                                                                              
    Operating profit/(loss)        8,593                -                 -   
            (55        )        8,538                (22,772        )         
            (14,234        )                                                  
    Finance costs        (2,563        )        -                 -           
    -                 (2,563        )        -                                
    (2,563        )                                                           
    Share of results of                                                       
      associated companies        (14,869        )        -                   
    -                 -                 (14,869        )        4,830         
            3        (10,039        )                                         
                                                                              
                                                                              
                                                                              
    Loss before taxation        (8,839        )        -                 -    
            (55        )        (8,894        )        (17,942        )       
            (26,836        )                                                  
    Taxation        (1,092        )        -                 -                
    -                 (1,092        )        (2,953        )        3         
    (4,045        )                                                           
                                                                              
                                                                              
                                                                              
    Loss after taxation        (9,931        )        -                 -     
            (55        )        (9,986        )        (20,895        )       
            (30,881        )                                                  
    Minority interests        -                 -                 -           
    -                 -                 -                         -           
                                                                              
                                                                              
                                                                              
    Loss attributable to                                                      
      shareholders        (9,931        )        -                 -          
            (55        )        (9,986        )        (20,895        )       
            (30,881        )                                                  
                                                                              
                                                                              
                                                                              
    Notes to unaudited pro forma consolidated profit and loss account:        
                                                                              
    1.        For the purposes of the unaudited pro forma consolidated        
    profit and loss account, the audited profit and loss accounts of Anglo    
    Alliance and Hao Ge which are denominated in RMB have been translated     
    into Hong Kong dollars at an exchange rate of RMB1.07 = HK$1.             
                                                                              
    2.        Adjustment is made for the amortisation of estimated goodwill   
    arising from the acquisition of the Anglo Alliance Group in accordance    
    with Hong Kong Statement of Standard Accounting Practice No. 30           
    "Business Combinations" ("HK SSAP 30") issued by the Hong Kong Institute  
    of Certified Public Accountants ("HKICPA"). For illustrative purposes,    
    the estimated goodwill is amortised over 20 years on a straight-line      
    basis.                                                                    
                                                                              
            For the purposes of the unaudited pro forma financial             
    information of the Enlarged Group, the accounting treatment in respect    
    of goodwill is in accordance with HK SSAP 30.  Hong Kong Financial        
    Reporting Standard No. 3 "Business Combinations" ("HKFRS 3"), which is    
    issued by the HKICPA, will become effective for accounting period         
    commencing on or after 1 January 2005 and will supersede HK SSAP 30. The  
    acquisition of the Anglo Alliance Group will be accounted for by the      
    Group using HKFRS 3, instead of HK SSAP 30, for the year ending 31        
    December 2005. Under HKFRS 3, amortisation of goodwill is prohibited,     
    instead they are tested for impairment annually, or more frequently if    
    events or changes in circumstances indicate a possible impairment. In     
    addition, under HKFRS 3, certain new intangible assets in addition to     
    the ones which are recognised under HK SSAP 30 will be identified and     
    recognised.                                                               
                                                                              
    3.        Adjustment is made to include the share of results of the       
    Media Company and its subsidiaries (together the "Media Group") since 1   
    January 2004, but excluding an investment in Beijing Forbidden City San   
    Luen Film & Television Company Limited ("San Luen") held by the Media     
    Company which has been disposed of by the Anglo Alliance Group as part    
    of the Reorganisation, arising from the acquisition in accordance with    
    HK SSAP No. 10 "Accounting for Investments in Associates" ("HK SSAP 10")  
    issued by the HKICPA.                                                     
                                                                              
    Unaudited pro forma consolidated balance sheet of the Enlarged Group      
                                                                              
            As at 31 December 2004        Pro forma                           
            The                Orient                 Anglo                   
                            Pro forma                        Enlarged