I think this could be better:
<!ENTITY example.outputs '<para>The above code will output like:</para>'>
This is not English IMHO.
would "the code mentioned above's output will appear like:" be better? ;)
Although I am not a native English speaker, I have not seen using 's on multiple words this way before, so I consider your suggestion non-English. I would write the same sentence as
"The output of the code mentioned above will look like:"
BUT I don't think that the wording used currently in the manual needs to be changed.
Goba