ENECO REFRESH LTD — Annual Report 2008

Aug 31, 2008

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Refresh Group Limited ( ABN 28 079 681 244) 17 Denninup Way, Malaga WA 6090 Tel: (08) 9248 3006 Fax: (08) 9248 7233 Email: info@refreshgroup.com.au Website: www.refreshgroup.com.au

Appendix 4E Preliminary final report Period ending 30 June 2008

Results for announcement to the market

			June 2008	June 2008	June 2007
Financial Results
Revenue from ordinary activities	Up	25 %	$5,148,487		$4,106,600
(Loss) from ordinary activities after tax attributable to members	Dn	95 %	($57,046)		($1,253,201)
Dividends	Amount per Ordinary Security			Franked amount per security
2008 interim dividend	Nil			Nil
2007 interim dividend	Nil			Nil
Record date for determiningentitlements to interim dividends	N/A
Net Tangible Asset Backing	June 2008			June 2007
Net tangible asset backing per ordinary security	$0.07			$0.08

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REFRESH GROUP LIMITED PRELIMINARY FINAL REPORT CONDENSED INCOME STATEMENT FOR THE YEAR ENDED 30 JUNE 2008

Note Revenues from ordinary activities 1 Change in inventories of finished goods and work in progress Other income 1 Employee benefits expense Depreciation and amortisation expense Investment in associates written off Sundry investment written off Loan to related parties written off Finance costs Professional fees Advertising expenses Motor vehicle expenses Occupancy expenses Other expenses Share of net (losses) of associates accounted for using the equity method Net (loss) Before Income Tax Income tax benefit/ (expense) Net (loss) attributable to members of Refresh Group Limited Basic (loss) per share (cents per share) Diluted (loss) per share (cents per share)	CONSOLIDATED 2008 $ 2007 $
	5,148,487 4,106,600 (1,912,472) (1,810,515) 612,868 25,391 (2,345,556) (1,960,460) (220,981) (157,804) (67,165) (151,036) (1,950) - - (112,140) (63,225) (86,269) (113,129) (234,555) (60,770) (52,943) (174,927) (144,620) (344,950) (215,120) (525,030) (417,450) - (35,062)
	(68,800) (1,245,983) 11,754 (7,218)
	(57,046) (1,253,201)
	(0.13) (2.87)
	(0.13) (2.87)

The accompanying notes form part of the Condensed Income Statement

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REFRESH GROUP LIMITED PRELIMINARY FINAL REPORT CONDENSED BALANCE SHEET FOR THE YEAR ENDED 30 JUNE 2008

Note ASSETS Current Assets Cash and cash equivalents Trade and other receivables 2 Inventories 3 Total Current Assets Non-Current Assets Other receivables Other financial assets Investment in associates accounted for using the equity method Property, plant and equipment Intangible assets Total Non-current assets TOTAL ASSETS LIABILITIES Current Liabilities Trade and other payables 4 Financial liabilities Short-term provisions and accruals Current tax liabilities Total Current Liabilities Non-current Liabilities Financial liabilities Deferred income tax liabilities Long-term provisions Total Non-current Liabilities TOTAL LIABILITIES NET ASSETS EQUITY Issued capital Reserves (Accumulated losses) TOTAL EQUITY	CONSOLIDATED At 30 June 2008 $ At 30 June 2007 $
	738,446 435,507 692,051 538,996 605,318 398,030
	2,035,815 1,372,533
	- 1,227 1,050 26,000 - 86,580 1,997,110 3,547,231 969,774 543,774
	2,967,934 4,204,812
	5,003,749 5,577,345
	598,171 328,334 65,236 190,996 101,593 91,744 - 1,034
	765,000 612,108
	151,810 861,201 - 8,658 17,517 32,040
	169,327 901,899
	934,327 1,514,007
	4,069,422 4,063,338
	4,778,991 4,728,991 127,888 805,492 (837,457) (1,471,145)
	4,069,422 4,063,338

The accompanying notes form part of the condensed Balance Sheet

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REFRESH GROUP LIMITED PRELIMINARY FINAL REPORT CONDENSED CASH FLOW STATEMENT FOR THE YEAR ENDED 30 JUNE 2008

Cash flows from operating activities Receipts from customers Payments to suppliers and employees Borrowing costs Interest received Net cash flows (used in) operating activities Cash flows from investing activities Proceeds from sale of property, plant and equipment, and investment Purchase of property, plant and equipment Loans from / (to) related parties Additional investment in associates Acquisition of subsidiaries, net of cash acquired Net cash flows from/(used in) investing activities Cash flows from financing activities Loans made to subsidiaries Proceeds from borrowings Share Issue expenses Repayments of borrowings Net cash flows from/(used in) financing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period	CONSOLIDATED 2008 2007 $ $
	4,994,108 4,133,792 (5,388,502) (4,650,803) (63,225) (86,269) 37,732 30,970
	(419,887) (572,310)
	2,265,094 20,966 (340,817) (509,190) 198,700 (95,067) - (95,790) (565,000) (70,000)
	1,557,977 (749,081)
	- - 141,500 847,000 - (20,555) (976,651) (532,180)
	(835,151) 294,265
	302,939 (1,027,126) 435,507 1,462,633
	738,446 435,507

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REFRESH GROUP LIMITED PRELIMINARY FINAL REPORT STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2008

CONSOLIDATED At 1 July 2006 Fair value revaluation of land and buildings Equity fund raising costs AIFRS tax adjustment taken to equity Total income and expense for the year recognised directly in equity Loss for the year Total income and expense for the period Issue of share capital Cost of share-based payments At 30 June 2007 Loss for the year Total income and expense for the period Issue of share capital Cost of share-based payments Transfer of revaluation reserve to retained earnings At 30 June 2008	Issued Capital Fund Raising Costs Other Reserves Retained Earnings/ (Accumulated Losses) Revaluation Reserve Total
	4,933,070 (298,075) 81,128 (217,944) 521,110 5,019,289 - - - 250,000 250,000 - (20,555) - - - (20,555) - (7,449) - - (80,376) (87,825)
	4,933,070 (326,079) 81,128 (217,944) 681,734 5,160,909 - (28,004) - - 169,624 141,620 - - - (1,253,201) - (1,253,201)
	- (28,004) - (1,253,201) 169,624 (1,111,581) 122,000 - - - - 122,000 - - 33,630 - - 33,630
	5,055,070 (326,079) 114,758 (1,471,145) 690,734 4,063,338 - - - (57,046) - (57,046)
	- - - (57,046) - (57,046) 50,000 - - - - 50,000 - - 13,130 - - 13,130 - - - 690,734 (690,734) -
	5,105,070 (326,079) 127,888 (837,457) - 4,069,422

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REFRESH GROUP LIMITED NOTES TO AND FORMING PART OF PRELIMINARY FINAL REPORT FOR THE YEAR ENDED 30 JUNE 2008

NOTE 1. REVENUE

Revenue Sales Total Revenue from ordinary activities Other Income Interest received Gain/(loss) on disposal of property, plant and equipment Gain on disposal of investment Total Other Income	$ 2008 $ 2007
	5,148,487 4,106,600
	5,148,487 4,106,600
	37,732 30,970 542,136 (5,579) 33,000 -
	612,868 25,391

NOTE 2. TRADE AND OTHER RECEIVABLES

	2008 2007
Trade receivables Provision for impairment of receivables Other receivables Prepayments TE 3. INVENTORIES Raw materials (at cost) Finished goods (at cost) Total inventories at lower of cost and net realisable value	518,523 321,070 - (9,730)
	518,523 311,340 114,288 160,519 59,240 67,137
	692,051 538,996
	2008 2007 323,312 199,567 282,006 198,463
	605,318 398,030

NOTE 3. INVENTORIES

NOTE 4. TRADE AND OTHER PAYABLES

	2008 2007
Trade payables Other payables Related party payables: Director related entity	249,066 212,118 150,405 116,216
	399,471 328,334 198,700 -
	598,171 328,334

NOTE 5. DETAILS OF ENTITIES OVER WHICH CONTROL HAS BEEN GAINED OR LOST DURING THE PERIOD

Nil

NOTE 6. EVENTS AFTER BALANCE SHEET DATE

Nil

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REFRESH GROUP LIMITED NOTES TO AND FORMING PART OF PRELIMINARY FINAL REPORT FOR THE YEAR ENDED 30 JUNE 2008

NOTE 7. SEGMENT INFORMATION

The company operates in one industry, namely the water purification industry, in one geographical segment, namely Australia.

NOTE 8. CONTINGENT ASSETS & LIABILITIES

There are no contingent liabilities or contingent assets as at 30 June 2008 and in the interval between 30 June 2008 and the date of this report.

NOTE 9. BASIS FOR PREPARATION

This preliminary final report has been prepared in accordance wth ASX listing rule 4.3A and the disclosure requirements of ASX Appendix 4E. The accounting policies adopted in the preparation of the preliminary final report are consistent with those adopted in the preparation of the annual financial report.

NOTE 10. UNAUDITED APPENDIX E

This report has not been audited. The results of the Group are subject to change post the review and audit of the current year.

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