ENECO REFRESH LTD — Interim / Quarterly Report 2008

Feb 28, 2008

Appendix 4D Half-Year Financial Report

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Results for announcement to the market

1. Results for the half year to 31 December 2007 and the corresponding period to 31 December 2006

Company Result Revenue from ordinary activities up 27% to Profit for the period attributable to members up 131% to	A$’000 2,522 228

For the Period ending Net tangible asset per share Net asset per share	31 Dec 07 $0.07 $0.09	31 Dec 06
		$0.09 $0.10

Dividends No interim dividend is payable

2. Brief Explanation of the Result

Refer to directors’ report on page 3.

Appendix 4D Half-Year Financial Report

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3. Details of entities over which control has been gained or lost during the period

• a) Name of the entity: Sun Shower Springs

• Acquired: 2 July 2007

• b) Name of the entity: Blackwood Gully Spring Water Acquired: 3 December 2007

4. Details of individual and total dividends or distributions and dividend or distribution payments

Nil

1. Details of any dividend or distribution reinvestment plans in operation and the last date for the receipt of an election notice for participation in any dividend or distribution reinvestment plan

Nil

6. Details of associates and joint venture entities including the name of the associate or joint venture entity and details of the reporting entity’s percentage holding in each of these entities and – where material to an understanding of the report - aggregate share of profits (losses) of these entities, details of contributions to net profit for each of these entities, and with comparative figures for each of these disclosures for the previous corresponding period.

Associates Relish Australia Pty Ltd Restock Distributors Pty Ltd	% Share 49.9 49.9	Share of Losses 31 Dec 07 - (30,272)	31 Dec 06 (47,297) (3)

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Refresh Group Limited

and its controlled entities ABN 28 079 681 244

Half Year Financial Report

31 December 2007

REFRESH GROUP LIMITED – HALF YEAR REPORT

Table of Contents

DIRECTORS’ REPORT..........................................................................................................................3
AUDITORS' INDEPENDENCE DECLARATION…………………………………………….………………4
INCOME STATEMENT ..........................................................................................................................5
STATEMENT OF FINANCIAL POSITION……………………………………………………………………6
STATEMENT OF CASH FLOWS ..........................................................................................................7
STATEMENT OF CHANGES IN EQUITY..............................................................................................8
1. CORPORATE INFORMATION ....................................................................................................9
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES .........................................................9
3. SEGMENT INFORMATION…………………………………………………………………………...10
4. REVENUE, INCOME AND EXPENSES ....................................................................................10
5. INCOME TAX.............................................................................................................................10
6. CASH AND CASH EQUIVALENTS...........................................................................................11
7. DIVIDENDS PAID AND PROPOSED........................................................................................11
8. EMPLOYEE BENEFITS.............................................................................................................11
9. COMMITMENTS AND CONTINGENCIES ................................................................................11
10. CONTRIBUTED EQUITY...........................................................................................................12
11. EVENTS AFTER THE BALANCE SHEET DATE .....................................................................12
12. BUSINESS COMBINATION ......................................................................................................13
DIRECTORS’ DECLARATION ............................................................................................................14
INDEPENDENT REVIEW REPORT.....................................................................................................15

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REFRESH GROUP LIMITED – HALF YEAR REPORT

DIRECTORS’ REPORT

Your directors submit their report for the half-year ended 31 December 2007.

DIRECTORS

The names of the directors of the company in office at the date of this report or during the half-year are:-

Henry Heng

Edmund Teo

Murray Smith

All directors held their position as a director throughout the entire half-year and up to the date of this report.

REVIEW AND RESULTS OF OPERATIONS

Refresh has always focused on growth and we are pleased that turnover increased by 27% compared to the corresponding period in the previous year. Without including revenue from the acquisitions of Sun Shower Springs and Blackwood Gully Spring Water, turnover increased by 13%.

Bottled water continues to be a fast growing industry in Australia. Refresh is well positioned to take advantage of this growth. With our 6 locations, 5 of which have manufacturing facilities, we are able to cut down on the cost of freight. Our upgrading of various plants and investment in infrastructure has now positioned the company to take on significant increase in sales. We will build on our existing markets and continue our growth.

With recent increases in the Perth property market, we decided to realise the gain by selling our property in Perth and use the profit to further grow the business. The profit contributed to Other Income of $598,118. Operating loss before tax for the period is much reduced to $259,508 compared with $514,951 in the corresponding period last year. As we are in a seasonal business, we are forecasting a better second half with its warmer weather.

Since our listing, we looked at several merger and acquisition opportunities. We will continue to look for such opportunities to accelerate the growth of the company.

AUDITOR’S INDEPENDENCE DECLARATION

We have obtained an independence declaration from our auditors, Grant Thornton (WA) Partnership, which is included on page 4.

Signed for and on behalf of the directors in accordance with a resolution of the Board.

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Henry Heng Executive Chairman

Dated 29 February 2008 Perth, Western Australia

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AUDITOR’S INDEPENDENCE DECLARATION TO THE DIRECTORS OF REFRESH GROUP LIMITED

Grant Thornton (WA) Partnership ABN: 17 735 344 518 Level 1 10 Kings Park Road West Perth WA 6005 PO BOX 570 West Perth WA 6872 T +61 8 9480 2000 F +61 8 9322 7787 E admin@gtwa.com.au W www.grantthornton.com.au

In accordance with the requirements of section 307C of the Corporations Act 2001, as lead auditor for the review of Refresh Group Limited and its controlled entities for the half-year ended 31 December 2007, I declare that, to the best of my knowledge and belief, there have been:

• (a) No contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review; and

• (b) No contraventions of any applicable code of professional conduct in relation to the review.

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GRANT THORNTON (WA) PARTNERSHIP

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P W WARR Partner

Perth

Date: 29 February 2008

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Liability limited by a scheme approved under Professional Standards Legislation.

Grant Thornton (WA) Partnership is an independent business entitled to trade under the international name Grant Thornton. Grant Thornton is a trademark owned by Grant Thornton International and used under licence by independent firms and entities throughout the world.

REFRESH GROUP LIMITED – HALF YEAR REPORT

INCOME STATEMENT FOR THE HALF YEAR ENDED 31 DECEMBER 2007

Note Revenue Cost of Goods sold Other income 4 Employee benefits expense 4 Depreciation and amortisation expense Finance costs 4 Professional fees Advertising expenses Motor vehicle expenses Occupancy expenses Other expenses Share of net profits/(losses) of associates accounted for using equity method Profit/(Loss) From Operations Before Income Tax Income tax expense 5 Net Profit/(Loss) attributable to members of Refresh Group Limited Basic earnings/(loss) per share (cents per share) Diluted earnings/(loss) per share (cents per share)	CONSOLIDATED 2007 $ 2006 $ 2,521,570 1,986,257 (939,938) (811,188) 598,118 25,975 (1,097,040) (941,110) (108,884) (80,428) (41,429) (29,387) (37,068) (162,114) (38,318) (38,654) (87,553) (71,031) (151,288) (101,429) (249,287) (244,542) (30,272) (47,300)
	338,611 (514,951) (110,938) (206,539)
	227,673 (721,490)
	0.51 (1.66)
	0.51 (1.66)

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REFRESH GROUP LIMITED – HALF YEAR REPORT

STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2007

Notes ASSETS Current Assets Cash and cash equivalents 6 Trade and other receivables Investment in associates accounted for using the equity method Inventories Total Current Assets Non Current Assets 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 Interest-bearing loans and borrowings Provisions Current tax liabilities Total Current Liabilities Non-Current Liabilities Interest-bearing loans and borrowings Deferred income tax liabilities Provisions Total Non-current Liabilities TOTAL LIABILITIES NET ASSETS EQUITY Equity attributable to equity holders of the parent Issued capital 10 Reserves Retained earnings/(Accumulated losses) TOTAL EQUITY	CONSOLIDATED 31 December 2007 $ 30 June 2007 $
	970,718 435,507 778,918 538,996 56,307 - 516,056 398,030
	2,321,999 1,372,533
	- 1,227 6,000 26,000 - 86,580 2,053,713 3,547,231 969,774 543,774
	3,029,487 4,204,812
	5,351,486 5,577,345
	511,377 328,334 89,819 190,996 72,260 91,744 - 1,034
	673,456 612,108
	185,060 861,201 258,808 8,658 32,363 32,040
	476,231 901,899
	1,149,687 1,514,007
	4,201,799 4,063,338
	4,778,991 4,728,991 114,758 805,492 (691,950) (1,471,145)
	4,201,799 4,063,338

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REFRESH GROUP LIMITED – HALF YEAR REPORT STATEMENT OF CASH FLOWS FOR THE HALF YEAR ENDED 31 DECEMBER 2007

Cash flows from operating activities Receipts from customers Payments to suppliers and employees Borrowing costs Interest received Net cash flows from/(used in) operating activities Cash flows from investing activities Proceeds from sale of property, plant and equipment Purchase of property, plant and equipment Loans to related parties Additional investment in associates Proceeds from disposal of equity investments Acquisition of subsidiaries, net of cash acquired Net cash flows from/(used in) investing activities Cash flows from financing activities Proceeds from deposits received on shares Proceeds from borrowing Share Issue expenses Repayment 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 2007 $ 2006 $
	2,285,890 1,818,585 (2,430,194) (2,328,384) (31,117) (22,898) 15,196 25,374
	(160,225) (507,323)
	2,252,190 8,910 (267,436) (269,395) - (55,371) - (95,790) 53,000 - (565,000) (70,000)
	1,472,754 (481,646)
	- - 141,500 - - - (918,818) (49,738)
	(777,318) (49,738)
	535,211 (1,038,707) 435,507 1,462,633
	970,718 423,926

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REFRESH GROUP LIMITED – HALF YEAR REPORT

STATEMENT OF CHANGES IN EQUITY FOR THE HALF YEAR ENDED 31 DECEMBER 2007

CONSOLIDATED At 1 July 2006 Equity fund raising costs Total income and expense for the year recognised directly in equity Profit/(Loss) for the year Total Income and expense for the period Shares issued Transfer of revaluation reserve to retained earnings Tax adjustment taken to equity At 31 December 2006 CONSOLIDATED At 1 July 2007 Equity fund raising costs Total income and expense for the year recognised directly in equity Profit/(Loss) for the year Total income and expense for the period Shares issued Transfer of revaluation reserve to retained earnings Tax adjustment taken to equity At 31 December 2007	Issued Capital Equity 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 - - - - - -
	- - - - - - - - - (721,490) - (721,490)
	- - - (721,490) - (721,490) 72,000 72,000 - - - - - - - (11,766) - - - (11,766)
	5,005,070 (309,841) 81,128 (939,434) 521,110 4,358,033
	Issued Capital Equity Raising Costs Other reserves Retained Earnings/ (Accumulated Losses) Revaluation Reserve Total
	5,055,070 (326,079) 114,758 (1,471,145) 690,734 4,063,338
	- - - - - - 227,673 227,673
	- - - 227,673 - 227,673 50,000 50,000 - - - 551,522 (551,522) - - - - (139,212) (139,212)
	5,105,070 (326,079) 114,758 (691,950) - 4,201,799

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REFRESH GROUP LIMITED – HALF YEAR REPORT NOTES TO FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 31 DECEMBER 2007

1. CORPORATE INFORMATION

The financial report of Refresh Group Limited for the half-year ended 31 December 2007 was authorised for issue in accordance with a resolution of the directors on 29 February 2008. Refresh Group Limited is a company incorporated in Australia and limited by shares which are publicly traded on the Australian Securities Exchange.

The nature of the operations and principal activities of the Company are described in note 3.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The half-year financial report does not include all of the notes of the type normally included within the annual financial report and therefore cannot be expected to provide as full an understanding of the financial performance, financial position and financing and investing activities of the consolidated entity as the full financial report.

The half-year financial report should be read in conjunction with the annual Financial Report of Refresh Group Limited as at 30 June 2007

It is also recommended that the half-year financial report be considered together with any public announcements made by Refresh Group Limited and its controlled entities during the half-year ended 31 December 2007 in accordance with the continuous disclosure obligations arising under the Corporations Act 2001

(a) Basis of preparation

The half-year consolidated financial report is a general purpose financial report, which has been prepared in accordance with the requirement of the Corporations Act 2001, applicable Accounting Standards, including AASB 134 “Interim Financial Reporting” and other mandatory professional reporting requirements. The half-year financial report has been prepared on a historical cost basis, except where stated.

For the purpose of preparing the half-year financial report, the half-year has been treated as a discrete reporting period.

(b) Significant accounting policies

The half-year consolidated financial statements have been prepared using the same accounting policies as used in the annual financial statements for the year ended 30 June 2007.

In the half-year ended 31 December 2007, the Group has reviewed all of the new and revised standards and Interpretations issued by the AASB that are relevant to its operations and effective for annual reporting periods beginning in or after 1 July 2007. It has been determined by the Group that there is no impact, material or otherwise, of the new and revised Standards and Interpretations on its business and, therefore no change is necessary to the Group's accounting policies

(c) Basis of consolidation

The half-year consolidated financial statements comprise the financial statements of Refresh Group Limited and its controlled subsidiaries (‘the Group’).

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REFRESH GROUP LIMITED – HALF YEAR REPORT NOTES TO FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 31 DECEMBER 2007

3. SEGMENT INFORMATION

For the last past six months, the Group continues to operate in one business segment being the processing and sale of purified water, and one geographical segment being Australia.

4. REVENUE, INCOME AND EXPENSES

		CONSOLIDATED	CONSOLIDATED
		31/12/07	31/12/06
		$	$
(a)	Other income
	Rent received	-	-
	Interest received	15,196	25,374
	Gain on disposal of property, plant and equipment	549,922	601
	Gain on disposal of investment	33,000	-
		598,118	25,975
(b)	Finance costs
	Bank loans and overdrafts	29,104	19,109
	Finance charges payable under finance lease and hire purchase contracts 12,325		10,278
	Total finance costs (on historical cost basis)	41,429	29,387
(c)	Employee benefits expense
	Wages and Salaries	852,086	711,672
	Workers’ compensation costs	118,753	131,006
	Superannuation costs	130,862	80,196
	Provisions for Annual and Long Service Leave	(4,661)	18,236
		1,097,040	941,110

5. INCOME TAX

The major components of income tax expense for the half-year ended 31 December 2007 are:

Consolidated Income Statement Current Income tax Current income tax charge Adjustments in respect of current income tax of previous years Deferred income tax Relating to origination and reversal of temporary differences Income tax expense reported in the consolidated income statement	CONSOLIDATED 31/12/07 $ 31/12/06 $
	- - - 101,950 110,938 104,589
	110,938 206,539

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REFRESH GROUP LIMITED – HALF YEAR REPORT NOTES TO FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2007

6. CASH AND CASH EQUIVALENTS

For the purposes of the half-year condensed cash flow statement, cash and cash equivalents are comprised of the following:

Cash at bank and in hand Short-term deposits	CONSOLIDATED 31/12/07 $ 30/06/07 $
	970,718 435,507 - -
	970,718 435,507

7. DIVIDENDS PAID AND PROPOSED

No dividend has been paid or declared for the half-year 31 December 2007. No dividend was paid in the prior year.

8 . EMPLOYEE BENEFITS

For Employee Share Scheme, employees were eligible for a loan from the Company in order to finance the purchase of shares. The loan is an interest-free loan with a maximum term of two years.

9. COMMITMENTS AND CONTINGENCIES

Operating lease commitments - Group as lessee

The Group has entered into commercial leases where it is not in the best interest of the Group to purchase these assets.

Perth Kalgoorlie Melbourne Sydney Toowoomba	Expiry	Term
	30/06/13	7+3+3 years
	21/12/08	2 + 2years
	16/02/09	Takenup2-yearoption
	31/08/08	Takenup2-yearoption
	31/03/09	3+3 years

Renewal terms are included in the contracts. Renewals are at the option of the specific entity that holds the lease. Perth office rental was taken up under the sale and leaseback agreement when the Group sold its land and building this year.

There are no restrictions placed upon the lessee by entering into these leases.

Future minimum rentals payable under non-cancellable operating leases as at 31 December 2007 and 30 June 2007 are as follows:

Within one year After one year but not more than five years	CONSOLIDATED 31.12.07 30.06.07
	253,312 172,680 535,804 65.894
	789,116 238,574

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REFRESH GROUP LIMITED – HALF YEAR REPORT NOTES TO FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2007

9. COMMITMENTS AND CONTINGENCIES (cont)

Finance lease and hire purchase commitments

The Group has finance leases and hire purchase contracts for various items of plant and machinery with one additional hire purchase contract amounting to $141,500 this year. These leases have no terms of renewal or purchase options and escalation clauses.

Future minimum lease payments under finance leases and hire purchase contracts are as follows:

CONSOLIDATED Within one year After one year but not more than five years Total minimum lease payments	31.12.07 30.06.07 Minimum payments Minimum payments
	89,819 106,296 185,060 98,901
	274,879 205,197

10. CONTRIBUTED EQUITY

Ordinary shares Issued and fully paid Movements in ordinary shares on issue At 1 July 2007 Issued Capital – Sun Shower Spring At 31 December 2007	CONSOLIDATED 31/12/07 30/6/07 $ $ 5,105,070 5,055,070
	Number $ 44,059,118 5,055,070 302,115 50,000
	44,361,233 5,105,070

11. EVENTS AFTER BALANCE SHEET DATE

The Directors are not aware of any matter or circumstance that has significantly or may significantly affect the operations or the state of affairs of the consolidated entity in the future financial years.

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REFRESH GROUP LIMITED – HALF YEAR REPORT NOTES TO FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2007

12. BUSINESS COMBINATION

Acquisition of Sun Shower Springs

In July 2007, Refresh acquired the bottled water division of Sun Shower Springs Pty Ltd based in Brisbane. This business is incorporated in Refresh Waters Queensland Pty Ltd. The acquisition will increase the company’s market share in the bottled water market in Queensland. Consideration for the purchase was $420,000 in cash, $30,000 in Ebanc Trade Credit and 302,115 ordinary shares in Refresh Group Limited based on market price at 16.55 cents each.

Net Assets Goodwill arising on acquisition Consideration: Shares issued, at market price Ebanc Trade Credit Cash paid Total consideration	Recognised on acquisition $ 149,000 351,000
	500,000
	50,000 30,000 420,000
	500,000

From the date of acquisition, Sun Shower Springs business has contributed $270,127 to revenue and $11,036 to the net profit of the Group.

The goodwill arising on the Sun Shower Springs transaction pertains to the directors’ assessment of the business valuation based on the future maintainable earnings of Sun Shower Springs. Goodwill represents the difference between the business valuation and the net tangible assets.

Acquisition of Blackwood Gully Spring Water

In December 2007, Refresh acquired Blackwood Gully Spring Water based in Melbourne. This business is integrated into the Melbourne operation, allowing customers the choice of natural spring water or pure distilled water. Consideration for the purchase was $195,000 in cash and a deferred settlement of $33,534 to be paid on 23 January 2008.

Net Assets Goodwill arising on acquisition Consideration: Cash paid Deferred cash payments to be made on 23 January 2008 Total consideration	Recognised on acquisition $ 153,534 75,000
	228,534
	195,000 33,534
	228,534

From the date of acquisition, Blackwood Gully business has contributed $7,277 to the revenue of the Group.

The goodwill arising on the Blackwood Gully transaction pertains to the directors’ assessment of the business valuation based on the future maintainable earnings of Blackwood Gully. Goodwill represents the difference between the business valuation and the net tangible assets.

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REFRESH GROUP LIMITED – HALF YEAR REPORT

DIRECTORS’ DECLARATION

In accordance with a resolution of directors of Refresh Group Ltd, I state that;

In the opinion of the directors:

• a) the financial statements and notes of the consolidated entity are in accordance with the Corporations Act 2001 , including:

• (i) give a true and fair view of the financial position as at 31 December 2007 and the performance for the half-year ended on that date of the consolidated entity; and

• (ii) comply with Accounting Standard AASB 134 “Interim Financial Reporting” and the Corporations Regulations 2001; and

• b) There are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable.

On behalf of the Board

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Henry Heng Executive Chairman

Dated 29 February 2008 Perth, Western Australia

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INDEPENDENT AUDITOR’S REVIEW REPORT

TO THE MEMBERS OF REFRESH GROUP LIMITED AND CONTROLLED ENTITIES

Grant Thornton (WA) Partnership ABN: 17 735 344 518 Level 1 10 Kings Park Road West Perth WA 6005 PO BOX 570 West Perth WA 6872

T +61 8 9480 2000 F +61 8 9322 7787 E admin@gtwa.com.au W www.grantthornton.com.au

Report on the half-year financial report

We have reviewed the accompanying consolidated half-year financial report of Refresh Group Limited (the Company) and its controlled entities (the consolidated entity), which comprises the balance sheet as at 31 December 2007, and the income statement, statement of changes in equity and cash flow statement for the half-year ended on that date, a description of accounting policies, and other selected explanatory notes. The consolidated entity comprises both the Company and its controlled entities during that half-year.

Directors’ responsibility for the half-year financial report

The directors of the Company are responsible for the preparation and fair presentation of the consolidated half-year financial report in accordance with Australian Accounting Standards including the Australian Accounting Interpretations and the Corporations Act 2001. This responsibility includes establishing and maintaining internal control relevant to the preparation and fair presentation of the consolidated half-year financial report that is free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

Auditor’s responsibility

Our responsibility is to express a conclusion on the consolidated half-year financial report based on our review. We conducted our review in accordance with Auditing Standard on Review Engagement ASRE 2410: Review of an Interim Financial Report Performed by the Independent Auditor of the Entity, in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the financial report is not in accordance with the Corporations Act 2001 including giving a true and fair view of the consolidated entity’s financial position as at 31 December 2007 and its performance for the half-year ended on that date; and complying with Accounting Standard AASB 134: Interim Financial Reporting and the Corporations Regulations 2001. As the auditor of Refresh Group Limited, ASRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial report.

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Liability limited by a scheme approved under Professional Standards Legislation.

Grant Thornton (WA) Partnership is an independent business entitled to trade under the international name Grant Thornton. Grant Thornton is a trademark owned by Grant Thornton International and used under licence by independent firms and entities throughout the world.

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A review of a consolidated half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Independence

In conducting our review, we complied with the independence requirements of the Corporations Act 2001.

Conclusion

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the consolidated half-year financial report of Refresh Group Limited and its controlled entities is not in accordance with the Corporations Act 2001, including:

• (a) giving a true and fair view of the consolidated entity’s financial position as at 31 December 2007 and of its performance for the half-year ended on that date.

• (b) complying with Accounting Standard AASB 134: Interim Financial Reporting and Corporations Regulations 2001.

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GRANT THORNTON (WA) PARTNERSHIP

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P W WARR Partner

Perth Date: 29 February 2008

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