EV RESOURCES LTD — Regulatory Filings 2003

Sep 11, 2003

Richfield Group Limited

ABN 66 009 144 503

Level 1, 9 Bowman Street, South Perth WA 6151, Australia Telephone: (+61 8) 9367 8133 Facsimile: (+61 8) 9367 8812 Email: ross@nkh.com.au Listed on the Australian Stock Exchange

Richcorttrktgkpl071

12 September 2003

Company Announcements Office Australian Stock Exchange

Dear Sir

Appendix 4E Preliminary Final Report

Attached is the Appendix 4E Preliminary Final Report for the year ended 30 June 2003.

Yours faithfully

$\mathbf{I}$ TR Kestel

Company Secretary enc

APPENDIX 4E PRELIMINARY FINAL REPORT RICHFIELD GROUP LIMITED (ABN 66 009 144 503) FOR THE YEAR ENDED 30 JUNE 2003

	Name of Entity:	Richfield Group Limited
1.	Details of the current and prior reporting period
	Current period:		1 July 2002 to 30 June 2003
	Prior period:		1 July 2001 to 30 June 2002
$\overline{2}$ .	Results for announcement to the market:
			3'000
	2.1 Revenues from ordinary activities	Down 87% to	4,893
	2.2 Profit (loss) from ordinary activities after tax attributable to members		2,955
	2.3 Net profit (loss) for the period		2,973
	attributable to members
	2.4 Dividend distributions	Amount per security	Franked amount per
			security
	No final dividend has been proposed	Nil	Nil
	2.5 Record date for determining entitlements to the dividend	N/A
	2.6 Explanation of any figures in 2.1 to 2.5	gain in deconsolidation of \$4,413,227 $\blacksquare$
	that may be required		reduction of share capital of \$28,978,031
3.	Statement of Financial Performance with		Refer attached financial statements
	notes
4.	Statement of Financial Position with notes		Refer attached financial statements
	Statement of Cash Flows with notes		Refer attached financial statements
5.
$\overline{6}$ .	Details of Dividends or Distributions		N/A
	7. Details of Dividend or Distribution		$\overline{\text{N/A}}$
	reinvestment plans
8.	Statement of Retained earnings showing	Refer attached financial statements
	movements
		Current Period	Previous
			Corresponding Period
9.	Net tangible asset backing per ordinary security	$0.21$ cents	$(1.67)$ cents

X:\Client\richcor\069 App4E.doc

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$\overline{1}$

APPENDIX 4E PRELIMINARY FINAL REPORT RICHFIELD GROUP LIMITED (ABN 66 009 144 503) FOR THE YEAR ENDED 30 JUNE 2003

	Gain	Loss
10. Control gained or lost over entities during
the period
Name of entity 10.1	Eastern Prime Corporation Pte Ltd	DP Computers Pte Ltd
The date of the gain or loss of 10.2 control	$2nd$ Jan 2003	30 th November 2002
10.3.1 Where material, the contribution of such entities to the reporting entity's profit (loss) from ordinary activities during the period	$\overline{\text{NA}}$	$\sqrt{(1,089,219)}$
10.3.2 Where material, the contribution of such entities to the reporting entity's profit (loss) from ordinary activities during the whole of the previous corresponding period	N/A	\$(19, 174, 544)
11. Details of associates and joint venture entities		N/A
12. Other Significant Information	Refer to 14.3 below
13. Accounting Standards used by foreign entities	International Accounting Standards
14. Commentary on the results for the period	$2003 - 0.77$ cents
Earnings per share 14.1		$2002 - (10.41)$ cents
$\overline{14.2}$ Distributions to shareholders		N/A
Significant features of operating 14.3 performance	Limited to Richfield Group Limited.	In December 2002 the Company changed its name from Worldwide Technology Group
	Pte Ltd.	During the period to 31 December 2002, the Company disposed of its investments in its subsidiaries, including DP Computers Pte Ltd, and the computer related business activities has been conducted in Singapore through a 100% controlled entity, Eastern Prime Corporation
	On 8 January 2003, the Company its completed capital.	also recapitalisation with the successful placement of 151,400,000 shares at 1 cent each to raise \$1,514,000 for working

$\bar{\rm T}$

$\mathbf{r}$

APPENDIX 4E PRELIMINARY FINAL REPORT RICHFIELD GROUP LIMITED (ABN 66 009 144 503) FOR THE YEAR ENDED 30 JUNE 2003

$\mathcal{L}_{\mathcal{A}}$

	Mr CC Tan, the CEO of Richfield Group Ltd and the majority shareholder of Richfield Group of Companies in Singapore, has submitted a proposal to the Board of Directors of Richfield Group Ltd. The proposal is for CC Tan being the majority owner of Richfield Marine Agencies (S) Pte Ltd ("RMA") reversing 100% of RMA and/or another subsidiary into Richfield Group at \$0.01 per share. This would ensure that CC Tan gains majority control of Richfield Group Ltd so that the active business company can commence operation as soon as possible and eventually bring the company to new developments.
Segment results 14.4	Refer attached financial statements
15. Audit/review of accounts upon which this report is based	This report is based on accounts which are in the process of being audited
16. Accounts not yet audited or reviewed	Not likely to be subject to dispute or qualification
17. Accounts audited or reviewed	N/A

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' RICHFIELD GROUP LIMITED (ABN 66 009 144 503) STATEMENT OF FINANCIAL PERFORMANCE FOR THE YEAR ENDED 30 JUNE 2003

	NOTE		CONSOLIDATED
		2003	2002
		\$	\$
Revenues from ordinary activities	2	4,892,841	36,288,039
Changes in inventories of finished goods and work in progress			(5,362,872)
Raw materials and consumables used			(36,808,934)
Employee benefits expense		(191, 162)	(1,074,469)
Depreciation and amortisation expense	3	(280, 663)	(4,094,162)
Borrowing costs expense	3	(191, 128)	(1,340,166)
Other expenses from ordinary activities		(1,274,538)	(20, 340, 823)
Gain/ (Loss) from ordinary activities before income tax expense Income tax (expense)/benefit	3	2,955,350	(32, 733, 387) 103,713
Loss from ordinary activities after income tax expense Effect of acquisition of subsidiary during the		2,955,350	(32,629,674)
year		17,368
Net loss attributable to outside equity interests			7,303
Net gain/ (loss) attributable to members of the parent entity		2,972,718	(32,622,371)
Total changes in equity other than those resulting from transactions with owners as owners		2,972,718	(32,622,371)
Basic earnings per share (cents per share)		0.77	(10.41)

The accompanying notes form part of these financial statements.

$\sim 10^7$

J.

RICHFIELD GROUP LIMITED (ABN 66 009 144 503)
STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2003

	NOTE	CONSOLIDATED
		2003 \$	2002 S
CURRENT ASSETS
Cash Assets	4	1,226,015	145,909
Receivables	5	18,073	703,824
Inventories	6		1,096,672
TOTAL CURRENT ASSETS		1,244,088	1,946,405
NON CURRENT ASSETS
Property, Plant & Equipment	7		11,806,040
Intangible Assets	8	15,379
TOTAL NON CURRENT ASSETS		15,379	11,806,040
TOTAL ASSETS		1,259,467	13,752,445
CURRENT LIABILITIES
Payables	9	280,839	1,556,859
Interest Bearing Liabilities	10		10,899,664
Current Tax Liabilities	11		653,968
TOTAL CURRENT LIABILITIES		280,839	13,110,491
NON CURRENT LIABILITIES
Payables	9
Interest Bearing Liabilities	10		5,768,066
Deferred Tax Liabilities	11		100,452
TOTAL NON CURRENT LIABILITIES			5,868,518
TOTAL LIABILITIES		280,839	18,979,009
Net Assets		978,628	(5,226,564)
EQUITY
Contributed Equity	12	8,945,406	36,477,907
Reserves	13	(16,680)	(1,768,548)
Accumulated Losses	14	(7,950,098)	(39,900,847)
Parent Entity Interest		978,628	(5, 191, 488)
Outside Entity Interest	15		(35,076)
TOTAL EQUITY		978,628	(5,226,564)
			********

The accompanying notes form part of these financial statements.

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$\sim$

÷.

RICHFIELD GROUP LIMITED (ABN 66 009 144 503) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2003

	NOTE	CONSOLIDATED 2003	2002
		\$	\$
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers		4,380,531	42,805,512
Payments to suppliers and employees		(2,716,878)	(42, 171, 330)
Interest received		3,903	12,582
Borrowing costs		(191, 128)	(1,267,530)
Income tax paid		(653,968)	(52,210)
Net cash provided by/(used in) operating activities	18(a)	822,460	(672, 976)
CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sale of property, plant &
equipment			732,818
Proceeds from deposits Purchase of property, plant & equipment			(47, 954)
Advances to controlled entities
Payment for subsidiary, net of cash acquired	18(b)	(15,000)
Net cash flows provided by/ (used in)
investing activities		(15,000)	684,864
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of shares		1,340,530
Proceeds from repayment of borrowings
Proceeds from borrowings
Repayment of borrowings			(916, 608)
Net cash flows provided by/ (used in) financing activities		1,340,530	(916, 608)
Net increase/(decrease) in cash held		2,147,990	(904, 720)
Cash relating to subsidiary no longer part of
economic entity			67,928
Cash at beginning of the financial year		(933, 258)	(106,908)
Effect of exchange rates on cash holdings in
foreign currencies		11,283	10,442
Cash at end of financial year	4	1,226,015	(933, 258)

The accompanying notes form part of these financial statements.

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1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

This Preliminary Final report has been prepared in accordance with the ASX Listing Ruling 4.3A and the disclosure requirements of ASX Appendix 4E.

The accounting policies adopted in the preparation of Preliminary Final Report are consistent with those adopted and disclosed in the financial statements for the year ended 30 June 2002.

	CONSOLIDATED
	2003	2002
	S	S
REVENUE 2.
Operating Activities:
- Revenue from sale of goods	199,805	34,677,011
- Revenue from services	856
- Interest received	3,903	12,950
- Other revenue	10,540	20,621
- Rental revenue	264,884	590,595
- Realised gain on currency translation	1,913	21,829
- Management fees	(2, 287)
Total Revenue	479,614	35,323,006
Non-Operating Activities
- Proceeds on disposal of property, plant and equipment		732,818
- Gain on deconsolidation	4,413,227	232,215
	4,413,227	965,033
Total Revenue	4,892,841	36,288,039

RICHFIELD GROUP LIMITED (ABN 66 009 144 503)
NOTES TO AND FORMING PART OF THE ACCOUNTS (CONT'D)
FOR THE YEAR ENDED 30 JUNE 2003 $\epsilon$

		CONSOLIDATED
		2003	2002
		S	S
3.	OPERATING LOSS
	Loss from ordinary activities before income tax has been determined after: (a) EXPENSES
	Cost of sales		42,171,806
	Unrealised loss on currency translation		538,813
	Realised loss on currency translation		450,672
	Bad and doubtful debts
	- trade debtors		806,955
	- other debtors		2,468,397
	- director related parties		5,880,523
			9,155,875
	Borrowing costs: Other persons	191,128	1,340,166
	Depreciation of non-current assets:
	- Plant and equipment	276,818	1,213,792
	Amortisation of non-current assets:
	- Goodwill on consolidation	3,845	2,880,370
	Rental expenses on operating leases
	- Minimum lease payments		214,549
	(b) REVENUE AND NET GAINS/(LOSSES)
	Net gain/(loss) on disposal of non-current assets: - Property, plant and equipment	(67,901)	(4,007,391)
(c)	SIGNIFICANT EXPENSES
	The following significant expense items are relevant in explaining the financial performance:
	Provision for doubtful debts (Note 3(a))		8,199,059
	Bad debts written off (Note 3(a))		956,816
	Building impairment loss		1,555,694
	Goodwill written off (Note 3(a))		2,880,370
	Net effect of significant items		13,591,939

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RICHFIELD GROUP LIMITED (ABN 66 009 144 503)
NOTES TO AND FORMING PART OF THE ACCOUNTS (CONT'D)
FOR THE YEAR ENDED 30 JUNE 2003

	CONSOLIDATED
	2003 \$	2002 \$
CASH 4.
Cash on hand	17	7,424
Cash at bank	205,468	138,485
Deposits at call	1,020,530
	1,226,015	145,909
Reconciliation of Cash Cash at the end of the financial year as shown in the statement of cash flows is reconciled to items in the statement of financial position as follows:
Cash	1,226,015	145,909
Bank overdrafts		(1,079,167)
	1,226,015	(933, 258)
5. RECEIVABLES
CURRENT
Trade debtors	802,316	1,349,756
Provision for doubtful debts	(802, 316)	(793, 440)
		556,316
Other debtors	15,792	9,816,829
Provision for doubtful debts - other debtors		(9,763,938)
Amount receivable from:
- Wholly owned subsidiaries
- Provision for doubtful debts-wholly owned subsidiaries
- Partly owned subsidiaries
- Provision for doubtful debts - partly owned
subsidiaries
- Other related parties		94,617
- Director related parties	142,226	5,695,630
- Provision for doubtful debts - director related parties	(139, 945)	(5,695,630)
	18,073	703,824
INVENTORIES 6.
CURRENT
Raw materials and stores at cost		800,380
Finished goods at cost		288,322
		1,088,702
Finished goods at net realisable value		7,970
		1,096,672

والمستحسن السواريون

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RICHFIELD GROUP LIMITED (ABN 66 009 144 503)
NOTES TO AND FORMING PART OF THE ACCOUNTS (CONT'D)
FOR THE YEAR ENDED 30 JUNE 2003 $\bar{\psi}$

$\cdot$

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		CONSOLIDATED 2003 \$	2002 S
7.	PROPERTY, PLANT AND EQUIPMENT
	Leasehold building & improvements - at cost Accumulated depreciation	6,963 (6,963)	12,313,276 (1,922,858)
			10,390,418
	Plant & equipment - at cost Accumulated depreciation		2,502,050 (1, 395, 147)
			1,106,903
	Office furniture - at cost Accumulated depreciation	29,515 (29, 515)	299,865 (182,002)
			117,863
	Office equipment - at cost Accumulated depreciation	69,278 (69, 278)	197,892 (117,007)
			80,885
	Motor vehicles - at cost Accumulated depreciation		149,388 (39, 417)
			109,971
	Total property, plant and equipment		11,806,040
8.	INTANGIBLE ASSETS
	Goodwill at cost Accumulated amortisation	19,224 (3, 845)	2,964,661 (2,964,661)
		15,379

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RICHFIELD GROUP LIMITED (ABN 66 009 144 503)
Notes to and Forming Part of the Accounts (Cont'd)
For the Year Ended 30 June 2003

	CONSOLIDATED
	2003	2002
	S	S
9, PAYABLES
CURRENT
Trade creditors and accruals	42,766	205,313
Sundry creditors	59,994	1,050,422
Amounts due to directors Deposit received
Amounts payable to:
- Wholly owned subsidiaries
- Other related parties	178,079	301,124
	280,839 000000000000000000000000000000000000000	1,556,859
NON-CURRENT
Loan from director related entity		105,000
10. INTEREST BEARING LIABILITIES
CURRENT
Secured
Bank overdrafts		1,079,167
Bills payable		9,307,973
Mortgage loans		437,018
Unsecured
Hire Purchase Liability (Note 24)		75,506
		10,899,664
NON-CURRENT
Secured Mortgage loans		5,693,017
Unsecured Hire Purchase Liability (Note 16)		75,049
		5,768,066
11. TAX LIABILITIES
CURRENT
Income tax		653,968
NON-CURRENT Provision for deferred income tax		100,452

J.

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RICHFIELD GROUP LIMITED (ABN 66 009 144 503)
NOTES TO AND FORMING PART OF THE ACCOUNTS (CONT'D) $\bar{\Gamma}$ FOR THE YEAR ENDED 30 JUNE 2003

		CONSOLIDATED 2003 \$	2002 \$
	12. CONTRIBUTED EQUITY
shares	464,676,013 (2003: 313,276,013) fully paid ordinary	8,945,406	36,477,907
	(a) ORDINARY SHARES At the beginning of the reporting period Shares issued during the year	36,477,907	36,477,907
	151,400,000 on 6 January 2003 Share reduction Transaction costs relating to share issues	1,619,000 (28,978,031) (173, 470)
	At reporting date	8,945,406	36,477,907
		No.	No.
	At the beginning of reporting period Shares issued during year - 6 January 2003	313,276,013 151,400,000	313,276,013
	At reporting date	464,676,013	313,276,013
	13. RESERVES
	Foreign currency translation	(16,680)	(1,768,548)
	(a) FOREIGN CURRENCY TRANSLATION RESERVE Movement during the year Opening balance	(1,768,548)	(967,093)
	Adjustment arising from disposal of foreign controlled entities	1,768,548
	Adjustment arising from the translation of foreign controlled entities' financial statements	(16,680)	(801, 455)
	Closing balance	(16,680)	(1,768,548)

The foreign currency translation reserve records
exchange differences arising on translation of a
foreign controlled subsidiary.

l.

$\bar{e}$ RICHFIELD GROUP LIMITED (ABN 66 009 144 503) NOTES TO AND FORMING PART OF THE ACCOUNTS (CONT'D) FOR THE YEAR ENDED 30 JUNE 2003

		CONSOLIDATED 2003 \$	2002 \$
	14. ACCUMULATED LOSSES
year	Accumulated losses at the beginning of the financial	(39,900,847)	(7,278,476)
	Share reduction Net loss attributable to members of the company	28,978,031 2,972,718	(32, 622, 371)
	Accumulated losses at the end of the financial year	(7,950,098)	(39,900,847)
	15. OUTSIDE EQUITY INTERESTS IN CONTROLLED ENTITIES
	Outside equity interest comprises: Share capital		5,000
	Reserves
	Accumulated losses		(40,076)
			(35,076)
	16. CAPITAL AND LEASING COMMITMENTS
	(a) HIRE PURCHASE COMMITMENTS Payable
	- not later than 1 year		85,283
	- later than 1 year but not later than 5 years - later than 5 years		73,809 17,218
	Minimum lease payments Less future finance charges		176,310 (25, 755)
	Total liability		150,555
	(b) OPERATING LEASE COMMITMENTS Non-cancellable operating leases contracted for but not capitalised in the financial statements:
	Payable
	- not later than 1 year
	- later than 1 year but not later than 5 years - later than 5 years

17. STATEMENT OF OPERATING BY SEGMENTS

During the year, the consolidated entity operated predominantly in one geographical segment being South-East Asia and in one business segment being the computer industry.

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**************************************

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RICHFIELD GROUP LIMITED (ABN 66 009 144 503)
NOTES TO AND FORMING PART OF THE ACCOUNTS (CONT'D)
FOR THE YEAR ENDED 30 JUNE 2003

	CONSOLIDATED
	2003	2002
	\$	S
18. CASH FLOW INFORMATION
(a) RECONCILIATION OF CASH FLOW FROM OPERATIONS WITH LOSS FROM ORDINARY ACTIVITIES AFTER INCOME TAX Profit/(Loss) from ordinary activities after
income tax	2,955,350	(32, 629, 674)
Non-cash flows in loss from ordinary activities
Depreciation and Amortisation Net loss on disposal of property, plant &	280,663	4,094,162
equipment	67,901	4,007,391
Doubtful debts		8,199,059
Building impairment loss		1,555,694
Write-down of investments to recoverable amount
Gain on deconsolidation	(4, 413, 227)	(232, 215)
Other items	2,032,374
Changes in assets and liabilities, net of the effects of purchase and disposal of subsidiaries:
(Increase)/decrease in trade and other debtors	685,751	7,403,310
Increase in prepayments and other assets		274,846
(Increase)/decrease in inventories	1,244,088	4,958,640
Increase/(decrease) in trade creditors and
accruals	(1,276,020)	1,851,734
Movement in income taxes payable	(653,968)	(52,210)
Movement in deferred taxes payable	(100, 452)	(103,713)
Cash flows from operations	822,460	(672, 976)

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RICHFIELD GROUP LIMITED (ABN 66 009 144 503)
NOTES TO AND FORMING PART OF THE ACCOUNTS (CONT'D) FOR THE YEAR ENDED 30 JUNE 2003

	CONSOLIDATED
	2003	2002
	S	\$
18. CASH FLOW INFORMATION (CONT'D)
(b) ACQUISITION OF BUSINESS This year 100% of the controlled entity Eastern Prime Pte Ltd was acquired. Details of this transaction are:
Purchase consideration	15,000
Cash consideration Cash acquired	15,000
Cash outflow/(inflow)	15,000
Assets and liabilities held at acquisition date: Cash Receivables Inventories Investments Property, plant and equipment Creditors & accruals Interest bearing liabilities Goodwill on consolidation Outside equity interest in acquisitions	64,107 917 (69, 248) (4,224) 19,224 15,000
(c) DISPOSAL OF BUSINESS This year 100% of the controlled entity DP Computers Pte Ltd was disposed. Details of this transaction are: Disposal price	ı
Cash consideration	ı

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		CONSOLIDATED
		2003 Ś	2002 Ŝ
	18. CASH FLOW INFORMATION (CONT'D)
	(c) NON-CASH FINANCING AND INVESTING ACTIVITIES There were no non-cash financing and investing activities during the year
(d)	CREDIT STANDBY ARRANGEMENTS WITH BANKS Credit facility Amount utilised		10,387,140 (10, 387, 140)
	Unused credit facility
	(e) LOAN FACILITIES Loan facilities Amount utilised		6,130,035 (6,130,035)
	Unused loan facilities

19. CAPITAL COMMITMENTS

At the balance date, the CEO has been unable to confirm that there are no outstanding capital commitments. However steps are being taken to ensure that the information is available by the next report.

20. EVENTS OCCURRING AFTER BALANCE DATE

At the balance date, the CEO has been unable to confirm that there are no matters or circumstances which have arisen and which will significantly affect the operations of the consolidated entity. However steps are being taken to ensure that the information is available by the next report.

21. CONTINGENT LIABILITIES

At the balance date, the CEO has been attempting to resolve the issue of the guarantee given by Bondshaw Holdings Pty Ltd to Howard Mortgage Trust. A further report will be given to the member as soon as the matter is resolved.

The auditors indicate two (2) figures of A\$42,766 and A\$59,994 in respect of liabilities and payables by the Company. However as the current CEO upon taken the position only on 18 December 2002 in conjunction with the Company changing its name to Richfield Group Limited, he was not made aware of such liabilities and investigations will be made accordingly. A further report will be given to the members as soon as the information is clarified.