EV RESOURCES LTD — Regulatory Filings 2004

Aug 30, 2004

APPENDIX 4E PRELIMINARY FINAL REPORT RICHFIELD GROUP LIMITED (ABN 66 009 144 503)
FOR THE PERIOD ENDED 30 JUNE 2004

Name of Entity:	Richfield Group Limited
1. Details of the current and prior reporting period
Current Period:
Prior Period:	1 July 2003 to 30 June 2004 1 July 2002 to 30 June 2003
2. Results for announcement to the market
	SΑ
2.1 Revenues from ordinary activities	Down 100% to	5
2.2 Profit (loss) from ordinary activities after	Down 100% to	(339)
tax attributable to members
2.3 Net profit (loss) for the period attributable	Down 100% to	(339)
to members
2.4 Dividend distributions	Amount per security	Franked amount per
		security
Interim Dividend	Nil	Nil.
Proposed Final Dividend	Nil	Nil
PREVIOUS CORRESPONDING PERIOD	Nil	Nil.
2.5 Record date for determining entitlements to the dividend		N/A
2.6 Explanation of any of the figures in 2.1 to		Prior period result includes gains on deconsolidation.
2.5 that may be required.
3. Statement of Financial Performance with		Refer below
notes
4. Statement of Financial Position with notes		Refer below
5. Statement of Cash Flows with notes		Refer below
6. Details of Dividends or Distributions
Interim Dividend paid	Nil	Nil
7. Details of dividend reinvestment plan		none
8. Statement of Retained earnings showing		Refer below
movements
	Current Period	Previous Corresponding
9. Net tangible asset backing per ordinary	$0.14$ cents	Period 0.22
security

10. Control Gained or lost over entities during
the period
10.1 Name of entity		Nil
10.2 The date of the gain or loss of control		N/A
10.3 Where material, the contribution of above		N/A
entities to the consolidated result.
11 Details of associates and joint venture		Nil
entities
12. Other Significant Information		N/A
13. Accounting Standards used by foreign entities		N/A
14. Commentary on the result		Prior period result includes gains on deconsolidation.
14.1 Earnings per share	$2004 - (0.07 \text{ cents})$	$2003 - 0.77$ cents
14.2 Distributions to Shareholders		N II
14.3 Significant features of operating performance		Nil
14.4 Segment Results		Refer below
15. Audit / review of accounts upon which this		Audit in Progress
based
16. Accounts not yet audited or reviewed		N/A
17. Qualifications of audit / Review		No Qualifications

STATEMENT OF FINANCIAL PERFORMANCE FOR THE YEAR ENDED 30 JUNE 2004

	NOTE	CONSOLIDATED		PARENT ENTITY
		2004	2003	2004	2003
		Š	Ś.	\$	\$
Revenues from ordinary activities	$\mathbf{2}$	5,029	4,907,484	5,029	29,213
Changes in inventories of finished goods and work in progress
Raw materials and consumables used			(828, 869)		(26, 263)
Employee benefits expense			(190, 661)		(75, 391)
Depreciation and amortisation expense	3	(15,379)	(280, 663)		(80, 192)
Borrowing costs expense	3		(188, 558)		(1, 345)
Other expenses from ordinary activities	3	(329,095)	(447, 414)	(165, 507)	(194, 520)
Profit/(Loss) from ordinary activities before income tax expense Income tax (expense)/benefit	3	(339, 445)	2,971,319	(160, 478)	(348, 498)
Profit/(Loss) from ordinary activities after income tax expense		(339, 445)	2,971,319	(160, 478)	(348, 498)
Effect of acquisition of subsidiary during the year			17,368
Net loss attributable to outside equity interests
Net loss attributable to members of the parent entity		(339, 445)	2,988,687	(160, 478)	(348, 498)
Total changes in equity other than those resulting from transactions with owners as owners		(339, 445)	2,988,687	(160, 478)	(348,498)
Basic earnings per share (cents per share)		(0.07)	0.77

The accompanying notes form part of these financial statements.

STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2004

	NOTE	2004	CONSOLIDATED 2003	PARENT ENTITY 2004	2003
		\$	\$	\$	\$
CURRENT ASSETS
Cash Assets	4	880,798	1,246,607	759,822	1,234,964
Receivables	5	27,285	17,635	27,285	15,354
Inventories	6.
TOTAL CURRENT ASSETS		908,083	1,264,242	787,107	1,250,318
NON CURRENT ASSETS
Other Financial Assets Property, Plant & Equipment	7 9	8,181		303,444 8,181	15,000
Intangible Assets	10		15,379
TOTAL NON CURRENT ASSETS		8,181	15,379	311,625	15,000
TOTAL ASSETS		916,264	1,279,621	1,098,732	1,265,318
CURRENT LIABILITIES
Payables	11	243,387	267,299	243,387	249,495
Interest Bearing Liabilities	12
Current Tax Liabilities	13
TOTAL CURRENT LIABILITIES		243,387	267,299	243,387	249,495
NON CURRENT LIABILITIES
Interest Bearing Liabilities Deferred Tax Liabilities	12
TOTAL NON CURRENT LIABILITIES
TOTAL LIABILITIES		243,387	267,299	243,387	249,495
NET ASSETS		672,877	1,012,322	855.345	1,015,823
EQUITY
Contributed Equity	14	8,963,131	8,963,131	8,963,131	8,963,131
Reserves	15	(16,680)	(16,680)
Accumulated Losses	16	(8,273,574)	(7,934,129)	(8,107,786)	(7,947,308)
Parent Entity Interest Outside Entity Interest		672,877	1,012,322	855,345	1,015,823
TOTAL EQUITY		672,877	1,012,322	855,345	1,015,823

The accompanying notes form part of these financial statements.

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2004

	NOTE	CONSOLIDATED		PARENT ENTITY
		2004 \$	2003 \$	2004 Š.	2003 \$
CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers Payments to suppliers and employees Interest received Borrowing costs Income tax paid		(379,199) 5,209	1,978,986 (311, 524) 5,205 (188, 558) (653,968)	(183, 546) 5,029	26,438 (175, 575) 5,203 (1, 345)
Net cash provided by/(used in) operating activities	20(a)	(373,990)	830,141	(178, 517)	(145, 279)
CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sale of property, plant $\&$ equipment Purchase of property, plant & equipment Investments/Advances to controlled entities Payment for subsidiary, net of cash acquired	20(b)	8,181	11,911 (15,000)	(8, 181) (288, 444)	11,911 (15,000)
Net cash flows provided by/ (used in) investing activities		8,181	(3,089)	(296, 625)	(3,089)
CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issue of shares Repayment of borrowings			1,352,813		1,352,813
Net cash flows provided by/ (used in) financing activities			1,352,813		1,352,813
Net increase/(decrease) in cash held		(365, 809)	2,179,865	(475, 142)	1,204,445
Cash relating to subsidiary no longer part of economic entity
Cash at beginning of the financial year		1,246,607	(933, 258)	1,234,964	30,519
Effect of exchange rates on cash holdings in foreign currencies
Cash at end of financial year	4	880,798	1,246,607	759.822	1,234,964

The accompanying notes form part of these financial statements.

1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

This Preliminary Final report has been prepared in accordance with the ASX Listing Rule 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 2004.

	CONSOLIDATED		PARENT ENTITY
	2004	2003	2004	2003
	\$	\$	Ś.	\$
REVENUE
Operating Activities:
- Revenue from sale of goods		199,805		12,099
- Interest received	5,029	5,205	5,029	5,203
- Other revenue		10,539
- Rental revenue		264,884
- Realised gain on currency translation		1,913
- Management fees
Total Revenue	5,029	482,346	5,029	17,302
Non-Operating Activities
- Proceeds on disposal of property, plant and equipment		11,911		11,911
- Gain on deconsolidation		4,413,227
		4,425,138		11,911
Total Revenue	5,029	4,907,484	5,029	29,213

		CONSOLIDATED 2004 \$	2003 \$	PARENT ENTITY 2004 \$	2003 \$
3.	OPERATING PROFIT/(LOSS)
	Profit/(Loss) from ordinary activities before income tax has been determined after:
(a) EXPENSES	Cost of sales		828,869		26,263
	Unrealised loss on currency translation
	Realised loss on currency translation	167,468
	Bad and doubtful debts - trade debtors - other debtors		12,113		12.113
- director related parties - wholly owned subsidiaries - partly owned subsidiaries
		167,468	12,113		12,113
	Borrowing costs: Other persons		188,558		1,345
	Depreciation of non-current assets: - Plant and equipment		276,818		80,192
	Amortisation of non-current assets: - Leasehold improvements - Intangibles
	- Goodwill on consolidation		3,845
	Total amortisation		280,663
	Write down of non-current investments to recoverable amount
	Rental expenses on operating leases - Minimum lease payments
	(b) REVENUE AND NET GAINS/(LOSSES) Net gain/(loss) on disposal of non-current assets: - Property, plant and equipment - Investments		11,911		11,911

		CONSOLIDATED		PARENT ENTITY
3.	OPERATING LOSS (CONT'D)	2004 Ŝ	2003 \$	2004 \$	2003 \$
	(c) SIGNIFICANT EXPENSES The following significant expense items are relevant in explaining the financial performance:
	Provision for doubtful debts (Note 3(a)) Bad debts written off (Note 3(a))		12,113		12,113
	Professional Fees	60,258		60,258
	Goodwill written off (Note 3(a))	15,379
	Write down of non-current investments to recoverable amount
	Net effect of significant items	75,637	12,113	60,258	12,113
4.	CASH ASSETS
	Cash on hand	17	17	17	-17
	Cash at bank	314,862	224,759	26,418	213,116
	Deposits at call	565,919	1,021,831	733,387	1,021,831
		880,798	1,246,607	759,822	1,234,964
Cash	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: Bank overdrafts	880,798	1,246,607	759,822	1,234,964
		880,798	1,246,607	759,822	1,234,964

	PARENT ENTITY CONSOLIDATED
	2004	2003	2004	2003
	\$	\$	\$	\$
RECEIVABLES 5.
CURRENT
Trade debtors	802,316	802,316	802,316	802,316
Provision for doubtful debts	(802, 316)	(802, 316)	(802, 316)	(802, 316)
Other debtors	27,285	15,357	27,285	15,354
Provision for doubtful debts - other debtors
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
- Director related parties		142,223		139,945
- Provision for doubtful debts - director related
parties		(139, 945)	$\overline{a}$	(139, 945)
	27,285	17,635	27,285	15,354
INVENTORIES 6.
CURRENT
Raw materials and stores at cost
Finished goods at cost
Finished goods at net Flecognized value
OTHER FINANCIAL ASSETS 7.
NON CURRENT
Unlisted investments at cost
- shares in controlled entities Loans to Controlled Entities			100,010	15,000
			188,434
			303,444	15,000

		COUNTRY OF
		INCORPORATION	PERCENTAGE OWNED
			2004	2003
			$\%$	$\%$
Я.	CONTROLLED ENTITIES
(a)	CONTROLLED ENTITIES AND THEIR
	CONTRIBUTIONS TO CONSOLIDATED PROFIT
	Richfield Shipping Pty Ltd	USA.	100	100
	Eastern Prime Corporation Pte Ltd	Singapore	100	100.
	(b) GAIN OF CONTROL OVER ENTITIES
	(b) LOSS OF CONTROL OVER ENTITIES	$\overline{\phantom{0}}$

9. PROPERTY, PLANT AND EQUIPMENT

Leasehold building $\&$ improvements – at cost Accumulated depreciation	15,144 (6,963)	6,963 (6,963)	15,144 (6,963)	6,963 (6,963)
	8,181		8,181
Plant $\&$ equipment – at cost Accumulated depreciation
Office furniture – at cost Accumulated depreciation	29,515 (29,515)	29,515 (29,515)	29,515 (29, 515)	29,515 (29,515)
Office equipment $-$ at cost Accumulated depreciation	69,278 (69, 278)	69,278 (69,278)	69,278 (69,278)	69,278 (69,278)
Motor vehicles – at cost Accumulated depreciation
Total property, plant and equipment	8,181		8,181

	CONSOLIDATED		PARENT ENTITY
	2004 \$	2003 \$	2004 Ś.	2003 \$
10. INTANGIBLE ASSETS
Goodwill on consolidation	19,224	19,224
Accumulated amortisation	(19, 224)	(3,845)
		15,379
11. PAYABLES
CURRENT
Trade creditors and accruals Sundry creditors	12,940 52,368	42,852 46,368	12,940 52,368	25,048 46,368
Amounts due to directors
Deposit received Amounts payable to:
- Wholly owned subsidiaries - Other related parties	178,079	178,079	178,079	178,079
	243,387	267,299	243,387	249,495
12. INTEREST BEARING LIABILITIES
CURRENT
Secured Bank overdrafts
Bills payable
Mortgage loans
Unsecured Hire Purchase Liability (Note 22)
NON-CURRENT Secured
Mortgage loans
Unsecured
Hire Purchase Liability (Note 22)
(a) Total current and non-current secured liabilities:
Bank overdraft Mortgage loans
Bill payable
(b) The carrying amounts of non-current assets pledged as security are:
Leasehold buildings
Total assets pledged as security

		CONSOLIDATED		PARENT ENTITY
	13. TAX LIABILITIES	2004	2003	2004	2003
		\$	\$	\$	\$
	CURRENT
	Income tax
	NON-CURRENT Provision for deferred income tax
	14. CONTRIBUTED EQUITY
shares	464,676,013 (2003: 464,676,013) fully paid ordinary	8,963,131	8,963,131	8,963,131	8,963,131
	(a) ORDINARY SHARES
	At the beginning of the reporting period Shares issued during the year	8,963,131	36,477,907	8,963,131	36,477,907
	151,400,000 on 6 January 2003		1,514,000		1,514,000
	Share reduction Transaction costs relating to share issues		(28,978,031) (50,745)		(28,978,031) (50,745)
	At reporting date	8,963,131	8,963,131	8,963,131	8,963,131
			NO.		NO.
	At the beginning of reporting period	313,276,013	313,276,013	313,276,013	313,276,013
	Shares issued during year - 6 January 2003	151,400,000	151,400,000	151,400,000	151,400,000
	At reporting date	464,676,013	464,676,013	464,676,013	464,676,013
	15. RESERVES
	Foreign currency translation	(16, 680)	(16,680)
	(a) FOREIGN CURRENCY TRANSLATION RESERVE
	Movement during the year Opening balance	(16,680)	(1,768,548)
	Adjustment arising from disposal of foreign
	controlled entities Adjustment arising from the translation of		1,768,548
	foreign controlled entities' financial statements		(16,680)
	Closing balance	(16, 680)	(16,680)

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

16. ACCUMULATED LOSSES	CONSOLIDATED 2004 \$	2003 \$	PARENT ENTITY 2004 Ŝ	2003 \$
Accumulated losses at the beginning of the financial year Share reduction Net loss attributable to members of the company	(7,934,129) (339, 445)	(39,900,847) 28,978,031 2,988,687	(7,947,308) (160, 478)	(36, 576, 841) 28,978,031 (348, 498)
Accumulated losses at the end of the financial year	(8,273,574)	(7,934,129)	(8,107,786)	(7,947,308)
17. OUTSIDE EQUITY INTERESTS IN CONTROLLED ENTITIES
Outside equity interest comprises: Share capital Reserves Accumulated losses
18. CAPITAL AND LEASING COMMITMENTS
HIRE PURCHASE COMMITMENTS Payable - not later than 1 year - later than 1 year but not later than 5 years
- later than 5 years
Minimum lease payments Less future finance charges
Total liability

	CONSOLIDATED			PARENT ENTITY
	2004	2003	2004	2003
	Ъ		S
19. 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.
20. CASH FLOW INFORMATION

OPERATIONS WITH PROFIT/(LOSS) FROM
ORDINARY ACTIVITIES AFTER INCOME TAX
income tax	(339, 445)	2,971,319	(160, 478)	(348, 498)
Non-cash flows in loss from ordinary activities
Depreciation and Amortisation		280,663		80.192
Net loss on disposal of property, plant $\&$
equipment		55,990		(11,911)
Doubtful debts		12,114		12.114
Building impairment loss
Write-down of investments to recoverable
Other items		2.184.401		82,813
Changes in assets and liabilities, net of the
effects of purchase and disposal of subsidiaries:
(Increase)/decrease in trade and other debtors	(9.650)	686,192	(11, 931)	14,339
Increase in prepayments and other assets	(8,181)
(Increase)/decrease in inventories		1,096.672		7.970
accruals		(1,289,560)	(6,108)	17,702
Cash flows from operations	(373,990)	830,141	(178, 517)	(145,279)
	(a) RECONCILIATION OF CASH FLOW FROM Profit/(Loss) from ordinary activities after amount Gain on deconsolidation Increase/(decrease) in trade creditors and Movement in income taxes payable Movement in deferred taxes payable	(16,714)	(4,413,227) (653,968) (100, 455)

		CONSOLIDATED		PARENT ENTITY
		2004 \$	2003 \$	2004 Ś	2003 \$
	20. CASH FLOW INFORMATION (CONT'D)
	(b) ACQUISITION OF BUSINESS This year 100% of the controlled entity Eastern Prime Corporation Pte Ltd was acquired. Details of this transaction are:
	Purchase consideration		15,000		15,000
	Cash consideration Cash acquired		15,000		15,000
	Cash outflow/(inflow)		15,000		15,000
	Assets and liabilities held at acquisition date:
	Cash Receivables		64,107 917		64,107 917
	Inventories Investments
	Property, plant and equipment Creditors & accruals		(69, 248)		(69, 248)
	Interest bearing liabilities
	Goodwill on consolidation Outside equity interest in acquisitions		(4,224) 19,224		(4,224) 19,224
			15,000		15,000

(c) DISPOSAL OF BUSINESS

In 2002/2003, 100% of the controlled entity DP Computers Pte Ltd was disposed for \$1 for a cash consideration of \$1.

Furthermore, the controlled entities, WWT Wapworkz Pty Ltd, WWT Distribution (USA) Limited, Worldwide Technology Group (Holland) BV, WWT India, WWT Equity Pty Ltd and WWT Holdings Pty Ltd were disposed for Nil consideration.

		CONSOLIDATED		PARENT ENTITY
		2004 \$	2003 \$	2004 Ŝ	2003 \$
	20. CASH FLOW INFORMATION (CONT'D)
	(d) Non-Cash Financing and Investing ACTIVITIES There were no non-cash financing and investing activities during the year
	(e) CREDIT STANDBY ARRANGEMENTS WITH BANKS Credit facility Amount utilised
	Unused credit facility
	(f) LOAN FACILITIES Loan facilities Amount utilised
	Unused Joan facilities

NOTE 21. IMPACT OF ADOPTING AASB EQUIVALENTS TO IASB STANDARDS

The Group has commenced transitioning their accounting policies and financial reporting from current Australian Accounting Standards to Australian equivalents of International Financial Reporting Standards (IFRS). The company has engaged expert consultants to determine the key areas that will be impacted by the transition to IFRS.

As the Group has a 30 June year-end, priority has been given to considering the preparation of an opening balance sheet in accordance with AASB equivalents to IFRS as at 1 July 2004. This will form the basis of accounting for Australian Equivalents of IFRS in the future, and is required when the Group prepare their first fully IFRS compliant financial report for the year ending 30 June 2006.

It is not anticipated that the change in accounting policies will have a material impact on the financial report.