EV RESOURCES LTD — Regulatory Filings 2004

Feb 19, 2004

APPENDIX 4D HALF YEAR REPORT RICHFIELD GROUP LIMITED (ABN 66 009 144 503)
FOR THE HALF YEAR ENDED 31 DECEMBER 2003

Name of Entity:		Richfield Group Limited
1. Details of the current and prior reporting period
Current period:		1 July 2003 to 31 December 2003
Prior period:		1 July 2002 to 31 December 2002
2. Results for announcement to the market:
	\$'000
2.1 Revenues from ordinary activities	Down 99.94% to	3
2.2 Profit (loss) from ordinary activities after tax attributable to members	Down 102% to	(62)
2.3 Net profit (loss) for the period attributable to members	Down 102% to	(62)
2.4 It is not proposed to pay any dividends
2.5 Record date for determining entitlements to the dividend		N/A
2.6 Explanation of any figures in 2.1 to 2.4 that may be required		Not necessary
	Current Period
		Previous Corresponding Period
3. Net tangible asset backing per ordinary security	$0.002$ cents	$(0.001)$ cents
	Gain	Loss
4. Control gained or lost over entities during the period	NIL	NIL.
5. Distributions to shareholders		N/A
6. Dividend reinvestment plan details		N/A
7. Joint venture and associate details		N/A
8. Foreign entities accounting standards used		N/A
9. Audit/review of accounts upon which this report is based	This report is based on accounts which have been reviewed

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X:\Client\Richcor\H7 App4D.doc

and the company of the state

RICHFIELD GROUP LIMITED (FORMERLY WORLDWIDE TECHNOLOGY GROUP LIMITED)

ABN 66 009 144 503

HALF YEARLY REPORT ENDED 31 DECEMBER 2003

RICHFIELD GROUP LIMITED ABN 66 009 144 503

(FORMERLY WORLDWIDE TECHNOLOGY GROUP LIMITED)

INDEX

Directors' Report
Directors' Declaration
Statement of Financial Performance
Statement of Financial Position
Statement of Cash Flows
Notes to and Forming Part of the Accounts
Independent Review Report

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RICHFIELD GROUP LIMITED (FORMERLY WORLDWIDE TECHNOLOGY GROUP LIMITED) DIRECTORS' REPORT

Your Directors submit the financial report of the consolidated entity for the half-year ended 31December 2003.

DIRECTORS

The names of directors in office at any time during or since the end of the half-year are:

Mr Steven Leigh Pynt Mr Jack Bai GuoJin Dr Boon Seng Tan Mr Chak Chew Tan Mr Kevin Ho Keng Leng Ms Jennifer Poh Choo Lim Mr Christopher Bai

OPERATING RESULTS

The loss of the consolidated entity after providing for income tax and eliminating outside equity interests for the half-year amounted to \$61,651 (2002: \$3,071,447 profit).

REVIEW OF OPERATIONS

During the half year ended 31 December 2003 the Company continued to negotiate the possible acquisition of a strategic business. The Company will report further to shareholders once negotiations are suitably advanced.

Signed in accordance with a resolution of Board of Directors.

MRS Pyrd

DIRECTOR

DATED at Perth this 20th Hay of February 2004

The directors of the company declare that:

• $\mathbf{1}$ . The financial statements and notes, as set out on pages 3 to 6:
• comply with Accounting Standard AASB 1029: Interim Financial Reporting and the $(a)$ Corporations Regulations 2001; and
• $(b)$ give a true and fair view of the consolidated entity's financial position as at 31 December 2003 and of the performance for the half-year ended on that date.
• $\overline{2}$ . In the directors' opinion there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable.

This declaration is made in accordance with a resolution of the Board of Directors.

MRS PYNT Director

DATED at Perth this $20\%$ day of February 2004

	31 DEC 2003 Ŝ.	CONSOLIDATED 31 DEC 2002 \$
Revenues from ordinary activities	3,106	4,889,583
Changes in inventories of finished goods and work in progress		(811,220)
Raw materials and consumables used
Employee benefits expense		(141, 971)
Depreciation and amortisation expense	(15, 379)	(276, 818)
Borrowing costs expense		(187,213)
Other expenses from ordinary activities	(49, 378)	(400, 914)
Profit/(Loss) from ordinary activities before income tax expense Income tax (expense)/benefit	(61, 651)	3,071,447
Profit/(Loss) from ordinary activities after income tax expense	(61, 651)	3,071,447
Total changes in equity other than those resulting from transactions with owners as owners	(61, 651)	3,071,447
Basic earnings per share (cents per share)	(0.0001)	0.01
Diluted earnings per share (cents per share)

The accompanying notes form part of these financial statements.

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RICHFIELD GROUP LIMITED (FORMERLY WORLDWIDE TECHNOLOGY GROUP LIMITED) STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2003

$\overline{1}$

	CONSOLIDATED
	31 DEC 2003 \$	30 JUNE 2003 \$
CURRENT ASSETS
Cash Assets	1,179,021	1,246,607
Receivables	19,187	17,635
TOTAL CURRENT ASSETS	1,198,208	1,264,242
NON CURRENT ASSETS		15,379
Intangibles Assets
TOTAL NON CURRENT ASSETS		15,379
TOTAL ASSETS	1,198,208	1,279,621
CURRENT LIABILITIES Payables	247,537	267,299
TOTAL CURRENT LIABILITIES	247,537	267,299
TOTAL LIABILITIES	247,537	267,299
NET ASSETS	950,671	1,012,322
EQUITY
Contributed Equity	8,963,131	8,963,131
Reserves	(16,680)	(16,680)
Accumulated Losses	(7,995,780)	(7,934,129)
TOTAL EQUITY	950,671	1,012,322

The accompanying notes form part of these financial statements.

$\overline{1}$

	CONSOLIDATED
	31 DEC 2003 S	31 DEC 2002 S
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers		27,900
Payments to suppliers and employees	(70, 692)	(156,950)
Interest received	3,106	270
Net cash provided by/(used in) operating activities	(67, 586)	(128, 780)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings		105,000
Repayment of borrowings		(5,899)
Net cash flows provided by/ (used in) financing activities		99,101
Net increase/(decrease) in cash held	(67, 586)	(29, 679)
Cash relating to subsidiary no longer part of consolidated entity		963,777
Cash at beginning of the financial year	1,246,607	(933, 258)
Cash at end of half-year	1,179,021	840

The accompanying notes form part of these financial statements.

1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

The half-year consolidated financial statements are a general purpose financial report prepared in accordance with the requirements of the Corporations Act 2001, Accounting Standards AASB 1029: Interim Financial Reporting, Urgent Issues Group Consensus Views and other authoritative pronouncements of the Australian Accounting Standards Board.

It is recommended that this financial report be read in conjunction with the annual financial report for the year ended 30 June 2003 and any public announcements made by Richfield Group Limited and its controlled entity during the half-year in accordance with continuous disclosure requirements arising under the Corporations Act 2001.

The accounting policies have been consistently applied by the entities in the consolidated entity and are consistent with those applied in the 30 June 2003 annual report.

The half-year report does not include full disclosures of the type normally included in an annual financial report.

		CONSOLIDATED
		31 DEC 2003 31 DEC 2002
2.	PROFIT/(LOSS) FROM ORDINARY ACTIVITIES
	The following revenue and expense items are relevant in explaining the

financial performance for the interim period:

Gain on deconsolidation		4.413.227
Write-off of goodwill in Eastern Prime Corporation Limited	15.379	$\sim$

3. ACQUISITION AND DISPOSAL OF SUBSIDIARIES

As reported in the annual financial report, the parent entity gained control of Eastern Prime Corporation Pte Ltd, a company incorporated in Singapore. The consideration paid on acquisition was \$15,000.

As reported in the annual financial report, the parent entity disposed its interests in DP Computers Pte Ltd, WWT Wapworkz Pty Ltd, WWT Distribution (USA) Limited, Worldwide Technology Group (Holland) BV, WWT India, WWT Equity Pty Ltd and WWT Holdings Pty Ltd. As a result a gain on deconsolidation was recognised of \$4,413,227.

4. SEGMENT INFORMATION

During the half-year, the consolidated entity continued to negotiate the possible acquisition of a strategic business.

5. CONTINGENT LIABILITIES

There has been no change in contingent liabilities since the last annual reporting date.

6. EVENTS OCCURRING AFTER BALANCE DATE

There are no matters or circumstances which have arisen since the end of the half-year which significantly affected or may significantly affect the operations of the consolidated entity, the results of those operations, or the state of affairs of the consolidated entity in subsequent financial periods.

KG Hall Chadwick Chartered Accountants & Business Advisers

INDEPENDENT REVIEW REPORT TO THE MEMBERS OF RICHFIELD GROUP LIMITED

SCOPE

We have reviewed the financial report of Richfield Group Limited for the half-year ended 31 December 2003 as set out on pages 2 to 6. The financial report includes the consolidated financial statements of the consolidated entity comprising the company and the entities it controlled at the end of the half-year or from time to time during the half-year. The company's directors are responsible for the financial report. We have performed an independent review of the financial report in order to state whether, on the basis of the procedures described, anything has come to our attention that would indicate that the financial report is not presented fairly in accordance with Accounting Standard AASB 1029: Interim Financial Reporting and other mandatory professional reporting requirements and statutory requirements, so as to present a view which is consistent with our understanding of the consolidated entity's financial position, and performance as represented by the results of its operations and its cash flows, and in order for the consolidated entity to lodge the financial report with the Australian Securities and Investments Commission/ Australian Stock Exchange Limited.

Our review has been conducted in accordance with Australian Auditing Standards applicable to review engagements. A review is limited primarily to inquiries of company personnel and analytical procedures applied to the financial data. These procedures do not provide all the evidence that would be required in an audit, thus the level of assurance is less than given in an audit. We have not performed an audit and, accordingly, we do not express an audit opinion.

STATEMENT

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half-year financial report of Richfield Group Limited is not in accordance with:

• $(a)$ the Corporations Act 2001, including:
• giving a true and fair view of the consolidated entity's financial position as at $(i)$ 31 December 2003 and of its performance for the half-year ended on that date; and
• $(ii)$ complying with Accounting Standard AASB 1029: Interim Financial Reporting and the Corporations Regulations 2001; and
• $(b)$ other mandatory professional reporting requirements in Australia.

Hall Charlich

HALL CHADWICK Chartered Accountants

DATED at PERTH this 10 day of February 2004

MAURICE L ANGHIE Partner

Head Office Level 40 BankWest Tower 108 St George's Terroce Parth 6000 Western Australia

GPO Box W2106 PERTH WA 6846

Telephone: (08) 9320 2888
Facsimile: (08) 9320 2999

Kolgootle Office Suite 1 47 Brookman Street
Kalgoorile 6430 Western Australia

Telephone: (08) 9021 7066

Email: hoperinfo@hall chadwick.com.gu www.hallchadwick.com.au

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