EV RESOURCES LTD — Regulatory Filings 2005

Sep 12, 2005

APPENDIX 4E PRELIMINARY FINAL REPORT RICHFIELD GROUP LIMITED (ABN 66 009 144 503) FOR THE PERIOD ENDED 30 JUNE 2005

Name of Entity:	Richfield Group Limited
1. Details of the current and prior reporting period
Current Period:	1 July 2004 to 30 June 2005
Prior Period:	1 July 2003 to 30 June 2004
2. Results for announcement to the market
	SΑ
2.1 Revenues from ordinary activities	Up 100% to	181,217
2.2 Profit (loss) from ordinary activities after	Down 6% to	(358, 924)
tax attributable to members
2.3 Net profit (loss) for the period attributable	Down 6% to	(358, 924)
to members
2.4 Dividend distributions	Amount per security	Franked amount per
		security
Interim Dividend	Nil	Nil
	Nil
Proposed Final Dividend		Nil
PREVIOUS CORRESPONDING PERIOD	Nil	Nii
2.5 Record date for determining entitlements to		N/A
the dividend
2.6 Explanation of any of the figures in 2.1 to		None
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
		Period
9. Net tangible asset backing per ordinary	0.0007 cents	$0.0014$ cents
security

10. Control Gained or lost over entities during the period 10.1 Name of entity (Gained) Advanz International Pte Ltd
10.2 The date of the gain of control	6/5/05
10.3 Name of entity (Lost) Richfield Shipping Pty Ltd
10.4 The date of the loss of control	18/8/04
10.5 Where material, the contribution of above entities to the consolidated result.	None
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	None.
14.1 Earnings per share $2005 - (0.0007 \text{ cents})$ $2004 - (0.0007 \text{ cents})$
14.2 Distributions to Shareholders	Nil
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 Audit not yet complete.
17. Qualifications of audit / Review No Qualifications

STATEMENT OF FINANCIAL PERFORMANCE FOR THE YEAR ENDED 30 JUNE 2005

	NOTE	CONSOLIDATED		PARENT ENTITY
		2005 \$	2004 S	2005 \$	2004 S
Revenues from ordinary activities	$\overline{2}$	181,217	5,029	3,631	5,029
Changes in inventories of finished goods and work in progress		(108,094)
Raw materials and consumables used
Employee benefits expense		(132,099)
Depreciation and amortisation expense	3	(614)	(15,379)	(303)
Borrowing costs expense	3
Other expenses from ordinary activities	3	(299, 334)	(329,095)	(279, 181)	(332, 975)
Profit/(Loss) from ordinary activities before income tax expense Income tax (expense)/benefit	3	(358, 924)	(339, 445)	(275, 853)	(327, 946)
Profit/(Loss) from ordinary activities after income tax expense		(358, 924)	(339, 445)	(275, 853)	(327, 946)
Effect of acquisition of subsidiary during the year
Net loss attributable to outside equity interests
Net loss attributable to members of the parent entity		(358, 924)	(339, 445)	(275, 853)	(327, 946)
Total changes in equity other than those resulting from transactions with owners as owners		(358, 924)	(339, 445)	(275, 853)	(327, 946)
Basic earnings per share (cents per share)		(0.0007)	(0.0007)

The accompanying notes form part of these financial statements.

STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2005

	NOTE	CONSOLIDATED		PARENT ENTITY
		2005	2004	2005	2004
		\$	\$	\$	\$
CURRENT ASSETS
Cash Assets	4	251,598	880,798	199,869	592,354
Receivables	5	78,121	27,285	139,099	27,285
Inventories	6	9,764
TOTAL CURRENT ASSETS		339,483	908,083	338,968	619,639
NON CURRENT ASSETS
Other Financial Assets Property, Plant & Equipment	7 9	269,628 9,563	8,181	269,628 7,878	303,444 8,181
Intangible Assets	10
TOTAL NON CURRENT ASSETS		279,191	8,181	277,506	311,625
TOTAL ASSETS		618,674	916,264	616,474	931,264
CURRENT LIABILITIES
Payables	$\mathbf{1}$	312,544	243,387	204,450	243,387
Interest Bearing Liabilities	12
Current Tax Liabilities	13
TOTAL CURRENT LIABILITIES		312,544	243,387	204,450	243,387
NON CURRENT LIABILITIES
Interest Bearing Liabilities	12
Deferred Tax Liabilities
TOTAL NON CURRENT LIABILITIES
TOTAL LIABILITIES		312,544	243,387	204,450	243,387
NET ASSETS		306,130	672,877	412,024	687,877
EQUITY
Contributed Equity	14	8,963,131	8,963,131	8,963,131	8,963,131
Reserves	15	(24, 503)	(16,680)
Accumulated Losses	16	(8,632,498)	(8,273,574)	(8,551,107)	(8,275,254)
Parent Entity Interest Outside Entity Interest		306,130	672,877	412,024	687,877
TOTAL EQUITY		306,130	672,877	412,024	687,877

The accompanying notes form part of these financial statements.

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2005

	NOTE	CONSOLIDATED 2005	2004	PARENT ENTITY 2005	2004
		\$	\$	\$	\$
CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers Payments to suppliers and employees Interest received Borrowing costs Income tax paid		142,266 (512,982) 3,631	(379, 199) 5,209	(286, 684) 3,631	(351, 014) 5,029
Net cash provided by/(used in) operating activities	20(a)	(367,085)	(373,990)	(283,053)	(345,985)
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)	(1,996) (333, 193)	(8, 181)	(199, 405)	(8,181) (288, 444)
Net cash flows provided by/ (used in) investing activities		(335, 189)	(8,181)	(199, 405)	(296, 625)
CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from issue of shares Repayment of borrowings
Net cash flows provided by/ (used in) financing activities
Net increase/(decrease) in cash held		(702, 274)	(382, 171)	(482, 458)	(642, 610)
Cash relating to subsidiary no longer part of economic entity		73,074		89,973
Cash at beginning of the financial year		880,798	1,262,969	592,354	1,234,964
Effect of exchange rates on cash holdings in foreign currencies
Cash at end of financial year	4	251,598	880,798	199,869	592,354

The accompanying notes form part of these financial statements.

1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

This Preminary 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 2005.

	CONSOLIDATED		PARENT ENTITY
	2005 \$	2004 \$	2005 \$	2004 \$
REVENUE 2.
Operating Activities:
- Revenue from sale of goods	177,477
- Interest received	3,631	5,029	3,631	5,029
- Other revenue	109
- Rental revenue
- Realised gain on currency translation
- Management fees
Total Revenue	181,217	5,029	3,631	5,029
Non-Operating Activities
- Proceeds on disposal of property, plant and
equipment - Gain on deconsolidation
Total Revenue	181,217	5,029	3,631	5,029

		CONSOLIDATED		PARENT ENTITY
		2005 \$	2004 \$	2005 \$	2004 \$
3.	OPERATING PROFIT/(LOSS)
	Profit/(Loss) from ordinary activities before income tax has been determined after:
	(a) EXPENSES Cost of sales	108,094
	Unrealised loss on currency translation
	Realised Gain/(loss) on currency translation	(80, 897)	167,468		167,468
	Bad and doubtful debts - trade debtors
	- other debtors	62,720		62,720
	- director related parties
	- wholly owned subsidiaries
	- partly owned subsidiaries
		89,917	167,468	62,720	167,468
	Borrowing costs:
	Other persons
	Depreciation of non-current assets:
	- Plant and equipment	614		303
	Amortisation of non-current assets:
	- Leasehold improvements - Intangibles
	- Goodwill on consolidation		15,379
	Total amortisation	614	15,379	303
	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

		CONSOLIDATED		PARENT ENTITY
3.	OPERATING LOSS (CONT'D)	2005 \$	2004 \$	2005 \$	2004 \$
	(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 $3(a)$ )	62,720		62,720
	Professional Fees	30,624	60,258	42,186	60,258
	Goodwill written off (Note $3(a)$ )		15,379
	Write down of non-current investments to
	recoverable amount
	Net effect of significant items	93,344	75,637	104,906	60,258
4.	CASH ASSETS
	Cash on hand	19	17	17	17
	Cash at bank	92,377	314,862	40,650	26,418
	Deposits at call	159,202	565,919	159,202	565,919
		251,598	880,798	199,869	592,354
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	251,598	880,798	199,869	592,354
		251,598	880,798	199,869	592,354

	CONSOLIDATED		PARENT ENTITY
	2005 Ś	2004 Ŝ	2005 \$	2004 \$
RECEIVABLES 5.
CURRENT
Trade debtors Provision for doubtful debts	837,636 (802,316)	802,316 (802,316)	802,316 (802,316)	802,316 (802,316)
	35,320
Other debtors	42,801	27,285	39,645	27,285
Provision for doubtful debts - other debtors Amount receivable from:
- Wholly owned subsidiaries - Provision for doubtful debts- wholly owned			99,454
subsidiaries
- Partly owned subsidiaries
- Provision for doubtful debts - partly owned subsidiaries
- Other related parties
- Director related parties
- Provision for doubtful debts - director related
parties
	78,121	27,285	139,099	27,285
INVENTORIES 6.
CURRENT
Raw materials and stores at cost
Finished goods at cost	9,764
	9,764
Finished goods at net recognized value
	9,764
OTHER FINANCIAL ASSETS 7.
NON CURRENT Unlisted investments at cost
- shares in unlisted entities	232,338		232,338	115,010
Loans to Other Entities	37,290		37,290	188,434
	269,628		269,628	303,444

		COUNTRY OF
		INCORPORATION	PERCENTAGE OWNED
			2005	2004
			%	%
Я.	CONTROLLED ENTITIES
	(a) CONTROLLED ENTITIES AND THEIR
	CONTRIBUTIONS TO CONSOLIDATED PROFIT
	Richfield Shipping Pty Ltd	HSA		100
	Eastern Prime Corporation Pte Ltd	Singapore	100	100
	Advanz International Pte Ltd	Singapore	100	$\overline{\phantom{a}}$
	(b) GAIN OF CONTROL OVER ENTITIES
	Advanz International Pte Ltd

(b) LOSS OF CONTROL OVER ENTITIES

The disposal of Richfield Shipping Pty Ltd during the year did not result in a gain or loss on deconsolidation.

9. PROPERTY, PLANT AND EQUIPMENT

Leasehold building $&$ improvements $-$ at cost Accumulated depreciation	15,144 (7,266)	15,144 (6,963)	15,144 (7,266)	15,144 (6,963)
	7,878	8,181	7,878	8,181
Plant $&$ equipment – at cost Accumulated depreciation
Office furniture $-$ at cost Accumulated depreciation	30,187 (29, 571)	29,515 (29, 515)	29,515 (29,515)	29,515 (29, 515)
	616
Office equipment - at cost Accumulated depreciation	70,603 (69, 534)	69,278 (69,278)	69,278 (69,278)	69,278 (69, 278)
	1,069
Motor vehicles $-$ at cost Accumulated depreciation
Total property, plant and equipment	9,563	8,181	7,878	8,181

		CONSOLIDATED		PARENT ENTITY
	2005	2004	2005	2004
	\$	\$	\$	\$
10. INTANGIBLE ASSETS
Goodwill on consolidation		19,224
Accumulated amortisation		(19,224)
11. PAYABLES
CURRENT
Trade creditors and accruals	98,883	12,940	30,549	12,940
Sundry creditors	106,629	52,368	66,869	52,368
Amounts due to directors
Deposit received Amounts payable to:
- Wholly owned subsidiaries
- Other related parties	107,032	178,079	107,032	178,079
	312,544	243,387	204,450	243,387
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)
Total current and non-current secured liabilities: (a)
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	2005 Ŝ	2004 \$	2005 \$	2004 \$
CURRENT Income tax
NON-CURRENT Provision for deferred income tax
14. CONTRIBUTED EQUITY
464,676,013 (2003: 464,676,013) fully paid ordinary shares	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 Share reduction Transaction costs relating to share issues	8,963,131	8,963,131	8,963,131	8,963,131
At reporting date	8,963,131	8,963,131	8,963,131	8,963,131
At the beginning of reporting period Shares issued during year	464,676,013	464,676,013	464,676,013	464,676,013
At reporting date	464,676,013	464,676,013	464,676,013	464,676,013
15. RESERVES
Foreign currency translation	(24, 503)	(16,680)
(a) FOREIGN CURRENCY TRANSLATION RESERVE Movement during the year Opening balance Adjustment arising from disposal of foreign controlled entities Adjustment arising from the translation of foreign controlled entities' financial statements	(16,680) (7,823)	(16,680)
Closing balance	(24, 503)	(16,680)

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

16. ACCUMULATED LOSSES	CONSOLIDATED 2005 Ś	2004 Ŝ	PARENT ENTITY 2005 \$	2004 \$
Accumulated losses at the beginning of the financial year Share reduction	(8,273,574)	(7,934,129)	(8,275,254)	(7,947,308)
Net loss attributable to members of the company	(358, 924)	(339, 445)	(275, 853)	(327,946)
Accumulated losses at the end of the financial year	(8,632,498)	(8,273,574)	(8,551,107)	(8,275,254)
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
	2005	2004	2005	2004
10. Construction of the control of Control states of the Control of the control of

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

(a) RECONCILIATION OF CASH FLOW FROM OPERATIONS WITH PROFIT/(LOSS) FROM ORDINARY ACTIVITIES AFTER INCOME TAX
Profit/(Loss) from ordinary activities after
income tax	(358, 924)	(339, 445)	(275, 853)	(327.946)
Non-cash flows in loss from ordinary activities
Depreciation and Amortisation	614		303
Net loss on disposal of property, plant $\&$
equipment
Doubtful debts
Building impairment loss
Write-down of investments to recoverable
amount
Gain on deconsolidation
Other items
Changes in assets and liabilities, net of the
effects of purchase and disposal of subsidiaries:
(Increase)/decrease in trade and other debtors	(47,680)	(9,650)	(31, 848)	(11,931)
Increase in prepayments and other assets	(3,156)	(8,181)
(Increase)/decrease in inventories	(9.764)
Increase/(decrease) in trade creditors and
accruals	51,825	(16,714)	24,345	(6,108)
Movement in income taxes payable
Movement in deferred taxes payable
Cash flows from operations	(367.085)	(373.990)	(283,053)	(345,985)

			CONSOLIDATED		PARENT ENTITY
		2005 Ś	2004 Ŝ	2005 \$	2004 \$
	20. CASH FLOW INFORMATION (CONT'D)
	(b) ACQUISITION OF BUSINESS This year 100% of the controlled entity Advanz International Pte Ltd was acquired. Details of this transaction are:
	Purchase consideration
	Cash consideration Cash acquired
	Cash outflow/(inflow)
	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

(c) DISPOSAL OF BUSINESS

		CONSOLIDATED		PARENT ENTITY
		2005 \$	2004 Ŝ	2005 \$	2004 \$
	20. CASH FLOW INFORMATION (CONT'D)
	(d) NON-CASH FINANCING AND INVESTING ACTIVITES
	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 loan 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.

22 CAPITAL COMMITMENTS

At balance date, there are no outstanding capital commitments for the consolidated entity.

23. EVENTS OCCURRING AFTER BALANCE DATE

There are no other matters or circumstances which have arisen since the end of the financial 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 future financial years.

24. CONTINGENT LIABILITIES

The company has acted as guarantor for Bondshaw Holdings Pty Ltd ("Bondshaw") to Howard Mortgage Trust & Permanent Trustee Australia Limited for amounts advanced to Bondshaw of \$913,573.73. This guarantee was signed during the period when the company was trading as Oka Motor Company.

The company's directors have resolved to dissolve the guarantee and has instructed its solicitors to act on its behalf, by issuing a letter to Howard Mortgage Trust & Permanent Trustee Australia Limited advising of the company's intent.