EV RESOURCES LTD — Regulatory Filings 2006

Sep 13, 2006

APPENDIX 4E PRELIMINARY FINAL REPORT RICHFIELD GROUP LIMITED (ABN 66 009 144 503) FOR THE PERIOD ENDED 30 JUNE 2006

Richfield Group Limited
1 July 2005 to 30 June 2006
\$A
Down 84% to	29,284
	(127,763)
	(127, 763)
	Franked amount per security
	Νil
Nil	ΝiΙ
	ΝiΙ
	N/A
	None
	Refer below
	Refer below
	Refer below
Nil	ΝiΙ
	None
	Refer below
	Previous
	Corresponding Period
	0.0007 cents
	1. Details of the current and prior reporting period 1 July 2004 to 30 June 2005 Down 64 % to Down 64 % to Amount per security Nil Nil Current Period $(0.00003)$ cents

RICHOCOWORKING PAPERSW2006 011 JUNE 06 PRELIMINARY REPORT

10. Control Gained or lost over entities
during the period
10.1 Name of entity (Gained)		N/A
		N/A
10.2 The date of the gain of control
10.3 Name of entity (Lost)		N/A
10.4 The date of the loss of control		N/A
10.5 Where material, the contribution of		N/A
above entities to the consolidated result.
11 Details of associates and joint venture		N/A
entities
12. Other Significant Information		ΝiΙ
13. Accounting Standards used by foreign ent		N/A
14. Commentary on the result		None.
14.1 Earnings per share	$2006 - (0.0003 \text{ cents})$	$2005 - (0.0007 \text{ cents})$
14.2 Distributions to Shareholders		Nil
14.3 Significant features of operating perform.		Nil
14.4 Segment Results		Refer below
15. Audit / review of accounts upon which this		Audit in Progress
is based
16. Accounts not yet audited or reviewed		Audit not yet complete.
17. Qualifications of audit / Review		u,

	NOTE	ECONOMIC ENTITY 2006 \$	2005 \$	PARENT ENTITY 2006 \$	2005 \$
Revenues from ordinary activities	2	18,841	177,477
Other income	2	10,443	3,740	10,443	3,631
Changes in inventories of finished goods and work in progress		(8,611)	(108, 094)
Raw materials and consumables used
Employee benefits expense		(66, 648)	(132,099)	(6,000)
Depreciation and amortisation expense	3	(1, 349)	(614)	(304)	(303)
Impairment of Property, plant & equipment
Finance costs
Other expenses from ordinary activities		(80, 439)	(299, 334)	(61, 515)	(279, 181)
Profit/(Loss) from ordinary activities before income tax Income tax (expense)/benefit	3	(127, 763)	(358, 924)	(57, 376)	(275, 853)
Profit/(Loss) after income tax expense		(127,763)	(358, 924)	(57, 376)	(275, 853)
Net loss attributable to minority equity interests
Net loss attributable to members of the parent entity		(127,763)	(358, 924)	(57, 376)	(275, 853)
Basic earnings per share (cents per share)		(0.0003)	(0.0007)

The accompanying notes form part of these financial statements.

RICHFIELD GROUP LIMITED AND CONTROLLED ENTITIES BALANCE SHEET AS AT 30 JUNE 2006

	NOTE	ECONOMIC ENTITY 2006 \$	2005 \$	2006 \$	PARENT ENTITY 2005 \$
CURRENT ASSETS Cash and Cash Equivalents Trade and Other Receivables Inventories	4 5 6	101,719 27,021	251,598 78,121 9,764	98,221 139,482	199,869 139,099
TOTAL CURRENT ASSETS		128,740	339,483	237,703	338,968
NON CURRENT ASSETS Other Assets Property, Plant & Equipment Intangible Assets	7 8 9	37,296 7,574	269,628 9,563	37,296 7,574	269,628 7,878
TOTAL NON CURRENT ASSETS		44,870	279,191	44,870	277,506
TOTAL ASSETS		173,610	618,674	282,573	616,474
CURRENT LIABILITIES Trade and Other Payables Current Tax Liabilities TOTAL CURRENT LIABILITIES	10 11	186,663 186,663	312,544 312,544	160,257 160,257	204,450 204,450
NON CURRENT LIABILITIES Deferred Tax Liabilities	11
TOTAL NON CURRENT LIABILITIES
TOTAL LIABILITIES		186,663	312,544	160,257	204,450
NET ASSETS / (LIABILITIES)		(13,053)	306,130	122,316	412,024
EQUITY Issued Capital Reserves Retained Losses	12 13 14	8,730,799 16,409 (8,760,261)	8,963,131 (24, 503) (8,632,498)	8,730,799 (8,608,483)	8,963,131 (8, 551, 107)
Parent Interest Minority Entity Interest		(13,053)	306,130	122,316	412,024
TOTAL EQUITY		(13,053)	306,130	122,316	412,024

The accompanying notes form part of these financial statements.

RICHFIELD GROUP LIMITED AND CONTROLLED ENTITIES STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2006

	NOTE	ECONOMIC ENTITY 2006 \$	2005 \$	PARENT ENTITY 2006 \$	2005 \$
CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers Payments to suppliers and employees Interest received Borrowing costs Income tax paid		77,487 (248, 431) 2,897	142,266 (512, 982) 3,631	7,546 (72,063) 2,897	(286, 684) 3,631
Net cash provided by/(used in) operating activities	16(a)	(168, 047)	(367,085)	(61, 620)	(283,053)
CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from sale of property, plant & equipment Purchase of property, plant & equipment Investments/Advances to controlled entities Net cash flows provided by/ (used in) investing activities		640 640	(1,996) (333, 193) (335, 189)	(40, 028) (40, 028)	(199, 405) (199, 405)
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		(167, 407)	(702, 274)	(101, 648)	(482, 458)
Cash relating to subsidiary no longer part of economic entity			73,074		89,973
Cash at beginning of the financial year		251,598	880,798	199,869	592,354
Effect of exchange rates on cash holdings in foreign currencies		17,528
Cash at end of financial year	4	101,719	251,598	98,221	199,869

The accompanying notes form part of these financial statements.

1. STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

a) 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 2006.

b) In accordance with the requirements of AASB1: First-time Adoption of Australian Equivalents to International Financial Reporting Standards, no adjustments were required to the parent entity and consolidated entity accounts resulting from the introduction of AIFRS.

	ECONOMIC ENTITY		PARENT ENTITY
	2006	2005	2006	2005
	\$	\$	\$	\$
REVENUE 2.
Operating Activities:
- Revenue from sale of goods	18,841	177,477
- Interest received	2,897	3,631	2,897	3,631
- Other revenue		109
- Realised gain on currency translation	7,546		7,546
	10,443	3,740	10,443	3,631
Total Revenue	29,284	181,217	10,443	3,631

RICHFIELD GROUP LIMITED AND CONTROLLED ENTITIES NOTES TO AND FORMING PART OF THE ACCOUNTS (CONT'D)
FOR THE YEAR ENDED 30 JUNE 2006

		ECONOMIC ENTITY 2006 \$	2005 \$	PARENT ENTITY 2006 \$	2005 s
3.	OPERATING PROFIT/(LOSS)
	Profit/(Loss) before income tax has been determined after: (a) EXPENSES Cost of sales	8,611	108,094
	Realised Gain/(loss) on currency translation		(80, 897)
	Bad and doubtful debts - trade debtors - other debtors - director related parties - wholly owned subsidiaries - partly owned subsidiaries		62,720		62,720
			18,177		62,720
	Borrowing costs: Other persons
	Depreciation of non-current assets: - Plant and equipment	1,349	614	304	303
	Amortisation of non-current assets: - Leasehold improvements - Intangibles - Goodwill on consolidation
	Total amortisation	1,349	614	304	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

RICHFIELD GROUP LIMITED AND CONTROLLED ENTITIES NOTES TO AND FORMING PART OF THE ACCOUNTS (CONT'D)
FOR THE YEAR ENDED 30 JUNE 2006

3.	OPERATING LOSS (CONT'D)	ECONOMIC ENTITY 2006 \$	2005 \$	PARENT ENTITY 2006 \$	2005 \$
	(c) SIGNIFICANT EXPENSES The following significant expense items are relevant in explaining the financial performance:
	Bad debts written off (Note 3(a)) Professional Fees Goodwill written off (Note 3(a)) Write down of non-current investments to recoverable amount	25,200	62,720 30,624		62,720 42,186
	Net effect of significant items	25,200	93,344		104,906
4.	CASH & CASH EQUIVALENTS
Cash on hand Cash at bank Deposits at call		2 101,717	19 92,377 159,202	98,221	17 40,650 159,202
		101,719	251,598	98,221	199,869
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	101,719	251,598	98,221	199,869
		101,719	251,598	98,221	199,869

RICHFIELD GROUP LIMITED AND CONTROLLED ENTITIES NOTES TO AND FORMING PART OF THE ACCOUNTS (CONT'D)
FOR THE YEAR ENDED 30 JUNE 2006

	ECONOMIC ENTITY 2006 \$	2005 \$	PARENT ENTITY 2006 \$	2005 \$
TRADE AND OTHER RECEIVABLES 5.
CURRENT Trade debtors Provision for doubtful debts	27,021	837,636 (802, 316)		802,316 (802, 316)
	27,021	35,320
Other debtors Provision for doubtful debts - other debtors Amount receivable from:		42,801		39,645
- Wholly owned subsidiaries - Provision for doubtful debts-wholly owned subsidiaries			139,482	99,454
- Partly owned subsidiaries - Provision for doubtful debts - partly owned subsidiaries
- Other related parties - Director related parties - Provision for doubtful debts - director related parties
	27,021	78,121	139,482	139,099
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 ASSETS 7.
NON CURRENT Unlisted investments at cost - shares in unlisted entities Loans to Other Entities Provision for write down to recoverable amount	37,296	232,338 37,290	37,296	232,338 37,290
	37,296	269,628	37,296	269,628

		COUNTRY OF INCORPORATION		PERCENTAGE OWNED 2006 %	2005 %
	OTHER ASSETS CONT
(a)	CONTROLLED ENTITIES AND THEIR CONTRIBUTIONS TO CONSOLIDATED PROFIT Eastern Prime Corporation Pte Ltd Advanz International Pte Ltd		Singapore Singapore	100 100	100 100
		ECONOMIC ENTITY 2006 \$	2005 \$	PARENT ENTITY 2006 \$	2005 \$
8.	PROPERTY, PLANT AND EQUIPMENT
	Leasehold building & improvements - at cost	15,144	15,144	15,144	15,144
	Accumulated depreciation	(7,570)	(7,266)	(7,570)	(7,266)
		7,574	7,878	7,574	7,878
	Plant & equipment - at cost Accumulated depreciation
	Office furniture - at cost Accumulated depreciation	29,515 (29, 515)	30,187 (29, 571)	29,515 (29, 515)	29,515 (29, 515)
			616
	Office equipment - at cost Accumulated depreciation	69,278 (69, 278)	70,603 (69, 534)	69,278 (69, 278)	69,278 (69, 278)
			1,069
	Motor vehicles - at cost Accumulated depreciation
	Total property, plant and equipment	7,574	9,563	7,574	7,878

RICHFIELD GROUP LIMITED AND CONTROLLED ENTITIES NOTES TO AND FORMING PART OF THE ACCOUNTS (CONT'D) FOR THE YEAR ENDED 30 JUNE 2006

	ECONOMIC ENTITY 2006 \$	2005 \$	2006 \$	PARENT ENTITY 2005 \$
9. INTANGIBLE ASSETS Goodwill on consolidation Accumulated amortisation	19,224 (19, 224)	19,224 (19, 224)
10. TRADE AND OTHER PAYABLES
CURRENT Trade Payables Sundry Payables Amounts payable to:	56,960 22,671	98,883 106,629	30,554 22,671	30,549 66,869
- Wholly owned subsidiaries - Other related parties	107,032	107,032	107,032	107,032
	186,663	312,544	160,257	204,450
11. TAX LIABILITIES CURRENT Income tax
NON-CURRENT Provision for deferred income tax
12. ISSUED CAPITAL
464,676,013 (2005: 464,676,013) fully paid ordinary shares	8,730,799	8,963,131	8,730,799	8,963,131
(a) ORDINARY SHARES At the beginning of the reporting period Transaction costs relating to share issues	8,963,131 (232, 332)	8,963,131	8,963,131 (232, 332)	8,963,131
At reporting date	8,730,799	8,963,131	8,730,799	8,963,131
At the beginning of reporting period	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

At balance date, no share options were outstanding.

Ordinary shares participate in dividends and the proceeds on winding up of the parent entity in proportion to the number of shares held.

At shareholders meetings each ordinary share is entitled to one vote when a poll is called, otherwise each shareholder has one vote on a show of hands.

On 30 November 2005, 4,646,730 shares in Richfield International Limited were distributed to shareholders of the company as an "in specie" return of capital.

RICHFIELD GROUP LIMITED AND CONTROLLED ENTITIES NOTES TO AND FORMING PART OF THE ACCOUNTS (CONT'D) FOR THE YEAR ENDED 30 JUNE 2006

13. RESERVES	ECONOMIC ENTITY 2006 \$	2005 \$	PARENT ENTITY 2006 \$	2005
Foreign currency translation	16,409	(24, 503)
FOREIGN CURRENCY TRANSLATION RESERVE (a) Movement during the year Opening balance Adjustment arising from disposal of foreign controlled entities Adjustment arising from the translation of foreign controlled entities' financial	(24, 503)	(16,680)
statements	40,192	(7, 823)
Closing balance	16,409	(24, 503)

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

14. RETAINED LOSSES

Retained losses at the beginning of the financial
year	(8.632, 498)	(8,273,574)	(8,551,107)	(8,275,254)
Net loss attributable to members of the
company	(127,763)	(358.924)	(57.376)	(275.853)
Accumulated losses at the end of the financial
vear	(8,760,261)	(8,632,498)	(8,608,483)	(8.551.107)

15. STATEMENT OF OPERATING BY SEGMENTS

The Company is currently seeking business opportunities in the IT industry. The Company operates in one geographical segment in South-East Asia.

16. CASH FLOW INFORMATION	ECONOMIC ENTITY 2006 \$	2005 \$	PARENT ENTITY 2006 \$	2005 \$
(a) RECONCILIATION OF CASH FLOW FROM OPERATIONS WITH PROFIT/(LOSS) FROM ORDINARY ACTIVITIES AFTER INCOME TAX Profit/(Loss) from ordinary activities after income tax	(127, 827)	(358, 924)	(57,376)	(275, 853)
Non-cash flows in loss from ordinary activities Depreciation and Amortisation	1,349	614	304	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	51,100	(47, 680)		(31, 848)
Increase in prepayments and other assets		(3, 156)
(Increase)/decrease in inventories Increase/(decrease) in trade creditors and	9,764	(9,764)
accruals	(102, 433)	51,825	(4,548)	24,345
Movement in income taxes payable Movement in deferred taxes payable
Cash flows from operations	(168, 047)	(367,085)	(61, 620)	(283,053)