EV RESOURCES LTD — Regulatory Filings 2007

Feb 27, 2007

APPENDIX 4D HALF YEAR REPORT
HALF YEAR REPORT
RICHFIELD GROUP LIMITED (ABN 66 009 144 503)
FOR THE HALF YEAR ENDED 31 DECEMBER 2006

Name of Entity:	Richfield Group Limited
1. Details of the current and prior reporting period
Current period:		1 July 2006 to 31 December 2006
Prior period:		1 July 2005 to 31 December 2005
2. Results for announcement to the market:		\$'000
2.1 Revenues from ordinary activities	Down 94% to	1
2.2 Profit (loss) from ordinary activities after tax attributable to members	Down 62% to	(106)
2.3 Net profit (loss) for the period attributable to members	Down 62% to	(106)
2.4 Dividend distributions	Amount per security	Franked amount per security
No final dividend has been proposed	ΝIΙ	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 that may be required		Not necessary
	Current Period	Previous Corresponding Period
3. Net tangible asset backing per ordinary security	$(0.0002)$ cents	0.00004cents
4. Control gained or lost over entities during the period
4.1 Name of entity	ΝiΙ	ΝìΙ
4.2 The date of the gain or loss of control 4.2.1 Where material, the contribution of such entities to the reporting entity's profit (loss) from ordinary activities	Nil Nil	Nil ΝìΙ
4.2.2 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	Nil	NII
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

$\rm X/clidean (circleed) are taking papers 2006\,020632$ appendix 4d to accompany december 2006 accounts doe

APPENDIX 4D HALF YEAR REPORT
RICHFIELD GROUP LIMITED (ABN 66 009 144 503)
FOR THE HALF YEAR ENDED 31 DECEMBER 2006

9. Audit/review of accounts upon which this	This report is based on accounts which have
I report is based	not yet been audited
l 10. Qualifications of Audit/Review.	Inherent Uncertainty regarding Going Concern

RICHFIELD GROUP LTD A.B.N. 66 009 144 503 FINANCIAL REPORT FOR THE HALF-YEAR ENDED 31 DECEMBER, 2006

CONTENTS

	Page
Directors' Report	З
Directors' Declaration	4
Auditors' Independence Declaration	5
Condensed Income Statement	6
Condensed Balance Sheet	7
Condensed Statement of Changes in Equity	8
Condensed Cash Flow Statement	9
Notes to the condensed interim financial report	10
Independent Review Report	$12 \,$

RICHFIELD GROUP LTD A.B.N. DIRECTORS REPORT

Your Directors submit the financial report for the half year ended 31 December 2006. In order to comply with the provisions of the Corporations Act 2001, the Directors report as follows:

Directors

The names of the Company's Directors who held office during or since the end of the half year and until the date of this report are as below. Directors were in office for this entire period unless otherwise stated.

٠	Mr Steven Pynt B.Juris, LLB, MBA	Chairman
٠	Mr Jack Guo Jin Bai	Non-Executive Director	Resigned 2nd February 2007
$\bullet$	Mr Christopher Bai	Non-Executive Director	Resigned 2nd February 2007
$\bullet$	Mr Micheal Scivolo B.Bus, CPA	Director	Appointed 2nd February 2007
٠	Mr Mark Balfour B Juris, LLB	Director	Appointed 2nd February 2007

The names of the Company's other Officers who held office during or since the end of the half year and until the date of this report are as below

Mr Simon Headon B.Bus, CPA	Company Secretary
Ms Jane Wilder B Juris, LLB, ACIS, BA	Company Secretary	Appointed 26 th February 2007

Review of Operations

Richfield Group Limited did not carry on a business during the half year ended 31 December 2006 but a number of investment opportunities in various joint venture interests and industries were reviewed; unfortunately they did not proceed.

Events Subsequent to Balance Date

Mr Jack Guo Jin Bai and Mr Christopher Bai resigned from their positions of Non-Executive Directors on the 2^nd February 2007.

Auditor's Independence Declaration

Section 307C of the Corporations Act 2001 requires our Auditors, Bentleys MRI Perth Partnership, to provide the Directors of the Company with an Independence Declaration in relation to the review of the half-year financial report. This Independence Declaration is set out on page 5 and forms part of this Directors' Report for the half year ended 31 December 2006.

This report is signed in accordance with a resolution of the Board of Directors made pursuant to s.306 (3) of the Corporations Act 2001.

Steven Pynt

Director

Dated this 27^th day of February 2007

DIRECTORS' DECLARATION

In accordance with a resolution of the directors of Richfield Group Limited, I state that:

In the opinion of the directors:

• $\ddagger$ . The financial statements and notes of the consolidated entity:
• (a) comply with Accounting Standard AASB 134 "Interim Financial Reporting" and the Corporations Regulations2001; and
• (b) give a true and fair view of the economic entity's financial position as at 31 December, 2006 and of the performance for the half-year ended on that date.
• $\mathbf{2}$ there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable.

Steven Pynt Director

Dated this 27^th day of February 2007

A MEMBER OF
MOORES ROWLAND INTERNATIONAL

Bentleys MRI Perth Partnership ABN 17 735 344 518

Level 1, 10 Kings Park Road West Perth WA 6005 Australia

PO Box 570 Wast Perth WA 6872

T 61 8 9460 2000 F 61 8 9322 7787

admin@pert.bentleys.com.au www.bentleys.com.acc

AUDITORS' INDEPENDENCE DECLARATION Under Section 307C of the Corporations Act 2001

To the Directors of Richfield Group Limited

I declare that, to the best of my knowledge and belief during the half year ended 31 December 2006, there have been:

• no contraventions of the auditor independence requirements as set out in the $(i)$ Corporations Act 2001 in relation to the review; and
• no contraventions of any applicable code of professional conduct in relation to the $(ii)$ review.

BENTLEYS MRI PERTH PARTNERSHIP

M J Hillgrove Partner

Dated this 27 day of February 2007.

CONDENSED INCOME STATEMENT FOR THE HALF-YEAR ENDED 31 DECEMBER 2006

	Note	Consolidated
		31 December 2006	31 December 2005
Continuing Operations
Revenue		876	14,390
Cost of Sales			(8, 254)
Management and consulting expense		(14, 487)	(17, 155)
Finance Costs
Depreciation and amortisation expenses		(152)	(1, 153)
Listing expenses		(14, 010)
Employee benefits expense		(14, 636)	(46, 411)
Audit Fees		(2,500)	(8, 425)
Impairment of Investment		(7,458)
Bad and Doubtful Debts expense		(26,054)
Other Expenses from Ordinary Activities		(28,034)	1,431
Profit/(loss) from continuing operations before income tax		(106, 455)	(65, 577)
Income tax expense
Profit/(loss) from continuing operations after tax		(106, 455)	(65, 577)
Profit/(loss) Attributable to members of the Parent		(106, 455)	(65, 577)
Earnings per Share
Basic earnings per share		(0.0002)	(0.0001)
Diluted earnings per share		(0.0002)	(0.0001)

The condensed income statement is to be read in conjunction with the notes to and forming part of the consolidated interim financial report.

CONDENSED BALANCE SHEET AS AT 31 DECEMBER 2006

	Consolidated
	As at	As at
	31 December 2006	30 June 2006
Current Assets
Cash and cash equivalents	43,869	101,719
Trade and other receivables		27,021
Inventories
Total Current Assets	43,869	128,740
Non-Current Assets
Property, plant and equipment	7,422	7,574
Other Financial Assets	29,838	37,296
Total Non-Current Assets	37,260	44,870
Total Assets	81,129	173,610
Current Liabilities
Trade and Other Payables	201,130	186,663
Total Current Liabilities	201,130	186,663
Non-Current Liabilities
Total Non-Current Liabilities
Total Liabilities	201,130	186,663
Net Assets	(120, 001)	(13,053)
Equity
Issued Capital	8,730,799	8,730,799
Reserves	15,916	16,409
Accumulated Losses	(8,866,716)	(8,760,261)
Parent interests	(120, 001)	(13, 053)
Total Equity	(120,001)	(13, 053)

The condensed balance sheet is to be read in conjunction with the notes to and forming part of the consolidated
interim financial report.

CONDENSED STATEMENT OF CHANGES IN EQUITY FOR THE HALF YEAR ENDED 31 DECEMBER 2006

Ŝ			s.
Share Capital
Ordinary	Retained Profits	Reserves	Total
8,963,131	(8,632,498)	(24, 503)	306,130
	(65, 577)		(65, 577)
		10,212	10,212
8,963,131	(8,698,075)	(14, 291)	250,765
(232, 332)			(232, 332)
8,730,799	(8,698,075)	(14, 291)	18,433
8,730,799	(8,760,261)	16,409	(13,053)
	(106, 455)		(106, 455)
		(493)	(493)
8,730,799	(8,866,716)	15,916	(120, 001)
8,730,799	(8,866,716)	15,916	(120, 001)

The condensed statement of changes in equity is to be read in conjunction with the notes to and forming part of the consolidated interim financial report.

CONDENSED CASH FLOW STATEMENT FOR THE HALF YEAR ENDED 31 DECEMBER 2006

	Note	Consolidated
		31 December 2006	31 December 2005
Cash Flow from Operating Activities
Receipts from Customers		967	22,378
Payments to Suppliers and employees		(59, 200)	(107, 225)
Interest Received		876	1,431
Net cash flows from operating activities		(57, 357)	(83, 416)
Cash Flow from Financing Activities
Proceeds of borrowings
Repayment of borrowings
Net cash flows used in financing activities
Cash Flow from Investing Activities
Investments/Advances to Controlled Entities
Payments for property, plant and equipment
Net cash flows used in investing activities
Net increase (decrease) in cash and cash equivalents		(57, 357)	(83, 416)
Cash and cash equivalents at the beginning of the period		101,719	251,598
Net foreign exchange differences		(493)
Cash and cash equivalents at the end of the period		43,869	168,182

The condensed cashflow statement is to be read in conjunction with the notes to and forming part of the consolidated interim financial report.

CONDENSED NOTES TO THE CONSOLIDATED INERIM FINANCIAL REPORT 31 DECEMBER 2006

1. CONDENSED NOTES TO THE CONSOLIDATED INTERIM FINANCIAL REPORT.

$(a)$ Reporting Entity

Richfield Group Limited (the "Company") is a company domiciled in Australia. The consolidated interim financial report of the Company as at and for the six months ended 31 December 2006 comprises the Company and its subsidiaries (together referred to as the "consolidated entity").

$(b)$ Statement of Compliance

The consolidated interim financial report is a general purpose financial report, which has been prepared in accordance with the requirements of the Corporations Act 2001, applicable Accounting Standards including Accounting Standard AASB 134: "Interim Financial Reporting" and other mandatory professional reporting requirements (Urgent Issues Group Consensus Views).

The consolidated interim financial report does not include all notes of the type normally included within the annual financial report and therefore cannot be expected to provide as full an understanding of the financial performance, financial position and financing and investing activities of the consolidated entity as the full financial report.

The consolidated interim financial report should be read in conjunction with the annual financial report of consolidated entity as at 30 June 2006, as prepared under A-IFRS. It is also recommended that the half-year financial report be considered together with any public announcements made by the consolidated entity during the half-year ended 31 December 2006 in accordance with the continuous disclosure obligations arising under the Corporations Act 2001.

$(c)$ Significant accounting policies

The accounting policies adopted in the preparation of the half-year financial report are consistent with those adopted and disclosed in the annual financial report as at and for the year ended 30 June 2006.

The Group has taken the exemption available under AASB 1 to only apply AASB 132 Financial Instruments: Disclosure and Presentation and AASB 139 Financial Instruments: Recognition and Measurement from 1 July 2005.

$(d)$ Going Concern basis of accounting

The consolidated interim financial statements have been prepared assuming that the Company will continue as a going concern. The Company has a deficiency of working capital and total equity, and has made trading losses since inception. The Company's ability to continue as a going concern is therefore dependent on the operations becoming profitable or additional funds being provided by financiers or shareholders of the entity.

$\overline{2}$ . Segment Reporting

The Group operated predominantly in one geographical segment and one business, being the seeking of business opportunities in the IT industry.

3. Contingent Assets and Liabilities

There are no contingent assets or liabilities as at the reporting date.

CONDENSED NOTES TO THE CONSOLIDATED INERIM FINANCIAL REPORT 31 DECEMBER 2006 (Cont'd)

$\boldsymbol{4}$ Events Subsequent to Balance Date

The Directors are not aware of any matter or circumstance that has arisen since 31 December 2006 which has significantly affected, or may significantly affect, the operations of the Group, the results of those operations, or the state of affairs of the Group, in future financial years.

A MEMBER OF
MOORES ROWLAND INTERNATIONAL

Bentleys MRI Perth Partnership ABN 17 735 344 518

Level 1, 30 Kings Park Road West Perth WA 6005 Australia

PO Box 570 West Perth WA 6872

1 61 8 9480 2000 F 61 8 9322 7787

admin@pert.benteys.com.as/ www.herdeys.com.au

à.

INDEPENDENT AUDITOR'S REVIEW REPORT

TO THE MEMBERS OF RICHFIELD GROUP LIMITED

Report on the Half-Year Financial Report

We have reviewed the accompanying half-year financial report of Richfield Group Limited, which comprises the condensed balance sheet as at 31 December 2006, and the condensed income statement, condensed statement of changes in equity and condensed cash flow statement for the half-year ended on that date, a description of accounting policies, other selected explanatory notes and the directors' declaration for Richfield Group Limited (the consolidated entity). The consolidated entity comprises both Richfield Group Limited (the company) and the entities it controlled during that half-year.

Directors' Responsibility for the Half-year Financial Report

The directors of the company are responsible for the preparation and fair presentation of the half-year financial report in accordance with Australian Accounting Standards (including the Australian Accounting Interpretations) and the Corporations Act 2001. This responsibility includes designing, implementing and maintaining internal control relevant to the preparation and fair presentation of the half-year financial report that is free from material misstatement. whether due to fraud or error; selecting an applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

Auditor's Responsibility

Our responsibility is to express a conclusion on the half-year financial report based on our review. We conducted our review in accordance with Auditing Standard on Review Engagements ASRE 2410 Review of an Interim Financial Report Performed by the Independent Auditor of the Entity, in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the financial report is not in accordance with the Corporations Act 2001 including giving a true and fair view of the consolidated entity's financial position as at 31 December 2006 and its performance for the half-year ended on that date and complying with Accounting Standard AASB 134: Interim Financial Reporting and the Corporations Regulations 2001. As the auditor of Richfield Group Limited, ASRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial report.

A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

While we considered the effectiveness of management's internal controls over financial reporting when determining the nature and extent of out procedures, our review was not designed to provide assurance on internal controls.

Independence

In conducting our review, we have complied with the independence requirements of the Corporations Act 2001.

CONCLUSION

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 the Corporations Act 2001 including:

• a) Giving a true and fair view of the consolidated entity's financial position as at 31 December 2006 and of its performance and its cashflows for the half-year ended on that date; and
• b) Complying with Accounting Standard AASB 134: Interim Financial Reporting and Corporations Regulations 2001.

INHERENT UNCERTAINTY REGARDING THE GOING CONCERN ASSUMPTION

Without qualification to the conclusion expressed above, attention is also drawn to the following matter:

GOING CONCERN

We refer to Note 1 (d) in the notes to the financial statements relating to the preparation of the interim financial statements on a going concern basis. The Company has a deficiency of working capital and total equity, and has made trading losses since inception. The Company's ability to continue as a going concern is therefore dependent on the operations becoming profitable or additional funds being provided by financiers or shareholders of the entity.

BENTLEYS MRI PERTH PARTNERSHIP

M J Hillgrove Partner

Dated this $27$ day of February 2007.