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FREE STATE DEVELOPMENT AND INVESTMENT CORPORATION LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1944/016931/06)
("the company")
PRELIMINARY REPORT FOR THE YEAR ENDED 31 MARCH 2001
Consolidated Income Statements
Year ended Year ended
31 March 31 March
2001 2000
R'000 R'000
(Unaudited) (Audited)
Interest received 4 802 5 843
Royalties and licence fees received 6 6
Profit on sale of mineral rights - 118
Cost of administration (1 225) (861)
Income before exceptional items 3 583 5 106
Exceptional item 21 (808)
Income before taxation 3 604 4 298
Taxation (1 075) (1 496)
Net earnings for the year 2 529 2 802
Earnings per share (cents) 11,4 12,6
Headline earnings
per share (cents) 11,3 16,2
Number of ordinary shares
in issue ('000) 22 227 22 227
Headline earnings are calculated
as follows:
Net earnings for the year 2 529 2 802
Exceptional items (21) 808
2 508 3 610
Notes:
1. Headline earnings per share were marginally down at 11,3 cents from 16,2
cents. The lower interest rate structure as well as costs incurred on the
continuing investigation into the unlocking of shareholder value were
responsible for this.
2. Dividend - no dividend has been declared.
3. The difficulties with regard to our participation in the Styldrift Number
90 JQ platinum prospect have not been satisfactorily resolved, and legal
action is being instituted against Anglo Platinum Limited to resolve this
matter.
4. Investigations into unlocking shareholder value continue and shareholders
will be kept advised accordingly.
5. Your company continues, through industry structures, to lobby for a fair
and equitable Minerals Policy with the South African Government.
6. The preliminary report for the company for the year ended 31 March 2001
has been reviewed by the company's auditors Deloitte & Touche. The report is
available for inspection at the company's registered office
Consolidated Balance Sheets
31 March 31 March
2001 2000
R'000 R'000
(Unaudited) (Audited)
Assets
Non-current assets
- Mineral and participation
rights and cost of exploration 7 943 7 943
Current assets 47 032 46 391
- Accounts receivable 135 513
- Cash and cash equivalents 46 897 45 878
Total assets 54 975 54 334
Liabilities and shareholders' equity
Current liabilities 882 2 770
- Accounts payable 592 1 274
- Taxation 290 1 496
Total liabilities 882 2 770
Shareholders' equity 54 093 51 564
Total liabilities and
shareholders' equity 54 975 54 334
Net asset value per share (cents) 243 232
Movement in shareholders' equity
At beginning of year 51 564 48 762
Net earnings for the year 2 529 2 802
At end of year 54 093 51 564
Consolidated Cash Flow Statements
31 March 31 March
2001 2000
R'000 R'000
(Unaudited) (Audited)
Cash flows from
operating activities 1 019 3 797
Cash flows from investing activities - (89)
Net movement in cash 1 019 3 708
Cash and cash equivalents
at beginning of year 45 878 42 170
Cash and cash equivalents at
end of year 46 897 45 878
Head office and registered office Postal address
28 Harrison Street PO Box 61719
Johannesburg, 2001 Marshalltown, 2107
Transfer secretaries
Mercantile Registrars Limited
10th Floor, 11 Diagonal Street
Johannesburg, 2001
(PO Box 1053, Johannesburg, 2000)
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