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Free State Development And Investment Corporation Limited - Unaudited Interim
Report For The Six Months Ended 30 September 2002
Free State Development And Investment Corporation Limited
(Incorporated in the Republic of South Africa)
(Registration number 1944/016931/06)
Share code: FRE ISIN: ZAE000002739
("Freddev" or "the company")
Unaudited Interim Report For The Six Months Ended 30 September 2002
Consolidated Income StatementS
Six months Six months Year
ended ended ended
30 Sept 30 Sept 31 March
2002 2001 2002
R`000 R`000 R`000
Unaudited Unaudited Audited
Interest received 4 037 2 464 4 788
Licence fees received 1 3 3
4 038 2 467 4 791
Cost of administration (349) (380) (979)
Income before taxation 3 689 2 087 3 812
Taxation 1 099 626 1 148
Net income for period 2 590 1 461 2 664
Attributable and headline earnings
per share (cents) 11,7 6,6 12,0
Number of ordinary
shares in issue (`000) 22 227 22 227 22 227
Notes:
1. Dividend
No interim dividend has been declared.
2. The board of directors are evaluating alternatives with regards to
optimising shareholders` value and shareholders will be advised in due course.
3. Legal proceedings against Anglo American Platinum Corporation Limited with
regard to the Styldrift 90 JQ mineral rights dispute continue.
4. Changes in shareholders` equity
R`000 R`000 R`000
Opening balance 56 757 54 093 54 093
Retained earnings for period 2 590 1 461 2 664
Closing balance 59 347 55 554 56 757
The financial statements of the company have been prepared in accordance with
South African Statements of Generally Accepted Accounting Practice, which are
consistent with those used at 31 March 2002, the company`s financial year.
Consolidated Balance Sheets
30 Sept 30 Sept 31 March
2002 2001 2002
R`000 R`000 R`000
Unaudited Unaudited Audited
Assets
Non-current assets
Mineral and participation
rights and cost of exploration 7 943 7 943 7 943
Current assets 52 449 48 980 49 806
Total assets 60 392 56 923 57 749
Liabilities and shareholders` equity
Current liabilities -
non-interest bearing 1 045 1 369 992
Shareholders` equity (Note 4) 59 347 55 554 56 757
Total liabilities and
shareholders` equity 60 392 56 923 57 749
Net asset value per share (cents) 267 250 255
Consolidated Cash Flow Statements
Six months Six months Year
ended ended ended
30 Sept 30 Sept 31 March
2002 2001 2002
R`000 R`000 R`000
Unaudited Unaudited Audited
Net cash flow from
operating activities (16) 2 044 (46 878)
Cash and cash equivalents
at beginning of period 19 46 897 46 897
Cash and cash eqivalents
at end of period 3 48 941 19
On behalf of the board
V G Bray R B Kebble
Executive Chairman Non-Executive Director
9 December 2002
Johannesburg
Head office and registered office Postal address
28 Harrison Street PO Box 11165
Johannesburg, 2001 Johannesburg, 2000
London secretaries Transfer secretaries
JCI (London) Limited Computershare Investor Services Limited
6 St James`s Place 70 Marshall Street
London Johannesburg, 2001
SW1A 1NP (PO Box 1053, Johannesburg, 2000)
Date: 09/12/2002 10:55:00 AM Produced by the JSE SENS Department
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