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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")
ABRIDGED Income Statement
Year Year
ended ended
31 March 31 March
2003 2002
Note Unaudited Audited
R"000 R"000
Interest received 8 737 4 788
Licence fees 1 3
Net income 8 738 4 791
Cost of administration (803) (979)
Profit before taxation 7 935 3 812
Taxation 2 397 1 148
Net income for the year 5 538 2,664
Headline earnings per share (cents) 1 24,9 12,0
Notes on income statement:
1. Headline earnings calculation is based on
net income for the year of 5 538 2 664
and the number of shares in issue (000"s). 22 227 22 227
CONSOLIDATED CASH FLOW STATEMENT
Year Year
ended ended
31 March 31 March
2003 2002
Unaudited Audited
R"000 R"000
Cash flows applied to
operating activities 6 109 2 872
Cash flows from
investing activities (6 096) (49 750)
Net (decrease)/increase
in cash and cash equivalents 13 (46 878)
Cash and cash equivalents at
beginning of year 19 46 897
Cash and cash equivalents at
end of year 32 19
ABRIDGED consolidated BALANCE SHEET
At At
31 March 31 March
2003 2002
Unaudited Audited
R"000 R"000
ASSETS
Current assets 55 889 49 806
Cash and cash equivalents 32 19
Loan to JCI Gold Ltd 55 846 49 750
Accounts receivable 11 37
Non-current assets 7 943 7 943
Mineral and participation rights
and cost of exploration 7 943 7 943
Total assets 63 832 57 749
LIABILITIES AND
SHAREHOLDERS" EQUITY
Current liabilities 1 398 992
Accounts payable 480 605
Taxation 918 387
Shareholders" equity 62 434 56 757
Total liabilities and shareholders" equity 63 832 57 749
STATEMENT OF CHANGE IN EQUITY
Capital
Share Share redemption Retained
capital premium reserve income Total
R"000 R"000 R"000 R"000 R"000
Balance as at
31 March 2002 2 223 9 272 28 45 234 56 757
Attributable profit
for the year 5 538 5 538
Forfeiture of
unclaimed dividends 139 139
Balance as at
31 March 2003 2 223 9 272 28 50 911 62 434
Notes:
I. The board of directors are continuing to explore alternatives with regard
to optimising shareholders" value and shareholders will be advised in due
course.
II. Legal proceedings against Anglo American Platinum Corporation Limited with
regard to Styldrift 90 JQ mineral rights dispute continue.
III. JCI Gold loan is secured by listed equities with a market value of
R53 400 000 as at 31 March 2003.
Post balance sheet event
The Company has concluded a mineral rights exchange agreement with a South
African mining house in an endeavour to preserve, and realise value for its
shareholders as part of its ongoing strategy, and in view of recent developments
concerning the Mineral and Petroleum Resources Development
Act 28 of 2002.
The exchange which relates to mineral rights held as trading stock is subject
to certain "Suspensive Conditions", one of which pertain to consent being
granted by the Minister of Minerals and Energy Affairs for the cession of
certain of the rights that form part of the exchange to the company concerned.
Basis of accounting
The preliminary financial statements are prepared in accordance with South
African Statements of Generally Accepted Accounting Practice, on a historical
cost basis.
The Group Financial Statements incorporate the assets, liabilities and
results of the operations of the Company and its subsidiaries on a consolidated
basis.
These results have not been audited or reviewed by the Company"s auditors
(Deloitte & Touche).
V G Bray R B Kebble
Chairman Director
27 June 2003
Johannesburg
Head office and registered office
28 Harrison Street
Johannesburg, 2001
Postal address
PO Box 11165
Limited
Johannesburg, 2000
London secretaries
JCI (London) Limited
6 St James"s Place
London
SW1A 1NP
Transfer secretaries
Computershare Investor Services Limited
70 Marshall Street
Johannesburg, 2001
(PO Box 1053, Johannesburg, 2000)
Date: 30/06/2003 08:07:05 AM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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