Free State Developmt

Final Results


FREE STATE DEVELOPMENT AND INVESTMENT CORPORATION LIMITED - PRELIMINARY RESULTS
FOR THE YEAR ENDED 31 MARCH 2003


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     1                            24,9          12,0
(cents)                                                                        
                                                                               
Notes on income statement:                                                     
                                                                               
1. Headline earnings                                        5 538         2 664
calculation is based on net                                                    
income for the year of                                                         
                                                                               
and the number of shares in                                22 227        22 227
issue (000`s).                                                                 


CONSOLIDATED CASH FLOW STATEMENT

                                                             Year          Year
                                                                               
                                                            ended         ended
                                                                               
                                                         31 March      31 March
                                                                               
                                                             2003          2002
                                                                               
                                                        Unaudited       Audited
                                                                               
                                                            R`000         R`000
                                                                               
Cash flows applied to                                       6 109         2 872
operating activities                                                           
                                                                               
Cash flows from investing                                 (6 096)      (49 750)
activities                                                                     
                                                                               
Net (decrease)/increase                                        13      (46 878)
in cash and cash equivalents                                                   
                                                                               
Cash and cash equivalents at                                   19        46 897
beginning of year                                                              
                                                                               
Cash and cash equivalents at                                   32            19
end of year                                                                    



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                                   7 943         7 943
rights and cost of exploration                                                 
                                                                               
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                                      63 832        57 749
shareholders' equity                                                           

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            2 223       9 272           28      45 234      56 757
31 March 2002                                                                  
                                                                               
Attributable profit                                           5 538       5 538
for the year                                                                   
                                                                               
Forfeiture of                                                   139         139
unclaimed dividends                                                            
                                                                               
Balance as at            2 223       9 272           28      50 911      62 434
31 March 2003                                                                  


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)