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Free State Developmt (FSDI)

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Thursday 20 July, 2000

Free State Developmt

Final Results

Free State Dev & Invest Corp Ld
20 July 2000

FREDDEV: PRELIMINARY RESULTS
FREE STATE DEVELOPMENT AND INVESTMENT CORPORATION LIMITED
('Freddev')
(Incorporated in the Republic of South Africa)
(Registration number 1944/016931/06)
PRELIMINARY RESULTS FOR THE YEAR ENDED 31 MARCH 2000
Consolidated Income Statement
                                       Year           Nine months
                                       ended          ended
                                       31 March       31 March
                                       2000           1999
                                       R'000          R'000
                                 Notes (Unaudited)    (Audited)
Interest received                      5 843          3 805
Royalties and licence
fees received                          6              6
Dividends - listed investments         -              1 670
Dividends - unlisted investments       -              36
Profit on sale of mineral rights 1     118            -
Cost of administration                 (861)          (640)
Income before exceptional item         5 106          4 877
Exceptional item                 2     (808)          28 470
Income before taxation                 4 298          33 347
Taxation                               (1 550)        (914)
Net earnings for the period            2 748          32 433
Earnings per share (cents)             12,4           145,9  
Headline earnings
per share (cents)                      16,0           17,8
Number of ordinary                                    
shares in issue (000's)                22 227         22 227
NOTES: 
1.  Profit on sale of mineral rights
Profit arising from the sale of certain mineral rights on the farm
Vooruitgang.
2.  Exceptional item
Costs incurred in the aborted exercise undertaken by Western Areas Limited to
merge the operations of a number of companies in the mining and exploration
industry.
CONSOLIDATED BALANCE SHEET
                                       At             At
                                       31 March       31 March
                                       2000           1999
                                       R'000          R'000
                                 Note  (Unaudited)    (Audited)
CAPITAL EMPLOYED
Ordinary shareholders' interest        51 510         48 762
EMPLOYMENT OF CAPITAL
Mineral and participation 
rights and cost of exploration   3     7 943          7 736
Net current assets                     43 567         41 026
Current assets                         46 391         42 330
Accounts receivable                    513            160
Cash and cash equivalents              45 878         42 170
Current liabilities                    2 824          1 304
Accounts payable                       1 274          402
Taxation                               1 550          902
                                       51 510         48 762
Net asset value per share (cents)      232            219
3. Mineral and participation rights
JCI Gold Limited, Western Areas Limited and Freddev exchanged various mineral
and participation rights with those held by GFL Mining Services Limited along
the fault line between the Kloof Gold Mine and Western Areas Gold Mine. This
should enable the various parties to exploit their mineral and participation
rights more economically.
4. Dividend
No dividend has been declared. 
5. Styldrift No. 90 JQ
The Group's participation interest and Impala Platinum Holdings Limited's
sub-participation interest in Styldrift No. 90 JQ are the subject of a dispute
with Anglo American Platinum Corporation Limited.
6. Review of operations
Other than the swap of mineral rights alluded to in note 3 and the dispute
with Anglo American Platinum Corporation Limited referred to in note 5, no
other developments occurred during the year with regard to the mineral rights
holdings. Discussions have, however, commenced with outside parties with a
view to accelerating the realisation of the value of these assets.

On behalf of the board
V G Bray
R B Kebble    Directors
17 July 2000

Head Office and Registered Office  Postal address  Transfer secretaries
28 Harrison Street                 PO Box 61719    Mercantile Registrars
Limited
Johannesburg, 2001                 Marshalltown,   10th Floor, 11 Diagonal
Street                             2107            Johannesburg, 2001
                                                   (PO Box 1053, Johannesburg,
                                                   2000)


                                                                                
                                                                                
                                                                    

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