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Free State Developmt (FSDI)

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Friday 14 January, 2000

Free State Developmt

Interim Results

Free State Dev & Invest Corp Ld
14 January 2000


FREE STATE DEVELOPMENT AND INVESTMENT CORPORATION LIMITED
('Freddev' or 'The Company')
(Incorporated in the Republic of South Africa)
(Registration number 05/16931/06)

INTERIM REPORT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 1999

CONSOLIDATED INCOME STATEMENT

                                     Six months    Six months   Nine months
                                          ended         ended         ended
                                   30 September   31 December      31 March
                                           1999          1998          1999
                                          R'000         R'000         R'000
                                    (Unaudited)   (Unaudited)     (Audited)

Interest received                         2 743         2 244         3 805
Royalties and licence                 
fees received                                 3             3             6
Dividends - listed 
investments                                   -         1 541         1 670
Dividends - unlisted
investments                                   -            36            36
Cost of administration                     (442)         (409)         (640)

Income before
exceptional item                          2 304         3 415         4 877
Exceptional item                              -        24 804        28 470

Income before taxation                    2 304        28 219        33 347
Taxation                                   (691)         (445)         (914)

Profit for the period                     1 613        27 774        32 433

Earnings per share (cents)                  7,3         125,0         145,9
Headline earnings per 
share (cents)                               7,3          15,4          17,8
Number of ordinary
shares in issue (000's)                  22 227        22 227        22 227

CONSOLIDATED BALANCE SHEET

                                             At            At            At
                                   30 September   31 December      31 March
                                           1999          1998          1999
                                          R'000         R'000         R'000
                                    (Unaudited)   (Unaudited)     (Audited)

CAPITAL EMPLOYED
Ordinary shareholders'
interest                                 50 375        44 103        48 762

EMPLOYMENT OF CAPITAL              
Mineral and participation rights                                          
and cost of exploration                   7 736         7 736         7 736
Investments - listed                          -            84             -
Net current assets                       42 639        36 283        41 026

Current assets                           43 870        37 484        42 330

Accounts receiveable                        196           199           160
Cash and cash equivalents                43 674        37 285        42 170

Current liabilities                       1 231         1 201         1 304

Accounts payable                            540           768           402
Taxation                                    691           433           902

                                         50 375        44 103        48 762
NOTES:
1. Dividend
   No interim dividend has been declared.

2. Year 2000 compliance
   The directors are confident that sufficient provision has been made to 
   ensure that all systems are Year 2000 compatible.

3. Restructure of the JCI - Randgold Group
   Shareholders are referred to the announcements issued on 6 December 1999,
   whereby it is proposed that the gold assets of the JCI - Randgold Group,
   which includes Freddev, be consolidated under Western Areas Limited.

   In terms of the restructuring, it is proposed that Western Areas will
   acquire the entire issued share capital of Freddev.

   Freddev shareholders will be offered;
   15,5 Western Areas shares, credited as fully paid; or
   a cash consideration of R220; or
   a combination thereof,
   for every 100 Freddev shares.
   Upon the implementation of the scheme, Freddev would become a wholly-owned
   subsidiary of Western Areas.

   Full details of the proposed transactions are included in circulars sent
   to shareholders dated 20 December 1999.

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

14 January 2000
   
Head Office and Registered Office
28 Harrison Street
Johannesburg 2001

Postal Address
PO Box 61719
Marshalltown, 2107

Transfer Secretaries
Mercantile Registrars Ltd
10th floor, 11 Diagonal Street
Johannesburg, 2001
(PO Box 1053, Johannesburg 2000)

                                                

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