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Free State Developmt (FSDI)

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Friday 21 December, 2001

Free State Developmt

Interim Results

Free State Dev & Invest Corp Ld
21 December 2001


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')

INTERIM REPORT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2001

CONSOLIDATED INCOME STATEMENTS
                                          Six months   Six months         Year
                                               ended        ended        ended
                                        30 Sept 2001 30 Sept 2000     31 March
                                                                          2001
                                               R'000        R'000        R'000
                                           Unaudited    Unaudited      Audited

Interest received                              2 464        2 345        4 802
Licence fees received                              3            3            6
                                               2 467        2 348        4 808

Cost of administration                         (380)        (312)      (1 225)
Income before abnormal items                   2 087        2 036        3 583
Abnormal items                                     -            -           21
Income before taxation                         2 087        2 036        3 604
Taxation                                         626          611        1 075
Net income for period                          1 461        1 425        2 529
Basic earnings per share (cents)                 6,6          6,4         11,4
Headline earnings per share (cents)              6,6          6,4         11,3
Number of ordinary shares in issue            22 227       22 227       22 227
('000)

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NOTES:

Dividend

 1. No interim dividend has been declared.
 2. Discussions are continuing with outside parties with regard to optimising
    shareholder value. Shareholders will be kept advised accordingly.
 3. Legal proceedings against Anglo American Platinum Ltd. with regard to the
    Styldrift 90 JQ mineral rights dispute continue.
 4. Shareholders Equity

Shareholders Equity                                                       R'000

Balance at 1 April 2001                                                  54 093
Retained earnings for period                                              1 461
Balance at 30 September 2001                                             55 554



CONSOLIDATED BALANCE SHEETS
                                                 30 Sept    30 Sept   31 March
                                                    2001       2000       2001
                                                   R'000      R'000      R'000
                                               Unaudited  Unaudited    Audited
Assets
Non-current assets
Mineral and participation rights and cost of       7 943      7 943      7 943
exploration
Current assets                                    48 980     46 565     47 032
Accounts receivable                                   39         62        135
Cash and cash equivalents                         48 941     46 503     46 897
Total assets                                      56 923     54 508     54 975
Liabilities and shareholders' equity
Current liabilities                                1 369      1 519        882
Accounts payable                                     743        908        592
Taxation                                             626        611        290
Total liabilities                                  1 369      1 519        882
Shareholders' equity (Note 4)                     55 554     52 989     54 093
Total liabilities and shareholders' equity        56 923     54 508     54 975
Net asset value per share (cents)                    250        238        243



CONSOLIDATED CASH FLOW STATEMENTS
                                           Six months   Six months         Year
                                                ended        ended        ended
                                         30 Sept 2001 30 Sept 2000     31 March
                                                                           2001
                                                R'000        R'000        R'000
                                            Unaudited    Unaudited      Audited
Net increase in cash and cash
equivalents
arising from operating activities               2 044          625        1 019


The financial statements of the company have been prepared in accordance with
statements of Generally Accepted Accounting Practice, which are consistant
with those used at 31 March 2001, the company's financial year end.

On behalf of the board

V G Bray Directors
R B Kebble

21 December 2001


Head office and registered     Postal address    Transfer secretaries
office

28 Harrison Street             PO Box 61719      Mercantile Registrars Limited
Johannesburg, 2001             Marshalltown,     8th Floor, 11 Diagonal Street
                               2107              Johannesburg, 2001
                                                 (PO Box 1053, Johannesburg,
                                                 2000)



                                                                                
                                                                                
                                     

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