Information  X 
Enter a valid email address

Free State Developmt (FSDI)

  Print   

Monday 16 July, 2001

Free State Developmt

Preliminary Results

Free State Dev & Invest Corp Ld
16 July 2001


          FREE STATE DEVELOPMENT AND INVESTMENT CORPORATION LIMITED           
                (Incorporated in the Republic of South Africa)                
                     (Registration number 1944/016931/06)                     
                            ('the company')                                   
                           

             PRELIMINARY report FOR THE YEAR ENDED 31 MARCH 2001              
                        Consolidated Income Statements                        

                                        Year ended      Year ended
                                        31 March        31 March
                                        2001            2000
                                        R'000           R'000
                                        (Unaudited)     (Audited)


Interest received                       4 802           5 843
Royalties and licence fees received     6               6
Profit on sale of mineral rights        -               118
Cost of administration                  (1 225)         (861)
Income before exceptional items         3 583           5 106
Exceptional item                        21              (808)
Income before taxation                  3 604           4 298
Taxation                                (1 075)         (1 496)
Net earnings for the year               2 529           2 802
Earnings per share (cents)              11,4            12,6
Headline earnings
per share (cents)                       11,3            16,2
Number of ordinary shares
  in issue ('000)                       22 227          22 227
Headline earnings are calculated
as follows:                                             
Net earnings for the year               2 529           2 802
Exceptional items                       (21)            808
                                        2 508           3 610

Notes:

1. Headline earnings per share were marginally down at 11,3 cents from 16,2
cents.  The lower interest rate structure as well as costs incurred on the
continuing investigation into the unlocking of shareholder value were
responsible for this.

2. Dividend - no dividend has been declared.

3. The difficulties with regard to our participation in the Styldrift Number
90 JQ platinum prospect have not been satisfactorily resolved, and legal
action is being instituted against Anglo Platinum Limited to resolve this
matter.

4. Investigations into unlocking shareholder value continue and shareholders
will be kept advised accordingly.

5. Your company continues, through industry structures, to lobby for a fair
and equitable Minerals Policy with the South African Government.

6. The preliminary report for the company for the year ended 31 March 2001 has
been reviewed by the company's auditors Deloitte & Touche. The report is
available for inspection at the company's registered office


Consolidated Balance Sheets
                                        31 March        31 March
                                        2001            2000
                                        R'000           R'000
                                        (Unaudited)     (Audited)
Assets
Non-current assets
- Mineral and participation
  rights and cost of exploration        7 943           7 943
Current assets                          47 032          46 391
- Accounts receivable                   135             513
- Cash and cash equivalents             46 897          45 878
Total assets                            54 975          54 334
Liabilities and shareholders' equity
Current liabilities                     882             2 770
- Accounts payable                      592             1 274
- Taxation                              290             1 496
Total liabilities                       882             2 770
Shareholders' equity                    54 093          51 564
Total liabilities and
shareholders' equity                    54 975          54 334
Net asset value per share (cents)       243             232
Movement in shareholders' equity
At beginning of year                    51 564          48 762
Net earnings for the year               2 529           2 802
At end of year                          54 093          51 564


Consolidated Cash Flow Statements
                                        31 March        31 March
                                        2001            2000
                                        R'000           R'000
                                        (Unaudited)     (Audited)

Cash flows from
operating activities                    1 019           3 797
Cash flows from investing activities    -               (89)
Net movement in cash                    1 019           3 708
Cash and cash equivalents
  at beginning of year                  45 878          42 170
Cash and cash equivalents at
  end of year                           46 897          45 878



Head office and registered office   Postal address  
  28 Harrison Street                PO Box 61719    
  Johannesburg, 2001                Marshalltown, 2107

Transfer secretaries
  Mercantile Registrars Limited
  10th Floor, 11 Diagonal Street
  Johannesburg, 2001
  (PO Box 1053, Johannesburg, 2000)



                                                                                
                                                                                
                                                

a d v e r t i s e m e n t