Sum of the parts valuation

Feb-09 Feb-10 Feb-11
  Investment Rm Rm Rm
  Curro (including loans) 100 373
  Thembeka 110 272 531
  Precrete (including loan to TC) 93 163 200
  Petmin 120 191
  Spirit (including loans) 15 73
  Protea 39 33 38
  African Unity 9 17 30
  Energy Partners
  Erbacon 85 100 60
  GRW 38 49 56
  IQuad 24 24 36
  Top Fix 10 48 23
  Other (or sold investments) 182 251
TOTAL ASSETS 590 1 192 1 611
  Net cash / (debt) (104) (25) 190
  Performance fee (65)
Sum of the parts 486 1 167 1 736
Nr of shares in issue (million) 396 575 581
Per share (R) 1,23 2,03 2,99
Growth   65% 47%