The business

Spirit Capital was established in 2002 as a niche corporate advisory boutique providing specialist corporate finance services to listed and privately owned companies. In 2006, Spirit Capital took a strategic decision to expand its business focus beyond corporate advisory services into proprietary listed and private equity investments, thereby maximising its value creating opportunities. Spirit Capital is now structured into two strategic business units: Private Equity and Corporate Finance.

Performance

Spirit Capital will focus on acquisitive growth within its existing portfolio to enhance its earnings capability.

Financial Highlights

Year ended December	2009	2010	2011
Headline earnings (Rm)	8,7	7,6	8,7
Growth in headline earnings (%)	17,2	(12,6)	14,5

Spirit's investment profile consist of the following unlisted investments at 28 February 2011:

	Percentage holding
Spirit Corporate Finance (Pty) Ltd	100%
Big Box Containers (Pty) Ltd	70%
Ascot Site Solutions (Pty) Ltd	70%
Tidy Files (Pty) Ltd	58%
Perspex South Africa (Pty) Ltd	50%
Xtruded Polymer Solutions (Pty) Ltd	50%
Honey Fashion Accessories (Pty) Ltd	50%
Annique Skincare Products (Pty) Ltd	50%
Xline Aluminium Solutions (Pty) Ltd	40%
Cerebos Ltd	12%