SAPPI LTD (SAP) 6-K

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2. Interim Condensed Combined Financial Information for the six months ended 30 June 2008 and 2007 INTERIM CONDENSED COMBINED INCOME STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2008 AND 2007 (Amounts in thousands of Euros, unless otherwise stated) 2008 2007 Sales 3rd parties 629,005 614,302 Related party companies 2,234 45,185 Total sales 631,239 659,487 Change in finished goods inventories and work in progress 2,919 2,809 Other operating income 14,798 7,004 Materials and services Purchases (451,693) (451,157) External services (37,893) (37,553) Employee costs (75,044) (78,265) Depreciation and amortisation (37,811) (27,299) Other operating expenses (84,566) (84,386) Operating result (38,051) (9,360) Net exchange gains/losses (2,307) 227 Other financial income 457 553 Other financial expenses (3,775) (4,810) Financial items, total (5,625) (4,030) Result before tax (43,676) (13,390) Income taxes 5,835 2,613 Result attributable to the equity holders of the parent (37,841) (10,777) The accompanying notes are an integral part of the interim condensed combined financial information. 99
INTERIM CONDENSED COMBINED BALANCE SHEETS AS OF 30 JUNE 2008 AND 31 DECEMBER 2007 (Amounts in thousands of Euros, unless otherwise stated) 30 June 31 December ASSETS 2008 2007 Non-current assets Intangible assets 2,580 2,257 Property, plant and equipment 649,531 670,492 Financial receivables 2,100 2,100 Other non-current assets 1,238 1,203 Total non-current assets 655,449 676,052 Current assets Inventories 130,572 123,993 Financial receivables 1,991 Accounts receivable and non-interest bearing receivables 237,252 247,660 Income tax receivables 128 124 Cash and cash equivalents 3,046 28,284 Total current assets 372,989 400,061 TOTAL ASSETS 1,028,438 1,076,113 LIABILITIES AND INVESTED EQUITY Invested equity 626,162 673,317 Non-current liabilities Deferred tax liabilities 44,664 50,652 Post employment benefit obligations 43,896 42,864 Provisions 1,810 3,051 Borrowings 95,231 100,740 Other non-current liabilities 16,443 16,109 Total non-current liabilities 202,044 213,416 Current liabilities Borrowings 45,037 24,046 Accounts payable and other non-interest bearing liabilities 155,117 165,213 Income tax liabilities 78 121 Total current liabilities 200,232 189,380 TOTAL LIABILITIES AND INVESTED EQUITY 1,028,438 1,076,113 The accompanying notes are an integral part of the interim condensed combined financial information. 100
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SAPPI LTD (SAP) 6-K Current report
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INCORPORATION BY REFERENCE Sappi Li
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CERTAIN FORWARD-LOOKING STATEMENTS
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South African legal advisor to Sapp
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TABLE OF CONTENTS Page CORPORATE IN
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ACTION REQUIRED BY SAPPI SHAREHOLDE
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IMPORTANT DATES/TIMES SALIENT DATES
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“CSDP” “CWF” “Deloitte So
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“Sappi Papier Holding” “Sappi
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CURRENCY TRANSLATION This Circular
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The tables below highlight certain
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Reconciliation from profit for the
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3. PRINCIPAL TERMS AND CONDITIONS O
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• dispose of any of the Settlemen
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There is no accrued taxation, which
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(d) all of the know-how, brands, or
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The map below sets out the location
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Name Age Position Experience Martti
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5. FINANCIAL INFORMATION ON THE ACQ
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The registered address of Metsälii
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Pro forma financial effects for the
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G. Financial information for Sappi
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13.3. Major Shareholders prior to t
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Dr D.C Cronje was appointed in Janu
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Executive Directors RJ Boëttger (3
Page 52 and 53: 14.2.2. Changes in executive direct
Page 54 and 55: 2007 2006 Direct Interests Indirect
Page 56 and 57: Other than described above, there a
Page 58 and 59: 21. DIRECTORS’ RESPONSIBILITY STA
Page 60 and 61: 25. EXCHANGE CONTROL AUTHORITY Subj
Page 62 and 63: • Audited Annual Financial Statem
Page 64 and 65: HISTORIC FINANCIAL INFORMATION RELA
Page 66 and 67: COMBINED STATEMENTS OF CASH FLOWS F
Page 68 and 69: Note 1• Background and basis of p
Page 70 and 71: The translation of foreign currency
Page 72 and 73: Goodwill that arose prior to 1 Janu
Page 74 and 75: Revenue recognition Revenue compris
Page 76 and 77: Application of new and amended IFRS
Page 78 and 79: Liquidity risk is defined as the ri
Page 80 and 81: Other operating expenses include al
Page 82 and 83: Note 7•Personnel data The Company
Page 84 and 85: Note 9•Financial income and expen
Page 86 and 87: The Company has offset deferred tax
Page 88 and 89: Note 12•Property, plant and equip
Page 90 and 91: Property, plant and equipment inclu
Page 92 and 93: Note 16•Cash and cash equivalents
Page 94 and 95: The Company expects to contribute E
Page 96 and 97: Note 20•Maturity of repayment and
Page 98 and 99: Maturity of repayment and interest
Page 100 and 101: Note 22•Other non-current liabili
Page 104 and 105: INTERIM CONDENSED COMBINED CASH FLO
Page 106 and 107: NOTES TO THE INTERIM CONDENSED COMB
Page 108 and 109: A reconciliation of income tax expe
Page 110 and 111: Sales of goods to related parties d
Page 112 and 113: 3. Interim condensed combined finan
Page 114 and 115: INTERIM CONDENSED COMBINED CASH FLO
Page 116 and 117: NOTES TO THE INTERIM CONDENSED COMB
Page 118 and 119: Depreciation of buildings and machi
Page 120 and 121: As of 31 December 2007 and 2006, cu
Page 122 and 123: ANNEXURE 2 INDEPENDENT REPORTING AC
Page 124 and 125: Opinion In our opinion, the combine
Page 126 and 127: Yours sincerely PRICEWATERHOUSECOOP
Page 128 and 129: The pro forma adjustments reflect t
Page 130 and 131: • anticipated synergies and effic
Page 132 and 133: (A) (B) Financial information for t
Page 134 and 135: (2) Adjustments to the equity balan
Page 136 and 137: ASSETS EUR’000 US$’000 Acquired
Page 138 and 139: UNAUDITED PRO FORMA INCOME STATEMEN
Page 140 and 141: Pro forma notes (1) Reflects the el
Page 142 and 143: * The number of shares in issue at
Page 144 and 145: Notes to the unaudited pro forma co
Page 150 and 151: (2) (EUR54,970) has been reallocate
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We do not accept any responsibility
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ANNEXURE 5 MATERIAL LOANS RELATING
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(4) The financial covenant relates
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The fair value of non-current borro
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ADDITIONAL MATERIAL LOANS OF THE GR
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Directorships in the last five year
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David Charles Brink Age 69 Business
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Directorships in last five years Cu
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Directorships in last five years Fo
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Directorships in last five years Cu
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Experience Jan joined Sappi in 1992
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Experience Berry Wiersum joined Sap
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ANNEXURE 7 DETAILS ON THE SAPPI SHA
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SPECIAL RESOLUTION NUMBER 1 Increas
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Explanatory Note to Ordinary Resolu
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This Page Printed On Pink Paper Sap
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FORM OF DIRECTION FOR HOLDERS OF DE
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(Incorporated in the Republic of So
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TABLE OF CONTENTS Page REVISED LIST
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2.2 Background Sappi Limited was fo
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Where shareholders are required to
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6. INFORMATION RELATING TO THE DIRE
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6.4 Additional information pertaini
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No commissions are payable or have
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15. MATERIAL VENDORS There have not
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ANNEXURE A TRADING HISTORY OF SAPPI
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ANNEXURE B PRINCIPAL IMMOVABLE PROP
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ANNEXURE C APPOINTMENT, QUALIFICATI
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If any question arises at any meeti
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As at the termination of each annua
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At every annual general meeting of
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Human Resources committee The respo
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Risk management The Sappi Board rec
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Interest in contracts The Sappi Gro
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ANNEXURE E CAPITAL COMMITMENTS AND
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Westbrook Cogeneration Agreement: I
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SIGNATURE Pursuant to the requireme
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