SAPPI LTD (SAP) 6-K

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Note 16•Cash and cash equivalents The following is a summary of the Company’s cash and cash equivalents as of 31 December: 2007 2006 2005 Current investments 547 505 541 Cash and cash equivalents 3,200 4,539 3,463 Cashpool balances 24,537 46,725 36,651 28,284 51,769 40,655 Current investments are certificates of deposits and time deposits with original maturities less than 3 months. Note 17•Post employment benefit obligations The Company sponsors defined benefit plans at Stockstadt and CZW in Germany and at Biberist in Switzerland, in which substantially all employees at these entities participate. Benefits under these defined benefit plan are based primarily on years of service and employee compensation. The defined benefit plans at Stockstadt and CZW are unfunded, while the plan at Biberist is funded by the Company and employee contributions. The Company also provides for post retirement plans at CN, Stockstadt and at the Finnish Mills (Kangas and Kirkniemi), that are defined-contribution plans. At the Finnish Mills (Kangas and Kirkniemi), employees participate in the statutory Finnish employee pension scheme (TEL) according to which benefits are linked directly to the employee earnings. The plan is operated by M-real and historical costs related to the Finnish Mills have been invoiced based on actual headcount. Prior to 1 January 2006, the disability component of this TEL plan, which is arranged with insurance companies, was accounted for as a defined benefit plan. As a result of the change in Finnish law, the disability pensions arranged with insurance companies has changed from defined benefit to a defined contribution plan. As a result, M-real derecognizing the related benefit obligation as of 31 December 2005 and recognised a gain upon derecognition. Management has allocated a portion of this gain in the amount of EUR 1,000 to the Company, based on actual headcount at the Finnish Mills. 89
Total benefit plans as of 31 December: 2007 2006 2005 Defined benefit pension plans 38,268 39,303 41,062 Defined contribution pension plans 4,596 3,560 3,745 Net liability 42,864 42,863 44,807 Overfunded plan shown as asset 1,147 - - Total liability in balance sheet 44,011 42,863 44,807 Defined benefit plans as of 31 December: The amounts recognised in the balance sheets 2007 2006 2005 Present value of funded obligations 130,369 146,291 151,976 Present value of unfunded obligations 33,618 35,480 40,630 163,987 181,771 192,606 Fair value of plan assets (141,416) (144,863) (148,531) Unrecognised actuarial gains and losses 14,550 2,394 (3,014) Net liability 37,121 39,303 41,062 The amounts recognised in the income statements Current service cost 2,447 2,792 2,040 Interest cost 5,685 5,868 6,728 Expected return on plan assets (5,922) (6,132) (5,855) Net actuarial gains recognised in year (13) Total included in employee costs 2,210 2,515 2,913 The actual return on plan assets was EUR 5,424, EUR 6,132 and EUR 5,854 for the years ended 31 December 2007, 2006 and 2005, respectively. 2007 2006 2005 Changes in the present value of defined benefit obligations Defined benefit obligation as at 1 January 181,771 192,606 195,399 Current service cost 2,447 2,792 3,040 Interest cost 5,685 5,868 6,728 Contribution by plan participations 1,697 1,734 1,764 Actuarial gains recognised in year (13,692) (998) (3,232) Disposals (196) - Curtailments and settlements 996 (3,867) - Benefits paid (10,702) (10,436) (9,985) Translation differences (4,215) (5,732) (1,108) Defined benefit obligation as at 31 December 163,987 181,771 192,606 Changes in the fair value of plan assets Fair value of plan assets as at 1 January 144,863 148,531 148,100 Expected return on plan assets 5,923 6,132 5,854 Actuarial gains recognised in year (499) - - Contribution by plan participants 1,697 1,734 1,764 Contribution by the employer 1,697 1,734 1,764 Benefits paid (8,038) (8,277) (7,764) Translation differences (4,227) (4,991) (1,187) Fair value of plan assets as at 31 December 141,416 144,863 148,531 90
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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
Page 42 and 43: Pro forma financial effects for the
Page 44 and 45: G. Financial information for Sappi
Page 46 and 47: 13.3. Major Shareholders prior to t
Page 48 and 49: Dr D.C Cronje was appointed in Janu
Page 50 and 51: 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 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 102 and 103: 2. Interim Condensed Combined Finan
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
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* The number of shares in issue at
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Notes to the unaudited pro forma co
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(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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SAPPI LTD (SAP) 6-K

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