2012 Integrated report - Sappi

Group income statements
for the year ended September 2012
US$ million note 2012 2011 2010
Sales 6,347 7,286 6,572
Cost of sales 4 5,552 6,454 5,786
Gross profit 795 832 786
Selling, general and administrative expenses 4 417 454 448
Other operating (income) expenses 4.2 (41) 298 10
Share of profit from associates and joint ventures 13 (2) (6) (13)
Operating profit 4 421 86 341
Net finance costs 5 283 307 255
Finance costs 311 348 309
Finance revenue (12) (12) (16)
Finance cost capitalised (6) – –
Net foreign exchange gains (5) (13) (17)
Net fair value gain on financial instruments (5) (16) (21)
Profit (loss) before taxation 138 (221) 86
Taxation charge 6 34 11 20
Profit (loss) for the year 104 (232) 66
Basic earnings (loss) per share (US cents) 7 20 (45) 13
Weighted average number of ordinary shares in issue (millions) 520.8 519.9 516.7
Diluted earnings (loss) per share (US cents) 7 20 (45) 13
Weighted average number of ordinary shares in issue on a
fully diluted basis (millions) 522.2 519.9 520.8
Group statements of comprehensive income
for the year ended September 2012
US$ million note 2012 2011 2010
Profit (loss) for the year 104 (232) 66
Other comprehensive (loss) income, net of tax 18 (69) (205) 8
Exchange differences on translation to presentation currency (60) (151) 52
Actuarial losses on post-employment benefit funds (88) (59) (71)
Movement on available-for-sale financial assets 1 2 2
Movement in hedging reserves (47) 6 14
Deferred tax on other comprehensive income (loss) 24 (3) 11
Recognition of previously unrecognised deferred tax asset (1) 101 – –
Total comprehensive income (loss) for the year 35 (437) 74
(1) Relates to temporary differences recognised within other comprehensive income in previous fiscal years.
104