2012 Integrated report - Sappi

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Notes to the group annual financial statements for the year ended September 2012 US$ million 2012 2011 19. Non-distributable reserves Legal reserves in subsidiaries 76 77 Share-based payment reserve 78 70 Other 17 16 Capital reduction 1 1 Capitalisation of distributable reserves (1) 11 11 Revaluation of available-for-sale financial assets 5 4 171 163 Legal reserves (1) 2012 2011 Sharebased payment reserve Other Total Legal reserves (1) Sharebased payment reserve Other Total Opening balance 77 70 16 163 78 69 14 161 Transfer from retained earnings 2 – – 2 – – – – Transfers of vested share options – (2) – (2) – (7) – (7) Share-based payment expense – 12 – 12 – 20 – 20 Movement on available-for-sale financial assets – – 1 1 – – 2 2 Translation difference (3) (2) – (5) (1) (12) – (13) 76 78 17 171 77 70 16 163 (1) Represents equity of the company that is not available for distribution as a result of appropriations of equity by subsidiaries and legal requirements, respectively. 134
US$ million 2012 2011 20. Interest-bearing borrowings Secured borrowings – Mortgage and pledge over trade receivables and certain assets (refer note 24 for details of encumbered assets) 1,783 1,929 – Capitalised lease liabilities (refer to note 24 for details of encumbered assets) 21 37 Total secured borrowings 1,804 1,966 Unsecured borrowings 815 772 Total borrowings (refer to note 29.2) 2,619 2,738 Less: Current portion included in current liabilities (261) (449) Total non-current interest-bearing borrowings 2,358 2,289 The repayment profile of the interest-bearing borrowings is as follows: Payable in the year ended September: 2012 449 2013 261 201 2014 446 1,111 2015 119 6 2016 83 62 2017 (September 2011: thereafter) 517 909 Thereafter 1,193 2,619 2,738 Capitalised lease liabilities Finance leases are primarily for buildings and, plant and equipment. Lease terms generally range from five to ten years with options to make early settlements or renew at varying terms. At the time of entering into capital lease agreements, the commitments are recorded at their present value using applicable interest rates. The aggregate amounts of minimum lease payments and the related imputed interest under capitalised lease contracts payable in each of the next five financial years and thereafter are as follows: Minimum lease payments 2012 2011 Interest Present value of minimum lease payments Minimum lease payments Interest Present value of minimum lease payments Payable in the year ended September: 2012 19 (4) 15 2013 13 (2) 11 14 (2) 12 2014 5 (1) 4 5 (1) 4 2015 6 – 6 7 (1) 6 Total future minimum lease payments 24 (3) 21 45 (8) 37 sappi Integrated Report 2012 135
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Sappi Group (Sappi Limited) INTEGRA
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About this report Introduction Our
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2012 was a year that positioned us
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global Sales by source 2012: US$6,3
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Non-financial highlights Specific p
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performance the region as a whole.
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The restructuring of our paper oper
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Group overview continued Q&A with R
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Focus on product development Produc
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4 electricity steam black liquor pu
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commitment Europe Our European empl
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iodiversity Sustainable fibre suppl
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Exciter value delivery was US$23.9
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market leaders > Print is particula
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Focus on innovation Knowledge, insi
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Pulp Share of sales paper pulp + di
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governance Deenadayalen (Len) Konar
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guidance Executive management Mark
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Review of operations Sappi Fine Pap
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streamlined The closure of the Bibe
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Focus on skills development Sappi c
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accelerate Capacity (’000) Divisi
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progress The year ahead The demand
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US$ million September 2012 Septembe
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Share statistics 2012 2011 2010 200
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Chief financial officer’s report
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positive Section 2 Financial perfor
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improvement Operating profit exclud
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cost reduction Taxation The tax exp
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service Sappi Fine Paper North Amer
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priority Section 4 Cash flow In the
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Defined benefit liabilities US$ mil
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Group debt profile We show the majo
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performance Section 6 Share price p
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Governance and compensation Corpora
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encourage Audit committee The audit
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Group IT steering committee The Gro
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During 2012 a board committee was e
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Governance element Principle Summar
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External assurance providers Report
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Principle Chapter 7 - Internal audi
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Stakeholder engagement report Sappi
Page 87 and 88: Compensation report The two large s
Page 89 and 90: strategic The primary components of
Page 91 and 92: Component Purpose Characteristics V
Page 93 and 94: competitive The policy on fatalitie
Page 95 and 96: empower Service contracts Mr Boëtt
Page 97 and 98: The dissolving wood pulp capacity c
Page 99: Focus on local communities Our busi
Page 102 and 103: Directors’ approval The directors
Page 104 and 105: Audit committee report for the year
Page 106 and 107: Directors’ report for the year en
Page 108 and 109: Group income statements for the yea
Page 110 and 111: Group statements of cash flows for
Page 112 and 113: Group income statements in Rands (c
Page 114 and 115: Group statements of cash flows in R
Page 116 and 117: Notes to the group annual financial
Page 186 and 187: Annexure A - Investments at Septemb
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Glossary market pulp - pulp produce
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Glossary net operating assets - tot
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Notice to shareholders “Resolved
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Notice to shareholders “Resolved
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Notice to shareholders Annexure to
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Notice to shareholders The MOI prov
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Shareholder’s diary Annual genera
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Notes to proxy The form of proxy mu
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Inspired to co-create We operate wi
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2012 Integrated report - Sappi

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