2007 Annual Report - Sappi

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Notes to the group annual financial statements continued for the year ended September 2007 7. Earnings per share and headline earnings per share Basic earnings per share (EPS) EPS is based on the group’s profit (loss) for the year divided by the weighted average number of shares in issue during the year under review. 2007 2006 Profit Shares Per share Loss Shares Per share US$ million millions US cents US$ million millions US cents Basic EPS 202 227.8 89 (4) 226.2 (2) Share options and performance shares under Sappi Limited Share Trust – 2.7 – – – – Diluted EPS 202 230.5 88 (4) 226.2 (2) The diluted EPS calculations are based on Sappi Limited daily average share price of ZAR114.42 (2006: ZAR82.90) and exclude the effect of certain share options granted under the Sappi share incentive scheme as they would be anti-dilutive. The number of share options not included in the weighted average number of shares (as they would have been anti-dilutive) are 0.8 million (September 2006: 4.2 million). 100 sappi limited | 07 | annual report
7. Earnings per share and headline earnings per share continued Headline earnings per share Headline earnings per share is based on the group’s headline earnings divided by the weighted average number of shares in issue during the year. This is a JSE Limited measure. Reconciliation between net profit and headline earnings: 2007 2006 Gross Tax Net Gross Tax Net Attributable earnings (loss) to ordinary shareholders 249 47 202 (5) (1) (4) Less IAS 16 (gains) loss on the disposal of plant and equipment (24) (6) (18) 14 5 9 Plus IAS 16 impairment (reversals) of plant and equipment 2 – 2 (31) – (31) Headline earnings (loss) 227 41 186 (22) 4 (26) Weighted average number of ordinary shares in issue (millions) 227.8 226.2 Headline earnings (loss) per share 82 (11) Diluted weighted average number of shares 230.5 226.2 Diluted headline earnings (loss) per share 81 (11) Note: Definition for headline earnings is included in the Glossary on page 187. sappi limited | 07 | annual report 101
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annual report 2007
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Our business Sappi is a global pape
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Our top risks These risks are furth
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Financial targets and performance*
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Our Charter commitments Examples of
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Business structure Johannesburg Asi
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Our brands and products Coated pape
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Non-executive directors continued D
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Divisional and corporate management
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In Europe we face major challenges.
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We expect to continue our improving
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Q: How will you improve delivery on
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Overview Description The main produ
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A major feature of the year has bee
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In the year ahead, we will continue
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Overview The Forest Products busine
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Value added statement for the year
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Sappi has a global insurance struct
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Sales Sales volume (in metric tons)
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Divisional contributions to operati
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The impact of these changes on oper
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Cash flow analysis In the table bel
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project and again aim to fund this,
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In 2006, both Standard & Poor’s (
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y certain of the individual direct
Page 51 and 52: Not restated for IFRS* September Se
Page 53 and 54: September September September Septe
Page 55 and 56: Element/Best practice Sappi applica
Page 57 and 58: The board of directors The basis fo
Page 59 and 60: Our compensation philosophy is base
Page 61 and 62: stakeholders with whom they interac
Page 63 and 64: Auditor’s report Independent audi
Page 65 and 66: Directors’ report for the year en
Page 67 and 68: Directors and secretaries The names
Page 69 and 70: Group balance sheet at September 20
Page 71 and 72: Group statement of recognised incom
Page 73 and 74: Group balance sheet in Rands conven
Page 75 and 76: Notes to the group annual financial
Page 77 and 78: Fair value hedge A hedge of the exp
Page 79 and 80: (ii) Associates The results and ass
Page 81 and 82: • it transfers (or it assumes an
Page 83 and 84: 2.3.8 Inventories Inventories are a
Page 85 and 86: 2.3.13 Plantations Plantations are
Page 87 and 88: the year that are declared after th
Page 89 and 90: Owner-occupied investment propertie
Page 91 and 92: into account, unadjusted current ma
Page 93 and 94: The group is required to record pro
Page 95 and 96: second where a share-based payment
Page 97 and 98: 3. Segment information continued Sa
Page 99 and 100: US$ million 2007 2006 4.1 Operating
Page 101: US$ million 2007 2006 6. Taxation c
Page 105 and 106: US$ million 2007 2006 10. Property,
Page 107 and 108: 2007 2006 US$ million Assets Liabil
Page 109 and 110: US$ million 2007 2006 12. Deferred
Page 111 and 112: 14. Joint ventures and associates c
Page 113 and 114: US$ million 2007 2006 17. Trade and
Page 115 and 116: 17. Trade and other receivables con
Page 117 and 118: 19. Reconciliation of changes in eq
Page 119 and 120: US$ million 2007 2006 21. Interest-
Page 121 and 122: 21. Interest-bearing borrowings con
Page 127 and 128: 23. Provisions continued September
Page 129 and 130: US$ million 2007 2006 24. Notes to
Page 131 and 132: US$ million 2007 2006 27. Contingen
Page 133 and 134: 28. Post-employment benefits - pens
Page 135 and 136: Europe US$ million Southern Africa
Page 137 and 138: 29. Post-employment benefits other
Page 139 and 140: 30. Share-based payment The Sappi L
Page 141 and 142: 30. Share-based payment continued T
Page 143 and 144: 30. Share-based payment continued T
Page 145 and 146: 31. Financial Instruments The group
Page 147 and 148: 31. Financial Instruments continued
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31. Financial Instruments continued
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33. Events after Balance Sheet date
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35. Summary of differences between
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36. New United States accounting st
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37. Directors’ remuneration conti
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38. Directors’ interests The foll
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M R Thompson (1) E van As Total 200
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M R Thompson (1) E van As Total 200
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Company auditor’s report Independ
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Condensed company balance sheet at
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Notes to the condensed company fina
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Investments at September 2007 Share
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Non-GAAP financial definitions The
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- the general authority shall only
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corporate governance requirements.
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Franklin Abraham Sonn (68) BA Hons,
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Proxy form for annual general meeti
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Forward looking statements Certain
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2007 Annual Report - Sappi

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