2007 Annual Report - Sappi

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Notes to the group annual financial statements continued for the year ended September 2007 21. Interest-bearing borrowings continued Capitalised lease liabilities Finance leases are primarily for plant and equipment. Lease terms generally range from 5 to 10 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. As of September 2007, 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: 2007 2006 Present Present value of value of Minimum minimum Minimum minimum lease lease lease lease payments Interest payments payments Interest payments Payable in the year ended September: 2007 – – – 11 (4) 7 2008 13 (3) 10 11 (4) 7 2009 12 (5) 7 10 (3) 7 2010 5 (3) 2 4 (2) 2 2011 5 (2) 3 4 (2) 2 2012 (September 2006: thereafter) 5 (1) 4 21 (4) 17 Thereafter 18 (3) 15 – – – Total future minimum lease payments 58 (17) 41 61 (19) 42 118 sappi limited | 07 | annual report
21. Interest-bearing borrowings continued Set out below are details of the more significant non-current interest-bearing borrowings in the group at September 2007. Principal Balance Interest amount sheet Security/ Financial Currency rate (10) outstanding value Cession Expiry covenants Redeemable bonds Public bond US$ Variable (7) US$500 million US$470 million (2, 3, 6) Unsecured June 2012 No financial covenants Public bond US$ Variable (7) US$250 million US$230 million (2, 3, 6) Unsecured June 2032 No financial covenants Land and Buildings Town of Skowhegan US$ Variable (7) US$35 million US$30 million (6) (partially) October 2015 No financial covenants Land and Buildings Town of Skowhegan US$ Variable (7) US$28 million US$28 million (6) (partially) November 2013 No financial covenants Michigan Strategic Land and Fund and City Buildings of Westbrook US$ Variable (7) US$44 million US$45 million (6) (partially) January 2022 No financial covenants Public bond ZAR Fixed ZAR1,000 million ZAR1,000 million Unsecured June 2013 No financial covenants Public bond ZAR Fixed ZAR1,000 million ZAR998 million Unsecured October 2011 No financial covenants Revolving Commercial Paper ZAR Variable ZAR195 million ZAR195 million (9) Unsecured facility No financial covenants Secured loans EBITDA to net interest Trade Revolving and net debt State Street Bank (11) EUR Variable EUR147 million EUR147 million receivables facility to capitalistion (5) EBITDA to net interest Trade Revolving and net debt to State Street Bank (11) US$ Variable US$75 million US$75 million receivables facility capitalistion (5) EBITDA to net interest Trade Revolving and net debt to State Street Bank (11) US$ Variable US$70 million US$70 million receivables facility capitalistion (5) Capitalised leases Plant and Standard Bank ZAR Fixed ZAR85 million ZAR85 million (1) equipment October 2008 No financial covenants Rand Merchant Bank ZAR Fixed ZAR174 million ZAR174 million (1) Buildings September 2015 No financial covenants sappi limited | 07 | annual report 119
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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
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Not restated for IFRS* September Se
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September September September Septe
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Element/Best practice Sappi applica
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The board of directors The basis fo
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Our compensation philosophy is base
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stakeholders with whom they interac
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Auditor’s report Independent audi
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Directors’ report for the year en
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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 and 102: US$ million 2007 2006 6. Taxation c
Page 103 and 104: 7. Earnings per share and headline
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: US$ million 2007 2006 21. Interest-
Page 123 and 124: 21. Interest-bearing borrowings con
Page 125 and 126: 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
Page 161 and 162: 33. Events after Balance Sheet date
Page 163 and 164: 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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