2007 Annual Report - Sappi

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Our products Major paper categories Fine paper: Coated paper Uncoated paper Speciality paper Packaging products: Packaging paper Groundwood products: Newsprint Coated groundwood paper Pulp: Paper pulp Chemical cellulose Timber products: Higher level of smoothness than uncoated paper achieved by applying a coating (typically clay based) on the surface of the paper. As a result, higher reprographic quality and printability is achieved. Uses include brochures, catalogues, corporate communications materials, direct mail, promotions, educational textbooks, luxury advertising, magazine covers and upscale magazines. Uses include business forms, business stationery, general printing paper and photocopy paper. We also produce tissue wadding which is converted into various hygiene products. Can be either coated or uncoated. Uses include bags, labels, packaging and release paper for casting textered finishes (eg artificial leather). Heavy and lightweight grades of paper and board primarily used for primary and secondary packaging of fast moving consumer goods, agricultural and industrial products. Products include containerboard (corrugated shipping containers), sack kraft (multi-walled shipping sacks) and machine glazed kraft (grocers bags). Can be coated to enhance barrier and aesthetic properties. Manufactured from groundwood and bleached chemical pulp. Uses include advertising inserts and newspapers. Demand is highly dependent on newspaper circulation and retail advertising. A coated groundwood fibre based paper, primarily used for magazines, catalogues and advertising material. Main raw material used in the production of printing, writing and packaging paper. Pulp is the generic term that describes the cellulose fibre derived from wood. These cellulose fibres may be separated by mechanical, thermo-mechanical or chemical processes. The chemical processes involve removing the glues (lignins) which bind the wood fibres to leave cellulose fibres. Paper made from chemical pulp is generally termed ‘woodfree’ or ‘fine’ paper. Manufactured by similar processes to paper pulp, but purified further to leave virually pure cellulose fibres. Chemical cellulose is used in the manufacture of a variety of cellulose textile and non-woven fibre products, including viscose staple fibre (rayon), solvent spun fibre (lyocell) and filament. It is also used in various other cellulose-based applications in the food, cigarette, chemical and pharamaceutical industries. These include the manufacture of acetate tow microcrystalline cellulose, cellophane, ethers and moulding powders. The various grades of chemical cellulose are manufactured in accordance with the specific requirements of customers in different market segments. The purity of the chemical cellulose is one of the key determinants of it’s suitability for particular applications with the purer grades of chemical aellulose generally supplied into the speciality segments. Sawn timber for construction and furniture manufacturing purposes. <strong>Sappi</strong> papermaking process pulping papermaking Wire – forms the sheet of paper Size press – coats the basic sheet of paper Calender Wood Debarked pulpwood Chipper Digester Bleaching plant Screens Head box Press – removes water Dryer Dryer Reel Paper machine 10 sappi limited | 07 | annual report
Our brands and products Coated paper Aero ® Avalon Triple Green Crystal Triple Green Dukuza Triple Green Flo HannoArt Pulp Chemical cellulose Springwood Lustro ® Offset Environmental (LOE) Magno McCoy ® Opus ® Quatro Hardcell Softcell ® Royal Somerset ® Tempo Uncoated paper African Dream Camelot ® China Embossed Croxley ® Custodian ® El Toro ® Econoline ® Ecomail Express Brown Laser Preprint Lord Ariston Midas Golden Paradis Reviva Plus Sentinel Silken Sovereign Select ® Tag Tissue wadding Tokai ® Typek ® Uniqa ® Vanguard Coated specialities Algro EHR Icena Leine Parade Transkote ® Platinum Label ® Ultracast ® Prime Pak Viacast Stripkote ® Versakote ® Packaging and newsprint Algro Design Kraftpride ® Barricoat Mg wrap Beehive bag Presspride ® Cape Fluting Printpride ® Cape Liner Stackraft ® Hi Yield Fluting ® Stegi Kraftguard ® Stratomax Superflute Superprint ® Test Liner Tobacco Liner Wicked Wrap * The trademarks as reflected above are territorial in nature and only applicable in the regions in which the products are used. <strong>Sappi</strong> papermaking process continued coating cutting and wrapping despatch Super calender – optimises the coated paper surface to develop smoothness and gloss Sheet cutter Coater Slitter winder – cuts large rolls into smaller rolls Sheets Rolls sappi limited | 07 | annual report 11
Page 1 and 2: annual report 2007
Page 3 and 4: Our business Sappi is a global pape
Page 5 and 6: Our top risks These risks are furth
Page 7 and 8: Financial targets and performance*
Page 9 and 10: Our Charter commitments Examples of
Page 11: Business structure Johannesburg Asi
Page 15 and 16: Non-executive directors continued D
Page 17 and 18: Divisional and corporate management
Page 19 and 20: In Europe we face major challenges.
Page 21 and 22: We expect to continue our improving
Page 23 and 24: Q: How will you improve delivery on
Page 25 and 26: Overview Description The main produ
Page 27 and 28: A major feature of the year has bee
Page 29 and 30: In the year ahead, we will continue
Page 31 and 32: Overview The Forest Products busine
Page 33 and 34: Value added statement for the year
Page 35 and 36: Sappi has a global insurance struct
Page 37 and 38: Sales Sales volume (in metric tons)
Page 39 and 40: Divisional contributions to operati
Page 41 and 42: The impact of these changes on oper
Page 43 and 44: Cash flow analysis In the table bel
Page 45 and 46: project and again aim to fund this,
Page 47 and 48: In 2006, both Standard & Poor’s (
Page 49 and 50: 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
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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
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Group balance sheet at September 20
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Group statement of recognised incom
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Group balance sheet in Rands conven
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Notes to the group annual financial
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Fair value hedge A hedge of the exp
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(ii) Associates The results and ass
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• it transfers (or it assumes an
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2.3.8 Inventories Inventories are a
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2.3.13 Plantations Plantations are
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the year that are declared after th
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Owner-occupied investment propertie
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into account, unadjusted current ma
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The group is required to record pro
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second where a share-based payment
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3. Segment information continued Sa
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US$ million 2007 2006 4.1 Operating
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US$ million 2007 2006 6. Taxation c
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7. Earnings per share and headline
Page 105 and 106:
US$ million 2007 2006 10. Property,
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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
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US$ million 2007 2006 17. Trade and
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17. Trade and other receivables con
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19. Reconciliation of changes in eq
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US$ million 2007 2006 21. Interest-
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21. Interest-bearing borrowings con
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23. Provisions continued September
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US$ million 2007 2006 24. Notes to
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US$ million 2007 2006 27. Contingen
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28. Post-employment benefits - pens
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Europe US$ million Southern Africa
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29. Post-employment benefits other
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30. Share-based payment The Sappi L
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30. Share-based payment continued T
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30. Share-based payment continued T
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31. Financial Instruments The group
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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
Page 179 and 180:
M R Thompson (1) E van As Total 200
Page 181 and 182:
Company auditor’s report Independ
Page 183 and 184:
Condensed company balance sheet at
Page 185 and 186:
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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