2007 Annual Report - Sappi

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Our leadership continued Non-executive directors continued Nigel Rudd (61) (independent), DL, Chartered Accountant Sir Nigel Rudd joined the Sappi board in April 2006. He has held various senior management and board positions in a career spanning more than 35 years. He founded Williams plc in 1982 and the company went on to become one of the largest industrial holding companies in the United Kingdom. He is chairman of BAA Limited and Pendragon plc, deputy chairman of Barclays plc and a non-executive director of BAE Systems plc. He was non-executive chairman of Pilkington plc from August 1994 to June 2006. He was knighted by the Queen for services to the manufacturing industry in 1996 and holds honorary doctorates at both Loughborough and Derby Universities. In 1995 he was awarded the Founding Societies Centenary Award by the Institute of Chartered Accountants. He is a Deputy Lieutenant of Derbyshire and a Freeman of the City of London. Franklin Abraham Sonn (68) (independent), BA Hons, HdipEd Dr Sonn was appointed to the board of directors of Sappi Limited in July 1999 and is currently also a member of the nomination and governance committee. He was formerly Rector of Peninsula Technikon for 17 years and appointed democratic South Africa’s first ambassador to the United States from 1995 to 1998. Dr Sonn is the recipient of twelve honorary doctorates in law, education, humanities and philosophy from various institutions in South Africa, Europe and North America. His current board positions include amongst others, chairman of African Star Ventures (Pty) Ltd, Airports Company of South Africa Ltd, Kwezi V3 Engineers (Pty) Ltd and Ekapa Mining (Pty) Ltd. He is non-executive director of Absa Group Ltd, Steinhoff International Holdings Ltd, Pioneer Food Group Ltd, RGA Reinsurance Co of SA Ltd, Metropolitan Holdings Ltd and Macsteel Service Centres (Pty) Ltd, Safmarine (Pty) Ltd, Esor Ltd and Xinergistix Ltd. He currently serves as Chancellor of the University of the Free State (since 2002), executive in residence at the University of Cape Town Graduate School of Business since 2005 and as chairman, Trustee and Patron to numerous organisations of civil society. Executive directors Roeloff (Ralph) Jacobus Boëttger (46) BAcc Hons, CA (SA) Chief executive officer Sappi Limited. Mr Boëttger is a chartered accountant by training with a wide general management experience. At the age of 34 he was appointed chief executive officer of Safair and the next year appointed to the executive committee of Safmarine Limited. From 1998 until July 2007 he was the chairman of the aviation division of Imperial Holdings Limited following Imperial’s acquisition of Safair. From 2002 he was an executive director of Imperial Holdings Limited with responsibility for their local and international logistics operations, the aviation division and the heavy commercial vehicle distribution operations. His field of responsibility encompassed businesses operating in Southern Africa, numerous European countries, the Middle East and Asia. He is well versed in managing an operation with diverse cultures. Mark Richard Thompson (55) BCom, BAcc, LLB, CA (SA) Chief financial officer Sappi Limited. Mr Thompson joined Sappi in 1999 as group corporate counsel and was appointed to his present position in August 2006 when he was also appointed to the board of Sappi Limited. Prior to joining Sappi, he was group treasurer at Anglo American, managing director of Discount House Merchant Bank and previously head of the corporate finance division of Senbank. 14 sappi limited | 07 | annual report
Divisional and corporate management Sappi Limited Chief executive officer *Ralph Boëttger (46) BAcc Hons, CA (SA) Chief financial officer *Mark Thompson (55) BCom, BAcc, LLB, CA (SA) Group financial manager Stephen Blyth (33) BCom, PG Dip Acc, CA (SA), HDip Tax Group financial controller Laurence Newman (51) BCom, BAcc, CA (SA) Group head internal audit Roland Agar (43) BCom BAcc, CA (SA) Group management accountant Albert Dreyer (45) BCompt Hons, CA (SA) Group tax manager Bernd Ross (48) MS (Economics and Business Administration) Group treasurer Jörg Pässler (47) BCom Hons, MCom, HDip Tax, CAIB (SA) Group head technology *Rudolf Thummer (60) Dip Ing, PhD Tech** Group head strategic development *Robert Hope (55) BA Hons (Economics), MRICS Group investor relations manager Wikus van Zyl (39) BCom Hons, CA (SA) Group head human resources *Lucia Swartz (50) BA, Dip HR Group head corporate affairs André Oberholzer (41) BCom (Law) Group corporate counsel Ria Sanz (42) BCom, LLB, HDip Tax, Admitted Attorney Group head procurement Alex Thiel (48) BSc (Mechanical Engineering), MBA (Financial Management and IT) Sappi Fine Paper Sappi Fine Paper Europe Chief executive officer *Berry Wiersum (52) MA (Medieval and Modern History) Chief financial officer Hubert Gebreiter (60) MS (Economics and Business Administration), PhD (Law) Human resources director Rainer Neumann (45) MS (Administrative Sciences), MS (Industrial Relations and HRM) Information technology director Dennis de Baar (40) MS (Computer Sciences) Manufacturing, research and development director Mat Quaedvlieg (57) BS (Electronics) Marketing sales graphic director Marco Eikelenboom (40), MS (Economics and Business Administration) Purchasing director raw materials Victor Kamm (48) MS (Mechanical Engineering) Director technical goods and utilities Werner Reiter (53) BS (Mechanical Engineering), MS (Social and Economic Sciences) Speciality papers director Theo Reijnen (60) BS (Economics) Sappi Fine Paper North America President and chief executive officer *Mark Gardner (52) BSc (Industrial Technology) Vice president and chief financial officer Annette Luchene (45) BS (Accounting), MBA Executive vice president Strategic marketing and communications Jennifer Miller (52) BA (Economics), Juris Doctor Vice president corporate development Anne Ayer (42) BA (Psychology), MBA Vice president fibre resources Deece Hannigan (45) BA (Political Science) Vice president human resources and general counsel Sarah Manchester (42) BA (History), Juris Doctor Vice president manufacturing John Donahue (52), BS (Chemical Engineering) Vice president procurement and chief information officer Bob Wittstein (47) BS (Engineering), MBA Vice president research, development and innovation Beth Cormier (44) BS (Engineering Physics) Vice president release and technical specialties businesses Bob Weeden (55) BS (Chemistry), MS (Management) Vice president sales Bob Forsberg (45) BA (Economics) Vice president supply chain Randy Rotermund (45) BS, MBA Sappi Fine Paper South Africa Managing director Dinga Mncube (47) Dip (Forestry), BSc (Forest Management), MSc (Forest Products), Dip (Business Management) General manager finance Sonja Scheepers (37) BCom Hons, CTA, CA (SA) General manager marketing Bernhard Riegler (37) APD Diploma Sappi Forest Products Chief executive officer *Jan Labuschagne (47) BCom Hons, CA (SA) Finance director Colin Mowatt (50) BCom Acc, CA (SA), EDP, MBL Human resources director Brian Dick (57) BAdmin Information technology director Deon van Aarde (46) BCompt Strategic projects director Andrea Rossi (53) BSc (Engineering) Hons, C Eng Technical director Bertus van der Merwe (54) BSc, MBA, HDip (Engineering) Sappi Forests managing director Hendrik de Jongh (52), NDip (Elec), GCC (Elec), MDP Sappi Kraft managing director Albert Lubbe (59) NDip Mech, GCC (Mech), AEP Sappi Saiccor managing director Alan Tubb (57) BSc (Electrical Engineering), GCC (Mines and Works), BCom Sappi Trading Managing director Wayne Rau (45) HND (Marketing), Senior Executive Programme Finance director Henri Kirsten (54) BCom, BCompt Hons, CA (SA) * ** Group executive committee. Rudolf Thummer will retire from Sappi at the end of December 2007. sappi limited | 07 | annual report 15
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 and 12: Business structure Johannesburg Asi
Page 13 and 14: Our brands and products Coated pape
Page 15: Non-executive directors continued D
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
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
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Group balance sheet in Rands conven
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Notes to the group annual financial
Page 77 and 78:
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
Page 83 and 84:
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
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US$ million 2007 2006 10. Property,
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2007 2006 US$ million Assets Liabil
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US$ million 2007 2006 12. Deferred
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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-
Page 121 and 122:
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
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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
Page 187 and 188:
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
Page 199 and 200:
Forward looking statements Certain
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2007 Annual Report - Sappi

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