2007 Annual Report - Sappi

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Notes to the group annual financial statements continued for the year ended September 2007 39. Directors’ participation in the Sappi Limited Share Incentive Trust and Performance Share Incentive Plan Share options, allocation shares and performance shares The following table sets out all share options (whether vested or unvested), all other unvested allocation shares and performance shares granted to, and exercised by, each executive director in terms of the Sappi Limited Share Incentive Trust and Performance Share Incentive Plan during the year ended September 2007. These interests are also included in ‘Directors’ interests’ in note 38. Details of share dealings are included in the second table. Non-executive directors do not have any allocation shares, share options or performance shares. Executive directors who retire have 12 months in which to settle their share options and allocation shares, unless extension is granted by the compensation committee of the board of directors. For performance shares there is a formula by which retired executive directors will receive a proportion of any shares which may have vested at the end of the four year period. Executive directors R J Boëttger (3) W Pfarl (2) Allocated No of Allocated No of price shares price shares Outstanding at September 2006 Number of shares held 219,000 Issue 23a – – Issue 24 R53.85 50,000 Issue 25 R49.00 25,000 Issue 26 – – Issue 27 R112.83 30,000 Issue 27a – – Issue 28 R79.25 30,000 Issue 28a – – Issue 29 R78.00 30,000 Performance shares 29 (4) – 12,000 Performance shares 30 (4) 42,000 Performance shares 30a (4) Offered and accepted Performance shares 30 Paid for Number of shares 75,000 Weighted average allocated price R52.23 Returned, lapsed and forfeited number of shares Resignation/Retirement as executive director Number of shares 144,000 Weighted average allocated price R56.26 Appointment as director Number of shares 100,000 174 sappi limited | 07 | annual report
M R Thompson (1) E van As Total 2007 Total 2006 Allocated No of Allocated No of No of No of price shares price shares shares shares 164,000 250,000 633,000 1,321,000 – – R53.85 15,000 R53.85 100,000 R49.00 3,000 R49.00 50,000 R147.20 15,000 R147.20 50,000 R112.83 15,000 R112.83 50,000 – – – – – – – – R79.25 18,000 – – R78.00 18,000 – – – 6,000 – – 24,000 50,000 184,000 15,000 90,000 241,500 R53.85 324,500 250,000 394,000 470,000 – 100,000 164,000 sappi limited | 07 | annual report 175
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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
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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
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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-
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21. Interest-bearing borrowings con
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21. Interest-bearing borrowings con
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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
Page 171 and 172: 36. New United States accounting st
Page 173 and 174: 37. Directors’ remuneration conti
Page 175: 38. Directors’ interests The foll
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
Page 187 and 188: Investments at September 2007 Share
Page 189 and 190: Non-GAAP financial definitions The
Page 191 and 192: - the general authority shall only
Page 193 and 194: corporate governance requirements.
Page 195 and 196: Franklin Abraham Sonn (68) BA Hons,
Page 197 and 198: 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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