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 continued Dealings in Sappi Limited Share Incentive Trust and Performance Share Incentive Plan for the year ended September 2007 Number Market value Gains on of shares Allocation at date of shares paid Director Date paid for paid for price payment for US$ (1) Executive directors W Pfarl (2) Option 15 November 2006 50,000 R53.85 R111.19 397,962 Deferred sale 15 November 2006 25,000 R49.00 R111.19 215,811 M R Thompson Deferred sale 14 December 2006 15,000 R53.85 R115.79 133,004 Total 90,000 746,777 (1) Converted from South African Rand to US Dollars at the exchange rates on the date of sale. (2) Retired June 2007. Dealings in Sappi Limited Share Incentive Trust and Performance Share Incentive Plan for the year ended September 2006 Number Market value Gains on of shares Allocation at date of shares paid Director Date paid for paid for price payment for US$ (1) Executive directors J L Job (2) Deferred sale 08 August 2006 44,000 R39.00 R89.33 324,995 Deferred sale 08 August 2006 30,000 R53.85 R89.33 156,208 Deferred sale 08 August 2006 25,000 R49.00 R89.33 147,967 D G Wilson (3) Options 13 December 2005 8,000 R21.30 R74.01 66,670 Deferred sale 13 December 2005 8,000 R21.30 R74.01 66,670 Options 24 August 2006 16,000 R21.30 R90.11 153,658 Deferred sale 24 August 2006 16,000 R21.30 R90.11 153,658 Deferred sale 01 September 2006 25,000 R49.00 R93.32 153,825 Options 12 September 2006 25,000 R53.85 R94.00 136,286 Deferred sale 12 September 2006 25,000 R53.85 R94.00 136,286 Options 14 September 2006 12,000 R79.25 R95.00 25,820 Options 14 September 2006 4,772 R78.00 R95.00 11,083 MIS bonus (4) 14 September 2006 2,992 – R95.00 38,831 Options 18 September 2006 2,728 R78.00 R94.50 6,094 Total 244,492 1,578,051 (1) Converted from South African Rand to US Dollars at the exchange rates on the date of sale. (2) Retired as executive director in December 2005 and resigned as non-executive director in September 2006. (3) Resigned as executive director in July 2006. (4) Management Incentive Scheme (MIS). 178 sappi limited | 07 | annual report
Company auditor’s report Independent auditor’s report to the members of Sappi Limited The condensed annual financial statements of Sappi Limited set out on pages 180 to 185 have been derived from the annual financial statements of the company for the year ended 30 September 2007. We have audited the annual financial statements in accordance with International Standards on Auditing. In our report dated 07 December 2007, we expressed an unqualified opinion on the annual financial statements from which the condensed financial statements were derived. Opinion In our opinion, the accompanying condensed financial statements are consistent, in all material respects, with the annual financial statements from which they were derived. For a better understanding of the scope of our audit and the company’s financial position, the results of its operations and cash flows for the period, the condensed financial statements should be read in conjunction with our audit report and the annual financial statements from which they were derived. Deloitte & Touche Per M J Comber Partner 07 December 2007 Deloitte & Touche – Registered Auditors Buildings 1 and 2, Deloitte Place The Woodlands Office Park, Woodlands Drive, Sandton Johannesburg, South Africa National Executive: G G Gelink Chief Executive A E Swiegers Chief Operating Officer G M Pinnock Audit D L Kennedy Tax L Geeringh Consulting L Bam Strategy C R Beukman Finance T J Brown Clients & markets N T Mtoba Chairman of the Board J Rhynes Deputy Chairman of the Board. A full list of partners and directors is available on request. sappi limited | 07 | annual report 179
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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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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 and 176: 38. Directors’ interests The foll
Page 177 and 178: M R Thompson (1) E van As Total 200
Page 179: M R Thompson (1) E van As Total 200
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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