2007 Annual Report - Sappi

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Condensed company income statement for the year ended September 2007 ZAR million Note 2007 2006 Operating loss 1 (14) (16) Income from subsidiaries 2 498 223 Net finance income 3 15 21 Profit before taxation 499 228 Taxation – Current (38) 14 – Deferred 70 60 Profit for the year 467 154 180 sappi limited | 07 | annual report
Condensed company balance sheet at September 2007 ZAR million Note 2007 2006 Assets Non-current assets 14,663 14,798 Property, plant and equipment 4 5 Investments in subsidiaries (Annexure A) 12,253 12,140 Intercompany receivables (Annexure A) 2,217 2,387 Loan to Executive Share Purchase Trust 109 115 Deferred tax asset 80 151 Current assets 82 24 Cash 1 – Receivables 2 2 Intercompany receivables (Annexure A) 79 22 Total assets 14,745 14,822 Equity and liabilities Shareholders’ equity 14,575 14,660 Ordinary share capital 239 239 Share premium 6,427 6,427 Non-distributable reserves 18 45 Distributable reserves 7,891 7,949 Non-current liabilities Intercompany payables (Annexure A) 1 1 Current liabilities 169 161 Trade and other payables 61 54 Intercompany payables (Annexure A) 69 24 Taxation payable 39 83 Total equity and liabilities 14,745 14,822 sappi limited | 07 | annual report 181
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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
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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 and 180: M R Thompson (1) E van As Total 200
Page 181: Company auditor’s report Independ
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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