2007 Annual Report - Sappi

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Condensed company cash flow statement for the year ended September 2007 ZAR million 2007 2006 Profit before interest and taxation 484 207 Adjustments for non-cash items: Subsidiary transactions 157 237 Other (24) 12 Cash generated by operations 617 456 Increase in working capital 8 15 Net finance income 15 21 Taxation paid (6) (7) Dividends paid (525) (484) Cash generated in operating activities 109 1 Fixed asset purchases (1) - Decrease (increase) in non-current assets 6 (1) Increase in investments (113) – Net movement in cash & cash equivalents 1 – Cash and cash equivalents at beginning of year – – Cash and cash equivalents at end of year 1 – Condensed company statement of recognised income and expense for the year ended September 2007 ZAR million 2007 2006 Profit for the year 467 154 Total recognised income for the year 467 154 182 sappi limited | 07 | annual report
Notes to the condensed company financial statements for the year ended September 2007 ZAR million 2007 2006 1. Operating loss The operating loss is arrived at after taking into account the items detailed below: Depreciation 3 3 Technical and administrative services paid other than to bona fide employees of the company 27 35 Auditors’ remuneration 15 18 – fees for audit and related services 12 14 – fees for other services 3 4 2. Income from subsidiaries Dividends received from subsidaries 498 223 3. Net finance income Interest received 12 8 Net foreign exchange gains 3 13 4. Reconciliation of changes in equity 15 21 Number Nonof Ordinary distribu- Distribuordinary share Share table table ZAR million shares capital premium reserves reserves Total Balance – September 2005 239.1 239 6,427 37 8,279 14,982 Profit for the year – – – – 154 154 Dividends – – – – (484) (484) Share-based payments – – – 8 – 8 Balance – September 2006 239.1 239 6,427 45 7,949 14,660 Profit for the year – – – – 467 467 Dividends – – – – (525) (525) Share-based payments – – – (27) – (27) Balance – September 2007 239.1 239 6,427 18 7,891 14,575 sappi limited | 07 | annual report 183
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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
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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 and 182: Company auditor’s report Independ
Page 183: Condensed company balance sheet at
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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