2007 Annual Report - Sappi

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Notes to the condensed company financial statements continued for the year ended September 2007 US$ million 2007 2006 5. Commitments Revenue commitments Operating leases and rentals Payable within one year 1 1 Payable in two to five years 2 2 3 3 6. Contingent liabilities Guarantees and suretyships* 10,653 12,892 * Reported in 2006 as ZAR17,777 million. 7. Basis of preparation The annual financial statements from which these condensed financial statements have been derived have been prepared in accordance with the English language version of International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board. 184 sappi limited | 07 | annual report
Investments at September 2007 Share Effective Book value Loan to Loan from capital holding of investment subsidiary subsidiary Annexure A 2007 2006 2007 2006 2007 2006 2007 2006 Investments in subsidiaries ZAR ZAR ZAR ZAR ZAR ZAR and joint venture % % million million million million million million Set out below are the more significant subsidiaries and joint ventures or those that have a loan with Sappi Limited Southern Africa Sappi Management Services (Pty) Ltd M ZAR100 100 100 – – 401 339 – – Sappi Manufacturing (Pty) Ltd O ZAR12,026,250 100 100 1,851 1,851 1,153 1,250 – – Sappi Share Facilitation Company (Pty ) Ltd O ZAR1,000 100 100 – – 663 796 – – Usutu Pulp Company Ltd O SZL10,000,000 100 100 – – – – – – America S.D. Warren Company O USD1,000 100 100 – – – – (17) (16) Sappi Cloquet LLC O –* 100 100 – – – – – – Europe Sappi Alfeld GmbH O EUR31,200,000 100 100 – – – – (2) (2) Sappi Austria Produktions GmbH and CoKG O EUR35,000 100 100 – – – – – – Sappi Deutschland GmbH O EUR25 565 100 100 – – – – – – Sappi Ehingen GmbH O EUR20,800,000 100 100 – – – – – – Sappi Esus Beteiligungsverwaltungs GmbH H EUR1,000,000 100 100 – – – – – – Sappi Europe SA O EUR15,130,751 100 100 – – – – (25) (5) Sappi Fine Paper plc M GBP50,000 100 100 1 1 – – – – Sappi Holding GmbH H EUR72,700 100 100 10,059 10,059 – 19 (7) – Sappi International SA F EUR1,920,621,000 100 100 – – 3 3 – – Sappi Lanaken NV O EUR51,377,000 100 100 – – – – – – Sappi Lanaken Press Paper NV O EUR57,179,613 100 100 – – – – – – Sappi Maastricht BV O EUR31,992 100 100 – – – – – – Sappi Nijmegen BV O EUR59,037 100 100 – – – – – – Sappi Papier Holding GmbH H&O EUR72,700 100 100 – – 74 – – – Sappi Trading Pulp AG O CHF100,000 100 100 – – – – (16) – Sappi UK Ltd O GBP74,020,000 100 100 – – – 1 (2) (1) Asia Jiangxi Chenming Paper Co Ltd JV RMB1,424,160,000 34 34 – – – – – – Other Brocas Ltd H US$3,385,401 100 100 122 9 – – – – Lignin Insurance Co. Ltd F US$656,000 100 100 221 221 1 – – – Various other companies 8 8 1 1 (1) (1) 12,262 12,149 2,296 2,409 (70) (25) Write down of investment in subsidiaries (9) (9) – – – – Holding Companies H Operating Companies O Finance Companies F Management Companies M Joint Venture JV * No issued share capital, only additional paid in capital of US$488 million. 12,253 12,140 2,296 2,409 (70) (25) sappi limited | 07 | annual report 185
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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
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28. Post-employment benefits - pens
Page 135 and 136: Europe US$ million Southern Africa
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Page 139 and 140: 30. Share-based payment The Sappi L
Page 141 and 142: 30. Share-based payment continued T
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Page 145 and 146: 31. Financial Instruments The group
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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 and 184: Condensed company balance sheet at
Page 185: Notes to the condensed company fina
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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