2007 Annual Report - Sappi

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Notice to Shareholders continued Notes 1. Confirmation of appointment of directors appointed since the last annual general meeting and the re-election of these directors Roeloff (Ralph) Jacobus Boëttger (46) BAcc Hons, CA (SA) Chief Executive Officer Sappi Limited. Mr Boëttger is a chartered accountant by training with a wide general management experience. At the age of 34 he was appointed chief executive officer of Safair and the next year appointed to the executive committee of Safmarine Limited. From 1998 until July 2007 he was the chairman of the aviation division of Imperial Holdings Limited following Imperial’s acquisition of Safair. From 2002 he was an executive director of Imperial Holdings Limited with responsibility for their local and international logistics operations, the aviation division and the heavy commercial vehicle distribution operations. His field of responsibility encompassed businesses operating in Southern Africa, numerous European countries, the Middle East and Asia. Daniël (Danie) Christiaan Cronjé (61) DCom Dr Cronjé retired in July 2007 as chairman of both Absa Group Limited and Absa Bank Limited, a leading South African banking organisation in which Barclays plc obtained a majority share in 2005. He had been with the Absa group since 1975 and held various executive positions including group chief executive for four years and chairman for ten years. He is also a director of Barclays plc, Barclays Bank plc and TSB Sugar Holdings Limited. He holds a DCom from Potchefstroom University (now the University of the North West). John (Jock) McKenzie (60) BSc Chemical Engineering (cum laude), MA Mr McKenzie joined the Sappi board in September 2007 after having held senior executive positions globally and in South Africa. He is a former president for Asia, Middle East and Africa Downstream of the Chevron Texaco Corporation and also served as the chairman and chief executive officer of the Caltex Corporation. Karen Osar (58) MBA, Finance Ms Osar was executive vice president and chief financial officer of speciality chemicals company Chemtura Corporation until her retirement in March 2007. Prior to that, she held various senior management and board positions in her career. She was vice president and treasurer for Tenneco Inc and also served as chief financial officer of Westvaco Corporation and as senior vice president and chief financial officer of the merged MeadWestvaco Corporation. Prior to those appointments she spent 19 years at JP Morgan and Company, becoming a managing director of the Investment Banking Group. She currently serves on the boards of Webster Financial Corporation, the Bank of New York Hamilton Mutual Funds and Innophos Holdings Inc. She has chaired several board audit committees. 2. Directors retiring by rotation who are seeking re-election Deenadayalen (Len) Konar (53) BCom, MAS, DCom, CA (SA) Previously Professor and Head of the Department of Accountancy at the University of Durban-Westville, he is a member of the King Committee on Corporate Governance, the Securities Regulation Panel and the Institute of Directors. Companies of which he is a non-executive director include Old Mutual South Africa, the South African Reserve Bank, Kumba Resources Limited, Illovo Sugar, JD Group and Steinhoff International Holdings. Dr Konar joined the board of Sappi Limited in March 2002. He is chairman of the Sappi Audit Committee and the Audit Committee of Sappi Southern Africa region, as well as a member of the Human Resources Committee. He is a member and chairman of the external audit committee of the International Monetary Fund in Washington. Bridgette Radebe (47) BA (Pol Sc and Socio) Ms Radebe was the first black South African deep level hard rock mining entrepreneur in the late 1980s. She has more than a decade of experience in contract mining, mining construction and mining mergers and acquisitions. She is founder and executive chairperson of Mmakau Mining, with investments in platinum, coal, chrome and gold mines, as well as shaft sinkers. She is president of the South African Mining Development Association, vice chairman of the Minerals and Mining Development Board advising the Minister of Minerals and Energy, a founder and board of trustee member of the New Africa Mining Fund, and participated in the design of the South African Mining Charter and present mining legislation. 192 sappi limited | 07 | annual report
Franklin Abraham Sonn (68) BA Hons, HdipEd Dr Sonn was appointed to the board of directors of Sappi Limited in July 1999 and is currently also a member of the Nomination and Governance Committee. He was formerly Rector of Peninsula Technikon for 17 years and appointed democratic South Africa’s first ambassador to the United States from 1995 to 1998. Dr Sonn is the recipient of twelve honorary doctorates in law, education, humanities and philosophy from various institutions in South Africa, Europe and North America. His current board positions include amongst others, chairman of African Star Ventures (Pty) Ltd, Airports Company of South Africa Ltd, Kwezi V3 Engineers (Pty) Ltd and Ekapa Mining (Pty) Ltd. He is non-executive director of Absa Group Ltd, Steinhoff International Holdings Ltd, Pioneer Food Group Ltd, RGA Reinsurance Co of SA Ltd, Metropolitan Holdings Ltd and Macsteel Service Centres (Pty) Ltd, Safmarine (Pty) Ltd, Esor Ltd and Xinergistix Ltd. He currently serves as Chancellor of the University of the Free State (since 2002), executive in residence at the University of Cape Town Graduate School of Business since 2005 and as Chairman, Trustee and Patron to numerous organisations of civil society. sappi limited | 07 | annual report 193
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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
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Europe US$ million Southern Africa
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29. Post-employment benefits other
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30. Share-based payment The Sappi L
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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
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Page 173 and 174: 37. Directors’ remuneration conti
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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 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: corporate governance requirements.
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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