2007 Annual Report - Sappi
2007 Annual Report - Sappi
2007 Annual Report - Sappi
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Our reporting strategy<br />
As a leading global business, <strong>Sappi</strong> subscribes to best international practice<br />
in its reporting to stakeholders. We aim to provide a comprehensible,<br />
balanced, complete and comparable view of our business through various<br />
structured reporting mechanisms, to assist stakeholders to take informed<br />
decisions about their interactions with the group.<br />
For a complete view of <strong>Sappi</strong>’s business strategy,<br />
performance in the year ending 30 September <strong>2007</strong> and<br />
longer-term prospects, stakeholders are directed to the<br />
following sources of company information:<br />
• Quarterly results announcements and analyst<br />
presentations<br />
• <strong>Annual</strong> <strong>Report</strong> and accounts, which are prepared in<br />
accordance with International Financial <strong>Report</strong>ing<br />
Standards (IFRS)<br />
• Form 20-F, prepared in accordance with the US Securities<br />
and Exchange Commission (SEC) regulations<br />
• Sustainable Development <strong>Report</strong>, which is based on but not<br />
in accordance with Global <strong>Report</strong>ing Initiative (GRI) guidelines<br />
(available on request from Group Head Corporate Affairs –<br />
contact details on page 194)<br />
• Group website – www.sappi.com<br />
<strong>Sappi</strong> Limited is listed on the following stock exchanges<br />
and is subject to their listing requirements:<br />
• JSE Limited, South Africa (1)<br />
• New York Stock Exchange, USA (2)<br />
• London Stock Exchange, UK (2)<br />
(1) Primary listing. (2) Secondary listings.<br />
Contents<br />
<strong>Sappi</strong> at a glance<br />
15 Divisional and corporate management<br />
Financial section – Avalon Triple Green Silk 100g/m 2 16 Chairman’s statement<br />
1 Our business<br />
20 Interview with the chief executive officer<br />
2 Our strategy<br />
22 Review of operations<br />
3 Our top risks<br />
22 <strong>Sappi</strong> Fine Paper<br />
28 <strong>Sappi</strong> Forest Products<br />
3 Exchange rates<br />
31 Value added statement<br />
4 Our performance<br />
32 Risk management<br />
6 Sustainability at a glance<br />
34 Chief financial officer’s report<br />
48 Five year review<br />
8 Our operations<br />
50 Share statistics<br />
10 Our products<br />
52 Corporate governance<br />
11 Our brands and products<br />
60 <strong>Annual</strong> financial statements<br />
12 Our leadership<br />
63 Directors’ report<br />
186 Glossary<br />
188 Notice to shareholders<br />
195 Proxy form for annual general meeting<br />
<strong>Sappi</strong> paper used in the annual report:<br />
Cover – Magno Satin 300g/m 2 , Front section – Magno Satin 135g/m 2 ,
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