2007 Annual Report - Sappi

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Share statistics at September 2007 Shareholding Number of % Number % of shares – ordinary shares in issue shareholders of shares* in issue 1 – 5,000 4,727 84.6 2,619,686 1.1 5,001 – 10,000 168 3.0 1,226,634 0.5 10,001 – 50,000 323 5.8 8,003,683 3.5 50,001 – 100,000 121 2.2 8,849,326 3.9 100,001 – 1,000,000 206 3.7 56,166,564 24.6 Over 1,000,000 39 0.7 151,605,188 66.4 5,584 100.0 228,471,081 100.0 Shareholder spread % of shares – Type of shareholder in issue Non-public 0.27 Group directors 0.26 Associates of group directors 0.01 Trustees of the company’s share and retirement funding schemes – Shareowners who, by virtue of any agreement, have the right to nominate board members – Shareowners interested in 10% or more of the issued shares – Public (The number of public shareholders as at September 2007 was 5,579) 99.73 100.00 * The number of shares excludes 10,600,811 treasury shares held by the group. Sappi has a primary listing on the JSE Limited and secondary listings on the New York Stock Exchange and London Stock Exchange. A large number of shares are held by nominee companies for beneficial shareholders. Pursuant to Section 140A of the South African Companies Act, 1973, as amended, the directors have investigated the beneficial ownership of shares in Sappi Limited including those which are registered in the nominee holdings and these investigations revealed as of September 2007 following beneficial holders of more than 5% of the issued share capital of Sappi Limited: Shares % Public Investment Commissioner (SA) 28,333,841 12.4 Industrial Development Corporation (SA) 15,420,620 6.7 Further, as a result of these investigations, the directors have ascertained that some of the shares registered in the names of the nominee holders are managed by various fund managers and that, as of September 2007, the following fund managers were responsible for managing 5% or more of the share capital of Sappi Limited: Shares % Allan Gray Limited 44,051,294 19.3 Rand Merchant Bank 26,928,788 11.8 Old Mutual Investment Group South Africa 24,136,679 10.6 Sanlam Investment Managers 12,808,286 5.6 50 sappi limited | 07 | annual report
September September September September September Share statistics 2007 2006 2005 2004 2003 Ordinary shares in issue (millions) 228.5 227.0 225.9 226.5 226.9 Net asset value per share (US cents) 937 726 835 1,115 1,054 Number of shares traded (millions) JSE 246.95 252.60 264.70 304.25 245.80 New York 49.81 57.60 83.60 51.56 45.89 Value of shares traded JSE (ZAR million) 27,983.7 20,946.0 20,035.7 28,608.9 25,603.2 New York (US$ million) 770.8 715.0 999.4 707.1 586.8 Percentage of issued shares traded 129.9 136.7 154.2 157.1 128.6 Market price per share – year-end JSE (South African cents) 10,450 10,029 7,475 9,040 9,556 New York (US$) 15.30 12.73 11.79 14.11 13.32 – highest JSE (South African cents) 14,150 10,100 9,550 10,450 12,950 New York (US$) 19.84 15.40 15.50 16.13 14.52 – lowest JSE (South African cents) 9.425 6.105 5,780 7,720 8,550 New York (US$) 12.48 9.46 9.14 12.60 10.30 Earnings yield (%)* 5.39 negative 1.70 3.06 5.15 Dividend yield (%)* 2.10 2.33 2.56 2.13 2.16 Price/earnings ratio (times)* 18.55 negative 58.70 32.70 19.42 Total market capitalisation (US$ million)* 3,475 2,928 2,652 3,185 3,040 * Based on financial year-end closing prices on the JSE Limited. Income statement amounts have been converted at average year-to-date exchange rates. Sappi is also listed on the London Stock Exchange, however, the shares are traded infrequently and that is why the LSE statistics have not been presented above. Note: Definitions for various terms and ratios used above are included in the Glossary on page ••. sappi limited | 07 | annual report 51
Page 1 and 2: annual report 2007
Page 3 and 4: Our business Sappi is a global pape
Page 5 and 6: Our top risks These risks are furth
Page 7 and 8: Financial targets and performance*
Page 9 and 10: Our Charter commitments Examples of
Page 11 and 12: Business structure Johannesburg Asi
Page 13 and 14: Our brands and products Coated pape
Page 15 and 16: Non-executive directors continued D
Page 17 and 18: Divisional and corporate management
Page 19 and 20: In Europe we face major challenges.
Page 21 and 22: We expect to continue our improving
Page 23 and 24: Q: How will you improve delivery on
Page 25 and 26: Overview Description The main produ
Page 27 and 28: A major feature of the year has bee
Page 29 and 30: In the year ahead, we will continue
Page 31 and 32: Overview The Forest Products busine
Page 33 and 34: Value added statement for the year
Page 35 and 36: Sappi has a global insurance struct
Page 37 and 38: Sales Sales volume (in metric tons)
Page 39 and 40: Divisional contributions to operati
Page 41 and 42: The impact of these changes on oper
Page 43 and 44: Cash flow analysis In the table bel
Page 45 and 46: project and again aim to fund this,
Page 47 and 48: In 2006, both Standard & Poor’s (
Page 49 and 50: y certain of the individual direct
Page 51: Not restated for IFRS* September Se
Page 55 and 56: Element/Best practice Sappi applica
Page 57 and 58: The board of directors The basis fo
Page 59 and 60: Our compensation philosophy is base
Page 61 and 62: stakeholders with whom they interac
Page 63 and 64: Auditor’s report Independent audi
Page 65 and 66: Directors’ report for the year en
Page 67 and 68: Directors and secretaries The names
Page 69 and 70: Group balance sheet at September 20
Page 71 and 72: Group statement of recognised incom
Page 73 and 74: Group balance sheet in Rands conven
Page 75 and 76: Notes to the group annual financial
Page 77 and 78: Fair value hedge A hedge of the exp
Page 79 and 80: (ii) Associates The results and ass
Page 81 and 82: • it transfers (or it assumes an
Page 83 and 84: 2.3.8 Inventories Inventories are a
Page 85 and 86: 2.3.13 Plantations Plantations are
Page 87 and 88: the year that are declared after th
Page 89 and 90: Owner-occupied investment propertie
Page 91 and 92: into account, unadjusted current ma
Page 93 and 94: The group is required to record pro
Page 95 and 96: second where a share-based payment
Page 97 and 98: 3. Segment information continued Sa
Page 99 and 100: US$ million 2007 2006 4.1 Operating
Page 101 and 102: US$ million 2007 2006 6. Taxation c
Page 103 and 104:
7. Earnings per share and headline
Page 105 and 106:
US$ million 2007 2006 10. Property,
Page 107 and 108:
2007 2006 US$ million Assets Liabil
Page 109 and 110:
US$ million 2007 2006 12. Deferred
Page 111 and 112:
14. Joint ventures and associates c
Page 113 and 114:
US$ million 2007 2006 17. Trade and
Page 115 and 116:
17. Trade and other receivables con
Page 117 and 118:
19. Reconciliation of changes in eq
Page 119 and 120:
US$ million 2007 2006 21. Interest-
Page 121 and 122:
21. Interest-bearing borrowings con
Page 123 and 124:
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23. Provisions continued September
Page 129 and 130:
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
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Page 151 and 152:
Page 153 and 154:
Page 155 and 156:
Page 157 and 158:
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33. Events after Balance Sheet date
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35. Summary of differences between
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Page 169 and 170:
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 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,
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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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