2007 Annual Report - Sappi

More documents

Recommendations

Info

Group income statement for the year ended September 2007 US$ million Note 2007 2006 Sales 5,304 4,941 Cost of sales 4 4,591 4,419 Gross profit 713 522 Selling, general and administrative expenses 4 362 367 Share of (profit) loss from associates and joint ventures (10) 1 Other operating (income) expenses (22) 29 Operating profit 4 383 125 Net finance costs 5 134 130 Finance costs 173 162 Finance revenue (21) (26) Finance cost capitalised (14) (2) Net foreign exchange gains (13) (7) Net fair value loss on financial instruments 9 3 Profit (loss) before taxation 249 (5) Taxation charge (benefit) 6 47 (1) Profit (loss) for the year 202 (4) Weighted average number of ordinary shares in issue (millions) 227.8 226.2 Basic earnings (loss) per share (US cents) 7 89 (2) Diluted earnings (loss) per share (US cents) 7 88 (2) Dividends per share (US cents) – declared after year-end 8 32 30 66 sappi limited | 07 | annual report
Group balance sheet at September 2007 US$ million Note 2007 2006 Assets Non-current assets 4,608 3,997 Property, plant and equipment 10 3,491 3,129 Plantations 11 636 520 Deferred taxation assets 12 60 74 Goodwill and intangible assets 13 7 8 Joint ventures and associates 14 112 103 Other non-current assets 15 165 61 Derivative financial instruments 31 137 102 Current assets 1,736 1,500 Inventories 16 712 699 Trade and other receivables 17 653 573 Derivative financial instruments 31 7 4 Cash and cash equivalents 364 224 Assets held for sale 9 – 20 Total assets 6,344 5,517 Equity and liabilities Shareholders’ equity 1,816 1,386 Ordinary share capital and share premium 18,19 825 715 Non-distributable reserves 19,20 114 109 Foreign currency translation reserve 19 9 (33) Retained earnings 19 868 595 Non-current liabilities 2,612 2,465 Interest-bearing borrowings 21 1,828 1,634 Deferred taxation liabilities 12 385 336 Derivative financial instruments 31 15 23 Other non-current liabilities 22 384 472 Current liabilities 1,916 1,666 Interest-bearing borrowings 21 771 694 Overdraft 22 9 Derivative financial instruments 31 28 14 Trade and other payables 952 803 Taxation payable 125 101 Provisions 23 18 45 Total equity and liabilities 6,344 5,517 sappi limited | 07 | annual report 67
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 and 52: Not restated for IFRS* September Se
Page 53 and 54: September September September Septe
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: Directors and secretaries The names
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:
Page 125 and 126:
Page 127 and 128:
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
Page 149 and 150:
Page 151 and 152:
Page 153 and 154:
Page 155 and 156:
Page 157 and 158:
Page 159 and 160:
Page 161 and 162:
33. Events after Balance Sheet date
Page 163 and 164:
35. Summary of differences between
Page 165 and 166:
Page 167 and 168:
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,
Page 197 and 198:
Proxy form for annual general meeti
Page 199 and 200:
Forward looking statements Certain
show all

2007 Annual Report - Sappi

Create successful ePaper yourself

Delete template?

Save as template?