2008 Annual report - Sappi

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Notes to the group annual financial statements // continued for the year ended September 2008 3. Segment information For management purposes, the group has two reporting segments which operate as separate business units: Sappi Fine Paper and Sappi Forest Products. These divisions are the basis on which the group reports its primary segment information. Sappi Fine Paper produces coated and uncoated fine paper and speciality paper grades. Sappi Forest Products produces commodity paper products, pulp, forest and timber products. The secondary segments have been determined by the geographical location of the production facilities: North America, Europe and Southern Africa. The accounting policies of the segments are the same as those described in the summary of significant accounting policies (refer note 2.2). The group accounts for intragroup sales and transfers as if the sales or transfers were to third parties, that is, at current market prices. All such sales and transfers are eliminated on consolidation. Sappi Fine Paper Sappi Forest Products US$ million 2008 2007 2006 2008 2007 2006 External sales (1) 4,764 4,256 3,958 1,099 1,048 983 Inter-segment sales 677 602 504 657 658 517 Total sales 5,441 4,858 4,462 1,756 1,706 1,500 Segment result (2) 34 119 (49) 273 264 175 Share of profit (loss) of equity investments 2 3 1 5 3 (1) Depreciation 300 298 321 73 75 68 Amortisation and fellings – 1 2 80 70 74 Asset impairments 82 2 6 37 – 3 Asset impairment reversals – – – – – (40) Other non-cash expenses (including fair value adjustment on plantations) 151 (11) 62 (150) (117) (131) Capital expenditures 216 158 203 290 299 99 Total assets (6) 3,724 3,931 3,810 2,049 2,096 1,419 Operating assets (3)(6) 3,678 3,836 3,726 1,972 1,984 1,407 Operating liabilities (4) 706 682 639 241 251 178 Net operating assets (5)(6) 2,955 3,121 3,049 1,721 1,654 1,188 Property, plant and equipment 2,353 2,503 2,478 1,008 988 669 Sappi Fine Paper North America Europe Southern Africa US$ million 2008 2007 2006 2008 2007 2006 2008 2007 2006 Sales (1) 1,664 1,511 1,439 2,720 2,387 2,194 380 358 325 Segment result (2) 92 22 (16) (64) 88 (27) 6 9 (6) Capital expenditures 125 44 48 82 102 136 9 12 19 Operating assets (3) 1,285 1,263 1,334 2,226 2,371 2,196 167 202 196 Net operating assets (5) 1,087 1,031 1,108 1,758 1,941 1,796 110 149 145 Property, plant and equipment 879 864 926 1,363 1,502 1,428 111 137 124 100
sappi // Corporate and eliminations Group 2008 2007 2006 2008 2007 2006 – – – 5,863 5,304 4,941 (1,334) (1,260) (1,021) – – – (1,334) (1,260) (1,021) 5,863 5,304 4,941 7 – (1) 314 383 125 10 4 (1) 17 10 (1) 1 1 1 374 374 390 – – – 80 71 76 – – – 119 2 9 – – – – – (40) (58) (14) (58) (57) (142) (127) 1 1 1 507 458 303 336 317 288 6,109 6,344 5,517 144 99 86 5,794 5,919 5,219 78 66 45 1,025 999 862 39 21 19 4,715 4,796 4,256 – – 2 3,361 3,491 3,149 Sappi Forest Products Southern Africa Corporate and other Group 2008 2007 2006 2008 2007 2006 2008 2007 2006 1,099 1,048 983 – – – 5,863 5,304 4,941 273 264 175 7 – (1) 314 383 125 290 299 99 1 1 1 507 458 303 1,972 1,984 1,407 144 99 86 5,794 5,919 5,219 1,721 1,654 1,188 39 21 19 4,715 4,796 4,256 1,008 988 669 – – 2 3,361 3,491 3,149 // 2008 Annual report 101
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annual report 2008
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sappi Our report in overview In pro
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sappi Our performance The group’s
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sappi Target Target Net debt to tot
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sappi Our score on the DJSI World D
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sappi People continued Our commitme
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sappi Our business structure Johann
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sappi Pulp Paper pulp is the main r
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sappi Ideas that matter Print remai
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sappi Objectives for 2009 Meaningf
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sappi Deenadayalen (Len) Konar // (
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sappi Divisional and corporate mana
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sappi We are of the opinion that su
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sappi input cost reductions across
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sappi Q // Will the integration of
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sappi Sappi Fine Paper Mills/ Capac
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sappi deliver excellent service and
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sappi Transaction funding overview
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sappi Sappi Forest Products Mills/
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sappi Demand and prices in the inte
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Risk management Our top risks These
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Risk management // continued Risk m
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Chief financial officer’s report
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Page 52 and 53: Chief financial officer’s report
Page 60 and 61: Five year review Not restated for I
Page 62 and 63: Share statistics at September 2008
Page 64 and 65: Corporate governance We are committ
Page 66 and 67: Corporate governance // continued E
Page 68 and 69: Corporate governance // continued A
Page 70 and 71: Corporate governance // continued r
Page 72 and 73: Compensation report Compensation co
Page 74 and 75: Annual financial statements for the
Page 76 and 77: Directors’ approval The directors
Page 78 and 79: Directors’ report // continued fo
Page 80 and 81: Group income statement for the year
Page 82 and 83: Group cash flow statement for the y
Page 84 and 85: Group income statement in Rands con
Page 86 and 87: Group cash flow statement in Rands
Page 88 and 89: Notes to the group annual financial
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Notes to the group annual financial
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Condensed Sappi Limited company inc
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Condensed Sappi Limited company cas
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Notes to the condensed Sappi Limite
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Glossary General definitions bleach
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Glossary // continued Non-GAAP fina
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Notice to shareholders // continued
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Notice to shareholders // continued
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Shareholder’s diary Annual genera
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Notes to proxy The form of proxy mu
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Notes 1. To be effective, this form
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Notes 1. To be effective, this form
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www.sappi.com
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2008 Annual report - Sappi

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