2008 Annual report - Sappi

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Notes to the group annual financial statements // continued for the year ended September 2008 30. Financial Instruments (continued) Derivative financial instruments with maturity profile The following tables indicates the different types of derivative financial instruments for 2008 and 2007, included within the various categories on the face of the balance sheet. The reported maturity analysis is calculated based on an undiscounted basis. Maturity analysis Undiscounted cash flows Classes of Fair value financial instruments Total hedge 6M 1Y 2Y 5Y September 2008 Assets Fair value of derivatives by risk factor Interest rate risk Interest rate swaps 76 76 38 10 37 – 1 receiving leg 532 532 186 35 211 127 8 paying leg (456) (456) (148) (25) (174) (127) (7) Foreign exchange risk FX forward contracts 4 – 5 – – – – receiving leg 334 (11) 335 – – – – paying leg (330) 11 (330) – – – – Liabilities Fair value of derivatives by risk factor Interest rate risk Interest rate swaps (1) – – – – – (1) paying leg (1) – – – – – (1) receiving leg – – – – – – – Foreign exchange risk FX forward contracts (24) – (23) – – – – paying leg (576) – (578) – – – – receiving leg 552 – 555 – – – – 164
sappi // 30. Financial Instruments (continued) Derivative financial instruments with maturity profile (continued) Maturity analysis Undiscounted cash flows Classes of Fair value financial instruments Total hedge 6M 1Y 2Y 5Y September 2007 Assets Fair value of derivatives by risk factor Interest rate risk Interest rate swaps 137 137 50 4 51 47 (1) receiving leg 536 536 180 15 183 187 15 paying leg (399) (399) (130) (11) (132) (140) (16) Foreign exchange risk FX forward contracts 7 – 9 – – – – receiving leg 309 – 312 – – – – paying leg (302) – (303) – – – – Liabilities Fair value of derivatives by risk factor Interest rate risk Interest rate swaps (12) (12) (2) (1) (3) (13) – paying leg (246) (246) (28) (27) (56) (171) – receiving leg 234 234 26 26 53 158 – Foreign exchange risk FX forward contracts (31) (4) (27) (1) – – – paying leg (879) (89) (794) (1) – – – receiving leg 848 85 767 – – – – // 2008 Annual report 165
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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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Five year review Not restated for I
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Share statistics at September 2008
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Corporate governance We are committ
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Corporate governance // continued E
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Corporate governance // continued A
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Corporate governance // continued r
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Compensation report Compensation co
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Annual financial statements for the
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Directors’ approval The directors
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Directors’ report // continued fo
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Group income statement for the year
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Group cash flow statement for the y
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Group income statement in Rands con
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Group cash flow statement in Rands
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Notes to the group annual financial
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Page 116 and 117: Notes to the group annual financial
Page 184 and 185: Condensed Sappi Limited company inc
Page 186 and 187: Condensed Sappi Limited company cas
Page 188 and 189: Notes to the condensed Sappi Limite
Page 190 and 191: Glossary General definitions bleach
Page 192 and 193: Glossary // continued Non-GAAP fina
Page 194 and 195: Notice to shareholders // continued
Page 196 and 197: Notice to shareholders // continued
Page 198 and 199: Shareholder’s diary Annual genera
Page 200 and 201: Notes to proxy The form of proxy mu
Page 202 and 203: Notes 1. To be effective, this form
Page 204 and 205: Notes 1. To be effective, this form
Page 206: www.sappi.com
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2008 Annual report - Sappi

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