2008 Annual report - Sappi

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Notes to the condensed Sappi Limited company financial statements // continued for the year ended September 2008 ZAR million 2008 2007 5. Commitments Revenue commitments Operating leases and rentals Payable within one year 1 1 Payable in two to five years 1 2 2 3 6. Contingent liabilities Guarantees and suretyships 13,099 10,653 7. Basis of preparation The annual financial statements from which these condensed financial statements have been derived have been prepared in accordance with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board. 186
sappi // Investments at September 2008 Share Effective Book value Loan to Loan from capital holding of investment subsidiary subsidiary Annexure A 2008 2007 2008 2007 2008 2007 2008 2007 Investments in subsidiaries ZAR ZAR ZAR ZAR ZAR ZAR and joint venture % % million million million million million million Set out below are the more significant subsidiaries and joint ventures or those that have a loan with Sappi Limited Southern Africa Sappi Management Services (Pty) Ltd M ZAR100 100 100 – – 456 401 – – Sappi Manufacturing (Pty) Ltd O ZAR12,026,250 100 100 1,851 1,851 1,357 1,153 – – Sappi Share Facilitation Company (Pty ) Ltd O ZAR1,000 100 100 – – 607 663 – – Usutu Pulp Company Ltd O SZL10,000,000 100 100 – – – – – – America S.D. Warren Company O USD1,000 100 100 – – – – (35) (17) Sappi Cloquet LLC O – (1) 100 100 – – – – – – Europe Sappi Alfeld GmbH O EUR31,200,000 100 100 – – – – – (2) Sappi Austria Produktions GmbH and CoKG O EUR35,000 100 100 – – – – – – Sappi Deutschland GmbH O EUR25,565 100 100 – – – – – – Sappi Ehingen GmbH O EUR20,800,000 100 100 – – – – – – Sappi Esus Beteiligungsverwaltungs GmbH H EUR1,000,000 100 100 – – – – – – Sappi Europe SA O EUR15,130,751 100 100 – – – – (31) (25) Sappi Fine Paper plc M GBP50,000 100 100 1 1 – – – – Sappi Holding GmbH H EUR72,700 100 100 10,375 10,059 – – (6) (7) Sappi International SA F EUR1,200,603,930 100 100 – – 32 3 – – Sappi Lanaken NV O EUR51,377,000 100 100 – – – – – – Sappi Lanaken Press Paper NV O EUR57,179,613 100 100 – – – – – – Sappi Maastricht BV O EUR31,992 100 100 – – – – – – Sappi Nijmegen BV O EUR59,037 100 100 – – – – – – Sappi Papier Holding GmbH H&O EUR72,700 100 100 – – 1 74 – – Sappi Trading Pulp AG O CHF100,000 100 100 – – – – – (16) Sappi UK Ltd O GBP74,020,000 100 100 – – – – – (2) Asia Jiangxi Chenming Paper Co. Ltd JV RMB1,424,160,000 34 100 – – – – – – Other Brocas Ltd (2) H US$3,385,401 100 100 – 122 – – – – Lignin Insurance Co. Ltd (3) F US$656,000 100 100 85 221 3 1 – – Employee share participation Trusts – – – – (30) – Various other companies 7 8 – 1 (3) (1) 12,319 12,262 2,456 2,296 (105) (70) Write down of investment in subsidiaries – (9) – – – – Holding companies H Management companies M Operating companies O Joint venture JV Finance companies F (1) No issued share capital, only additional paid in capital of US$488 million. (2) Impairment of investment. (3) Declared a dividend out of pre-acquisition reserves. 12,319 12,253 2,456 2,296 (105) (70) // 2008 Annual report 187
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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 138 and 139: 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 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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