Our performance in 2009 - Sappi

Group balance sheet
at September 2009
2009 annual report
US$ million Note 2009 2008
Assets
Non-current assets 4,867 4,408
Property, plant and equipment 9 3,934 3,361
Plantations 10 611 631
Deferred tax assets 11 56 41
Goodwill and intangible assets 12 32 7
Joint ventures and associates 13 123 124
Other non-current assets 14 101 168
Derivative financial instruments 30 10 76
Current assets 2,430 1,701
Inventories 15 792 725
Trade and other receivables 16 858 698
Derivative financial instruments 30 10 4
Cash and cash equivalents 770 274
Total assets 7,297 6,109
Equity and liabilities
Shareholders’ equity 1,794 1,605
Ordinary share capital and share premium 17 1,541 707
Non-distributable reserves 19 143 124
Foreign currency translation reserve (354) (121)
Hedging reserves (14) –
Retained earnings 478 895
Non-current liabilities 3,662 2,578
Interest-bearing borrowings 20 2,726 1,832
Deferred tax liabilities 11 355 399
Derivative financial instruments 30 24 1
Other non-current liabilities 21 557 346
Current liabilities 1,841 1,926
Interest-bearing borrowings 20 601 821
Overdraft 19 26
Derivative financial instruments 30 14 24
Trade and other payables 1,116 959
Taxation payable 56 54
Provisions 22 35 42
Total equity and liabilities 7,297 6,109
101
financials