Our performance in 2009 - Sappi

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Group statement of changes in equity for the year ended September 2009 US$ million Number of ordinary shares Ordinary share Share capital premium Ordinary share capital and share premium Non- reserves Foreign currency reserve 2009 annual report Cash flow hedge distributable translation accounting Retained reserve earnings Balance – September 2006 Transfer to retained 227.0 29 686 715 109 (33) – 595 1,386 earnings – – – – (13) – – 13 – Share-based payment Transfers to Sappi Limited – – – – 5 – – – 5 Share Incentive Trust Total comprehensive 1.5 – 14 14 – – – – 14 income Dividends – US$0.30 – 5 91 96 13 42 – 328 479 per share* – – – – – – – (68) (68) Balance – September 2007 Transfer from retained 228.5 34 791 825 114 9 – 868 1,816 earnings – – – – 8 – – (8) – Share-based payment Transfers to Sappi Limited – – – – 10 – – – 10 Share Incentive Trust Total comprehensive 0.7 – 6 6 – – – – 6 income Dividends – US$0.32 – (6) (118) (124) (8) (130) – 108 (154) per share* – – – – – – – (73) (73) Balance – September 2008 Transfer from retained 229.2 28 679 707 124 (121) – 895 1,605 earnings – – – – 6 – – (6) – Share-based payments Transfers to Sappi Limited – – – – 9 – – – 9 Share Incentive Trust 0.3 – 2 2 – – – – 2 Rights issue proceeds Costs directly attributable 275.0 28 547 575 – – – – 575 to the rights issue – – (31) (31) – – – – (31) Issue to M-real Total comprehensive 11.2 1 44 45 – – – – 45 income Dividends – US$0.16 – 13 230 243 4 (233) (14) (374) (374) per share* – – – – – – – (37) (37) Balance – September 2009 515.7 70 1,471 1,541 143 (354) (14) 478 1,794 Note reference: 17 19 * Dividends relate to the previous financial year’s earnings but were declared subsequent to year-end. 103 Total equity financials
104 Group income statement in Rands convenience translation for the year ended September 2009 Unaudited ZAR million 2009 2008 2007 Sales 48,393 43,559 38,051 Cost of sales 45,329 37,266 32,936 Gross profit 3,064 6,293 5,115 Selling, general and administrative expenses 3,470 2,860 2,597 Other operating expenses (income) 351 1,226 (158) Share of profit from associates and joint ventures (99) (126) (72) Operating (loss) profit (658) 2,333 2,748 Net finance costs 1,307 937 962 Finance costs 1,785 1,345 1,241 Finance revenue (550) (282) (151) Finance cost capitalised – (119) (100) Net foreign exchange gains (153) (59) (93) Net fair value loss on financial instruments 225 52 65 (Loss) profit before taxation (1,965) 1,396 1,786 Taxation (benefit) charge (370) 638 337 (Loss) profit for the year (1,595) 758 1,449 Basic weighted average number of ordinary shares in issue (millions) 482.6 362.2 360.6 Basic (loss) earnings per share (SA cents) (333) 208 402 Diluted (loss) earnings per share (SA cents) (333) 208 395 Group statement of comprehensive income in Rands convenience translation for the year ended September 2009 Unaudited ZAR million 2009 2008 2007 (Loss) profit for the year (1,595) 758 1,449 Other comprehensive income, net of tax (1,776) (1,902) 1,988 Exchange differences on translation of foreign operations 126 (1,947) 1,083 Actuarial (losses) gains on pension funds (2,064) 52 725 Pension fund assets recognised – – 323 Effect of cash flow hedges (126) – – Deferred tax on other comprehensive income 288 (7) (143) Total comprehensive income for the year (3,371) (1,144) 3,437 Note: The above financial results have been translated into ZAR from US Dollars using the exchange rates as set out in accounting policies note 2.2.1. The year end rate was used for translating assets and liabilities and the average rate for translating income, expenditure and cash flow items except for dividends which have been translated at the rate of exchange on the date of declaration. The translation was made solely for the convenience of the readers and is not defined in IAS 21. It should be noted that the translated ZAR figures from US Dollars do not necessarily represent that these US Dollar amounts could be converted into ZAR at the time when the transaction occurred.
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SAPPI GROUP (Sappi Limited) ANNUAL
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• the impact of future investment
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Our reporting strategy As a leading
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1 2 North America 2 4 1 San Francis
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4 Our performance in 2009 Financial
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6 Our performance against financial
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8 Our performance against sustainab
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10 Our performance against sustaina
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12 Our performance against sustaina
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14 Our sustainable business cycle T
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16 Our products 1 2 3 Coated paper
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Our objectives for 2010 Improve pro
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20 Letter to shareholders continued
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22 Letter to shareholders continued
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24 Interview with Ralph Boëttger,
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26 Our leadership Independent non-e
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28 Our leadership continued Indepen
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30 Review of operations Sappi Fine
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32 Review of operations | Sappi Fin
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34 Review of operations | Sappi Fin
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36 Review of operations Sappi Fores
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38 Review of operations | Sappi For
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40 Value added statement for the ye
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42 Chief financial officer’s repo
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Page 57 and 58: 52 Chief financial officer’s repo
Page 67 and 68: 62 Five-year review for the year en
Page 69 and 70: 64 Share statistics at September 20
Page 72 and 73: Risk management Global economic con
Page 74 and 75: Risk philosophy The Sappi Limited b
Page 76 and 77: Independence Accountability Given t
Page 78 and 79: Fairness Social responsibility Lege
Page 80 and 81: 2009 annual report 75 Induction and
Page 82 and 83: 2009 annual report 77 employment of
Page 84 and 85: 2009 annual report 79 board to esta
Page 86 and 87: As part of continuous improvement t
Page 88 and 89: Compensation report In 2009, the co
Page 90 and 91: Balance between fixed and variable
Page 92 and 93: Executive directors (1) Details of
Page 94 and 95: 2009 annual report 89 R J Boëttger
Page 96 and 97: 2009 annual report 91 Board Committ
Page 98 and 99: Auditor’s report Independent audi
Page 100 and 101: Audit committee report The legal re
Page 102 and 103: Directors’ report for the year en
Page 104 and 105: Litigation We become involved from
Page 106 and 107: Group balance sheet at September 20
Page 110 and 111: Group balance sheet in Rands conven
Page 112 and 113: Notes to the group annual financial
Page 114 and 115: • Financial assets and financial
Page 116 and 117: 2.2.10 Non-current assets held for
Page 118 and 119: (iii) Dividends Dividends are recog
Page 120 and 121: uyer and seller) multiple used in o
Page 122 and 123: 2.4 Adoption of accounting standard
Page 124 and 125: Corporate and eliminations Group 20
Page 126 and 127: 2009 annual report US$ million 2009
Page 128 and 129: 6. Taxation (benefit) charge contin
Page 130 and 131: 7. Earnings per share and headline
Page 132 and 133: 2009 annual report 9. Property, pla
Page 134 and 135: US$ million 2009 annual report 2009
Page 138 and 139: 13. Joint ventures and associates*
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Page 144 and 145: 2009 annual report 17. Ordinary sha
Page 148 and 149: 20. Interest-bearing borrowings con
Page 150 and 151: 2009 annual report 20. Interest-bea
Page 152 and 153: 22. Provisions continued September
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27. Post-employment benefits - pens
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2009 annual report 2009 2008 27. Po
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2009 annual report 28. Post-employm
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28. Post-employment benefits - othe
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29. Share-based payments continued
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2009 annual report 29. Share-based
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2009 annual report 29. Share-based
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30. Financial instruments continued
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2009 annual report 30. Financial in
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2009 annual report 31. Related-part
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2009 annual report 33. Environmenta
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Company auditor’s report for the
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Condensed Sappi Limited company bal
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2009 annual report Notes to the con
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Glossary General definitions bleach
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not be comparable with similarly ti
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No issue and/or sale of these share
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Notes Confirmation of appointment o
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Proxy form for annual general meeti
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forward-looking statements Certain
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Our performance in 2009 - Sappi

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