Our performance in 2009 - Sappi

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16. Trade and other receivables continued 16.5 Off balance sheet structures continued Details of the securitisation facility at September 2009 and 2008 are set out below: 2009 annual report Bank Currency Value Facility Discount charges 2009 FirstRand Bank Limited ZAR ZAR1,268 million Unlimited* Linked to 3 month JIBAR 2008 FirstRand Bank Limited ZAR ZAR1,568 million Unlimited* Linked to 3 month JIBAR * The facility in respect of the securitisation facility is unlimited, but subject to the sale of qualifying receivables to the bank. Details of the on balance sheet securitisation facilities that are applicable to Sappi Fine Paper are described in note 20. A significant portion of the group’s sales and accounts receivable are from major groups of customers. None (2008: two) of the group’s major customers represented more than 10% of our sales during the year ended September 2009. The sales of these two customers in 2008 were recorded in Sappi Fine Paper and amounted to US$1,242 million and the outstanding balance, net of securitisation, at September 2008 was US$83 million. Where appropriate, credit insurance has been taken out over the group’s trade receivables. None of the group’s other receivable financial instruments represent a high concentration of credit risk because the group has dealings with a variety of major banks and customers worldwide. The group has the following amounts due from single customers: 2009 2008 Number of customers US$m Percentage 137 Number of customers US$m Percentage Greater than US$10 million Between US$5 million 6 82 12% 6 122 21% and US$10 million 9 55 8% 9 62 11% Less than US$5 million 2,519 530 80% 1,713 390 68% 2,534 667 100% 1,728 574 100% None of the trade receivables, with balances of equal to or greater than US$5 million as at year end have breached their contractual maturity terms. No impairment charges have been recognised in respect of customers who owe the group more than US$5 million. Refer to note 30 for further details on credit risk. financials
138 Notes to the group annual financial statements continued US$ million 2009 2008 17. Ordinary share capital and share premium Authorised share capital: 725,000,000 (September 2008: 325,000,000) shares of ZAR1 each Issued share capital: 537,117,864 (September 2008: 239,071,892) shares of ZAR1 each Share premium 70 1,471 28 679 1,541 707 The authorised ordinary share capital was increased during the year from 325,000,000 to 1,325,000,000 ordinary shares with a par value of ZAR1.00 per share prior to the rights offer in December 2008. The authorised ordinary share capital was then subsequently reduced from 1,325,000,000 to 725,000,000 ordinary shares with a par value ZAR1.00 per share. The issued ordinary share capital increased during the year from ZAR239,071,892 to ZAR537,117,864 with the issue of 286,886,270 rights offer shares and 11,159,702 shares in settlement of part of the consideration for the acquisition of the M-real graphic paper business. Included in the issued ordinary shares above are 21,384,559 (September 2008: 9,906,661) shares held as treasury shares by group entities, including The Sappi Limited Share Incentive Trust (the Scheme). These may be utilised to meet the requirements of the Scheme. Number of shares The movement in the number of treasury shares is set out in the table below: Treasury shares at beginning of year (including Scheme shares) 9,906,661 10,600,811 Rights issue shares subscribed 11,860,873 – Treasury shares issued to participants of the Scheme (382,975) (694,150) – Share options (per note 29) (206,140) (452,200) – Share plan options (per note 29) (165,491) – – Allocation shares (per note 29) (214,660) (273,750) – Restricted shares (per note 29) (22,000) – – Scheme shares forfeited, released and other 225,316 31,800 Treasury shares at end of year 21,384,559 9,906,661 Included in the 187,882,136 unissued shares and in the 537,117,864 issued shares are a total of 42,700,870 shares (adjusted for the rights issue) which may be used to meet the requirements of the Scheme and/or The Sappi Limited Performance Share Incentive Trust (the Plan). In terms of the rules of the Scheme and the Plan the maximum number of shares which may be acquired in aggregate by the Scheme and/or the Plan and allocated to participants of the Scheme and/or the Plan from time to time is 42,700,870 shares, subject to adjustment in case of any increase or reduction of Sappi’s issued share capital on any conversion, redemption, consolidation, sub-division and/or any rights or capitalisation issue of shares. Sappi is obliged to reserve and keep available at all times out of its authorised but unissued share capital such number of shares (together with any treasury shares held by Sappi subsidiaries which may be used for the purposes of the Scheme and/or the Plan) as shall then be required in terms of the Scheme and/or the Plan. Authority to use treasury shares for the purposes of the Scheme and/or the Plan was granted by shareholders at the annual general meeting held on 07 March 2005.
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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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62 Five-year review for the year en
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64 Share statistics at September 20
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Risk management Global economic con
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Risk philosophy The Sappi Limited b
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Independence Accountability Given t
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Fairness Social responsibility Lege
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2009 annual report 75 Induction and
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2009 annual report 77 employment of
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2009 annual report 79 board to esta
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As part of continuous improvement t
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Compensation report In 2009, the co
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Balance between fixed and variable
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Page 94 and 95: 2009 annual report 89 R J Boëttger
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Page 108 and 109: Group statement of changes in equit
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Page 112 and 113: Notes to the group annual financial
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Page 126 and 127: 2009 annual report US$ million 2009
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Page 152 and 153: 22. Provisions continued September
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Page 172 and 173: 30. Financial instruments continued
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30. Financial instruments continued
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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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