Our performance in 2009 - Sappi

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2009 annual report US$ million 2009 2008 20. Interest-bearing borrowings Secured borrowings – Mortgage and pledge over trade receivables and certain assets (refer to note 24 for details of encumbered assets) 1,321 468 – Capitalised lease liabilities (refer to note 24 for details of encumbered assets) 29 29 Total secured borrowings 1,350 497 Unsecured borrowings 1,977 2,156 Total borrowings (refer to note 30) 3,327 2,653 Less: Current portion included in current liabilities 601 821 The repayment profile of the interest-bearing borrowings is as follows: Payable in the year ended September: 2,726 1,832 2009* – 821 2010* 601 65 2011 261 629 2012 890 615 2013 338 159 2014 (September 2008: thereafter) 895 364 Thereafter 342 – 3,327 2,653 * Included in the US$601 million reflected as payable in 2010 is US$400 million debt relating to securitisation funding (2009: US$360 million included in US$821 million) which has the character of a short-term revolving facility but is expected to run until 2012 under the existing contractual arrangements. Capitalised lease liabilities Finance leases are primarily for plant and equipment. Lease terms generally range from five to ten years with options to make early settlements or renew at varying terms. At the time of entering into capital lease agreements, the commitments are recorded at their present value using applicable interest rates. As of September 2009, the aggregate amounts of minimum lease payments and the related imputed interest under capitalised lease contracts payable in each of the next five financial years and thereafter are as follows: Payable in the year ended September: Minimum lease payments Interest 2009 2008 Present value of minimum lease payments Minimum lease payments Interest 141 Present value of minimum lease payments 2009 – – – 10 (3) 7 2010 23 (4) 19 4 (2) 2 2011 17 (3) 14 4 (2) 2 2012 18 (2) 16 5 (2) 3 2013 15 (2) 13 5 (1) 4 2014 (September 2008: thereafter) 6 (1) 5 12 (1) 11 Thereafter 7 (1) 6 – – – Total future minimum lease payments 86 (13) 73 40 (11) 29 financials
142 Notes to the group annual financial statements continued 20. Interest-bearing borrowings continued Set out below are details of the more significant non-current interest-bearing borrowings in the group at September 2009: Currency Redeemable bonds Public high yield bond Public high yield bond Interest rate (8) Principal amount outstanding Balance sheet value Security/ cession Expiry EUR Fixed (7) EUR350 million EUR313 million (2,6) Property, plant and equipment, intercompany receivables and shares in subsidiaries US$ Fixed (7) US$300 million (7) US$268 million (2,6) Property, plant and equipment, intercompany receivables and shares in subsidiaries Financial covenants August 2014 EBITDA to net interest and net debt to EBITDA (5) August 2014 EBITDA to net interest and net debt to EBITDA (5) Public bond US$ Fixed US$500 million US$520 million (2,3,6) Unsecured June 2012 No financial covenants Public bond US$ Fixed US$250 million US$254 million (2,3,6) Unsecured June 2032 No financial covenants Town of Skowhegan Town of Skowhegan Michigan Strategic Fund and City of Westbrook US$ Fixed US$35 million US$38 million (6) Land and buildings (partially) US$ Fixed US$28 million US$30 million (6) Land and buildings (partially) US$ Fixed US$44 million US$48 million (6) Land and buildings (partially) October 2015 No financial covenants November 2013 No financial covenants January 2022 No financial covenants Public bond ZAR Fixed ZAR1,000 million ZAR1,000 million Unsecured June 2013 No financial covenants Public bond ZAR Fixed ZAR999 million ZAR999 million Unsecured October 2011 No financial covenants Bravura/ Sanlam Bravura/ Sanlam Bravura/ Sanlam Bravura/ Sanlam Bond Nedbank Secured loans State Street Bank ZAR Fixed ZAR121 million ZAR121 million Unsecured November 2012 No financial covenants ZAR Fixed ZAR120 million ZAR120 million Unsecured January 2013 No financial covenants ZAR Fixed ZAR30 million ZAR30 million Unsecured March 2013 No financial covenants ZAR Fixed ZAR54 million ZAR54 million (6) Unsecured December 2013 No financial covenants ZAR Fixed ZAR497 million ZAR497 million (6) Unsecured June 2012 No financial covenants EUR Variable EUR185 million EUR185 million Trade receivables Revolving facility EBITDA to net interest and net debt to EBITDA (5)
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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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Executive directors (1) Details of
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2009 annual report 89 R J Boëttger
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Page 100 and 101: Audit committee report The legal re
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Page 104 and 105: Litigation We become involved from
Page 106 and 107: Group balance sheet at September 20
Page 108 and 109: Group statement of changes in equit
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
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Page 122 and 123: 2.4 Adoption of accounting standard
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Page 126 and 127: 2009 annual report US$ million 2009
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Page 138 and 139: 13. Joint ventures and associates*
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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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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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