Our performance in 2009 - Sappi

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2009 annual report 20. Interest-bearing borrowings continued Sappi Fine Paper Europe and Sappi Trading Under a combined securitisation arrangement for Sappi Fine Paper Europe and Sappi Trading, Sappi sells receivables to Galleon Capital LLC on a non-recourse basis. Credit enhancement is calculated by deducting a deferred purchase price of 14%. Sappi is responsible for the collection of all amounts that are due from the customer. The rate of discounting that is charged on the receivables is LIBOR (London Interbank Offered Rate) plus a margin for receivables to customers located in OECD countries plus a further margin for receivables to customers located in non-OECD countries. Non-utilised facilities The group monitors its availabilty to funds on a weekly basis. The group treasury committee determines the amount of unutilised facilities to determine the headroom which it currently operates in. The net cash balances included in current assets and current liabilities are included in the determination of the headroom available. Non-utilised committed facilities US$ million Currency Interest rate 2009 2008 Commercial paper* ZAR Variable (JIBAR) – 25 Syndicated loan** EUR Variable (EURIBOR) 307 580 307 605 ** Commercial paper programme has been terminated. ** Syndicated loan with a consortium of banks with JP Morgan as agent with a remaining revolving facility available of EUR209 million, which is subject to financial covenants which relate to the Sappi Limited group and is secured by the same assets as the public high yield bonds maturing in 2014. These committed facilities represent amounts that the group could utilise. The syndicated loan facility matures in May 2012. We have paid a total commitment fee of US$0.8 million (2008 US$1 million) in respect of the syndicated loan facility. Non-utilised uncommitted facilities Geographic region Currency Interest rate 2009 2008 Southern Africa ZAR Variable (JIBAR) 445 205 Group Treasury – Europe EUR Variable (EURIBOR) 54 143 Europe EUR Variable (EURIBOR) – 130 499 478 Total non-utilised facilities, excluding cash 806 1,083 Fair value The fair value of all interest-bearing borrowings is disclosed in note 30 on financial instruments. 145 financials
146 Notes to the group annual financial statements continued US$ million 2009 2008 21. Other non-current liabilities Post-employment benefits – pension liability (refer to note 27) 308 144 Post-employment benefits other than pension liability (refer to note 28) 172 141 Long-term employee benefits 9 6 Workmen’s compensation 8 7 Long service awards 27 18 Land restoration obligation 19 16 Deferred income 3 4 Other 11 10 557 346 US$ million 2009 2008 22. Provisions Restructuring provisions 32 41 Other provisions 3 1 Balance at September* 35 42 * These are all included in current liabilities. Restructuring provisions Severance, retrenchment and related costs Lease cancellation and penalty costs Other restructuring Total Balance at September 2007 15 – 1 16 Increase in provisions 23 5 19 47 Utilised (8) – – (8) Released during the year (4) – – (4) Other movements 1 – (10) (9) Translation effect – (1) – (1) Balance at September 2008 27 4 10 41 Increase in provisions 17 – 21 38 Utilised (24) (1) (10) (35) Released during the year (1) – (4) (5) Other movements (1) (1) (5) (7) Translation effect – 1 (1) – Balance at September 2009 18 3 11 32
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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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2009 annual report 91 Board Committ
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Auditor’s report Independent audi
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
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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
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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
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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*
Page 142 and 143: 16. Trade and other receivables con
Page 144 and 145: 2009 annual report 17. Ordinary sha
Page 148 and 149: 20. Interest-bearing borrowings con
Page 152 and 153: 22. Provisions continued September
Page 156 and 157: 27. Post-employment benefits - pens
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Page 166 and 167: 29. Share-based payments continued
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Page 172 and 173: 30. Financial instruments continued
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Page 196 and 197: 2009 annual report 33. Environmenta
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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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