Our performance in 2009 - Sappi

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27. Post-employment benefits – pensions continued US$ million Southern Africa Europe (incl UK) 2009 annual report 2009 2008 North America Total Southern Africa Europe (incl UK) North America Total Surplus (deficit) 41 (206) (85) (250) 61 (72) (16) (27) Unrecognised past service cost – (6) – (6) – – – – Recognised pension plan asset (liability) 41 (212) (85) (256) 61 (72) (16) (27) Reconciliation of pension asset (liability) movement in the balance sheet Recognised pension plan asset (liability) at beginning of year Pension liability acquired during 61 (72) (16) (27) 93 (126) (28) (61) the year Net pension (gain) cost for the – (52) – (52) – – – – year – (15) (6) (21) 4 (13) – (9) Employer contributions paid 7 30 17 54 9 33 34 76 Net actuarial (loss) gain (28) (99) (80) (207) (30) 36 (22) (16) Translation difference 1 (4) – (3) (15) (2) – (17) Recognised pension plan asset (liability) at end of year 41 (212) (85) (256) 61 (72) (16) (27) Periodic pension cost recognised in income statement Current service cost 6 10 5 21 8 12 6 26 Past service cost – – – – – 1 – 1 Fund administration costs – – – – – – – – Interest cost 22 53 28 103 24 47 26 97 Expected return on plan assets (28) (48) (28) (104) (36) (46) (33) (115) Amortisation of past service cost Gain on curtailment – – 1 1 – – 1 1 and settlement – – – – – (1) – (1) Net periodic pension cost (gain) charged to cost of sales and selling, general and administrative expenses – 15 6 21 (4) 13 – 9 153 financials
154 Notes to the group annual financial statements continued 27. Post-employment benefits – pensions continued US$ million Southern Africa Europe (incl UK) 2009 2008 North America Total Southern Africa Europe (incl UK) North America Total Actual return (loss) on plan assets Actual return (loss) on plan 22 66 63 151 6 (47) (33) (74) assets (%) 6.6 7.6 17.5 9.9 1.3 (6.2) (9.0) (5.0) Amounts recognised in statement of other comprehensive income Actuarial (losses) gains (28) (99) (80) (207) (30) 36 (22) (16) Cumulative actuarial gains and losses recognised in statement of other comprehensive income Actuarial gains (losses) 24 (197) (161) (334) 52 (98) (81) (127) Weighted average actuarial assumptions at balance sheet date: Discount rate (%) 9.00 4.90 5.50 9.00 6.90 7.60 Compensation increase (%)* 6.70 2.60 3.50 6.45 3.10 3.50 Expected return on assets (%) 9.90 5.30 8.00 9.40 6.75 8.25 Weighted average actuarial assumptions used to determine periodic pension cost: Discount rate (%) 9.00 6.90 7.60 8.25 5.30 6.30 Compensation increase (%)* 6.45 3.10 3.50 6.24 3.05 3.50 Expected return on assets (%) 9.40 6.75 8.25 9.66 6.00 8.25 * Weighted average of schemes that use a compensation increase assumption. Illustrating sensitivity The discount and salary increase rates can have a significant effect on the amounts reported. The table below illustrates the effect of changing key assumptions: 1% 1% increase decrease in in discount discount rate rate 2009 2008 1% increase in salary increase rate 1% decrease in salary increase rate 1% 1% increase decrease in in discount discount rate rate 1% 1% increase decrease in salary in salary increase increase rate rate (Decrease) increase in defined benefit obligation (Decrease) increase in net (204) 245 45 (43) (141) 167 37 (34) periodic pension cost 2 – – – (2) 7 – –
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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
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Audit committee report The legal re
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Directors’ report for the year en
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Litigation We become involved from
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Group balance sheet at September 20
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Page 112 and 113: Notes to the group annual financial
Page 114 and 115: • Financial assets and financial
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Page 126 and 127: 2009 annual report US$ million 2009
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Page 132 and 133: 2009 annual report 9. Property, pla
Page 134 and 135: US$ million 2009 annual report 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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Page 198 and 199: Company auditor’s report for the
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Page 202 and 203: 2009 annual report Notes to the con
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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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