Our performance in 2009 - Sappi

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2009 annual report 28. Post-employment benefits – other than pensions The group sponsors two defined benefit post-employment plans that provide certain healthcare and life insurance benefits to eligible retired employees of the North American and South African operations. Employees are generally eligible for benefits upon retirement and completion of a specified number of years of service. Actuarial valuations of all the plans are performed annually. The North American and the South African post-employment obligations were measured at the end of this financial year. The following schedule provides the plans’ funded status and obligations for the group: South Africa 2009 2008 North America Total South Africa 157 North America Total Change in present value of defined benefit obligation Defined benefit obligations at beginning of year 66 77 143 78 95 173 Current service cost 1 1 2 2 2 4 Interest cost 5 5 10 6 5 11 Actuarial loss (gain) experience 8 (5) 3 (1) (10) (11) Actuarial loss (gain) assumptions Gain on curtailment and 2 17 19 (4) (8) (12) settlements – (1) (1) – – – Benefits paid (3) (7) (10) (3) (7) (10) Translation difference 9 – 9 (12) – (12) Defined benefit obligation at end of year 88 87 175 66 77 143 Present value of wholly unfunded obligations 88 87 175 66 77 143 Unrecognised past service credit – (4) (4) – (5) (5) Recognised post-employment benefit liability (88) (91) (179) (66) (82) (148) South Africa 2009 2008 North America Total South Africa North America Total Reconciliation of pension liability movement in the balance sheet Recognised pension plan liability at beginning of year (66) (82) (148) (78) (101) (179) Net pension cost for the year (6) (4) (10) (8) (6) (14) Employer contributions paid 3 7 10 3 7 10 Net actuarial (loss) gain (10) (12) (22) 5 18 23 Translation difference (9) – (9) 12 – 12 Recognised pension plan liability at end of year (88) (91) (179) (66) (82) (148) financials
158 Notes to the group annual financial statements continued 28. Post-employment benefits – other than pensions continued South Africa 2009 2008 2007 North America Total South Africa North America Total South Africa North America Total Periodic postemployment benefit cost recognised in income statement Current service cost 1 1 2 2 2 4 1 2 3 Interest cost Amortisation of 5 5 10 6 5 11 6 5 11 past service credit Gain on curtailments – (1) (1) – (1) (1) – (1) (1) and settlements – (1) (1) – – – – (1) (1) Net periodic post-employment benefit cost charged to cost of sales and selling, general and administrative expenses 6 4 10 8 6 14 7 5 12 South Africa 2009 2008 North America Total South Africa North America Total Amounts recognised in the statement of other comprehensive income Actuarial gains (losses) (10) (12) (22) 5 18 23 Cumulative actuarial gains and losses recognised in the statement of other comprehensive income Actuarial losses (29) (25) (54) (19) (13) (32) South Africa 2009 2008 North America South Africa North America Weighted average actuarial assumptions at balance sheet date: % % % % Discount rate 9.00 5.20 9.00 7.60 Healthcare cost trend initial rate 7.25 8.00 7.00 9.00 which gradually reduces to an ultimate rate of 7.25 5.00 7.00 5.00 over a period of (years) – 5 – 4
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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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Group statement of changes in equit
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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
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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*
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Page 144 and 145: 2009 annual report 17. Ordinary sha
Page 148 and 149: 20. Interest-bearing borrowings con
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Page 152 and 153: 22. Provisions continued September
Page 156 and 157: 27. Post-employment benefits - pens
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Page 160 and 161: 2009 annual report 2009 2008 27. Po
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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
Page 178 and 179: 2009 annual report 30. Financial in
Page 194 and 195: 2009 annual report 31. Related-part
Page 196 and 197: 2009 annual report 33. Environmenta
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
Page 204 and 205: Glossary General definitions bleach
Page 206 and 207: not be comparable with similarly ti
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Page 210 and 211: 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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