Our performance in 2009 - Sappi

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30. Financial instruments continued Total Total in 2009 annual report scope USD EUR ZAR GBP Other (con- verted 2008 Financial assets Other non-current assets Non-current derivative 168 44 2 5 37 – – financial assets* Trade and other 76 76 (223) – – 299 – receivables Current derivative 698 626 287 275 22 32 10 financial assets* Cash and cash 4 4 1 – – 3 – equivalents 274 274 82 101 91 – – 1,024 149 381 150 334 10 Financial liabilities Non-current interestbearing borrowings Non-current derivative 1,832 1,832 875 597 360 – – financial liabilities* Current interest-bearing 1 1 – – 1 – – borrowings 821 821 164 494 12 – 151 Overdraft Current derivative 26 26 – 10 2 4 10 financial liabilities* 24 24 24 – – – – Trade and other payables 959 756 196 297 239 8 16 into USD) 3,460 1,259 1,398 614 12 177 Foreign exchange gap (2,436) (1,110) (1,017) (464) 322 (167) * The amount disclosed with respect to derivative instruments, reflects the currency which the derivative instrument is covering. The above table does not indicate the group’s foreign exchange exposure, it only shows the financial instruments assets and liabilities classified per underlying currency. 175 financials
176 Notes to the group annual financial statements continued 30. Financial instruments continued The group’s foreign currency forward exchange contracts at September 2009 are detailed below: US$ million Foreign currency Contract amount (notional amount) 2009 2008 Fair value* (unfavourable) favourable Contract amount (notional amount) Fair value* (unfavourable) favourable Bought: US Dollar 473 (13) 2 – Euro 213 (1) 13 – ZAR – – 11 – Sold: US Dollar (132) 9 (168) (3) * This refers to the fair value. Euro (16) – (735) (17) ZAR (1) – – – 537 (5) (877) (20) The fair value of foreign currency contracts has been computed by the group based upon the market data valid at September 2009. All forward currency exchange contracts are valued at fair value with the resultant profit or loss included in the net finance costs for the period. Forward exchange contracts are used to hedge the group from potential unfavourable exchange rate movements that may occur on recognised financial assets and liabilities or planned future commitments. The foreign currency forward exchange contracts have different maturities, with the most extended maturity date being April 2010. As at the year end there was an open exposure of US$35.6 million which has since been hedged. Sensitivity analysis in USD gain (loss) Base currency Exposure +10% –10% EUR (7.4) (0.7) 0.8 GBP 1.5 0.1 (0.2) CHF 6.8 0.6 (0.8) SEK 2.6 0.2 (0.3) JPY 2.4 0.2 (0.3) ZAR (32.1) (2.9) 3.6 Other currencies 0.4 – – Total (25.8) (2.5) 2.8 Based on the exposure as at 27 September 2009, if the foreign currency rates had moved 10% upwards or downwards compared to the closing rates, the result would have been impacted by a loss of US$2.5 million (increase of 10%) or a gain of US$2.8 million (decrease of 10%). During 2009, we have contracted non-deliverable average rate forex transactions for a total notional value of US$30 million which were used as an overlay hedge of export sales. Since these contracts have all matured before 27 September 2009, these constitute non-representative positions. The total impact on profit or loss amounts to a loss of US$4.0 million.
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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
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Notes to the group annual financial
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• Financial assets and financial
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2.2.10 Non-current assets held for
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(iii) Dividends Dividends are recog
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uyer and seller) multiple used in o
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2.4 Adoption of accounting standard
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Corporate and eliminations Group 20
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2009 annual report US$ million 2009
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6. Taxation (benefit) charge contin
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Page 194 and 195: 2009 annual report 31. Related-part
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Page 202 and 203: 2009 annual report Notes to the con
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Page 210 and 211: Notes Confirmation of appointment o
Page 212 and 213: Proxy form for annual general meeti
Page 214 and 215: forward-looking statements Certain
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Our performance in 2009 - Sappi

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