Our performance in 2009 - Sappi

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30. Financial instruments continued Classes of financial instruments Total September 2008 Assets Fair value of derivatives by risk factor Interest rate risk Fair value hedge Cash flow hedge 2009 annual report Maturity analysis Undiscounted cash flows 6M 1Y 2Y 5Y Interest rate swaps 76 76 – 38 10 37 – 1 receiving leg 532 532 – 186 35 211 127 8 paying leg (456) (456) – (148) (25) (174) (127) (7) Foreign exchange risk FX forward contracts 4 – – 5 – – – – receiving leg 334 (11) – 335 – – – – paying leg (330) 11 – (330) – – – – Liabilities Fair value of derivatives by risk factor Interest rate risk Interest rate swaps (1) – – – – – – (1) paying leg (1) – – – – – – (1) receiving leg – – – – – – – – Foreign exchange risk FX forward contracts (24) – – (23) – – – – paying leg (576) – – (578) – – – – receiving leg 552 – – 555 – – – – 183 financials
184 Notes to the group annual financial statements continued 30. Financial instruments continued Fair values All financial instruments are carried at fair value or amounts that approximate fair value, except the non-current interest- bearing borrowings at fixed rates of interest. The carrying amounts for cash, cash equivalents, accounts receivable, certain investments, accounts payable and current portion of interest-bearing borrowings approximate fair value due to the short- term nature of these instruments. Where these fixed rates of interest have been hedged into variable rates of interest and fair value hedge accounting has been applied, then the non-current interest-bearing borrowings are carried at fair value calculated by discounting all future cash flows at market data valid at closing date. The same data is used to value the related hedging instrument. No financial assets were carried at an amount in excess of fair value. Direct and incremental transaction costs are included in the initial fair value of financial assets and financial liabilities, other than those at fair value through profit or loss. The best evidence of the fair value of a financial asset or financial liability at initial recognition is the transaction price, unless the fair value of the instrument is evidenced by comparison with other current observable market transactions. Where market prices or rates are available, such market data is used to determine the fair value of financial assets and financial liabilities. If quoted market prices are unavailable, the fair value of financial assets and financial liabilities is calculated using pricing models or discounted cash flow techniques. Where discounted cash flow techniques are used, estimated future cash flows are based on management’s best estimates and the discount rate used is a market-related rate at the balance sheet date for an instrument with similar terms and conditions. Where pricing models are used, market-related inputs are used to measure fair value at the balance sheet date. Investments in equity instruments that do not have a quoted market price in an active market and whose fair value cannot be reliably measured, and derivatives that are linked to and have to be settled by delivery of such unquoted equity instruments, are not measured at fair value but at cost. Fair values of foreign exchange and interest rate derivatives are calculated by using recognised treasury tools which use discounted cash flow techniques based on effective market data valid at closing date. The fair value of loan commitments are based on the commitment fees effectively paid.
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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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7. Earnings per share and headline
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2009 annual report 9. Property, pla
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US$ million 2009 annual report 2009
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2009 annual report US$ million 2009
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Page 152 and 153: 22. Provisions continued September
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Page 196 and 197: 2009 annual report 33. Environmenta
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Page 202 and 203: 2009 annual report Notes to the con
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Page 208 and 209: No issue and/or sale of these share
Page 210 and 211: Notes Confirmation of appointment o
Page 212 and 213: Proxy form for annual general meeti
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Our performance in 2009 - Sappi

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