Our performance in 2009 - Sappi

196
Condensed Sappi Limited company statement of changes in equity
for the year ended September 2009
ZAR million
Number
of
ordinary
shares
Ordinary
share
capital
Share
premium
Ordinary
share
capital
and
share
premium
Non-
distri-
butable
reserves
Distri-
butable
reserves
Total
equity
Balance – September 2007 239.1 239 6,427 6,666 18 7,891 14,575
Share-based payment – – – – 229 – 229
Profit for the year – – – – – 445 445
Dividends* – – – – – (499) (499)
Balance – September 2008 239.1 239 6,427 6,666 247 7,837 14,750
Share-based payment – – – – 86 – 86
Profit for the year – – – – – (61) (61)
Dividends* – – – – – (374) (374)
Rights issue proceeds 286.8 287 5,528 5,815 – – 5,815
Costs directly attributable
to the rights issue – – (302) (302) – – (302)
Issue to M-real 11.2 11 409 420 – – 420
Balance – September 2009 537.1 537 12,062 12,599 333 7,402 20,334
* Dividends relate to the previous financial year’s earnings but were declared subsequent to year end.
Condensed Sappi Limited company cash flow statement
at September 2009
ZAR million 2009 2008
(Loss) profit before interest and taxation (38) 457
Adjustments:
Dividends received pre-acquisition 82 136
Impairment of investment – 113
Subsidiary transactions 306 (123)
Other 13 13
Cash generated from operations 363 596
Movement in working capital (82) 57
Net finance income 21 5
Taxation paid (23) 18
Dividends paid (374) (499)
Cash (utilised in) retained from operating activities (95) 177
Fixed asset purchases – (1)
Increase in non-current assets – (80)
Increase in investments (5,493) (315)
Increase in equity and reserves 5,513 –
Proceeds from share option deliveries 75 218
Net movement in cash and cash equivalents – (1)
Cash and cash equivalents at beginning of year – 1
Cash and cash equivalents at end of year – –