Our performance in 2009 - Sappi

2009 annual report
Notes to the condensed Sappi Limited company financial statements
for the year ended September 2009
ZAR million 2009 2008
1. Operating loss
The operating loss is arrived at after taking into account the items detailed below:
Depreciation 2 2
Technical and administrative services paid other than
to bona fide employees of the company 10 10
Auditors’ remuneration 12 35
– fees for audit and related services 8 8
– fees for other services 4 5
– fees for acquisition and related services – 22
Directors’ remuneration 19 18
Staff costs 96 89
Management fees received from subsidiaries 211 224
Impairment of investment – 113
2. Income from subsidiaries
Dividends received from subsidiaries 82 747
Less pre-acquisition portion (82) (136)
– 611
3. Net finance income
Interest paid – (1)
Interest received 35 15
Net foreign exchange losses (14) (9)
4. Commitments
Revenue commitments
Operating leases and rentals
21 5
Payable within one year 1 1
Payable in two to five years 1 1
2 2
5. Contingent liabilities
Guarantees and suretyships 20,581 13,099
6. Basis of preparation
The annual financial statements from which these condensed financial statements have been derived have been prepared
in accordance with the International Financial Reporting Standards (IFRS) as issued by the International Accounting
Standards Board.
197
financials