Our performance in 2009 - Sappi

92
Annual financial statements
for the year ended September 2009
Page
Auditor’s report 93
Directors’ approval 94
Secretary’s certificate 94
Audit committee report 95
Directors’ report 97
Group income statement 100
Group statement of comprehensive income 100
Group balance sheet 101
Group cash flow statement 102
Group statement of changes in equity 103
Group income statement in Rands
convenience translation 104
Group statement of comprehensive income
in Rands convenience translation 104
Group balance sheet in Rands
convenience translation 105
Group cash flow statement in Rands
convenience translation 106
Notes to the group annual financial statements
1. Business 107
2. Accounting policies 107
2.1 Basis of preparation 107
2.2 Accounting policies 107
2.3 Critical accounting policies and estimates 114
2.4 Adoption of accounting standards
in the current year 117
2.5 Potential impact of future changes
in accounting policies 117
3. Segment information 118
4.1 Operating profit 120
4.2 Employment costs 121
4.3 Other operating expenses (income) 121
5. Net finance costs 122
6. Taxation (benefit) charge 122
7. Earnings per share and headline earnings
per share 124
8. Dividends 125
9. Property, plant and equipment 126
10. Plantations 128
11. Deferred tax 129
12. Goodwill and intangible assets 132
13. Joint ventures and associates 132
14. Other non-current assets 134
15. Inventories 134
16. Trade and other receivables 134
17. Ordinary share capital and share premium 138
18. Other comprehensive income 140
Page
19. Non-distributable reserves 140
20. Interest-bearing borrowings 141
21. Other non-current liabilities 146
22. Provisions 146
23. Notes to the cash flow statement 148
24. Encumbered assets 149
25. Commitments 150
26. Contingent liabilities 150
27. Post-employment benefits – pensions 151
28. Post-employment benefits
– other than pensions 157
29. Share-based payments 160
30. Financial instruments 166
31. Related party transactions 189
32. Events after balance sheet date 190
33. Environmental matters 190
34. Acquisition 191
Company auditor’s report 193
Condensed company income statement 194
Condensed company statement of
comprehensive income 194
Condensed company balance sheet 195
Condensed company statement of
changes in equity 196
Condensed company cash flow statement 196
Notes to the condensed company
financial statements 197
Investments 198