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SAPPI<br />
GROUP BALANCE SHEET<br />
at September <strong><strong>20</strong>06</strong><br />
F-4<br />
note <strong><strong>20</strong>06</strong> <strong>20</strong>05<br />
US$ million<br />
Assets<br />
Non-current assets ...................................................... 3,997 4,244<br />
Property, plant and equipment .......................................... 10 3,129 3,333<br />
Plantations............................................................ 11 5<strong>20</strong> 604<br />
Deferred tax assets..................................................... 12 74 70<br />
Goodwill and intangible assets........................................... 13 8 9<br />
Equity investments..................................................... 14 103 105<br />
Other non-current assets................................................ 15 61 50<br />
Derivative financial instruments......................................... 31.2 102 73<br />
Current assets.......................................................... 1,500 1,645<br />
Inventories............................................................ 16 699 711<br />
Trade and other receivables............................................. 17 573 562<br />
Derivative financial instruments......................................... 31.2 4 5<br />
Cash and cash equivalents .............................................. 224 367<br />
Assets held for sale .................................................... 9 <strong>20</strong> —<br />
Total assets ............................................................ 5,517 5,889<br />
Equity and liabilities<br />
Shareholders’ equity..................................................... 1,386 1,589<br />
Ordinary share capital and share premium................................ 18,19 715 867<br />
Non-distributable reserves.............................................. 19,<strong>20</strong> 109 95<br />
Foreign currency translation reserve ..................................... 19 (33 ) 2<br />
Retained earnings ..................................................... 19 595 625<br />
Non-current liabilities ................................................... 2,465 2,547<br />
Interest-bearing borrowings............................................. 21 1,634 1,600<br />
Deferred tax liabilities.................................................. 12 336 367<br />
Derivative financial instruments......................................... 31.2 23 3<br />
Other non-current liabilities............................................. 22 472 577<br />
Current liabilities ....................................................... 1,666 1,753<br />
Interest-bearing borrowings............................................. 21 694 616<br />
Overdraft............................................................. 9 159<br />
Derivative financial instruments......................................... 31.2 14 5<br />
Trade and other payables............................................... 803 833<br />
Taxation payable ...................................................... 101 1<strong>20</strong><br />
Provisions ............................................................ 23 45 <strong>20</strong><br />
Total equity and liabilities ................................................ 5,517 5,889
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