2006 20-F - Sappi

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SAPPI NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS (Continued) 4.1 Operating profit (loss) for the year ended September 2006 Operating profit (loss) has been arrived at after charging (crediting): 2006 2005 Selling, Selling, general and general and administrative administrative Cost of sales expenses Cost of sales expenses US$ million Raw materials, energy and other direct input costs.......................... 2,547 — 2,405 — Fair value adjustment on plantations..... (30) — (52) — Employee costs........................ 769 109 856 123 Depreciation.......................... 362 28 395 27 Delivery charges....................... 441 — 451 — Maintenance.......................... 226 — 254 — Other overheads....................... 105 — 198 — Marketing and selling expenses.......... — 86 — 84 Administrative and general expenses..... — 143 — 129 4,420 366 4,507 363 F-46 2006 2005 US$ million Fair value adjustment on plantations Changes in volumes Fellings ...................................................... 74 66 Growth ...................................................... (70 ) (58 ) 4 8 Change in fair value ............................................. (34 ) (60 ) (30 ) (52 ) Silviculture costs (included within cost of sales)........................ 43 45 Leasing charges for premises........................................ 15 20 Leasing charges for plant and equipment............................. 44 48 Remuneration paid other than to bona fide employees of the company in respect of:...................................................... 44 32 • technical services................................................ 10 12 • administration services........................................... 34 20 Auditors’ remuneration:............................................ 9 10 • audit and related services......................................... 7 5 • tax planning and tax advice ....................................... 2 5 Government grants towards environmental expenditure................ (1 ) (4 ) Research and development costs .................................... 24 27 Amortisation...................................................... 2 2
4.2 Employee cost SAPPI NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS (Continued) for the year ended September 2006 2006 2005 US$ million Wages and salaries................................................. 813 860 Defined contribution plan expense (refer note 28)..................... 10 16 Pension costs (refer note 28)........................................ (1 ) 41 Post-employment benefit other than pension expense (refer note 29). . . . . 12 16 Share-based payment expense....................................... 6 10 Other............................................................ 38 36 878 979 4.3 Other operating expenses 2006 2005 US$ million Loss on sale and write-off of property, plant and equipment............. 13 10 Restructuring costs (refer note 23)................................... 44 22 Impairments of property, plant and equipment (refer note 10) . . . . . . . . . . 9 233 Reversal of impairments of property, plant and equipment (refer note 10) (40 ) (4 ) Other............................................................ 3 (2 ) 29 259 Attributable taxation............................................... (16 ) (14 ) 13 245 5. NET FINANCE COSTS 2006 2005 US$ million Gross interest and other finance costs.................................... 162 161 - Interest on bank overdrafts............................................ 11 20 - Interest on redeemable bonds and other loans ........................... 143 132 - Interest on obligations under finance lease .............................. 8 9 Finance revenue received............................................... (26 ) (36 ) - Interest revenue on bank deposits...................................... (8 ) (18 ) - Interest revenue on loans and investments............................... (18 ) (18 ) Interest capitalised..................................................... (2 ) (1 ) Net foreign exchange gains ............................................. (7 ) (5 ) Net fair value loss (gain) on financial instruments.......................... 3 (39 ) - Impact of de-designation and re-designation of hedges.................... — (13 ) - Amortisation of cost of de-designated hedges............................ 2 1 - Other fair value losses (gains) on derivatives and hedge ineffectiveness. . . . . . 1 (27 ) 130 80 F-47
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As filed with the Securities and Ex
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OUR USE OF TERMS AND CONVENTIONS IN
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FORWARD-LOOKING STATEMENTS In order
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2 Year Ended September 2006 2005 (U
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Risk Factors In addition to other i
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New technologies or changes in cons
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Several customers account for a sig
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Maintain a global presence. One of
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Major Product Categories Descriptio
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market share was negatively affecte
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The chart below represents the oper
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The following table sets forth appr
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Paper North America’s on-line fin
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of 860,000 metric tonnes of triple-
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a capacity of 60,000 metric tonnes
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customers use our products in the p
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(1) The following table sets forth
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The mill markets paper and excess p
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Pulp Sappi Fine Paper North America
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equired for its operations. Sappi F
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• The National Environmental Mana
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PROPERTY, PLANT AND EQUIPMENT For a
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ITEM 5. OPERATING AND FINANCIAL REV
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) Movement in market prices for our
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The recent price history for benchm
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Demand from all of the market segme
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Raw Material and Other Input Costs
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The exchange rate impact on raw mat
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Our South African businesses have f
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• Any debtors or creditors not in
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Year Ended September 2006 Compared
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US$28 million. Decreased selling pr
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enefit of the reversal of the Usutu
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accounting mismatch, as a result of
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South African residents, who are na
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The increase of US$11 million in fi
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June 2010. The OeKB A tranche and t
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impact on liquidity varies accordin
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Contractual Obligations We have var
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mill is located in Nanchang, the ca
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product pricing, raw material costs
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flows of the related underlying exp
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increases, health care cost trends,
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alance sheet date. Risks, uncertain
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If the Group had applied IFRS 3 ret
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IFRS. The Group did not apply the e
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Where BEE equity credentials are ob
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Environmental Matters We operate in
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Klaas de Kluis (70) (independent).
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Mark Richard Thompson (54) BCom, BA
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Audit Committee An Audit Committee
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estructuring initiatives that occur
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Levies Act, was paid via Internal R
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Pursuant to the Companies Amendment
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on Restitution of Land Rights and a
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(“the Depositary”) with respect
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• any proposal concerning the ado
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Voting Rights Subject to any rights
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equest not less than one-twentieth
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Financial Assistance The Bill enhan
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At the Annual General Meeting of Sh
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African shareholders will be paid t
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purpose of Capital Gains Tax in Sou
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Distributions. The gross amount of
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US Federal Income Tax Consequences
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PART II ITEM 13. DEFAULTS, DIVIDEND
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SAPPI NOTES TO THE GROUP ANNUAL FIN
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SAPPI CONDENSED COMPANY BALANCE SHE
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SAPPI CONDENSED COMPANY STATEMENT O
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5. OTHER INCOME 2006 2005 ZAR milli
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2006 20-F - Sappi

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