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SAPPI<br />
NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS (Continued)<br />
for the year ended September <strong><strong>20</strong>06</strong><br />
19. RECONCILIATION OF CHANGES IN EQUITY<br />
Number<br />
of ordinary<br />
shares<br />
Ordinary<br />
share<br />
capital<br />
Ordinary<br />
share<br />
capital<br />
and share<br />
premium<br />
F-62<br />
Foreign<br />
Currency<br />
Translation Retained<br />
reserve earnings Total<br />
Share<br />
Non-distributable Hedging<br />
premium<br />
reserves<br />
US$ million<br />
reserve<br />
Balance—<br />
September <strong>20</strong>04—<br />
as reported . . . . . . 226.9 35 836 871 123 (1) 244 9<strong>20</strong> 2,157<br />
IFRS adoption . . . .<br />
Balance—<br />
— — — — 10 1 (244 ) 26 (<strong>20</strong>7)<br />
September <strong>20</strong>04 ..<br />
Transfer to/from<br />
distributable<br />
226.9 35 836 871 133 — — 946 1,950<br />
reserves** . . . . . .<br />
Share-based<br />
— — — — (44) — — 44 —<br />
payment . . . . . . .<br />
Share buybacks less<br />
transfers to <strong>Sappi</strong><br />
Limited Share<br />
— — — — 10 — — — 10<br />
Incentive Trust . .<br />
Total recognised<br />
(1.0 ) — (14) (14) — — — — (14)<br />
income (expense).<br />
Dividends—US$0.29<br />
— — 10 10 (4) — 2 (297 ) (289)<br />
per share* . . . . . .<br />
Balance—<br />
— — — — — — — (68 ) (68)<br />
September <strong>20</strong>05 . .<br />
Transfer to/from<br />
distributable<br />
225.9 35 832 867 95 — 2 625 1,589<br />
reserves. . . . . . . .<br />
Share-based<br />
— — — — 5 — — (5 ) —<br />
payments.......<br />
Share buybacks less<br />
transfers to <strong>Sappi</strong><br />
Limited Share<br />
— — — — 6 — — — 6<br />
Incentive Trust . .<br />
Total recognised<br />
— — 5 5 — — — — 5<br />
income (expense).<br />
Dividends—US$0.30<br />
— (6 ) (151) (157) 3 — (35 ) 43 (146)<br />
per share* . . . . . .<br />
Balance—<br />
— — — — — — — (68 ) (68)<br />
September <strong><strong>20</strong>06</strong> .. 225.9 29 686 715 109 — (33 ) 595 1,386<br />
Note reference: 18 <strong>20</strong><br />
* Dividends relate to the previous financial year’s earnings but were declared subsequent to year-end.<br />
** The transfer between reserves was previously reflected as US$98 million. This has reduced to US$44 million as a result of the<br />
FCTR having been reduced to zero at October <strong>20</strong>04 upon adoption of IFRS.