2006 20-F - Sappi

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SAPPI NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS (Continued) for the year ended September 2006 19. RECONCILIATION OF CHANGES IN EQUITY Number of ordinary shares Ordinary share capital Ordinary share capital and share premium F-62 Foreign Currency Translation Retained reserve earnings Total Share Non-distributable Hedging premium reserves US$ million reserve Balance— September 2004— as reported . . . . . . 226.9 35 836 871 123 (1) 244 920 2,157 IFRS adoption . . . . Balance— — — — — 10 1 (244 ) 26 (207) September 2004 .. Transfer to/from distributable 226.9 35 836 871 133 — — 946 1,950 reserves** . . . . . . Share-based — — — — (44) — — 44 — payment . . . . . . . Share buybacks less transfers to Sappi Limited Share — — — — 10 — — — 10 Incentive Trust . . Total recognised (1.0 ) — (14) (14) — — — — (14) income (expense). Dividends—US$0.29 — — 10 10 (4) — 2 (297 ) (289) per share* . . . . . . Balance— — — — — — — — (68 ) (68) September 2005 . . Transfer to/from distributable 225.9 35 832 867 95 — 2 625 1,589 reserves. . . . . . . . Share-based — — — — 5 — — (5 ) — payments....... Share buybacks less transfers to Sappi Limited Share — — — — 6 — — — 6 Incentive Trust . . Total recognised — — 5 5 — — — — 5 income (expense). Dividends—US$0.30 — (6 ) (151) (157) 3 — (35 ) 43 (146) per share* . . . . . . Balance— — — — — — — — (68 ) (68) September 2006 .. 225.9 29 686 715 109 — (33 ) 595 1,386 Note reference: 18 20 * Dividends relate to the previous financial year’s earnings but were declared subsequent to year-end. ** The transfer between reserves was previously reflected as US$98 million. This has reduced to US$44 million as a result of the FCTR having been reduced to zero at October 2004 upon adoption of IFRS.
SAPPI NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS (Continued) 20. NON-DISTRIBUTABLE RESERVES for the year ended September 2006 F-63 2006 2005 US$ million Reduction in capital arising from the transfer of share premium under a special resolution dated 14 April 1975............................................................ 1 1 Capitalisation of distributable reserves ............................................. 13 12 Legal reserves in subsidiaries...................................................... 71 62 Share-based payment reserve...................................................... 24 20 109 95 2006 2005 Share Share based based Capital Capitalisation Legal payment Capital Capitalisation Legal payment reduction reserve reserves reserve Total reduction reserve reserves reserve Total Opening balance............. 1 12 62 20 95 1 41 81 10 133 Transfer from retained income . . — — 5 — 5 — — — — — Release to retained income..... — — — — — — (28) (16 ) — (44) Share-based payment expense . . . — — — 6 6 — — — 10 10 Translation difference......... — 1 4 (2) 3 — (1) (3 ) — (4) 1 13 71 24 109 1 12 62 20 95 The amounts recorded as “Capitalisation of distributable reserves” and “Legal reserves in subsidiaries” represent equity of the company that is not available for distribution as a result of appropriations of equity by subsidiaries and legal requirements, respectively. 21. INTEREST-BEARING BORROWINGS 2006 2005 US$ million Secured borrowings - Mortgage and pledge over trade receivables and certain assets (refer note 25 for details of encumbered assets)......................................................... 459 483 - Capitalised lease liabilities (refer note 31 for details of encumbered assets) ........... 42 75 Total secured borrowings........................................................ 501 558 Unsecured borrowings........................................................... 1,827 1,658 Total borrowings (refer note 31).................................................. 2,328 2,216 Less: Current portion included in current liabilities.................................. 694 616 1,634 1,600
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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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the controls may become inadequate
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ITEM 16E. PURCHASES OF EQUITY SECUR
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4.10 Credit Facility, dated May 7,
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SAPPI Group Annual Financial Statem
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SAPPI GROUP INCOME STATEMENT for th
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SAPPI GROUP CASH FLOW STATEMENT for
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1. BUSINESS SAPPI NOTES TO THE GROU
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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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