2006 20-F - Sappi

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SAPPI NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS (Continued) for the year ended September 2006 21. INTEREST-BEARING BORROWINGS (Continued) The repayment profile of the interest-bearing borrowings is as follows: F-64 2006 2005 US$ million Payable in the year ended September: 2006 .......................................................................... — 616 2007* ......................................................................... 694 141 2008 .......................................................................... 66 65 2009 .......................................................................... 10 11 2010 .......................................................................... 62 67 2011 (September 2005: Thereafter) ............................................... 553 1,316 Thereafter..................................................................... 943 — 2,328 2,216 * Included in the US$694 million reflected as payable in 2007 is US$347 million debt relating to securitisation funding which has the character of a revolving facility. Capitalised lease liabilities Finance leases are primarily for plant and equipment. Lease terms generally range from 5 to 10 years with options to make early settlements or renew at varying terms. At the time of entering into capital lease agreements, the commitments are recorded at their present value using applicable interest rates. As of September 2006, the aggregate amounts of minimum lease payments and the related imputed interest under capitalised lease contracts payable in each of the next five financial years and thereafter are as follows: Minimum Lease Payments Interest 2006 2005 Present value of minimum lease payments Present value of minimum lease payments Payable in the year ended September: 2006 ......................................... — — — 29 2007 ......................................... 11 (4) 7 9 2008 ......................................... 11 (4) 7 10 2009 ......................................... 10 (3) 7 1 2010 ......................................... 4 (2) 2 2 2011 (September 2005: Thereafter) .............. 4 (2) 2 24 Thereafter.................................... 21 (4) 17 — Total future minimum lease payments............ 61 (19) 42 75
SAPPI NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS (Continued) for the year ended September 2006 21. INTEREST-BEARING BORROWINGS (Continued) Set out below are details of the more significant non-current interest-bearing borrowings in the group at September 2006. Currency Interest rate (10) Principal amount outstanding Redeemable bonds Public bond...... US$ Variable (7) US$500 Public bond...... US$ million Variable (7) Town of US$250 million Skowhegan .... US$ Variable (7) Town of US$35 million Skowhegan .... US$ Variable (7) Michigan Strategic Fund and City of US$28 million Westbrook..... US$ Variable (7) US$44 million Public bond...... Secured loans State Street ZAR Variable ZAR 1 billion Bank (11) ........ EUR Variable EUR157 million State Street Bank (11) ........ US$ Variable US$75 million State Street Bank (11) ........ US$ Variable US$72 million Capitalised leases Standard Bank . . . Rand Merchant ZAR Fixed ZAR131 million Bank.......... ZAR Fixed ZAR178 million Balance sheet value US$460 (2, 3, 6) million US$226 (2, 3, 6) million US$32 million (6) US$26 million (6) US$41 million (6) ZAR 1 billion EUR157 million US$75 million US$72 million ZAR131 million (1) ZAR178 million (1) F-65 Security / Cession Expiry Financial covenants Unsecured June 2012 No financial covenants Unsecured June 2032 No financial covenants Land and Buildings Land and Buildings October 2015 No financial covenants November 2013 No financial covenants Land and January 2022 No financial Buildings covenants Unsecured June 2013 No financial covenants Trade receivables ceded Trade receivables ceded Trade receivables ceded Plant & Equipment October 2006 No financial covenants October 2006 No financial covenants October 2006 No financial covenants September 2008 No financial covenants Buildings September 2015 No financial covenants
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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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