2006 20-F - Sappi

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SAPPI NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS (Continued) for the year ended September 2006 30. SHARE-BASED PAYMENT (Continued) Allocations During the year the following offers were made to employees: 2006 Performance shares**.............................................................. 1,920,400 Declined.......................................................................... (4,000) 1,916,400 Trust shares, share options, restricted shares, performance shares and allocation shares activity was as follows during the financial years ended September 2006 and 2005: Weighted Weighted average average Trust Performance Restricted Share exercise Allocation exercise Shares*** shares Shares Options price (ZAR)* Shares price (ZAR)* Total Outstanding at September 2004 ..... 1,834,212 — 45,334 4,145,595 82.05 3,026,950 77.02 9,052,091 Offered and accepted . . . — 258,000 45,000 1,970,400 78.11 — — 2,273,400 Paid for/released. . . . . . . Returned, lapsed and (126,413 ) — (22,667) (326,092) 42.57 (370,900) 30.14 (846,072) forfeited........... Outstanding at — — — (282,750) 100.16 (108,850) 104.95 (391,600) September 2005 ..... 1,707,799 258,000 67,667 5,507,153 82.12 2,547,200 82.68 10,087,819 Offered and accepted . . . — 1,916,400 — — — — — 1,916,400 Paid for/released. . . . . . . Returned, lapsed and (172,437 ) — (38,500) (610,303) 53.38 (527,300) 47.24 (1,348,540) forfeited........... Outstanding at — (282,000) (16,667) (393,400) 92.65 (89,400) 116.00 (781,467) September 2006 ..... Exercisable at 1,535,362 1,892,400 12,500 4,503,450 85.09 1,930,500 90.82 9,874,212 September 2005 . . . . . Exercisable at 653,137 — — 1,872,653 74.18 1,609,700 72.41 4,135,490 September 2006 . . . . . 595,750 — — 2,525,750 85.69 1,436,950 86.55 4,558,450 * The share options are issued in South African Rands. ** Restricted shares and performance shares are issued for no cash consideration. The value is determined on the day the shares are taken up. *** The number of trust shares, which are not subject to credit sales amounts to 803,465 (2005: 773,012). The fair value of Trust shares held at September 2006 was US$10,4 million (September 2005: US$9.1 million). F-86
SAPPI NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS (Continued) 30. SHARE-BASED PAYMENT (Continued) for the year ended September 2006 The following table sets out the number of share options outstanding at the end of September, excluding the Trust Shares: 2006 2005 Vesting conditions Vesting date Expiry date Exercise price 29 November 1995 . . . . — 3,703 Time Refer Note 30 29 November 2005 56.75 24 February 1997...... 34,200 69,400 Time Refer Note 30 24 February 2007 34.90 19 January 1998....... 82,700 148,600 Time Refer Note 30 19 January 2008 19.90 3 February 1998 ...... — 4,000 Time Refer Note 30 3 February 2008 19.90 26 August 1998 ....... 100 400 Time Refer Note 30 26 August 2008 20.65 14 December 1998 . . . . 195,500 305,300 Time Refer Note 30 14 December 2008 22.10 3 February 1999 ...... 1,000 1,000 Time Refer Note 30 3 February 2009 22.35 1 April 1999 ......... — 48,000 Time Refer Note 30 1 April 2009 21.30 9 June 1999 . . ........ — 44,000 Time Refer Note 30 9 June 2009 39.00 21 December 1999 . . . . 580,000 922,000 Time Refer Note 30 21 December 2007 53.85 22 November 2000 . . . . — 1,500 Time Refer Note 30 22 November 2008 44.00 15 January 2001....... 438,650 712,250 Time Refer Note 30 15 January 2009 49.00 1 May 2001.......... — 10,000 Time Refer Note 30 1 May 2009 53.00 31 May 2001......... — 4,000 Time Refer Note 30 31 May 2009 63.00 19 June 2001 . ........ — 4,000 Time Refer Note 30 19 June 2009 68.50 19 July 2001.......... 3,000 13,500 Time Refer Note 30 19 July 2009 74.90 15 August 2001 ....... 5,000 5,000 Time Refer Note 30 15 August 2009 75.90 20 August 2001 ....... 10,000 10,000 Time Refer Note 30 20 August 2009 77.50 4 February 2002 ...... 10,000 10,000 Time Refer Note 30 4 February 2010 131.40 28 March 2002........ 753,900 834,850 Time Refer Note 30 28 March 2010 147.20 30 January 2003....... 250,000 250,000 Time Refer Note 30 30 January 2011 115.00 13 February 2003...... 1,040,900 1,163,500 Time Refer Note 30 13 February 2011 112.83 5 August 2003........ 8,000 8,000 Time Refer Note 30 5 August 2011 94.30 18 August 2003 ....... 4,000 10,000 Time Refer Note 30 18 August 2011 94.51 30 December 2003 . . . . 219,300 224,100 Time Refer Note 30 30 December 2011 79.25 14 January 2004....... 1,113,000 1,339,550 Time Refer Note 30 14 January 2012 79.25 25 March 2004........ 1,000 1,000 Time Refer Note 30 25 March 2012 86.60 26 March 2004........ 3,000 3,000 Time Refer Note 30 26 March 2012 87.50 22 September 2004 . . . . 40,000 40,000 Time Refer Note 30 22 September 2012 90.25 13 December 2004 . . . . 1,640,700 1,863,700 Time Refer Note 30 13 December 2012 78.00 23 May 2003......... — 6,000 Time 24 December 2005 24 December 2005 — 30 January 2003....... — 16,667 Time 31 December 2005 31 December 2005 — 1 October 2004....... 12,500 45,000 Time 1 October 2006 1 October 2006 — 13 December 2004 . . . . 185,000 258,000 Performance 13 December 2008 — 13 December 2005 . . . . 1,657,400 — Performance 13 December 2009 — 8 August 2006........ 50,000 — Performance 08 August 2010 — 8,338,850 8,380,020 F-87
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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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Page 267 and 268: 5. OTHER INCOME 2006 2005 ZAR milli
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2006 20-F - Sappi

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