2006 20-F - Sappi

More documents

Recommendations

Info

SAPPI NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS (Continued) for the year ended September 2006 37. DIRECTORS’ REMUNERATION (Continued) Bonus and performance related payments are based on corporate and individual performance. Under this, executives may be awarded up to 110% of their annual salary if group and personal performance objectives as agreed by the Human Resources Committee are met. Bonuses relate to amounts paid in the current year, but based on the previous year’s performance. Average exchange rates for the year concerned are again applied in the tables in converting the currency of payment into US dollars. Details of directors’ service contracts The executive directors have service contracts with notice periods of 2 years or less. These notice periods are in line with international norms for executive directors. The non-executive directors do not have service contracts with the company. None of the directors have provisions for pre-determined compensation on termination of their contracts exceeding 2 years’ gross remuneration and benefits in kind. F-118
SAPPI NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS (Continued) 38. DIRECTORS’ INTERESTS for the year ended September 2006 The following table sets out the directors’ interests in the shares in Sappi Limited. For the purpose of this table, directors’ interests are those in shares owned either directly or indirectly as well as those shares in respect of which directors have vested obligations to purchase shares or repay loans in terms of the Sappi Limited Share Incentive Trust. Director Beneficial Direct Interests 2006 2005 Indirect Interests Direct Interests Indirect Interests Vested Obligations to Purchase or Repay Loans Beneficial Beneficial F-119 Vested Obligations to Purchase or Repay Loans Beneficial Non-Executive Directors DC Brink............. — — 10,000 — — 10,000 M Feldberg........... — — — — — — JE Healey ............ — — — — — — K de Kluis ............ 4,000 — — 4,000 — — D Konar.............. — — — — — — HC Mamsch .......... — — — — — — B Radebe............. — — — — — — ANR Rudd ........... — — — — — — FA Sonn.............. — — — — — — E van As.............. — — — 230,000 200,000 342,636 Executive Directors JL Job (1) .............. — — — — 90,000 — JCA Leslie (2) .......... — — — 33,334 — — MR Thompson (3) ...... — 40,200 W Pfarl............... — 25,000 — — 20,000 — DG Wilson (4) .......... — — — 2,992 69,000 — E van As.............. 245,000 200,000 377,636 TOTAL............ 249,000 265,200 387,636 270,326 379,000 352,636 (1) Retired December 2005 (2) Resigned March 2006 (3) Appointed in August 2006 (4) Resigned July 2006 Changes in directors’ interests in Sappi Limited shares after year-end Subsequent to year end in November 2006, W Pfarl sold 75,000 options resulting in a gain of US$606,428
Page 1 and 2:
As filed with the Securities and Ex
Page 3 and 4:
OUR USE OF TERMS AND CONVENTIONS IN
Page 5 and 6:
FORWARD-LOOKING STATEMENTS In order
Page 7 and 8:
2 Year Ended September 2006 2005 (U
Page 9 and 10:
Risk Factors In addition to other i
Page 11 and 12:
New technologies or changes in cons
Page 13 and 14:
Several customers account for a sig
Page 15 and 16:
Maintain a global presence. One of
Page 17 and 18:
Major Product Categories Descriptio
Page 19 and 20:
market share was negatively affecte
Page 21 and 22:
The chart below represents the oper
Page 23 and 24:
The following table sets forth appr
Page 25 and 26:
Paper North America’s on-line fin
Page 27 and 28:
of 860,000 metric tonnes of triple-
Page 29 and 30:
a capacity of 60,000 metric tonnes
Page 31 and 32:
customers use our products in the p
Page 33 and 34:
(1) The following table sets forth
Page 35 and 36:
The mill markets paper and excess p
Page 37 and 38:
Pulp Sappi Fine Paper North America
Page 39 and 40:
equired for its operations. Sappi F
Page 41 and 42:
• The National Environmental Mana
Page 43 and 44:
PROPERTY, PLANT AND EQUIPMENT For a
Page 45 and 46:
ITEM 5. OPERATING AND FINANCIAL REV
Page 47 and 48:
) Movement in market prices for our
Page 49 and 50:
The recent price history for benchm
Page 51 and 52:
Demand from all of the market segme
Page 53 and 54:
Raw Material and Other Input Costs
Page 55 and 56:
The exchange rate impact on raw mat
Page 57 and 58:
Our South African businesses have f
Page 59 and 60:
• Any debtors or creditors not in
Page 61 and 62:
Year Ended September 2006 Compared
Page 63 and 64:
US$28 million. Decreased selling pr
Page 65 and 66:
enefit of the reversal of the Usutu
Page 67 and 68:
accounting mismatch, as a result of
Page 69 and 70:
South African residents, who are na
Page 71 and 72:
The increase of US$11 million in fi
Page 73 and 74:
June 2010. The OeKB A tranche and t
Page 75 and 76:
impact on liquidity varies accordin
Page 77 and 78:
Contractual Obligations We have var
Page 79 and 80:
mill is located in Nanchang, the ca
Page 81 and 82:
product pricing, raw material costs
Page 83 and 84:
flows of the related underlying exp
Page 85 and 86:
increases, health care cost trends,
Page 87 and 88:
alance sheet date. Risks, uncertain
Page 89 and 90:
If the Group had applied IFRS 3 ret
Page 91 and 92:
IFRS. The Group did not apply the e
Page 93 and 94:
Where BEE equity credentials are ob
Page 95 and 96:
Environmental Matters We operate in
Page 97 and 98:
Klaas de Kluis (70) (independent).
Page 99 and 100:
Mark Richard Thompson (54) BCom, BA
Page 101 and 102:
Audit Committee An Audit Committee
Page 103 and 104:
estructuring initiatives that occur
Page 105 and 106:
Levies Act, was paid via Internal R
Page 107 and 108:
Pursuant to the Companies Amendment
Page 109 and 110:
on Restitution of Land Rights and a
Page 111 and 112:
(“the Depositary”) with respect
Page 113 and 114:
• any proposal concerning the ado
Page 115 and 116:
Voting Rights Subject to any rights
Page 117 and 118:
equest not less than one-twentieth
Page 119 and 120:
Financial Assistance The Bill enhan
Page 121 and 122:
At the Annual General Meeting of Sh
Page 123 and 124:
African shareholders will be paid t
Page 125 and 126:
purpose of Capital Gains Tax in Sou
Page 127 and 128:
Distributions. The gross amount of
Page 129 and 130:
US Federal Income Tax Consequences
Page 131 and 132:
PART II ITEM 13. DEFAULTS, DIVIDEND
Page 133 and 134:
the controls may become inadequate
Page 135 and 136:
ITEM 16E. PURCHASES OF EQUITY SECUR
Page 137 and 138:
4.10 Credit Facility, dated May 7,
Page 139 and 140:
SAPPI Group Annual Financial Statem
Page 141 and 142:
SAPPI GROUP INCOME STATEMENT for th
Page 143 and 144:
SAPPI GROUP CASH FLOW STATEMENT for
Page 145 and 146:
1. BUSINESS SAPPI NOTES TO THE GROU
Page 147 and 148:
SAPPI NOTES TO THE GROUP ANNUAL FIN
Page 149 and 150:
Page 151 and 152:
Page 153 and 154:
Page 155 and 156:
Page 157 and 158:
Page 159 and 160:
Page 161 and 162:
Page 163 and 164:
Page 165 and 166:
Page 167 and 168:
Page 169 and 170:
Page 171 and 172:
Page 173 and 174:
Page 175 and 176:
Page 177 and 178:
Page 179 and 180:
Page 181 and 182:
Page 183 and 184:
Page 185 and 186:
4.2 Employee cost SAPPI NOTES TO TH
Page 187 and 188:
Page 189 and 190:
Page 191 and 192:
Page 193 and 194:
Page 195 and 196:
Page 197 and 198:
Page 199 and 200:
Page 201 and 202:
Page 203 and 204:
Page 205 and 206: SAPPI NOTES TO THE GROUP ANNUAL FIN
Page 255: SAPPI NOTES TO THE GROUP ANNUAL FIN
Page 263 and 264: SAPPI CONDENSED COMPANY BALANCE SHE
Page 265 and 266: SAPPI CONDENSED COMPANY STATEMENT O
Page 267 and 268: 5. OTHER INCOME 2006 2005 ZAR milli
show all

2006 20-F - Sappi

Create successful ePaper yourself

Delete template?

Save as template?