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<strong>SAPPI</strong><br />
GROUP BALANCE SHEET<br />
at September 2010<br />
Note 2010 2009<br />
(US$ million)<br />
Assets<br />
Non-current assets .......................................... 4,653 4,867<br />
Property, plant and equipment .................................. 9 3,660 3,934<br />
Plantations ................................................ 10 687 611<br />
Deferred tax assets .......................................... 11 53 56<br />
Goodwill and intangible assets .................................. 12 27 32<br />
Joint ventures and associates ................................... 13 125 123<br />
Other non-current assets ...................................... 14 82 101<br />
Financial instruments ......................................... 29 19 10<br />
Current assets ............................................. 2,531 2,430<br />
Inventories ................................................ 15 836 792<br />
Trade and other receivables .................................... 16 888 858<br />
Financial instruments ......................................... 29 15 10<br />
Cash and cash equivalents .................................... 792 770<br />
Total assets ...............................................<br />
Equity and liabilities<br />
7,184 7,297<br />
Shareholders’ equity ........................................ 1,896 1,794<br />
Ordinary share capital and share premium ......................... 17 1,638 1,541<br />
Non-distributable reserves ..................................... 19 161 143<br />
Foreign currency translation reserve .............................. (385) (354)<br />
Hedging reserves ........................................... 1 (14)<br />
Retained earnings ........................................... 481 478<br />
Non-current liabilities ........................................ 3,249 3,662<br />
Interest-bearing borrowings .................................... 20 2,317 2,726<br />
Deferred tax liabilities ......................................... 11 386 355<br />
Financial instruments ......................................... 29 — 24<br />
Other non-current liabilities ..................................... 21 546 557<br />
Current liabilities ........................................... 2,039 1,841<br />
Interest-bearing borrowings .................................... 20 691 601<br />
Overdraft .................................................. 5 19<br />
Financial instruments ......................................... 29 3 14<br />
Trade and other payables ...................................... 1,271 1,116<br />
Taxation payable ............................................ 36 56<br />
Provisions ................................................. 22 33 35<br />
Total equity and liabilities ..................................... 7,184 7,297<br />
F-5
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