SAPPI LIMITED

SAPPI
GROUP STATEMENT OF CHANGES IN EQUITY
for the year ended September 2010
Ordinary share Foreign
Number of Ordinary capital and Non- currency
ordinary share Share share distributable translation Hedging Retained Total
shares capital premium premium reserves reserve reserves earnings equity
Balance—September 2007 . . . 228.5 34 791 825
(US$ million)
114 9 — 868 1,816
Transfer from retained earnings — — — — 8 — — (8) —
Share-based payments .....
Transfers to Sappi Limited
— — — — 10 — — — 10
Share Incentive Trust ..... 0.7 — 6 6 — — — — 6
Total comprehensive loss .... — (6) (118) (124) (8) (130) — 108 (154)
Dividends—US$0.32 per share* — — — — — — — (73) (73)
Balance—September 2008 . . . 229.2 28 679 707 124 (121) — 895 1,605
Transfer from retained earnings — — — — 6 — — (6) —
Share-based payments .....
Transfers to Sappi Limited
— — — — 9 — — — 9
Share Incentive Trust ..... 0.3 — 2 2 — — — — 2
Rights issue proceeds ......
Costs directly attributable to the
275.0 28 547 575 — — — — 575
rights issue ........... — — (31) (31) — — — — (31)
Issue to M-real .......... 11.2 1 44 45 — — — — 45
Total comprehensive loss .... — 13 230 243 4 (233) (14) (374) (374)
Dividends—US$0.16 per share* — — — — — — — (37) (37)
Balance—September 2009 . . . 515.7 70 1,471 1,541 143 (354) (14) 478 1,794
Transfer from retained earnings — — — — 2 — — (2) —
Share-based payments .....
Transfers from Sappi Limited
— — — — 17 — — — 17
Share Incentive Trust ..... (0.5) — (6) (6) — — — — (6)
BEE transaction ......... 4.3 1 19 20 — — — — 20
Costs directly attributable to the
BEE transaction ........ — — (3) (3) — — — — (3)
Total comprehensive income . . — 3 83 86 (1) (31) 15 5 74
Balance—September 2010 . . . 519.5 74 1,564 1,638 161 (385) 1 481 1,896
Note reference: .......... 17 19
* Dividends relate to the previous financial year’s earnings but were declared subsequent to year end.
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