SAPPI LIMITED

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<strong>SAPPI</strong> NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS (Continued) for the year ended September 2010 2. ACCOUNTING POLICIES (Continued) – IAS 24 Related Party Disclosures—Revised definition of related parties (September 2012) – IAS 32 Financial Instruments: Presentation—Amendments relating to classification of rights issues (September 2011) – IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments (September 2011) – Various improvements to IFRSs 3. SEGMENT INFORMATION Sappi adopted IFRS 8 ‘‘Operating Segments’’ in fiscal 2010. The adoption of this standard did not have an impact on the group’s reported results, financial position or cash flows. IFRS 8 requires an entity to report financial and descriptive information about its reportable segments. The group’s reportable segments are North America, Europe and Sappi Southern Africa. Reportable segments are components of an entity for which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assess performance. Prior year segment disclosure has been revised as reflected below. Sappi reports and discloses segment information on the basis of information that is reviewed by the chief operating decision maker to make decisions when allocating resources and to assess performance of the group’s reportable segments. Information reported to the chief operating decision maker for the purpose of resource allocation and assessment of segment performance is focused on a geographical region. The group accounts for intra-group sales and transfers as if the sales or transfers were to third parties, that is, at current market prices. All such sales and transfers are eliminated on consolidation. The group operates a trading network called Sappi Trading for the international marketing and distribution of chemical cellulose and market pulp throughout the world and of the group’s other products in areas outside its core operating regions of North America, Europe and Southern Africa. The financial results and position associated with Sappi Trading are allocated to our reportable segments. Revised segmental reporting disclosure Prior to the adoption of IFRS 8, the Sappi Fine Paper segment included the group’s fine paper operations in southern Africa. Sappi has since changed the structure of its internal organization in a manner that has caused the composition of its reportable segments to change such that Sappi Fine Paper South Africa is now reported as part of the Sappi Southern African segment in accordance with the F-23
<strong>SAPPI</strong> NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS (Continued) for the year ended September 2010 3. SEGMENT INFORMATION (Continued) geographical management of our business. The table below shows the effect of this change for the financial years ended September 2009 and 2008 respectively: Sappi Southern Africa* As previously Revised segmental reported Adjustment reporting 2009 2008 2009 2008 2009 2008 (US$ million) Income statement External sales (1) ............................ 861 1,099 318 380 1,179 1,479 Inter-segment sales .......................... 532 657 32 41 564 698 Total sales ................................ 1,393 1,756 350 421 1,743 2,177 Segment operating (loss) profit ................. Other non-cash items (including fair value adjustment (52) 273 (3) 6 (55) 279 on plantations) ........................... Balance sheet 2 (150) 2 3 4 (147) Capital expenditures ......................... 60 290 11 9 71 299 Total assets ............................... 2,002 2,049 260 168 2,262 2,217 Segment assets (2) ........................... 1,686 1,721 205 110 1,891 1,831 Property, plant and equipment .................. 1,078 1,008 118 111 1,196 1,119 * Sappi Forest Products has been renamed to Sappi Southern Africa. F-24
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As filed with the Securities and Ex
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Item 7. Major Shareholders and Rela
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References to ‘‘NBSK’’ are
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PART I ITEM 1. IDENTITY OF DIRECTOR
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Risk Factors In addition to other i
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For further information, see ‘‘
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terms of the debt being refinanced.
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The inability to recover increasing
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A large percentage of our employees
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merge or consolidate with other com
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we operate. The transaction was app
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currencies as we can benefit from i
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Major Product Categories Pulp: Desc
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for coated mechanical paper decline
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The chart below represents our oper
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The following table sets out the ap
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The following table sets forth sale
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Kangas. As a direct result of the g
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Customers Sappi Fine Paper sells it
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The following chart sets forth cert
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Construction on the expansion proje
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lease extendable to 2089. The locat
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North America Wood In connection wi
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Pulp Sappi Fine Paper Europe produc
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ENVIRONMENTAL AND SAFETY MATTERS En
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and management of forests are all r
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ORGANIZATIONAL STRUCTURE Sappi Limi
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Approximate Secured / Location Use
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than we use. By region, the South A
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‘‘—Markets’’ for a furthe
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'000 metric tonnes 8,000 7,000 6,00
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The price of NBSK and Bleached Hard
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ZAR/US$ 16.00 14.00 12.00 10.00 8.0
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The fiscal period average three-mon
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employees from the beginning of 200
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The Sappi Southern Africa reportabl
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Movements in operating profit and o
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Operating profit in fiscal 2009 was
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Sappi Southern Africa Key figures:
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Comparing fiscal 2010 with fiscal 2
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This comparison includes the closur
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African operations into the US doll
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Sappi Fine Paper North America Comp
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Taxation 2010 2009 (US$ million) 20
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elation to inventory levels and rec
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Capital expenditure by region is as
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Over the past three years the relat
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Group’s securitization programs,
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Credit Facility terminate on May 31
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quarters ending from January 2012 t
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As no default event has occurred, n
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In addition, Sappi Fine Paper North
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areas where our South African busin
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Recoveries in equity markets couple
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Impairment of assets other than goo
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The gains or losses, which are reco
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The Group’s policy is to recogniz
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ITEM 6. DIRECTORS, SENIOR MANAGEMEN
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Deenadayalen (Len) Konar Sappi boar
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Mohammed Valli (Valli) Moosa Other
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Rudolf Thummer Sappi board committe
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Executive Officers The Executive Di
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companies have to comply with domes
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average more than 45% of the employ
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For a detailed description of the S
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Pursuant to the Companies Amendment
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Post transaction shareholding struc
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Dividends We consider dividends on
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ITEM 9. THE OFFER AND LISTING Offer
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ITEM 10. ADDITIONAL INFORMATION Mem
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holder of the beneficial interest i
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Voting Rights Subject to any rights
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Page 149 and 150: state securities laws. The securiti
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Page 153 and 154: Dividends There are no restrictions
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Page 165 and 166: PART II ITEM 13. DEFAULTS, DIVIDEND
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Page 173 and 174: SIGNATURES The registrant hereby ce
Page 175 and 176: REPORT OF THE INDEPENDENT REGISTERE
Page 177 and 178: SAPPI GROUP STATEMENT OF COMPREHENS
Page 179 and 180: SAPPI GROUP CASH FLOW STATEMENT for
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SAPPI NOTES TO THE GROUP ANNUAL FIN
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SAPPI CONDENSED SAPPI LIMITED COMPA
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SAPPI NOTES TO THE CONDENSED SAPPI
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SAPPI LIMITED

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