SAPPI LIMITED

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<strong>SAPPI</strong> NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS (Continued) for the year ended September 2010 9. PROPERTY, PLANT AND EQUIPMENT 2010 2009 (US$ million) Land and buildings At cost ........................................ 1,628 1,686 Accumulated depreciation and impairments ............. 875 887 Plant and equipment* 753 799 At cost ........................................ 7,742 7,863 Accumulated depreciation and impairments ............. 4,992 4,914 Capitalized leased assets** 2,750 2,949 At cost ........................................ 741 795 Accumulated depreciation and impairments ............. 584 609 157 186 Aggregate cost ................................... 10,111 10,344 Aggregate accumulated depreciation and impairments ....... 6,451 6,410 Aggregate book value .............................. 3,660 3,934 * Plant and equipment includes vehicles and furniture, the book value of which does not warrant disclosure as a separate class of assets. ** Capitalized leased assets consist primarily of plant and equipment. F-33
<strong>SAPPI</strong> NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS (Continued) for the year ended September 2010 9. PROPERTY, PLANT AND EQUIPMENT (Continued) The movement of property, plant and equipment is reconciled as follows: Land and Plant and Capitalized buildings equipment leased assets Total (US$ million) Net book value at September 2008 ............... 612 2,608 141 3,361 Additions .................................. 33 150 1 184 Acquisitions ................................ 169 508 73 750 Disposals ................................. (3) — (1) (4) Transfers .................................. — 11 (11) — Depreciation ............................... (37) (339) (20) (396) Impairments ............................... — (79) — (79) Translation differences ........................ 25 90 3 118 Net book value at September 2009 ............... 799 2,949 186 3,934 Additions .................................. 23 183 — 206 Acquisitions ................................ 8 5 — 13 Disposals ................................. (13) (3) — (16) Transfers .................................. — 5 (5) — Depreciation ............................... (41) (350) (20) (411) Impairment reversals ......................... — 20 — 20 Translation differences ........................ (23) (59) (4) (86) Net book value at September 2010 ............... 753 2,750 157 3,660 Details of land and buildings are available at the registered offices of the respective companies who own the assets (refer note 24 for details of encumbrances). Asset impairments September 2010 Asset impairments and impairment reversals mainly comprise of: European mechanical coated cash generating unit: Kangas Mill The coated mechanical cash generating unit (‘‘CGU’’) was previously impaired in September 2009 for US$74 million. On 12 January 2010, Sappi ceased operations at Kangas mill which formed part of the mechanical coated cash generating unit. Following the closure of the mill, the recoverable amount of the remaining assets in the coated mechanical CGU were reassessed resulting in an impairment reversal of US$18 million. Usutu Mill—Closure and transfers from assets held for sale At the end of January 2010, Usutu mill ceased operations. The property, plant and equipment related to the mill had been substantially impaired in previous years and was impaired by a further US$2 million in the current fiscal year. F-34
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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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provision of the New Act by any oth
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South African Companies Act, 2008 A
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state securities laws. The securiti
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documents are the agent for the new
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Dividends There are no restrictions
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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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