SAPPI LIMITED

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<strong>SAPPI</strong> NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS (Continued) for the year ended September 2010 17. ORDINARY SHARE CAPITAL AND SHARE PREMIUM (Continued) Capital Risk Management The capital structure of the group consists of: – issued share capital and premium and accumulated profits disclosed above and in the statement of changes in equity respectively; – debt, which includes interest-bearing borrowings and obligations due under finance leases disclosed under note 20; and – cash and cash equivalents. The group’s capital management objective is to achieve an optimal weighted average cost of capital while continuing to safeguard the group’s ability to meet its liquidity requirements (including capital expenditure commitments), repay borrowings as they fall due and continue as a going concern. The group monitors its gearing through a ratio of net debt (interest-bearing borrowings and overdraft less cash and cash equivalents) to total capitalization (shareholders equity plus net debt). The group has entered into a number of debt facilities which contain certain terms and conditions in respect of capital management. During fiscal 2010 and 2009 we were in compliance with the financial covenants relating to the loans payable. The group’s strategy with regard to capital risk management remains unchanged from 2009. 18. OTHER COMPREHENSIVE INCOME (LOSS) 2010 2009 (US$ million) 2008 Exchange differences on translation ............................ 52 14 (262) Gross amount .............................................. 52 14 (262) Tax...................................................... — — — Actuarial (losses) gains on pensions and post-employment benefits .... (60) (197) 6 Gross amount (refer note 27) ................................... (71) (229) 7 Tax...................................................... 11 32 (1) Fair value adjustment on available for sale financial instruments ....... 2 — — Gross amount .............................................. 2 — — Tax...................................................... — — — Hedging reserves .......................................... 14 (14) — Gross amount .............................................. 14 (14) — Tax...................................................... — — — Other comprehensive income (loss) recorded directly in equity ........ 8 (197) (256) Profit (loss) for the year ....................................... 66 (177) 102 Total comprehensive income (loss) for the year .................... 74 (374) (154) F-49
<strong>SAPPI</strong> NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS (Continued) for the year ended September 2010 19. NON-DISTRIBUTABLE RESERVES 2010 2009 (US$ million) Legal reserves in subsidiaries ........................... 78 82 Share-based payment reserve ........................... 69 48 Other ............................................. 14 13 Capital reduction (1) .................................. 1 1 Capitalization of distributable reserves (2) .................. 11 12 Available for sale financial assets ....................... 2 — 161 143 2010 2009 Share-based Share-based Legal payment Legal payment reserves (2) reserve Other Total reserves (2) reserve Other Total (US$ million) Opening balance ............... 82 48 13 143 75 35 14 124 Transfer from retained earnings ...... 2 — — 2 6 — — 6 Share-based payment expense ...... Movement on available for sale financial — 17 — 17 — 9 — 9 assets .................... — — 2 2 — — — — Translation difference ............ (6) 4 (1) (3) 1 4 (1) 4 78 69 14 161 82 48 13 143 (1) Reduction in capital arising from the transfer of share premium under a special resolution dated 14 April 1975. (2) Represents equity of the company that is not available for distribution as a result of appropriations of equity by subsidiaries and legal requirements, respectively. 20. INTEREST-BEARING BORROWINGS 2010 2009 (US$ million) 2008 Secured borrowings —Mortgage and pledge over trade receivables and certain assets (refer note 24 for details of encumbered assets) .................................... —Capitalized lease liabilities (refer note 24 for details of 1,605 1,849 468 encumbered assets) .......................... 50 71 29 Total secured borrowings* ....................... 1,655 1,920 497 Unsecured borrowings* ......................... 1,353 1,407 2,156 Total borrowings (refer note 29) ................... 3,008 3,327 2,653 Less: Current portion included in current liabilities ...... 691 601 821 2,317 2,726 1,832 * Our September 2009 disclosure has been amended to correctly reflect the split between secured and unsecured interest-bearing borrowings and to reflect the classification set out in the detailed list of borrowings in note 20 to the 2009 group annual financial statements. F-50
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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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STC STC is imposed on South African
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with any connected persons) held mo
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of our ordinary shares or ADSs, as
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of gain recognized on a sale or oth
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integrated operations could be adve
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PART II ITEM 13. DEFAULTS, DIVIDEND
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(d) Changes in Internal Control ove
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PART III ITEM 17. FINANCIAL STATEME
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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
Page 181 and 182: SAPPI NOTES TO THE GROUP ANNUAL FIN
Page 209 and 210: 10. PLANTATIONS SAPPI NOTES TO THE
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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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