SAPPI LIMITED

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<strong>SAPPI</strong> NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS (Continued) for the year ended September 2010 20. INTEREST-BEARING BORROWINGS (Continued) Set out below are details of the more significant non-current interest-bearing borrowings in the group at September 2010. Principal Balance Interest amount sheet Security/ Financial Currency rate outstanding value Cession Expiry covenants Redeemable bonds Public bond ............ EUR Fixed EUR350 EUR319 Property, plant August 2014 No financial million million (2,6) and equipment, intercompany receivables and shares in subsidiaries covenants Public bond ............ US$ Fixed (7) US$300 US$274 Property, plant August 2014 No financial million (7) million (2,6) and equipment, intercompany receivables and shares in subsidiaries covenants Public bond ............ US$ Fixed US$500 US$513 Unsecured June 2012 No financial million million (2,3,6) covenants Public bond ............ US$ Fixed US$221 US$222 Unsecured June 2032 No financial million million (2,3,6) covenants Public bond ............ ZAR Fixed ZAR1,000 ZAR1,000 Unsecured June 2013 No financial million million covenants Public bond ............ ZAR Fixed ZAR1,000 ZAR1,000 Unsecured October 2011 No financial million million covenants Public bond ............ ZAR Fixed ZAR498 ZAR498 Unsecured June 2012 No financial million million (6) covenants Private placement bond ..... ZAR Fixed ZAR134 ZAR134 Unsecured November 2012 No financial million million covenants Private placement bond ..... ZAR Fixed ZAR133 ZAR133 Unsecured January 2013 No financial million million covenants Private placement bond ..... ZAR Fixed ZAR33 ZAR33 Unsecured March 2013 No financial million million covenants Private placement bond ..... ZAR Fixed ZAR61 ZAR61 Unsecured December 2013 No financial million million (6) covenants F-53
<strong>SAPPI</strong> NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS (Continued) for the year ended September 2010 20. INTEREST-BEARING BORROWINGS (Continued) Principal Balance Interest amount sheet Security/ Financial Currency rate outstanding value Cession Expiry covenants Secured loans State Street Bank ......... EUR Variable EUR231 EUR231 Trade Revolving EBITDA to net million million receivables facility interest and net debt to EBITDA (5) State Street Bank ......... US$ Variable US$61 US$61 Trade Revolving EBITDA to net million million receivables facility interest and net debt to EBITDA (5) State Street Bank ......... US$ Variable US$75 US$75 Trade Revolving EBITDA to net million million receivables facility interest and net debt to EBITDA (5) Österreichische Kontrollbank . . EUR Fixed EUR320 EUR310 Property, plant April 2014 EBITDA to net million million (2,6) and equipment, interest and intercompany net debt to receivables EBITDA (5) and shares in subsidiaries Österreichische Kontrollbank . . EUR Variable EUR25 EUR25 Property, plant June 2013 EBITDA to net million million (1)(2) and equipment, interest and intercompany net debt to receivables EBITDA (5) and shares in subsidiaries Capitalized leases Fortum ............... EUR Variable EUR22 EUR22 Plant and November 2012 No financial million million equipment covenants Rand Merchant Bank ...... ZAR Fixed ZAR148 ZAR148 Buildings September 2015 No financial million million (1) covenants Unsecured bank term loans Österreichische Kontrollbank . . EUR Variable EUR58 EUR58 Unsecured December 2010 No financial million million (1) covenants Nedbank .............. ZAR Fixed ZAR350 ZAR350 Unsecured January 2011 No financial million million (1) covenants Nedbank .............. ZAR Fixed ZAR397 ZAR397 Unsecured March 2014 Gearing ratio/ million million interest & dividend cover (4) Peritum Trading .......... ZAR Fixed ZAR13 ZAR13 Unsecured June 2014 No financial million million (1) covenants Royal Bank of Scotland ..... EUR Fixed EUR12 EUR12 Unsecured December 2010 No financial million million covenants F-54
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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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4.13 Credit Agreement, dated August
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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
Page 225: SAPPI NOTES TO THE GROUP ANNUAL FIN
Page 231 and 232: 22. PROVISIONS SAPPI NOTES TO THE G
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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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