SAPPI LIMITED

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<strong>SAPPI</strong> NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS (Continued) for the year ended September 2010 22. PROVISIONS (Continued) September 2009 Restructuring Plans Sappi Fine Paper Europe Kangas Mill. During the fiscal year ended September 2009, the company announced that it had entered into a consultation process with employees’ representatives with a view to restructuring working models. The consultation process with employee representatives came to an end in July 2009 resulting in 9 employees being made redundant. After the term of notice and remodelling, employment contracts ended in April 2010. A provision of approximately US$1 million relating to retrenchment costs was raised. Kirkniemi Mill. The Mill started consultation negotiations with the employee representatives on the 6th of April 2009 for production and economical reasons. Negotiations came to an end on the 19th of May 2009 resulting in 63 employees being made redundant. A provision of approximately US$2 million was raised. Sappi Fine Paper North America Muskegon Mill. During the financial year ended September 2009, Sappi Fine Paper North America announced the decision to permanently close the Muskegon mill and integrate the mills products into the production lines at the Somerset and Cloquet mills. A total of 190 employees were affected by the closure of the Muskegon mill. Muskegon mill had an annual capacity of 170,000 tons of coated fine paper. A provision of approximately US$21 million relating to restructuring charges was raised. Sappi Southern Africa Regional Restructuring. During the financial year ended September 2009, Sappi Southern Africa announced that it had entered into a process of consultations with employees at Tugela, Ngodwana and Enstra mills regarding proposals for cost reduction and efficiency improvement initiatives. The restructuring affected approximately 227 employees. A total provision of approximately US$2 million was raised. F-59
<strong>SAPPI</strong> NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS (Continued) for the year ended September 2010 23. NOTES TO THE CASH FLOW STATEMENTS 23.1 Cash generated from operations 2010 2009 2008 (US$ million) Profit (loss) for the year Adjustment for: ........................... 66 (177) 102 —Depreciation .................................. 411 396 374 —Fellings ..................................... 71 69 80 —Amortization .................................. 2 2 — —Taxation charge (benefit) ......................... 20 (41) 86 —Net finance costs .............................. 255 145 126 —Asset (impairment reversals) impairments ............. (20) 79 119 —Fair value adjustment gains and growth on plantations . . . (98) (6) (190) —Post-employment benefits funding .................. (73) (62) (88) —BEE Transaction Charge ......................... 23 — — —Other non-cash items ........................... 80 27 14 737 432 623 23.2 (Increase) decrease in working capital 2010 2009 2008 (US$ million) (Increase) decrease in inventories .................... (72) 116 (38) (Increase) decrease in receivables .................... (74) 175 (19) Increase (decrease) in payables ..................... 141 (139) 58 (5) 152 1 23.3 Finance costs paid 2010 2009 2008 (US$ million) Gross interest and other finance costs ................. (309) (198) (181) Net foreign exchange gains ......................... 17 17 8 Net fair value gains (losses) on financial instruments ....... 21 (25) (7) Non-cash movements included in items above ........... 65 99 41 (206) (107) (139) F-60
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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
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REPORT OF THE INDEPENDENT REGISTERE
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SAPPI GROUP STATEMENT OF COMPREHENS
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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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