SAPPI LIMITED

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25. COMMITMENTS <strong>SAPPI</strong> NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS (Continued) for the year ended September 2010 2010 2009 2008 (US$ million) Capital commitments Contracted but not provided ........................ 62 62 76 Approved but not contracted ........................ 109 126 130 Future forecasted cash flows of capital commitments: 171 188 206 2009 ......................................... 154 2010 ......................................... 102 35 2011 (September 2008: thereafter) .................... 104 48 17 2012 (September 2009: thereafter) .................... 32 38 — Thereafter ..................................... 35 — — 171 188 206 The capital expenditure is expected to be financed by funds generated by the business, existing cash resources and borrowing facilities available to the group. Lease commitments Future minimum obligations under operating leases — undiscounted: 2010 2009 2008 (US$ million) Payable in the year ended September: 2009 ......................................... 28 2010 ......................................... — 31 14 2011 ......................................... 40 14 9 2012 ......................................... 23 7 4 2013 ......................................... 16 4 2 2014 (September 2008: thereafter) .................... 9 2 35 2015 (September 2009: thereafter)* ................... 5 38 — Thereafter ..................................... 37 — — 130 96 92 * The lease commitments for 2009 was previously disclosed as US$60 million. This has been increased by US$36 million to include a land lease commitment that should have been reflected. As previously reported Adjustment Adjusted Future minimum obligations under operating leases—September 2009: thereafter ........ 2 36 38 Further information on capital commitments relating to environmental matters can be found in note 32. F-63
<strong>SAPPI</strong> NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS (Continued) for the year ended September 2010 26. CONTINGENT LIABILITIES 2010 2009 (US$ million) Guarantees and suretyships ............................. 48 44 Other contingent liabilities ............................... 8 8 Included under guarantees and suretyships are bills of exchange where Sappi has guaranteed third party funding of payments to Sappi for certain German accounts receivables. Other contingent liabilities mainly relate to taxation queries in respect of certain group companies. The group is involved in various lawsuits and administrative proceedings. The relief sought in such lawsuits and proceedings includes injunctions, damages and penalties. Although the final results in these suits and proceedings cannot be predicted with certainty, it is the present opinion of management, after consulting with legal counsel, that they are not expected to have a material effect on the group’s consolidated financial position, results of operations or cash flows. 27. POST-EMPLOYMENT BENEFITS—PENSIONS AND OTHER BENEFITS Summary of results Defined Other Defined benefit defined All contribution pension benefit plans plans plans plans 2011 2010 2009 2010 2009 2010 2009 (US$ million) Post retirement plan cost recognised in income statements ............................. 42 33 15 21 14 10 Employer contributions paid over the fiscal year .... Expected employer contributions to be paid over next fiscal year 40 33 66 54 11 10 —Defined contribution plans .................. 42 —Defined benefit pension plans ............... 54 —Other defined benefit plans ................. Pension/benefit plan liability is presented on the balance sheets as follows: 12 Pension/benefit liability (refer note 21) ........... 298 308 178 172 Pension asset (refer note 14) .................. Accrued contributions*/obligations (included in other (37) (52) — — payables) .............................. 4 2 — — 7 7 Net balance sheet liability .................... 4 2 261 256 185 179 * Amounts to defined contribution plans due in respect of the current reporting period that had not yet been paid over to the plans F-64
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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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