SAPPI LIMITED

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<strong>SAPPI</strong> NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS (Continued) for the year ended September 2010 27. POST-EMPLOYMENT BENEFITS—PENSIONS AND OTHER BENEFITS (Continued) requirements in the particular countries concerned. In terms of these requirements, periodic actuarial valuations of these funds are performed by independent actuaries. As of September 2010, the total number of active members in our defined benefit pension plans is approximately 8,400. Actuarial valuations of the European and North American funds are performed annually. An actuarial review is performed annually for the South African and United Kingdom funds, with an actuarial valuation being performed on a tri-annual basis. Group companies have no other significant post-employment defined benefit obligations, except for the following: – Post retirement health care benefits provided to persons in North America and in South Africa totalling US$185 million. – Jubilee (long service award plans) in continental Europe of US$26 million, an early retirement benefit plan in Belgium of US$5 million (refer to note 21). – ‘ATZ’ (early retirement) benefit obligations in Germany totalling US$7 million. – Workmans’ compensation benefit obligations in North America totalling US$13 million. All pension obligations were measured at the end of the financial year. Post-employment benefits other than pensions (‘other defined benefit plans’) The group sponsors two defined benefit post-employment plans that provide certain health care and life insurance benefits to eligible retired employees of the North American and South African operations. Employees are generally eligible for benefits upon retirement and completion of a specified number of years of service. Actuarial valuations of all the plans are performed annually. F-67
<strong>SAPPI</strong> NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS (Continued) for the year ended September 2010 27. POST-EMPLOYMENT BENEFITS—PENSIONS AND OTHER BENEFITS (Continued) All post-employment obligations were measured at the end of the financial year. 2010 2009 Defined benefit Other defined Defined benefit Other defined pension plans benefit plans pension plans benefit plans (US$ million) Change in present value of defined benefit obligations Defined benefit obligations at beginning of year ....................... 1,945 175 1,414 143 Current service costs .............. 27 4 21 2 Past service costs (credits) .......... 1 — (4) — Interest costs .................... 107 11 103 10 Plan participants’ contributions ....... 7 — 4 — Actuarial losses (gains) experience .... 21 (9) 9 3 Actuarial losses assumptions ......... 122 7 245 19 Acquisition ...................... — — 225 — Gains on curtailments and settlements . . — — (1) (1) Benefits paid .................... (128) (11) (106) (10) Translation differences ............. Defined benefit obligations at end of (33) 5 35 9 year ......................... Present value of wholly unfunded 2,069 182 1,945 175 obligations .................... Present value of wholly and partly 144 182 190 175 funded obligations ............... Change in fair value of plan assets Fair value of plan assets at beginning of 1,925 — 1,755 — year ......................... 1,695 — 1,387 — Expected returns on plan assets** ..... 114 — 104 — Actuarial gains on plan assets ........ 70 — 47 — Acquisition ...................... — — 173 — Employer contributions ............. 66 11 54 10 Plan participants’ contributions ....... 7 — 5 — Benefits paid .................... (128) (11) (106) (10) Losses on curtailments and settlements . — — (1) — Translation differences ............. (16) — 32 — Fair value of plan assets at end of year . 1,808 — 1,695 — Deficits ........................ (261) (182) (250) (175) Unrecognised past service credits ..... — (3) (6) (4) Recognised pension plan liabilities .... (261) (185) (256) (179) ** Net of administration costs. F-68
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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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