SAPPI LIMITED

SAPPI
NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS (Continued)
for the year ended September 2010
29. FINANCIAL INSTRUMENTS (Continued)
Total
Total in
Scope USD EUR ZAR GBP Other
(US$ million)
2009
Financial assets
Other non-current assets ............... 101 43 2 11 29 — 1
Non-current derivative financial assets** .... 10 10 (120) — — 130 —
Trade and other receivables ............. 858 734 277 339 22 45 51
Current derivative financial assets** ....... 10 10 10 — — — —
Cash and cash equivalents ............. 770 770 299 383 84 — 4
Financial liabilities
1,567 468 733 135 175 56
Non-current interest-bearing borrowings .... 2,726 2,726 1,154 1,068 504 — —
Non-current derivative financial liabilities** . . 24 24 (429) 452 1 — —
Current interest-bearing borrowings ....... 601 601 187 380 34 — —
Overdraft .......................... 19 19 3 5 — 3 8
Current derivative financial liabilities** ...... 14 14 2 — — 11 1
Trade and other payables ............... 1,116 860 182 402 216 19 41
4,244 1,099 2,307 755 33 50
Foreign exchange gap ................ (2,677) (631) (1,574) (620) 142 6
** The amount disclosed with respect to derivative instruments, reflects the currency which the derivative instrument is
covering.
The above table does not indicate the group’s foreign exchange exposure, it only shows the
financial instruments assets and liabilities classified per underlying currency.
The group’s foreign currency forward exchange contracts at September 2010 are detailed below:
2010 2009
Fair value Fair value
Contract amount (unfavourable) Contract amount (unfavourable)
(Notional amount) favourable (Notional amount) favourable
(US$ million)
Foreign currency
Bought: US Dollar . . . 7 — 473 (13)
Euro ....... 43 — 213 (1)
Sold: US Dollar . . . (232) 15 (132) 9
Euro ....... (98) (2) (16) —
ZAR ....... (5) — (1) —
(285) 13 537 (5)
F-93