SAPPI LIMITED

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<strong>SAPPI</strong> NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS (Continued) for the year ended September 2010 29. FINANCIAL INSTRUMENTS (Continued) Hierarchy of fair value measurements for financial instruments measured at fair value on the balance sheet 2010 2009 Total Fair value hierarchy Total Fair value hierarchy Fair value Level 1 Level 2 Level 3 Fair value Level 1 Level 2 Level 3 (US$ million) Non-current assets Other non-current assets AFS—Club debentures ........ 2 2 — — 2 2 — — AFS—Investment funds ........ 19 19 — — 19 19 — — Derivative financial instruments ... Current assets 19 — 19 — 10 — 10 — Derivative financial instruments ... 15 — 15 — 10 — 10 — Non-current liabilities 55 21 34 — 41 21 20 — Derivative financial instruments ... Current liabilities — — — — 24 — 24 — Derivative financial instruments ... 3 — 3 — 14 — 14 — 3 — 3 — 38 — 38 — 30. RELATED PARTY TRANSACTIONS Transactions between Sappi Ltd company and its subsidiaries, which are related parties of the company, have been eliminated on consolidation and are not disclosed in this note. Details of transactions between the group and other related parties are disclosed below: Amounts Amounts owed by owed to related related Sale of goods Purchases of goods parties parties Joint ventures 2010 2009 2008 2010 2009 2008 2010 2009 2010 2009 (US$ million) Jiangxi Chenming Paper Company Limited ..... 1.1 2.0 4.0 0.6 1.5 2.6 — — 0.9 3.7 Sapin S.A. ............ 0.5 0.4 0.3 22.1 21.3 30.9 0.1 — 0.6 0.9 VOF Warmtekracht ...... 10.8 38.1 44.2 7.1 25.0 32.8 — — — — Umkomaas Lignin (Pty) Ltd 5.6 0.9 1.1 0.3 — — 1.8 0.9 — — Papierholz Austria GmbH . — — — 90.5 68.5 92.7 — — 8.1 6.1 Energie Biberist AG ..... — — — 38.6 — — — — 3.8 — 18.0 41.4 49.6 159.2 116.3 159.0 1.9 0.9 13.4 10.7 A description concerning the joint venture, Timber IV is discussed in note 13. F-107
<strong>SAPPI</strong> NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS (Continued) for the year ended September 2010 30. RELATED PARTY TRANSACTIONS (Continued) Sales of goods and purchases to and from related parties were made on an arm’s length basis. The amounts outstanding at balance sheet date are unsecured and will be settled in cash. Guarantees given by the group are disclosed in note 26. No expense has been recognised in the period for bad or doubtful debts in respect of the amounts owed by related parties. Shareholders The company’s shares are widely held by shareholders across the world. The principal shareholders of the company are disclosed in Item 7—Major Shareholders and Related Party Transactions—Major Shareholders. Directors Details relating to executive and non-executive directors’ emoluments, interests and participation in the Scheme and Plan are disclosed in notes 34–36. Interest of directors in contracts None of the directors have a material interest in any transaction with the company or any of its subsidiaries, other than those on a normal employment basis. Meyer Feldberg, a non-executive director of the company, disclosed his role as senior advisor of Morgan Stanley & Co. Limited, a financial advisor to Sappi, and Morgan Stanley South Africa (Pty) Limited, a transaction sponsor to Sappi Ltd. Broad-based Black Economic Empowerment (BEE) Transaction Refer to notes 17 and 28 for details of our BEE Transaction. Key management personnel Compensation for key management was as follows: Total excluding Total including directors directors 2010 2009 2008 2010 2009 2008 (US$ million) Short-term benefits ............................. 2.8 2.9 2.9 3.9 4.3 4.3 Post-employment benefits ........................ 0.5 0.7 0.4 0.8 0.9 0.7 Other long-term benefits ......................... — — — — — — Share-based payments .......................... — — — — — — 3.3 3.6 3.3 4.7 5.2 5.0 The number of key management personnel included above for 2010 was nine (2009: nine; 2008: ten). 31. EVENTS AFTER BALANCE SHEET DATE No significant changes have occurred in our financial position since September 26, 2010. F-108
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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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10. PLANTATIONS SAPPI NOTES TO THE
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SAPPI LIMITED

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