SAPPI LIMITED

More documents

Recommendations

Info

SAPPI NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS (Continued) for the year ended September 2010 34. DIRECTORS’ REMUNERATION (Continued) Other than the non-executive chairman, D C Cronje, none of the other non-executive directors has service contracts with the company. None of the directors have provisions for pre-determined compensation on termination of their contracts exceeding 2 years’ gross remuneration and benefits in kind. 35. DIRECTORS’ INTERESTS The following table sets out the directors’ interests in the shares in Sappi Limited. For the purpose of this table, directors’ interests are those in shares owned either directly or indirectly as well as those shares in respect of which directors have vested obligations to purchase shares or repay loans in terms of the Sappi Limited Share Incentive Trust. 2010 2009 Indirect Indirect Direct Interests Interests Direct Interests Interests Vested Vested Obligations to Obligations to Purchase or Purchase or Director Non-Executive Directors Beneficial Repay Loans Beneficial Beneficial Repay Loans Beneficial D C Brink ............. — — — — — 22,000 R Thummer ........... 7,542 — — 7,542 — — M V Moosa (1) .......... — — 626,998 — — — Executive Directors M R Thompson ......... 20,517 72,600 — 20,517 89,100 — R J Boëttger ........... 85,000 — — 85,000 — — TOTAL ............... 113,059 72,600 626,998 113,059 89,100 22,000 (1) M V Moosa holds 31.8% share of Lereko Investments (Pty) Ltd which holds a total of 1,971,693 Sappi Limited shares as part of the BEE Transaction described in note 28 and note 17. There have been no changes in the direct or indirect beneficial interests of the directors and their associates between fiscal year end and the date of this report. Directors’ interests in contracts Other than M V Moosa’s interest in the BEE Transaction described above, note 28 and note 30, the directors have certified that they did not have any material interest in any significant transaction with either the company or any of its subsidiaries. M V Moosa was appointed a director of the company after the conclusion of the latest BEE Transaction. Other than MV Moosa’s interest in the BEE Transaction there are no other conflicts of interest with regard to directors’ interests in contracts. F-117
SAPPI NOTES TO THE GROUP ANNUAL FINANCIAL STATEMENTS (Continued) for the year ended September 2010 36. DIRECTORS’ PARTICIPATION IN THE SAPPI LIMITED SHARE INCENTIVE TRUST (SCHEME) AND THE SAPPI LIMITED PERFORMANCE SHARE INCENTIVE TRUST (PLAN) Executive Directors R J Boëttger M R Thompson Total 2010 Total 2009 Allocated No of Allocated No of No of No of price shares price shares shares shares Outstanding at beginning of year Number of shares held .................. 484,000 484,000 968,000 339,000 Issue 26 ........................... R 77.97 33,000 Issue 27 ........................... R 62.34 33,000 Issue 28a .......................... R 47.08 39,600 Issue 29 ........................... R 46.51 39,600 Performance shares 30 (1) ................ R 11.06 52,800 Performance shares 30a (1) ................ R 11.06 110,000 Performance shares 31a (1) ................ R 11.06 220,000 Performance shares 32 .................. R 11.06 110,000 R 11.06 88,000 Performance shares 34 .................. Offered and accepted during the year 154,000 88,000 Performance shares 35 .................. Paid for during the year 195,000 120,000 315,000 648,800 Number of shares ..................... Returned, lapsed and forfeited during the year — — — (16,500) Number of shares ..................... Outstanding at end of year — (195,800) (195,800) (3,300) Number of shares held .................. 679,000 408,200 1,087,200 968,000 Issue 27 ........................... R 62.34 33,000 Issue 28a .......................... R 47.08 39,600 Issue 29 ........................... R 46.51 39,600 Performance shares 31a (1) ................ R 11.06 220,000 Performance shares 32 (1) ................ R 11.06 110,000 R 11.06 88,000 Performance shares 34 .................. 154,000 88,000 Performance shares 35 .................. Expiry dates 195,000 120,000 Issue 27 ........................... 13-Feb-11 Issue 28a .......................... 30-Dec-11 Issue 29 ........................... 13-Dec-12 Performance shares 31a (1) ................ 2-Jul-11 Performance shares 32 (1) ................ 12-Dec-11 12-Dec-11 Performance shares 34 .................. 22-Dec-12 22-Dec-12 Performance shares 35 .................. 09-Dec-13 09-Dec-13 Changes in executive directors’ share options, allocation shares and performance shares after year-end (1) Performance shares are issued when all conditions per note 28 are met. The position of participants in regard to the rights offer is also explained in note 28. F-118
Page 1 and 2:
As filed with the Securities and Ex
Page 3 and 4:
Item 7. Major Shareholders and Rela
Page 5 and 6:
References to ‘‘NBSK’’ are
Page 7 and 8:
PART I ITEM 1. IDENTITY OF DIRECTOR
Page 9 and 10:
Risk Factors In addition to other i
Page 11 and 12:
For further information, see ‘‘
Page 13 and 14:
terms of the debt being refinanced.
Page 15 and 16:
The inability to recover increasing
Page 17 and 18:
A large percentage of our employees
Page 19 and 20:
merge or consolidate with other com
Page 21 and 22:
we operate. The transaction was app
Page 23 and 24:
currencies as we can benefit from i
Page 25 and 26:
Major Product Categories Pulp: Desc
Page 27 and 28:
for coated mechanical paper decline
Page 29 and 30:
The chart below represents our oper
Page 31 and 32:
The following table sets out the ap
Page 33 and 34:
The following table sets forth sale
Page 35 and 36:
Kangas. As a direct result of the g
Page 37 and 38:
Customers Sappi Fine Paper sells it
Page 39 and 40:
The following chart sets forth cert
Page 41 and 42:
Construction on the expansion proje
Page 43 and 44:
lease extendable to 2089. The locat
Page 45 and 46:
North America Wood In connection wi
Page 47 and 48:
Pulp Sappi Fine Paper Europe produc
Page 49 and 50:
ENVIRONMENTAL AND SAFETY MATTERS En
Page 51 and 52:
and management of forests are all r
Page 53 and 54:
ORGANIZATIONAL STRUCTURE Sappi Limi
Page 55 and 56:
Approximate Secured / Location Use
Page 57 and 58:
than we use. By region, the South A
Page 59 and 60:
‘‘—Markets’’ for a furthe
Page 61 and 62:
'000 metric tonnes 8,000 7,000 6,00
Page 63 and 64:
The price of NBSK and Bleached Hard
Page 65 and 66:
ZAR/US$ 16.00 14.00 12.00 10.00 8.0
Page 67 and 68:
The fiscal period average three-mon
Page 69 and 70:
employees from the beginning of 200
Page 71 and 72:
The Sappi Southern Africa reportabl
Page 73 and 74:
Movements in operating profit and o
Page 75 and 76:
Operating profit in fiscal 2009 was
Page 77 and 78:
Sappi Southern Africa Key figures:
Page 79 and 80:
Comparing fiscal 2010 with fiscal 2
Page 81 and 82:
This comparison includes the closur
Page 83 and 84:
African operations into the US doll
Page 85 and 86:
Sappi Fine Paper North America Comp
Page 87 and 88:
Taxation 2010 2009 (US$ million) 20
Page 89 and 90:
elation to inventory levels and rec
Page 91 and 92:
Capital expenditure by region is as
Page 93 and 94:
Over the past three years the relat
Page 95 and 96:
Group’s securitization programs,
Page 97 and 98:
Credit Facility terminate on May 31
Page 99 and 100:
quarters ending from January 2012 t
Page 101 and 102:
As no default event has occurred, n
Page 103 and 104:
In addition, Sappi Fine Paper North
Page 105 and 106:
areas where our South African busin
Page 107 and 108:
Recoveries in equity markets couple
Page 109 and 110:
Impairment of assets other than goo
Page 111 and 112:
The gains or losses, which are reco
Page 113 and 114:
The Group’s policy is to recogniz
Page 115 and 116:
ITEM 6. DIRECTORS, SENIOR MANAGEMEN
Page 117 and 118:
Deenadayalen (Len) Konar Sappi boar
Page 119 and 120:
Mohammed Valli (Valli) Moosa Other
Page 121 and 122:
Rudolf Thummer Sappi board committe
Page 123 and 124:
Executive Officers The Executive Di
Page 125 and 126:
companies have to comply with domes
Page 127 and 128:
average more than 45% of the employ
Page 129 and 130:
For a detailed description of the S
Page 131 and 132:
Pursuant to the Companies Amendment
Page 133 and 134:
Post transaction shareholding struc
Page 135 and 136:
Dividends We consider dividends on
Page 137 and 138:
ITEM 9. THE OFFER AND LISTING Offer
Page 139 and 140:
ITEM 10. ADDITIONAL INFORMATION Mem
Page 141 and 142:
holder of the beneficial interest i
Page 143 and 144:
Voting Rights Subject to any rights
Page 145 and 146:
provision of the New Act by any oth
Page 147 and 148:
South African Companies Act, 2008 A
Page 149 and 150:
state securities laws. The securiti
Page 151 and 152:
documents are the agent for the new
Page 153 and 154:
Dividends There are no restrictions
Page 155 and 156:
STC STC is imposed on South African
Page 157 and 158:
with any connected persons) held mo
Page 159 and 160:
of our ordinary shares or ADSs, as
Page 161 and 162:
of gain recognized on a sale or oth
Page 163 and 164:
integrated operations could be adve
Page 165 and 166:
PART II ITEM 13. DEFAULTS, DIVIDEND
Page 167 and 168:
(d) Changes in Internal Control ove
Page 169 and 170:
PART III ITEM 17. FINANCIAL STATEME
Page 171 and 172:
4.13 Credit Agreement, dated August
Page 173 and 174:
SIGNATURES The registrant hereby ce
Page 175 and 176:
REPORT OF THE INDEPENDENT REGISTERE
Page 177 and 178:
SAPPI GROUP STATEMENT OF COMPREHENS
Page 179 and 180:
SAPPI GROUP CASH FLOW STATEMENT for
Page 181 and 182:
SAPPI NOTES TO THE GROUP ANNUAL FIN
Page 183 and 184:
Page 185 and 186:
Page 187 and 188:
Page 189 and 190:
Page 191 and 192:
Page 193 and 194:
Page 195 and 196:
Page 197 and 198:
Page 199 and 200:
Page 201 and 202:
Page 203 and 204:
Page 205 and 206:
Page 207 and 208:
Page 209 and 210:
10. PLANTATIONS SAPPI NOTES TO THE
Page 211 and 212:
Page 213 and 214:
Page 215 and 216:
Page 217 and 218:
Page 219 and 220:
Page 221 and 222:
Page 223 and 224:
Page 225 and 226:
Page 227 and 228:
Page 229 and 230:
Page 231 and 232:
22. PROVISIONS SAPPI NOTES TO THE G
Page 233 and 234:
Page 235 and 236:
Page 237 and 238:
Page 239 and 240: SAPPI NOTES TO THE GROUP ANNUAL FIN
Page 289: SAPPI NOTES TO THE GROUP ANNUAL FIN
Page 293 and 294: SAPPI CONDENSED SAPPI LIMITED COMPA
Page 299: SAPPI NOTES TO THE CONDENSED SAPPI
show all

SAPPI LIMITED

Create successful ePaper yourself

Delete template?

Save as template?