SAPPI LIMITED

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SAPPI CONDENSED SAPPI LIMITED COMPANY STATEMENT OF COMPREHENSIVE INCOME for the year ended September 2010 2010 2009 (ZAR million) Loss for the year .................................................. — (61) Other comprehensive income, net of tax ................................. — — Total comprehensive income (loss) for the year .......................... — (61) S-2
SAPPI CONDENSED SAPPI LIMITED COMPANY BALANCE SHEET at September 2010 2010 2009 (ZAR million) Assets Non-current assets ............................................. 20,697 20,424 Property, plant and equipment ..................................... 1 2 Investments in subsidiaries (Annexure A) .............................. 18,177 18,142 Intercompany receivables (Annexure A) ............................... 2,453 2,199 Loan to Executive Share Purchase Trust .............................. 64 81 Deferred tax asset .............................................. 2 — Current assets ................................................ 46 42 Trade and other receivables ....................................... 2 8 Intercompany receivables (Annexure A) ............................... 36 34 Taxation receivable ............................................. 8 — Total assets .................................................. Equity and liabilities 20,743 20,466 Shareholders’ equity ........................................... 20,578 20,334 Ordinary share capital ........................................... 561 537 Share premium ................................................ 12,183 12,062 Non-distributable reserves ........................................ 432 333 Retained earnings .............................................. Non-current liabilities 7,402 7,402 Intercompany payables (Annexure A) ................................ 66 31 Current liabilities .............................................. 99 101 Trade and other payables ......................................... 51 44 Intercompany payables (Annexure A) ................................ 48 42 Taxation payable ............................................... — 15 Total equity and liabilities ........................................ 20,743 20,466 S-3
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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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22. PROVISIONS SAPPI NOTES TO THE G
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SAPPI LIMITED

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