SAPPI LIMITED

SAPPI
CONDENSED SAPPI LIMITED COMPANY CASH FLOW STATEMENT
for the year ended September 2010
2010 2009
(ZAR million)
Loss before interest and taxation .....................................
Adjustments:
(34) (38)
Dividends received pre-acquisition ................................... — 82
Subsidiary transactions ........................................... (28) 306
Other ....................................................... 25 13
Cash generated from (utilised in) operations ............................. (37) 363
Movement in working capital ........................................ 13 (82)
Net finance income ............................................... 7 21
Taxation paid ................................................... (20) (23)
Dividends paid .................................................. — (374)
Cash utilised in operating activities .................................... (37) (95)
Decrease in non-current assets ...................................... 16 —
Increase in investments ............................................ — (5,493)
Increase in equity and reserves ...................................... 21 5,513
Proceeds from share option deliveries ................................. — 75
Net movement in cash and cash equivalents ............................. — —
Cash and cash equivalents at beginning of year .......................... — —
Cash and cash equivalents at end of year ............................... — —
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