SAPPI LIMITED

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SAPPI NOTES TO THE CONDENSED SAPPI LIMITED COMPANY FINANCIAL STATEMENTS for the year ended September 2010 1. OPERATING LOSS The operating loss is arrived at after taking into account the items detailed below: 2010 2009 (ZAR million) Depreciation ........................................ Technical and administrative services paid other than to bona fide 1 2 employees of the company ........................... 5 10 Auditors’ remuneration ................................ 13 12 —fees for audit and related services ...................... 9 8 —fees for other services ............................... 4 4 —fees for Acquisition and related services .................. — — Directors remuneration ................................ 21 19 Staff costs ......................................... 119 96 Management fees received from subsidiaries ................ 227 211 Impairment of investment .............................. — — 2. INCOME FROM SUBSIDIARIES 2010 2009 (ZAR million) Dividends received from subsidiaries ....................... 22 82 Less: Pre-acquisition portion ............................. — (82) 22 — 3. NET FINANCE INCOME 2010 2009 (ZAR million) Interest paid ......................................... — — Interest received ...................................... 4 35 Net foreign exchange gains (losses) ........................ 3 (14) 7 21 4. COMMITMENTS 2010 2009 (ZAR million) Operating leases and rentals Payable within one year .............................. 1 1 Payable within two to five years ......................... — 1 1 2 S-6
SAPPI NOTES TO THE CONDENSED SAPPI LIMITED COMPANY FINANCIAL STATEMENTS for the year ended September 2010 (Continued) 5. CONTINGENT LIABILITIES 2010 2009 (ZAR million) Guarantees and liabilities .......................... 13,747 20,581 6. BASIS OF PREPARATION The annual financial statements from which these condensed financial statements have been derived have been prepared in accordance with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board. S-7
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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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