Wrap Text
SAPPI
Results for the quarter and year ended September 2001
Difficult market conditions
Headline EPS - Quarter 23 US cents
- Year 113 US cents
Strong balance sheet
Dividend increased to 26 US cents
summary September 2001
Quarter ended Year ended
Sept. June Sept. Sept. Sept.
2001 2001 2000 2001 2000
Sales (US$ million) 998 967 1,246 4,184 4,718
Operating profit (US$ million) 91 91 199 446 672
EBITDA (US$ million) 175 175 285 797 1,052
Operating profit to sales (%) 9.1 9.4 16.0 10.7 14.2
EBITDA to sales (%) 17.5 18.1 22.9 19.0 22.3
Operating profit to
average net assets (%) 11.1 10.5 20.6 13.1 18.2
Basic EPS before exceptional
items (Headline) (US cents) 23 24 49 113 146
Basic EPS (US cents) 20 (27) 54 59 153
Return on equity (%) 9.9* 14.1* 32.3 15.9* 23.8
Net Debt (US$ million) 1,128 1,250 1,270** 1,128 1,270**
*Before Mobile closure costs
** Restated for reclassification of minority interest to debt
Comment for the year
The year was characterised by difficult market conditions resulting in low
demand for most of our products. Apparent consumption for coated woodfree
paper as measured by shipments from producers net of imports and exports was
14% below the equivalent period last year in the USA and 8% in Europe. Real
consumption was probably considerably better than was indicated by apparent
consumption, as most customers reduced inventory throughout the period.
Sappi fine paper
It was a tough year in the fine paper markets, particularly in North
America, which experienced its biggest ever percentage decline in demand.
A significant portion of reduced North American shipments was due to
de-stocking amongst merchants and printers. Local US producers were further
affected by a high level of imports from Europe and Asia, which resulted in
significant pressure on price and volume. The North American business
responded to this softening market with rigorous cost control and was also
helped by the falling pulp price. Sappi's strong brands held up better than
most in this difficult period.
In Europe there was also a significant decline in orders throughout the
coated woodfree sector as the inventory throughout the pipeline was reduced.
Producers reduced production to keep supply and demand in balance. Against
this background, Sappi Fine Paper Europe performed well due to a relentless
focus on managing fixed costs, curtailing production and by driving for
maximum efficiency from operations.
Sappi Fine Paper South Africa had an excellent year, producing record
profits in Rand terms. It recovered its coated market position in South
Africa, which had been eroded in the previous year by imports. The uncoated
and tissue markets remained strong. As in the other producing regions, cost
control and lower pulp price helped.
Sappi forest products
Paper pulp prices started the year at US$710 per ton and ended the year at
US$450 per ton. Producers continued to curtail production and by year end
inventories of the North American and Scandinavian producers had dropped to
1,5 million tons and consumer inventories were at the lowest September level
for at least 5 years. Price increases of US$30 per ton were announced for
October.
Despite the significant reduction in the pulp price the Forest Products
business delivered good results, due in the main to its low cost base and
some currency benefits. In a tough environment both locally and
internationally, the division continued to generate good returns against the
weighted average cost of capital.
Group
Against this very challenging background the group produced robust results,
reflecting the benefits of strong fundamentals. In particular, the
geographic spread of our assets allowed us to take advantage of strong
markets and minimize the impact of weaker markets and reduced the impact of
any one currency movement. In addition, the scale and efficiency of our
operating assets and our leading brands combined to assist the group perform
at the top end of the sector.
We continued to idle capacity and cut back production to match demand. In
the final quarter of the year we curtailed over 250 000 tons of production.
The group's net profit before exceptional items for the year was
US$263 million, 24% below last year and earnings per share before
exceptional items were 113 US cents, 23% below last year, an acceptable
performance in the very difficult circumstances that prevailed. We closed
the Mobile mill in Alabama, USA and have provided for the write off of the
assets and closure costs. Subsequent to year end we announced the intention
to close Transcript Mill in Scotland. Had the Mobile mill been closed (with
associated overhead cost reductions) at the beginning of the year, there
would have been a benefit of approximately US$35 million before tax or
approximately 9 US cents per share after tax in this year.
The group's earnings after closure and one-time adjustments were
US$138 million, 62% below last year, and earnings per share were 59 US
cents.
Sales volumes were 5% below last year on a comparable basis. This reflects
the slowing economic activity and the inventory reduction by merchants and
printers. Average prices achieved were 2% lower in dollar terms than a year
earlier, although prices in the last quarter were 5% lower than a year ago.
The lower sales volume and prices impacted operating margins. Operating
profit was 34% lower at US$446 million.
We have continued to reduce our finance costs through both lower
indebtedness and refinancing at lower cost. Net finance costs paid before
capitalised interest were 13% lower than a year earlier. The finance charge
for the final quarter was however adversely impacted by marking foreign
exchange contracts to market mainly as a result of the weakness of the Rand
towards the end of September.
The group tax charge for the year was reduced by the US$73 million tax
credit relating to the Mobile closure charge, resulting in a 6% effective
rate for the year. The effective rate for ongoing operations excluding
Mobile and Transcript was approximately 25% for the full financial year and
was reduced by the geographic split of earnings, in particular the lower
proportion of earnings in North America, and a reduction in the German tax
rate. We expect the effective tax rate to be similar in the new financial
year.
Cash flow and debt
The group ends the year with a strong balance sheet and our business
continues to generate healthy cash flows.
The group generated a cash flow of US$797 million (EBITDA) for the year.
Capital expenditure for the year of US$321 million represented 91% of
depreciation, amortisation and fellings. This percentage is expected to
decline to approximately 70% next year.
Net debt declined in the final quarter to US$1,128 million, a reduction of
US$142 million for the full year. The net debt to total capitalisation ratio
was 30.4% compared to 32.5% a year ago.
In September we completed the refinancing of the North American credit and
revolving credit facility utilising part of the facilities available to the
group. This resulted in the write off of US$9.1 million of deferred finance
costs and will result in lower ongoing cash finance costs. We will refinance
the approximately US$140 million 14% debentures remaining in the US
structure in December which will result in future savings of approximately
US$12 million before tax in a full year and eliminate the last of the high
cost debt incurred to acquire SD Warren. Thereafter, net finance costs are
expected to be approximately US$17 million per quarter.
We ended the year with an increased proportion of short-term borrowings,
mainly as a result of the US$243 million convertible notes which mature in
August 2002. The group has adequate cash on hand and long-term banking
facilities to meet these short-term commitments.
Operating review for the quarter
Sappi fine paper
Quarter ended
Sept. 2001 Sept. 2000 %
US$ million US$ million change
Sales 826 1,006 (18)
Operating profit 65 124 (48)
Operating margin (%) 7.9 12.3 -
EBITDA 130 189 (31)
EBITDA Margin (%) 15.7 18.8 -
RONOA p.a. (%) 10.5 18.1 -
Production curtailments were again taken in all our operations in a
difficult quarter and pressure to reduce prices continued. This was partly
offset by lower pulp prices that dropped to US$450 per ton in the quarter
before showing some improvement in prices in October.
As a result of our geographic spread, strong market positions and well
invested assets we produced strong results in Europe and Southern Africa.
Europe
Due to low order levels for coated woodfree paper, sales volumes were 16%
lower than a year earlier. Average prices achieved were at a similar level
in Euros and only slightly lower in US dollars. We curtailed production by
approximately one week per month.
Tight control over manufacturing and overhead costs and the favourable
impact of lower pulp prices helped maintain margins. The return on net
operating assets was a healthy 17%.
Quarter ended
Sept. 2001 Sept. 2000 % change % change
US$ million US$ million (US$) (Euros)
Sales 444 535 (17) (15)
Operating profit 57 67 (15) (12)
Operating margin (%) 12.8 12.5 - -
EBITDA 94 99 (5) ( 2)
EBITDA Margin (%) 21.1 18.5 - -
RONOA p.a. (%) 17.0 19.0 - -
North America
Operating conditions in North America worsened in the quarter even before 11
September. Overall apparent consumption of coated woodfree paper was
considerably lower than a year earlier and imports had a further impact on
local producers' market shares. Although our volumes excluding Mobile mill
grew relative to the previous quarter, total volumes were 11% lower than the
equivalent quarter last year. There has been ongoing pressure on prices and
our prices for the benchmark #3 coated woodfree in 60lb rolls declined 7%
for the quarter compared to a year earlier.
Operating margins for the quarter were at break-even. Strong action has been
taken through the closure of Mobile mill and corporate overhead reductions.
Our business is now lean and well positioned to improve performance once the
shock waves of recent events have passed and the US economy starts to
strengthen.
Quarter ended
Sept. 2001 Sept. 2000 %
US$ million US$ million change
Sales 323 419 (23)
Operating profit - 52 (100)
Operating margin (%) - 12.4 -
EBITDA 26 83 (68)
EBITDA Margin (%) 8.0 19.8 -
RONOA p.a. (%) - 17.3 -
Fine paper SA
The Southern African business had a good quarter. Sales volumes were 7%
higher than a year ago. Average prices achieved in local currency were 17%
higher but in dollars were slightly lower. Costs, which are predominantly in
local currency, were tightly controlled.
Operating income increased 60%, resulting in a 14% operating margin and a
healthy 32% return on net operating assets.
Forest Products
Our forest products business has been impacted by weakening international
prices, particularly for pulp. Dissolving pulp demand remained low and we
continued to cut back on production to match customer requirements. Demand
in the South African market has not yet been affected significantly by
global conditions and prices for paper were higher in local currency than a
year earlier. Volumes for ongoing business for the quarter were 6% lower
than a year earlier and average prices achieved were 9% lower in dollar
terms and 9% higher in Rands.
Quarter ended
Sept. 2001 Sept. 2000 % change % change
US$ million US$ million (US$) (Rands)
Sales 172 240 * (28) (14)
Operating profit 31 78 (60) (52)
Operating margin (%) 18.0 32.5 - -
EBITDA 50 99 (50) (40)
EBITDA Margin (%) 29.1 41.3 - -
RONOA p.a. (%) 14.4 31.8 - -
* Includes sales of US$14 million in respect of Novobord and Mining Timber
since sold
Post balance sheet events
- insurance
The group renews its insurance cover annually on 1 November and its stated
policy has been to self-insure manageable risks, but to take out full
insurance cover for all eventualities on the full value basis for all its
assets.
Subsequent to 11 September 2001 it is no longer possible to get cover for
acts of terrorism, nor has it been practical to re-instate its policies on
the former basis, in North America. The board is, however, satisfied that
the group has adequate cover to deal with any foreseeable risk that might
arise.
- Splitting the role of Chairman and Chief Executive
Sappi's Chairman and Chief Executive, Eugene van As, will reach the group's
normal retirement age next year. The board has decided to split the role of
Chairman and Chief Executive. It will evaluate both external and internal
candidates for the CEO position to ensure that the best person is appointed
to lead this global company. The board expects to be able to make a further
announcement towards the middle of next year and has asked Mr van As to
continue in the role of Non-executive Chairman after the new Chief Executive
is appointed. He has agreed to do so.
Share repurchase
During the quarter we continued to buy back shares and since December 2000
have repurchased 12 million shares, approximately 5% of the issued share
capital. The average price paid in the quarter was R82.00 per share with a
high of R84.70 and a low of R77.62 per share.
We have budgeted to continue the programme this financial year.
The Directors have declared a dividend of 26 US cents for the year ended
September 2001. A dividend of 25 US cents was paid the previous year.
Outlook
World economic conditions, which were looking difficult prior to the tragic
events of 11 September, have worsened and the timing of any upturn has
become more obscure. In our North American business the shock will be fully
felt in the first quarter of 2002 as the drop in advertising flows through
to paper demand.
On the positive side, the high level of curtailment by producers means that
pulp and paper inventories are being well controlled. North American and
Scandinavian pulp inventories dropped to almost 1.5 million tons in
September and pulp prices lifted off their recent trough level of US$450 per
ton.
We expect a slow start to the year with the North American business bearing
the brunt of the downturn. In Europe, however, demand for coated free sheet
is reasonably stable. Global industry inventory levels are low at consumer
and merchant level, as best we can judge, and although end use consumption
is likely to be lower because of a weaker economy, demand for our products
should not decline much, if at all, in the coming year.
Our results in the first quarter will be sharply down, however, not only
because of the USA situation and curtailment on all continents, but in
particular because two of the group's largest profit contributors, Somerset
and Ngodwana, will have their main maintenance shuts (held every 30 months)
in October. In terms of the new international accounting standard the
charges will be taken in the quarter and not spread over the period between
shutdowns as in the past.
With the information now at our disposal and barring further deterioration
of the global economic outlook, we expect earnings after the first quarter
to return to levels similar to the recent past.
The group has a strong balance sheet, a high cash interest cover and is
geographically spread, which puts us in a position to take advantage of an
upturn when it comes.
On behalf of the Board
E van As D G Wilson
Director Director
12 November 2001
Dividend announcement
The directors have declared a dividend (number 78) of 26 US cents per share
for the year ended September 2001.
In compliance with the requirements of STRATE, the JSE Securities Exchange's
electronic settlement system which is applicable to Sappi, the Salient dates
in respect of the dividend will be as follows:
Last day to trade cum dividend Friday, 4 January 2002
Date on which shares commence trading
ex-dividend Monday, 7 January 2002
Record date Friday, 11 January 2002
Payment date Monday, 14 January 2002
Dividends payable from the Johannesburg transfer office will be paid in
South African Rands (except that nominee shareholders, including the
nominees of the US ADR depositary bank, who are nominees for South African
non-residents may elect, on or before Thursday 27 December 2001, to receive
payment in United States Dollars) and dividends payable from the London
transfer office will be paid in British Pounds Sterling or in the case of
shareholders with registered addresses in the USA, in United States Dollars.
Dividends payable other than in United States Dollars will be calculated at
the respective rates of exchange ruling on Thursday, 27 December 2001.
The full conditions relating to the payment of the dividend may be inspected
at the registered office of the company and also at the offices of the South
African and United Kingdom Registrars, and the ADR depositary bank
respectively.
There will not be any de-materialisation nor re-materialisation of Sappi
Limited share certificates from 28 December 2001 to 11 January 2002, both
days inclusive.
Sappi Management Services (Pty) Limited
Secretaries
Per D J O'Connor
12 November 2001
Sappi Limited
(Registration No. 1936/008963/06)
JSE Code: SAP
ISIN Code: ZAE 000006284
Forward-looking statements
Certain statements in this report that are neither reported financial
results nor other historical information, are forward-looking statements,
including, but not limited to statements that are predictions of or indicate
future events, trends, plans or objectives. Undue reliance should not be
placed on such statements because, by their nature, they are subject to
known and unknown risks and uncertainties and can be affected by other
factors, that could cause actual results and company plans and objectives to
differ materially from those expressed or implied in the forward-looking
statements (or from past results). Such risks, uncertainties and factors
include, but are not limited to the highly cyclical nature of the pulp and
paper industry (and the factors that contribute to such cyclicality, such as
levels of demand, production capacity, production and pricing), adverse
changes in the markets for the group's products, consequences of substantial
leverage, changing regulatory requirements, unanticipated production
disruptions, economic and political conditions in international markets, the
impact of investments, acquisitions and dispositions (including related
financing) and currency fluctuations. The company undertakes no obligation
to publicly update or revise any of these forward-looking statements,
whether to reflect new information or future events or circumstances or
otherwise.
group income statements
Unaudited Audited
Quarter ended Year ended
Sept. Sept. Sept. Sept.
2001 2000 2001 2000
US$ US$ % US$ US$ %
million million change million million change
Sales 998 1,246 (19.9) 4,184 4,718 (11.3)
Cost of sales 816 941 3,375 3,650
Gross profit 182 305 (40.3) 809 1,068 (24.3)
Selling, general &
administrative expenses 91 106 363 396
Operating profit 91 199 (54.3) 446 672 (33.6)
Non-trading (loss) profit (3) 13 (207) (2)
Net finance costs 36 13 92 97
Net paid *42 33 125 144
Capitalised (6) (20) (33) (47)
Profit before tax 52 199 147 573
Taxation - current 47 27 88 73
- deferred (42) 38 (79) 124
Profit after tax 47 134 138 376 (63.3)
Income attributable to
minority interests - 5 - 13
Net profit 47 129 138 363 (62.0)
EBITDA 175 285 (38.6) 797 1,052 (24.3)
Basic earnings
per share (US cents) 20 54 59 153
Basic earnings before
exceptional items
(Headline earnings) per
share (US cents) 23 49 113 146
Weighted average number
of shares in issue
(millions) 229.6 239.1 232.8 236.9
Diluted earnings
per share (US cents) 20 52 59 151
Diluted earnings before
exceptional items
(Headline earnings) per
share (US cents) 23 48 112 144
Weighted average number
of shares on fully
diluted
basis (millions) 232.6 259.8 235.2 245.5
Calculation of Earnings
before exceptional items
(Headline) net of tax
Net profit 47 129 138 363
Loss/(profit) on disposal of
business and fixed assets 4 (21) 4 (22)
Mill closure costs and
asset impairments (2) 8 118 8
Deferred finance fees
written off on early
settlement of loans 5 - 5 11
Decrease in other
Provisions (1) (1) (2) (13)
Earnings before
exceptional
items (Headline) 53 115 263 347
* Including marking foreign currency contracts to market and other foreign
exchange losses of US$13 million
group balance sheet
Audited Audited
September 2001 September 2000
US$ million US$ million
ASSETS
Non-current assets 3,346 3,600
Property, plant and equipment 2,890 3,095
Plantations 324 372
Deferred taxation 4 37
Other non-current assets 128 96
Current assets 1,160 1,168
Cash and cash equivalents 445 294
Trade and other receivables 202 319
Inventories 513 555
Total assets 4,506 4,768
EQUITY AND LIABILITIES
Capital and reserves
Ordinary shareholders' interest 1,503 1,618
Minority interest 3 53
Non-current liabilities 1,640 1,996
Interest bearing borrowings 1,014 1,278
Deferred taxation 385 500
Other non-current liabilities 241 218
Current liabilities 1,360 1,101
Interest bearing borrowings
and bank overdraft 559 238
Other current liabilities 801 863
Total equity and liabilities 4,506 4,768
Number of shares in issue (millions) 229.5 239.1
Net Debt (US$ million) 1,128 1,270*
Net Debt to Total Capitalisation (%) 30.4 32.5*
Net asset value per share (US cents) 821 870
* Restated for reclassification of minority interest to debt in September
2001, as if processed in September 2000
group cash flow statement
Audited Audited
Year ended Year ended
September September
2001 2000
US$ million US$ million
Cash generated by operations 771 1,048
Movement in working capital 51 (61)
Net finance costs (125) (144)
Taxation paid (94) (12)
Dividends paid (60) (42)
Cash retained from
operating activities 543 789
Cash effects of investing activities (305) (68)
238 721
Cash effects of financing activities (88) (564)
Net movement in cash and
cash equivalents 150 157
group statement of changes in shareholders' equity
Audited Audited
Year ended Year ended
September September
2001 2000
US$ million US$ million
Balance - beginning of year restated 1,618 1,436
Net profit 138 363
Foreign currency translation reserve (118) (248)
Dividends declared - US$ 0.25
(2000: US$ 0.19) per share (60) (45)
Goodwill written off to equity - (2)
(Share buybacks and issues to
Share Purchase Trust) / Issuance
of ordinary shares (83) 114
Revaluation of derivative
Instruments 8 -
Balance - end of year 1,503 1,618
notes to the group results
1. Basis of preparation
The group results have been prepared in conformity with South African
Statements of Generally Accepted Accounting Practice. The same accounting
policies have been followed as in the annual financial statements for
September 2000, except for new or revised accounting standards adopted in
the first quarter of the current year.
The financial results for the quarter have been reviewed by the group's
auditors, Deloitte & Touche. Their report is available for inspection at the
company's registered offices.
Unaudited Audited
Quarter ended Year ended
Sept. 2001 Sept. 2000 Sept. 2001 Sept. 2000
US$ million US$ million US$ million US$ million
2. Operating profit
Included in operating
profit are:
Depreciation 73 70 300 320
Fellings 6 8 30 36
Amortisation 5 8 21 24
84 86 351 380
3. Capital expenditure
Fixed assets 293 221
Plantations 28 32
321 253
4. Capital commitments
Contracted but
not provided 78 73
Approved but
not contracted 109 150
187 223
5. Contingent
liabilities
Guarantees and
Suretyships 79 80
Other contingent
Liabilities 27 46
regional information
Unaudited Audited
Quarter ended Year ended
Sept. Sept. Sept. Sept.
2001 2000 2001 2000
US$ US$ % US$ US$ %
Million million change million million change
Sales -
Metric tons (000's)
Fine Paper -
North America 287 321 (10.6) 1,238 1,318 (6.1)
Europ 551 654 (15.7) 2,168 2,383 (9.0)
Southern Africa 78 67 16.4 288 269 7.1
Total 916 1,042 (12.1) 3,694 3,970 (7.0)
Forest Products* 585 740 (20.9) 2,412 2,770 (12.9)
Total 1,501 1,782 (15.8) 6,106 6,740 (9.4)
Sales
Fine Paper -
North America 323 419 (22.9) 1,442 1,607 (10.3)
Europe 444 535 (17.0) 1,781 1,994 (10.7)
Southern Africa 59 52 13.5 229 227 0.9
Total 826 1,006 (17.9) 3,452 3,828 (9.8)
Forest Products* 172 240 (28.3) 732 890 (17.8)
Total 998 1,246 (19.9) 4,184 4,718 (11.3)
Operating profit
Fine Paper -
North America - 52 (100.0) 40 179 (77.7)
Europe 57 67 (14.9) 177 252 (29.8)
Southern Africa 8 5 60.0 31 20 55.0
Total 65 124 (47.6) 248 451 (45.0)
Forest Products 31 78 (60.3) 194 224 (13.4)
Corporate (5) (3) 4 (3)
Total 91 199 (54.3) 446 672 (33.6)
Earnings before
interest, tax,
depreciation and
amortisation charges**
Fine Paper -
North America 26 83 (68.7) 150 290 (48.3)
Europe 94 99 (5.1) 325 410 (20.7)
Southern Africa 10 7 42.9 38 28 35.7
Total 130 189 (31.2) 513 728 (29.5)
Forest Products 50 99 (49.5) 280 327 (14.4)
Corporate (5) (3) 4 (3)
Total 175 285 (38.6) 797 1,052 (24.2)
Net operating assets
Fine Paper -
North America 1,011 1,205 (16.1) 1,011 1,205 (16.1)
Europe 1,333 1,336 (0.2) 1,333 1,336 (0.2)
Southern Africa 100 112 (10.7) 100 112 (10.7)
Total 2,444 2,653 (7.9) 2,444 2,653 (7.9)
Forest Products 825 941 (12.3) 825 941 (12.3)
Corporate (13) (20) (13) (20)
Total 3,256 3,574 (8.9) 3,256 3,574 (8.9)
* Included in September 2000 are sales for Novobord and Mining Timber
businesses which have now been sold. Their sales amounted to US$14m
(118K tons) for the quarter and US$65m (326K tons) year to September 2000
** before non-trading profit (loss)
summary rand convenience translation
Unaudited Unaudited
Quarter ended Year ended
Sept. Sept % Sept. Sept. %
2001 2000 change 2001 2000 change
Sales
(ZAR million) 8,370 8,718 (4.0) 33,294 30,889 7.8
Operating profit
(ZAR million) 763 1,392 (45.2) 3,549 4,400 (19.3)
Profit after
taxation
(ZAR million) 394 938 1,098 2,462 (55.4)
EBITDA
(ZAR million) 1,468 1,994 (26.4) 6,342 6,888 (7.9)
Operating profit
to sales (%) 9.1 16.0 10.7 14.2
EBITDA to
sales (%) 17.5 22.9 19.0 22.3
Operating profit
to average
net assets (%) 11.0 20.5 13.0 18.0
Basic EPS before
exceptional
items (Headline)
(SA cents) 193 343 (43.8) 899 959 (6.3)
Basic EPS (SA cents) 168 377 469 1,003 (53.2)
EBITDA per share
(SA cents) 639 834 (23.4) 2,724 2,907 (6.3)
Net debt
(ZAR million) 10,083 9,174* 9.9 10,083 9,174* 9.9
Net debt to total
capitalisation
(%) 30.4 32.5* 30.4 32.5*
Cash generated
by operations
(ZAR million) 6,135 6,861 (10.6)
Cash retained
from operating
activities
(ZAR million) 4,321 5,166
Net movement
in cash and cash
equivalents
(ZAR million) 1,194 1,028
Exchange rates:
Period end rate:
US $1 = R 8.9386 7.2240 8.9386 7.2240
Average rate:
US $1 = R 8.3871 6.9966 7.9574 6.5472
Period end rate:
US $1 = EURO 1.0909 1.1393 1.0909 1.1393
Average rate:
US $1 = EURO 1.1251 1.0940 1.1293 1.0288
* Restated for reclassification of minority interest to debt
This report is available on the Sappi website -
www.sappi.com
Other interested parties can obtain printed
copies of this report from:
South Africa:
Mercantile Registars Limited,
8th Floor, 11 Diagonal Street, Johannesburg, 2001
PO Box 1053, Johannesburg, 2000. Tel: +27 (0) 11 370-5000
United Kingdom:
Capita IRG plc, Bourne House, 34 Beckenham
Road, Beckenham, Kent, BR3 4TU, DX 91750, Beckenham West.
Tel: +44 (0) 208 639-2000.
United States ADR Depositary:
Bank of New York, ADR Department,
101 Barclay Street, New York, NY 10286. Tel: +1 212 815-5800.
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