FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
under the Securities Exchange Act of 1934
For the month of November, 2011
Commission file number: 1-14872
SAPPI LIMITED
(Translation of registrant’s name into English)
48 Ameshoff Street
Braamfontein
Johannesburg 2001
REPUBLIC OF SOUTH AFRICA
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or
Form 40-F.
Form 40-F.
Form 20-F
X
-------
Form 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b) (1):
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b) (7):
Indicate by check mark whether by furnishing the information contained in this Form, the
registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under
the Securities Exchange Act of 1934.
the Securities Exchange Act of 1934.
Yes
No
X
-------
If “Yes” is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b): 82-
INCORPORATION BY REFERENCE
Sappi Limited’s report for the conformed fourth
quarter results ended September 2011, furnished by he
Registrant under this Form 6-K, is incorporated by reference into (i) the Registration Statements on
Form S-8 of the Registrant filed December 23, 1999, December 15, 2004 and February 2, 2010 in
connection with The Sappi Limited Share Incentive Scheme, (ii) the Section 10(a) Prospectus relating to
the offer and sale of the Registrant’s shares to Participants under The Sappi Limited Share Incentive
Scheme, (iii) the Registration Statements on Form S-8 of the Registrant filed December 15, 2004 and
December 21, 2005 in connection with The Sappi Limited 2004 Performance Share Incentive Plan and
(iv) the Section 10(a) Prospectus relating to the offer and sale of the Registrant’s shares to Participants
under The Sappi Limited 2004 Performance Share Incentive Plan. This Form 6-K includes a conformed
version of the earnings announcement sent by the Registrant to its shareholders. This conformed
version was prepared solely for purposes of supplementing the documents referred to in clauses (i) - (iv)
above.
Registrant under this Form 6-K, is incorporated by reference into (i) the Registration Statements on
Form S-8 of the Registrant filed December 23, 1999, December 15, 2004 and February 2, 2010 in
connection with The Sappi Limited Share Incentive Scheme, (ii) the Section 10(a) Prospectus relating to
the offer and sale of the Registrant’s shares to Participants under The Sappi Limited Share Incentive
Scheme, (iii) the Registration Statements on Form S-8 of the Registrant filed December 15, 2004 and
December 21, 2005 in connection with The Sappi Limited 2004 Performance Share Incentive Plan and
(iv) the Section 10(a) Prospectus relating to the offer and sale of the Registrant’s shares to Participants
under The Sappi Limited 2004 Performance Share Incentive Plan. This Form 6-K includes a conformed
version of the earnings announcement sent by the Registrant to its shareholders. This conformed
version was prepared solely for purposes of supplementing the documents referred to in clauses (i) - (iv)
above.
FORWARD-LOOKING STATEMENTS
In order to utilize the “Safe Harbor” provisions of the United States Private Securities Litigation Reform Act of
1995 (the “Reform Act”), Sappi Limited (the “Company”) is providing the following
1995 (the “Reform Act”), Sappi Limited (the “Company”) is providing the following
autionary statement. Except for historical information contained herein, statements contained in
his Report on Form 6-K may constitute “forward-looking statements” within the meaning of the Reform Act.
The words “believe”, “anticipate”, “expect”, “intend”, “estimate “, “plan”, “assume”, “positioned”, “will”, “may”,
“should”, “risk” and other similar expressions, which are predictions of or indicate future events and future
trends, which do not relate to historical matters, identify forward-looking statements. In addition, this Report
on Form 6-K may include forward-looking statements relating to the Company’s potential exposure to
various types of market risks, such as interest rate risk, foreign exchange rate risk and commodity price risk.
Reliance should not be placed on forward-looking statements because they involve known and unknown
risks, uncertainties and other factors which are in some cases beyond the control of the Company, together
with its subsidiaries (the “Group”), and may cause the actual results, performance or achievements of the
Group to differ materially from anticipated future results, performance or achievements expressed or implied
by such forward-looking statements (and from past results, performance or achievements). Certain factors
that may cause such differences 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, input costs including raw
material, energy and employee costs, and pricing);
· the impact on the business of the global economic downturn;
· unanticipated production disruptions (including as a result of planned or unexpected power outages);
· changes in environmental, tax and other laws and regulations;
· adverse changes in the markets for our products;
· consequences of our leverage, including as a result of adverse changes in credit markets that affect our
ability to raise capital when needed;
· adverse changes in the political situation and economy in the countries in which we operate or the effect
of governmental efforts to address present or future economic or social problems;
· the impact of restructuring, investments, acquisitions and dispositions (including related financing), any delays,
unexpected costs or other problems experienced in connection with dispositions or with integrating
acquisitions and achieving expected savings and synergies; and
· currency fluctuations.
These and other risks, uncertainties and factors are discussed in the Company’s Annual Report on Form 20-
F and other filings with and submissions to the Securities and Exchange Commission, including this Report
on Form 6-K. Shareholders and prospective investors are cautioned not to place undue reliance on these
forward-looking statements. These forward-looking statements are made as of the date of the submission of
this Report on Form 6-K and are not intended to give any assurance as to future results. 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.
The words “believe”, “anticipate”, “expect”, “intend”, “estimate “, “plan”, “assume”, “positioned”, “will”, “may”,
“should”, “risk” and other similar expressions, which are predictions of or indicate future events and future
trends, which do not relate to historical matters, identify forward-looking statements. In addition, this Report
on Form 6-K may include forward-looking statements relating to the Company’s potential exposure to
various types of market risks, such as interest rate risk, foreign exchange rate risk and commodity price risk.
Reliance should not be placed on forward-looking statements because they involve known and unknown
risks, uncertainties and other factors which are in some cases beyond the control of the Company, together
with its subsidiaries (the “Group”), and may cause the actual results, performance or achievements of the
Group to differ materially from anticipated future results, performance or achievements expressed or implied
by such forward-looking statements (and from past results, performance or achievements). Certain factors
that may cause such differences 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, input costs including raw
material, energy and employee costs, and pricing);
· the impact on the business of the global economic downturn;
· unanticipated production disruptions (including as a result of planned or unexpected power outages);
· changes in environmental, tax and other laws and regulations;
· adverse changes in the markets for our products;
· consequences of our leverage, including as a result of adverse changes in credit markets that affect our
ability to raise capital when needed;
· adverse changes in the political situation and economy in the countries in which we operate or the effect
of governmental efforts to address present or future economic or social problems;
· the impact of restructuring, investments, acquisitions and dispositions (including related financing), any delays,
unexpected costs or other problems experienced in connection with dispositions or with integrating
acquisitions and achieving expected savings and synergies; and
· currency fluctuations.
These and other risks, uncertainties and factors are discussed in the Company’s Annual Report on Form 20-
F and other filings with and submissions to the Securities and Exchange Commission, including this Report
on Form 6-K. Shareholders and prospective investors are cautioned not to place undue reliance on these
forward-looking statements. These forward-looking statements are made as of the date of the submission of
this Report on Form 6-K and are not intended to give any assurance as to future results. 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.
4th
Quarter results
for the period ended
September 2011
September 2011
Form S-8 Version
4th Quarter Results
Sappi works closely with customers, both direct and indirect, in over 100 countries to provide them with relevant
and sustainable paper, paper-pulp and chemical cellulose products and related services and innovations.
and sustainable paper, paper-pulp and chemical cellulose products and related services and innovations.
Our market-leading range of paper products includes: coated fine papers used by printers, publishers and
corporate end-users in the production of books, brochures, magazines, catalogues, direct mail and many other
print applications; casting release papers used by suppliers to the fashion, textiles, automobile and household
industries; and in our Southern African region, newsprint, uncoated graphic and business papers, premium-quality
packaging papers, paper-grade pulp and chemical cellulose.
corporate end-users in the production of books, brochures, magazines, catalogues, direct mail and many other
print applications; casting release papers used by suppliers to the fashion, textiles, automobile and household
industries; and in our Southern African region, newsprint, uncoated graphic and business papers, premium-quality
packaging papers, paper-grade pulp and chemical cellulose.
Our chemical cellulose products are used worldwide by converters to create viscose fibre, acetate tow,
pharmaceutical products as well as a wide range of consumer products.
pharmaceutical products as well as a wide range of consumer products.
The pulp needed for our products is either produced within Sappi or bought from accredited suppliers. Across the
group, Sappi is close to ‘pulp neutral’, meaning that we sell almost as much pulp as we buy.
group, Sappi is close to ‘pulp neutral’, meaning that we sell almost as much pulp as we buy.
1
Fourth Quarter Results
Quarter ended
Year ended
Sept 2011
Sept 2010
Jun 2011
Sept 2011
Sept 2010
Key figures: (US$ million)
Sales
1,787
1,774
1,802
7,286
6,572
Operating (loss) profit
(88)
158
54
86
341
Special items – losses (gains)
(1)
168
(29)
6
318
(2)
Operating profit excluding special items
(2)
80
129
60
404
339
Basic (loss) earnings per share (US cents)
(24)
16
(13)
(45)
13
Key ratios: (%)
Operating (loss) profit to sales
(4.9)
8.9
3.0
1.2
5.2
Operating profit excluding special items
to sales
4.5
7.3
3.3
5.5
5.2
(1)
Refer to note 9 to the group results for details on special items.
(2)
Refer to note 9 to the group results for the reconciliation of operating profit excluding special items to segment operating (loss) profit.
Operating loss of US$88 million (Q4 2010 Operating profit US$158 million)
Operating profit excluding special items: US$80 million, up 33% on Q3 2011
(Q4 2010 US$129 million)
Cash generated from operating and investing activities: US$279 million
(Q4 2010 US$238 million)
Strategic initiatives result in asset impairments and restructuring charges of
US$165 million
North American business and Southern African chemical cellulose business
continued to perform strongly
High input costs continued to squeeze margins
Loss per share of 24 US cents (Q4 2010 EPS of 16 US cents)
Financial summary for the quarter
2
Fourth Quarter
Results
Commentary on the quarter
The North American business and Southern African chemical cellulose business continued to perform well
during the quarter. The European business generated positive operating profit excluding special items. In
addition to the actions taken to improve the European business, we have announced actions to fix the
Southern African paper business.
during the quarter. The European business generated positive operating profit excluding special items. In
addition to the actions taken to improve the European business, we have announced actions to fix the
Southern African paper business.
Conditions in many of our markets remained uncertain throughout the quarter. Although sales volumes
were approximately 6% lower than the equivalent quarter last year, sales value increased slightly to
US$1.8 billion, largely as a result of currency movements. Input costs including wood, pulp, chemicals and
energy were high for the quarter but did start declining during the quarter as economic growth slowed. The
prices of these inputs were US$50 million higher than the equivalent quarter last year.
were approximately 6% lower than the equivalent quarter last year, sales value increased slightly to
US$1.8 billion, largely as a result of currency movements. Input costs including wood, pulp, chemicals and
energy were high for the quarter but did start declining during the quarter as economic growth slowed. The
prices of these inputs were US$50 million higher than the equivalent quarter last year.
Following a strategic review of our operations, investments and the implementation of a number of
initiatives, we incurred impairment and restructuring charges in the quarter, details of which were
announced during October 2011. These charges amounted to US$165 million of the US$168 million
special items. Of this amount, US$98 million related to non-cash items.
initiatives, we incurred impairment and restructuring charges in the quarter, details of which were
announced during October 2011. These charges amounted to US$165 million of the US$168 million
special items. Of this amount, US$98 million related to non-cash items.
Operating profit excluding special items was US$80 million for the quarter compared to US$129 million in
the equivalent quarter last year and US$60 million in the quarter ended June 2011.
the equivalent quarter last year and US$60 million in the quarter ended June 2011.
As a result of the impairment and restructuring charges in the quarter, the group incurred a net loss for the
quarter. The loss per share for the quarter was 24 US cents (including a charge of 26 US cents in respect
of special items) compared to earnings per share of 16 US cents (including a gain of 7 US cents in respect
of special items) in the equivalent quarter last year.
quarter. The loss per share for the quarter was 24 US cents (including a charge of 26 US cents in respect
of special items) compared to earnings per share of 16 US cents (including a gain of 7 US cents in respect
of special items) in the equivalent quarter last year.
Year ended September 2011 compared
to year ended September 2010
to year ended September 2010
Sappi continued its improving trend in operating performance for 2011. Sales for the year increased 11%,
almost entirely as a result of higher prices in US Dollar terms. The prices of our major inputs of wood, pulp,
energy and chemicals were approximately US$290 million higher than in 2010, which maintained pressure
on margins in all of our businesses.
almost entirely as a result of higher prices in US Dollar terms. The prices of our major inputs of wood, pulp,
energy and chemicals were approximately US$290 million higher than in 2010, which maintained pressure
on margins in all of our businesses.
Operating profit excluding special items was US$404 million for the year, up 19% compared to 2010.
Special items were largely a result of the strategic actions we have undertaken and planned. Impairment
and restructuring charges amounted to US$302 million for the year, of which US$167 million are non-cash
charges. Special items included a further US$16 million of unfavourable plantation fair value adjustments.
Special items were largely a result of the strategic actions we have undertaken and planned. Impairment
and restructuring charges amounted to US$302 million for the year, of which US$167 million are non-cash
charges. Special items included a further US$16 million of unfavourable plantation fair value adjustments.
Finance costs for the year were US$307 million, of which US$51 million relates to the cost of refinancing
during the year.
during the year.
After impairment and restructuring costs and once-off refinancing costs the net loss for the group was
US$232 million for the year. The loss per share was 45 US cents (including a charge of 65 US cents
in respect of special items including financing items), compared to earnings per share of 13 US cents
(including a gain of 4 US cents of special items including financing items) in 2010.
US$232 million for the year. The loss per share was 45 US cents (including a charge of 65 US cents
in respect of special items including financing items), compared to earnings per share of 13 US cents
(including a gain of 4 US cents of special items including financing items) in 2010.
Cash flow and debt
Quarter
Net cash generated from operating and investing activities for the quarter was US$279 million, compared
to US$238 million for the equivalent quarter last year. During the quarter, US$266 million was generated
from working capital. Capital expenditure increased to US$103 million from US$81 million in the equivalent
quarter last year as a result of the commencement of the chemical cellulose investment at Ngodwana Mill.
to US$238 million for the equivalent quarter last year. During the quarter, US$266 million was generated
from working capital. Capital expenditure increased to US$103 million from US$81 million in the equivalent
quarter last year as a result of the commencement of the chemical cellulose investment at Ngodwana Mill.
3
Fourth Quarter
Results
Year
Net cash generated from operating and investing activities for the full year was US$163 million. This fell
short of last year as a result of higher working capital (largely as a result of the cut-off effect of including an
additional accounting week), increased capital expenditure and once-off refinancing costs.
short of last year as a result of higher working capital (largely as a result of the cut-off effect of including an
additional accounting week), increased capital expenditure and once-off refinancing costs.
During the year we successfully refinanced US$1.1 billion of our debt in order to extend the maturities and
reduce our finance costs. We also increased our revolving credit facility to €350 million (US$468 million)
and extended its maturity to 2016. During August, we implemented a three year €360 million trade
receivables securitisation programme which replaced the previous short-term programme that was due
to mature in December 2011.
reduce our finance costs. We also increased our revolving credit facility to €350 million (US$468 million)
and extended its maturity to 2016. During August, we implemented a three year €360 million trade
receivables securitisation programme which replaced the previous short-term programme that was due
to mature in December 2011.
At September 2011, we had liquidity comprising US$639 million of cash on hand and the undrawn balance
of €250 million (US$335 million) of the committed revolving credit facility. We utilised US$125 million of our
cash shortly after the year end to repay debt.
of €250 million (US$335 million) of the committed revolving credit facility. We utilised US$125 million of our
cash shortly after the year end to repay debt.
Operating Review for the Quarter
Sappi Fine Paper
Quarter
Quarter
Quarter
ended
ended
ended
Sept 2011
Sept 2010
%
Jun 2011
US$ million
US$ million
change
US$ million
Sales
1,337
1,327
1
1,350
Operating profit
22
87
(75)
28
Operating profit to sales (%)
1.6
6.6
–
2.1
Special items – losses (gains)
17
(11)
–
2
Operating profit excluding special items
39
76
(49)
30
Operating profit excluding special items
to sales (%)
to sales (%)
2.9
5.7
–
2.2
Operating profit excluding special items for the global fine paper business improved compared to the
quarter ended June 2011, but was well below the equivalent quarter last year. Prices of our major inputs of
wood, pulp, energy and chemicals increased by approximately US$24 million compared to the equivalent
quarter last year, resulting in a significant margin squeeze.
quarter ended June 2011, but was well below the equivalent quarter last year. Prices of our major inputs of
wood, pulp, energy and chemicals increased by approximately US$24 million compared to the equivalent
quarter last year, resulting in a significant margin squeeze.
4
Fourth Quarter
Results
Europe
Quarter
Quarter
Quarter
ended
ended
%
%
ended
Sept 2011
Sept 2010
change
change
Jun 2011
US$ million
US$ million
(US$)
(Euro)
US$ million
Sales
942
963
(2)
(11)
979
Operating (loss) profit
(18)
40
–
–
(4)
Operating (loss) profit to sales (%)
(1.9)
4.2
–
–
(0.4)
Special items – losses (gains)
23
(6)
–
–
2
Operating profit (loss) excluding
special items
special items
5
34
(85)
(85)
(2)
Operating profit (loss) excluding
special items to sales (%)
special items to sales (%)
0.5
3.5
–
–
(0.2)
Demand was sluggish partly as a result of market uncertainty.
Sales volumes for the quarter were approximately 5% below the equivalent quarter last year, reflecting the
weaker market experienced in the second half of our financial year. Sales volumes for the full year were at
the same level as the previous year.
weaker market experienced in the second half of our financial year. Sales volumes for the full year were at
the same level as the previous year.
Average prices realised for the quarter were similar to the equivalent quarter last year and to the quarter
ended June 2011.
ended June 2011.
Prices in our export markets were impacted by the supply/demand imbalance created by major start-ups
of coated paper capacity in China in recent months. Raw material prices, particularly for chemicals, energy
and pulp, remained high during the quarter. The benefits of our variable cost reduction programme started
to impact costs towards the end of the quarter.
of coated paper capacity in China in recent months. Raw material prices, particularly for chemicals, energy
and pulp, remained high during the quarter. The benefits of our variable cost reduction programme started
to impact costs towards the end of the quarter.
The closure of the Biberist Mill in Switzerland was completed in August 2011. As a result of strong support
from our customers, the transfer of the order book to our other mills was successful. Going forward, we
expect savings of US$100 million per annum as a result of the closure of the Biberist Mill as well as other
fixed and variable cost savings initiatives in Europe.
from our customers, the transfer of the order book to our other mills was successful. Going forward, we
expect savings of US$100 million per annum as a result of the closure of the Biberist Mill as well as other
fixed and variable cost savings initiatives in Europe.
5
Fourth Quarter
Results
North America
Quarter
Quarter
Quarter
ended
ended
ended
Sept 2011
Sept 2010
%
Jun 2011
US$ million
US$ million
change
US$ million
Sales
395
364
9
371
Operating profit
40
47
(15)
32
Operating profit to sales (%)
10.1
12.9
–
8.6
Special items – gains
(6)
(5)
20
–
Operating profit excluding special items
34
42
(19)
32
Operating profit excluding special items
to sales (%)
to sales (%)
8.6
11.5
–
8.6
The business continued to perform strongly. Despite weaker industry conditions, our sales volumes
improved 8% compared to the equivalent quarter last year, driven by coated paper and pulp.
improved 8% compared to the equivalent quarter last year, driven by coated paper and pulp.
Average prices realised for coated paper were approximately 6% higher than a year ago and similar to the
quarter ended June 2011. Hardwood pulp prices, however, were approximately 12% below a year ago.
quarter ended June 2011. Hardwood pulp prices, however, were approximately 12% below a year ago.
Raw material prices, including wood, energy and chemicals, remained at high levels for the quarter.
6
Fourth Quarter
Results
Sappi Southern Africa
Quarter
Quarter
Quarter
ended
ended
%
%
ended
Sept 2011
Sept 2010
change
change
Jun 2011
US$ million
US$ million
(US$)
(Rand)
US$ million
Sales
450
447
1
(2)
452
Operating (loss) profit
(64)
84
–
–
22
Operating (loss) profit to sales (%)
(14.2)
18.8
–
–
4.9
Special items – losses (gains)
105
(26)
–
–
4
Operating profit excluding
special items
special items
41
58
(29)
(31)
26
Operating profit excluding special
items to sales (%)
items to sales (%)
9.1
13.0
–
–
5.8
The business’ performance for the quarter was significantly impacted by the industry-wide wage-related
strike of about three weeks in July.
strike of about three weeks in July.
The chemical cellulose business continued to perform well. Global demand showed some signs of
softening largely as a result of lower growth in China. We, however, sold a record 190,000 tons of chemical
cellulose during the quarter.
softening largely as a result of lower growth in China. We, however, sold a record 190,000 tons of chemical
cellulose during the quarter.
In the domestic market, sales volumes were significantly below the equivalent quarter last year, but
started improving during September partly as a result of reduced competition from imports caused by the
weakening of the Rand relative to the US Dollar.
started improving during September partly as a result of reduced competition from imports caused by the
weakening of the Rand relative to the US Dollar.
All of the region’s operating profit excluding special items for the quarter was contributed by the chemical
cellulose business, with the paper business recording a loss.
cellulose business, with the paper business recording a loss.
We took substantial impairment and restructuring charges during the quarter in respect of initiatives which
are underway to reposition the paper business to better meet market requirements, to improve efficiencies
and to reduce costs. These amounted to US$99 million, of which US$56 million are non-cash costs.
are underway to reposition the paper business to better meet market requirements, to improve efficiencies
and to reduce costs. These amounted to US$99 million, of which US$56 million are non-cash costs.
Good progress has been made on the Ngodwana Mill chemical cellulose conversion project, which is on
track to start up in early calendar 2013.
track to start up in early calendar 2013.
7
Fourth Quarter
Results
Outlook
Market conditions remain uncertain, making it difficult to forecast demand globally. Industry demand levels
have softened in all our major markets. We are experiencing reasonable demand for graphic paper in
North America and somewhat slower demand in Europe; however, the supply/demand balance in many
of our export markets has been affected by the significant new paper capacity commissioned in China
during the past six months.
have softened in all our major markets. We are experiencing reasonable demand for graphic paper in
North America and somewhat slower demand in Europe; however, the supply/demand balance in many
of our export markets has been affected by the significant new paper capacity commissioned in China
during the past six months.
Pulp prices have declined, partly as a result of weaker demand from China, but remain above historical
average levels. The group as a whole sells slightly more pulp than it purchases and is therefore generally
neutral to pulp prices. Our European business is a net purchaser and North America and South Africa are
net sellers of pulp.
average levels. The group as a whole sells slightly more pulp than it purchases and is therefore generally
neutral to pulp prices. Our European business is a net purchaser and North America and South Africa are
net sellers of pulp.
We expect the chemical cellulose business to continue to perform well, albeit with slightly lower prices in
US Dollar terms.
US Dollar terms.
The board has approved an additional investment in chemical cellulose. We will invest approximately
US$170 million to convert the Cloquet Mill pulp mill (North America) to produce 330,000 tons of low
cost, high quality chemical cellulose. We expect the conversion to be commissioned during 2013. This
investment, together with the Ngodwana Mill conversion will increase total group chemical cellulose
capacity to over 1.3 million metric tons, further entrenching Sappi’s leading position in this business.
US$170 million to convert the Cloquet Mill pulp mill (North America) to produce 330,000 tons of low
cost, high quality chemical cellulose. We expect the conversion to be commissioned during 2013. This
investment, together with the Ngodwana Mill conversion will increase total group chemical cellulose
capacity to over 1.3 million metric tons, further entrenching Sappi’s leading position in this business.
The volatility of currencies adds to the difficulty of forecasting. Sappi is very sensitive to the value of
the Rand/US Dollar exchange rate. Other things being equal, a 10% weakening of the Rand adds
approximately US$60 million to the group’s operating profit. The recent weakening of the Rand to the
US Dollar is therefore favourable to Sappi.
the Rand/US Dollar exchange rate. Other things being equal, a 10% weakening of the Rand adds
approximately US$60 million to the group’s operating profit. The recent weakening of the Rand to the
US Dollar is therefore favourable to Sappi.
There has been some relief from high input costs but they remain at historically high levels.
We will start benefiting from our European initiatives from the beginning of the new financial year. These
include the closure of Biberist Mill which was completed in August 2011, and further fixed cost and variable
cost saving actions, which together are expected to result in benefits of US$100 million per annum.
include the closure of Biberist Mill which was completed in August 2011, and further fixed cost and variable
cost saving actions, which together are expected to result in benefits of US$100 million per annum.
We do not expect any significant benefits from the Southern African restructuring until the second half of
the 2012 financial year.
the 2012 financial year.
We expect net cash generation to remain positive for the year ahead, after increasing our capital
expenditure on strategic investments. We expect our finance costs to be lower following our refinancing
during 2011 and intend to continue to reduce our financing costs including through refinancing our existing
higher cost debt, such as our 2014 bonds.
expenditure on strategic investments. We expect our finance costs to be lower following our refinancing
during 2011 and intend to continue to reduce our financing costs including through refinancing our existing
higher cost debt, such as our 2014 bonds.
Provided there is no further major deterioration in global market conditions, we expect to continue the past
two years’ trend in improving operating performance and to achieve a net profit for the full year of 2012.
two years’ trend in improving operating performance and to achieve a net profit for the full year of 2012.
We are confident that the actions we have taken and those planned will position the group well for the
future, resulting in growth and improved returns for the group.
future, resulting in growth and improved returns for the group.
On behalf of the board
R J Boëttger
M R Thompson
Director
Director
10 November 2011
sappi limited
(Registration number 1936/008963/06)
Issuer Code: SAVVI
JSE Code: SAP
ISIN: ZAE000006284
Issuer Code: SAVVI
JSE Code: SAP
ISIN: ZAE000006284
8
Fourth Quarter
Results
Condensed group income statement
Quarter
Quarter
Year
Year
ended
ended
ended
ended
Sept 2011
Sept
2010
Sept 2011
Sept
2010
Note
US$ million
US$
million
US$ million
US$
million
Sales
1,787
1,774
7,286
6,572
Cost of sales
1,582
1,498
6,454
5,786
Gross profit
205
276
832
786
Selling, general and administrative expenses
126
119
454
448
Other operating expenses
167
1
298
10
Share of profit from associates and
joint ventures
joint ventures
–
(2)
(6)
(13)
Operating (loss) profit 2
(88)
158
86
341
Net finance costs
56
63
307
255
Net interest
60
67
336
293
Net foreign exchange gains
(3)
(1)
(13)
(17)
Net fair value gains on financial instruments
(1)
(3)
(16)
(21)
(Loss) profit before taxation
(144)
95
(221)
86
Taxation
(17)
11
11
20
Current
2
(7)
14
(6)
Deferred
(19)
18
(3)
26
(Loss) profit for the period
(127)
84
(232)
66
Basic (loss) earnings per share (US cents)
(24)
16
(45)
13
Weighted average number of shares
in issue (millions)
in issue (millions)
520.4
519.5
519.9
516.7
Diluted basic (loss) earnings per share
(US cents)
(US cents)
(24)
16
(45)
13
Weighted average number of shares on fully
diluted basis (millions)
diluted basis (millions)
520.4
524.0
519.9
520.8
Condensed group statement of comprehensive income
Quarter
Quarter
Year
Year
ended
ended
ended
ended
Sept 2011
Sept 2010
Sept 2011
Sept 2010
US$ million
US$ million
US$ million
US$ million
(Loss) profit for the period
(127)
84
(232)
66
Other comprehensive (loss) income, net of tax
(285)
86
(205)
8
Exchange differences on translation of
foreign operations
foreign operations
(214)
121
(151)
52
Actuarial losses in post-employment benefits
(59)
(71)
(59)
(71)
Movements in hedging reserves
(12)
23
6
14
Movement on available for sale financial assets
2
2
2
2
Deferred tax effects on above
(2)
11
(3)
11
Total comprehensive (loss) income
for the period
for the period
(412)
170
(437)
74
9
Fourth Quarter
Results
Condensed group balance sheet
Sept 2011
Sept
2010
US$ million
US$
million
ASSETS
Non-current assets
Non-current assets
4,085
4,653
Property, plant and equipment
3,235
3,660
Plantations
580
687
Deferred taxation
45
53
Other non-current assets
225
253
Current assets
2,223
2,531
Inventories
750
836
Trade and other receivables
834
903
Cash and cash equivalents
639
792
Total assets
6,308
7,184
EQUITY AND LIABILITIES
Shareholders’ equity
Ordinary shareholders’ interest
1,478
1,896
Non-current liabilities
3,178
3,249
Interest-bearing borrowings
2,289
2,317
Deferred taxation
336
386
Other non-current liabilities
553
546
Current liabilities
1,652
2,039
Interest-bearing borrowings
449
691
Bank overdraft
1
5
Other current liabilities
1,182
1,307
Taxation payable
20
36
Total equity and liabilities
6,308
7,184
Number of shares in issue at balance sheet date (millions)
520.5
519.5
10
Fourth Quarter
Results
Condensed group statement of cash flows
Quarter
Quarter
Year
Year
ended
ended
ended
ended
Sept 2011
Sept
2010
Sept 2011
Sept
2010
US$ million
US$
million
US$ million
US$
million
(Loss) profit for the period
(127)
84
(232)
66
Adjustment for:
Depreciation, fellings and amortisation
121
119
499
484
Taxation
(17)
11
11
20
Net finance costs
56
63
307
255
Defined post-employment benefits
(20)
(25)
(70)
(73)
Plantation fair value adjustment
(21)
(48)
(65)
(98)
Impairments (reversals) of assets
and investments
and investments
98
(8)
167
(20)
Restructuring provisions
67
–
135
46
Black Economic Empowerment charge
2
–
5
23
Other non-cash items
24
(14)
41
34
Cash generated from operations
183
182
798
737
Movement in working capital
266
181
(98)
(5)
Net finance costs paid
(62)
(66)
(256)
(194)
Taxation paid
(7)
(1)
(38)
(9)
Cash retained from operating activities
380
296
406
529
Cash utilised in investing activities
(101)
(58)
(243)
(188)
Net cash generated
279
238
163
341
Cash effects of financing activities
68
(12)
(296)
(256)
Net movement in cash and cash equivalents
347
226
(133)
85
Condensed group statement of changes in equity
Year
Year
ended
ended
Sept 2011
Sept
2010
US$ million
US$
million
Balance – beginning of year
1,896
1,794
Total comprehensive (loss) income for the year
(437)
74
Issue of new shares
–
17
Transfers from (to) the share purchase trust
6
(6)
Transfers of vested share options
(7)
–
Share–based payment reserve
20
17
Balance – end of year
1,478
1,896
11
Fourth Quarter
Results
Notes to the condensed group results
1.
Basis of preparation
The condensed financial information has been prepared in accordance with the framework concepts and
the measurement and recognition requirements of International Financial Reporting Standards (IFRS) issued
by the International Accounting Standards Board, the AC 500 standards issued by the Accounting Practices
Board and the information required by IAS 34 “Interim Financial Reporting”. They are based on appropriate
accounting policies which have been consistently applied with those applied in the financial statements for
the year ended September 2010 and which are supported by reasonable and prudent judgements, including
those involving estimations.
the measurement and recognition requirements of International Financial Reporting Standards (IFRS) issued
by the International Accounting Standards Board, the AC 500 standards issued by the Accounting Practices
Board and the information required by IAS 34 “Interim Financial Reporting”. They are based on appropriate
accounting policies which have been consistently applied with those applied in the financial statements for
the year ended September 2010 and which are supported by reasonable and prudent judgements, including
those involving estimations.
The fiscal year ended September 2011 consists of 53 weeks compared to the prior fiscal year which
consisted of 52 weeks.
consisted of 52 weeks.
The preparation of this condensed consolidated financial information was supervised by the Chief Financial
Officer, M R Thompson CA(SA)
Officer, M R Thompson CA(SA)
(1)
.
The results are unaudited.
(1)
This disclosure is in terms of the Companies Act No. 71 of 2008.
Quarter
Quarter
Year
Year
ended
ended
ended
ended
Sept 2011
Sept 2010
Sept 2011
Sept 2010
US$ million
US$ million
US$ million
US$ million
2.
Operating (loss) profit
Included in operating (loss) profit are
the following non-cash items:
the following non-cash items:
Depreciation and amortisation
103
98
417
413
Fair value adjustment on plantations
(included in cost of sales)
(included in cost of sales)
Changes in volume
Fellings
18
21
82
71
Growth
(21)
(19)
(81)
(67)
(3)
2
1
4
Plantation price fair value adjustment
–
(29)
16
(31)
(3)
(27)
17
(27)
Included in other operating expenses
are the following:
are the following:
Impairments (reversals) of assets
and investments
and investments
98
2
167
(10)
Profit on disposal of property,
plant and equipment
plant and equipment
(1)
(6)
(1)
(5)
Loss on disposal of investment
–
1
–
–
Restructuring provisions
67
–
135
46
Black Economic Empowerment
charge
charge
2
–
5
23
Fuel tax credit
–
–
–
(51)
12
Fourth Quarter
Results
Quarter
Quarter
Year
Year
ended
ended
ended
ended
Sept 2011
Sept
2010
Sept 2011
Sept 2010
US$ million
US$ million
US$ million
US$ million
3.
Headline (loss) earnings per share
(1)
Headline (loss) earnings per share (US cents)
(8)
16
(16)
10
Weighted average number of shares
in issue (millions)
in issue (millions)
520.4
519.5
519.9
516.7
Diluted headline (loss) earnings per share
(US cents)
(US cents)
(8)
16
(16)
10
Weighted average number of shares on
fully diluted basis (millions)
fully diluted basis (millions)
520.4
524.0
519.9
520.8
Calculation of headline (loss) earnings
(1)
(Loss) profit for the period
(127)
84
(232)
66
Impairments (reversals) of assets
and investments
and investments
98
2
167
(10)
Profit on disposal of property,
plant and equipment
plant and equipment
(1)
(5)
(1)
(4)
Loss on disposal of investment
–
1
–
–
Tax effect of above items
(14)
–
(17)
–
Headline (loss) earnings
(44)
82
(83)
52
(1)
Headline earnings disclosure is required by the JSE Limited (Johannesburg Stock Exchange).
4.
Capital expenditure
Property, plant and equipment
107
81
268
201
Sept 2011
Sept 2010
US$ million
US$ million
5.
Capital commitments
Contracted
61
62
Approved but not contracted
(1)
416
109
477
171
(1)
Includes approximately US$302 million related to our recently announced chemical cellulose expansion.
6.
Contingent liabilities
Guarantees and suretyships
33
48
Other contingent liabilities
15
8
48
56
7.
Material balance sheet movements compared to September 2010
Cash and cash equivalents and other current liabilities
The decrease in cash and cash equivalents and in other current liabilities is largely due to the timing of creditor
payments as a result of the calendar month-end falling before the fiscal month-end when creditor payments
fell due.
The decrease in cash and cash equivalents and in other current liabilities is largely due to the timing of creditor
payments as a result of the calendar month-end falling before the fiscal month-end when creditor payments
fell due.
13
Fourth Quarter
Results
Cash and cash equivalents and interest-bearing borrowings
In March 2011, we utilised some of our cash resources to repay US$150 million principal amount of the
outstanding US$500 million 6.75% Guaranteed Notes due June 2012.
In March 2011, we utilised some of our cash resources to repay US$150 million principal amount of the
outstanding US$500 million 6.75% Guaranteed Notes due June 2012.
In April 2011, we issued approximately US$705 million Senior Secured Notes split into a 10-year US$350 million
tranche and a 7-year €250 million tranche that were issued at par and both Notes bear interest at a rate of
6.625% per annum. The net proceeds of the Notes were used to redeem the remaining US$350 million of our
6.75% Guaranteed Notes due June 2012 and to repay €200 million of our OeKB Term Loan Facility. At the
same time, our existing undrawn revolving credit facility maturing 2012 was increased from a €209 million to
a €350 million facility and extended to 2016. We repaid the remaining €120 million of our OeKB Term Loan
balance from cash resources in June 2011.
tranche and a 7-year €250 million tranche that were issued at par and both Notes bear interest at a rate of
6.625% per annum. The net proceeds of the Notes were used to redeem the remaining US$350 million of our
6.75% Guaranteed Notes due June 2012 and to repay €200 million of our OeKB Term Loan Facility. At the
same time, our existing undrawn revolving credit facility maturing 2012 was increased from a €209 million to
a €350 million facility and extended to 2016. We repaid the remaining €120 million of our OeKB Term Loan
balance from cash resources in June 2011.
Sappi Southern Africa (Pty) Ltd issued a ZAR500 million (US Dollar fixed rate bond ‘SSA01’) on 28 June 2011
at a 150 basis points spread over the government reference rate and an all in coupon rate of 9.63%. The
bond is repayable on 28 June 2016, with coupons payable semi-annually on 28 June and 28 December of
each year.
at a 150 basis points spread over the government reference rate and an all in coupon rate of 9.63%. The
bond is repayable on 28 June 2016, with coupons payable semi-annually on 28 June and 28 December of
each year.
During the quarter, the group entered into a new €360 million three year trade receivables securitisation
programme for its non-Southern African businesses. The proceeds of this new long-term programme were
used to refinance the group’s existing short-term securitisation programme, which was due to mature in
December 2011.
programme for its non-Southern African businesses. The proceeds of this new long-term programme were
used to refinance the group’s existing short-term securitisation programme, which was due to mature in
December 2011.
In addition, there were transfers of approximately US$198 million from non-current interest-bearing borrowings
to current interest-bearing borrowings of loans falling due in the next 12 months.
to current interest-bearing borrowings of loans falling due in the next 12 months.
Restructuring provisions and asset impairments
In line with our strategy review, the group implemented a number of interventions during the year which
resulted in major asset impairment and restructuring charges being incurred by our European and Southern
African businesses. These included the closure of the Biberist Mill in Switzerland and the Adamas Mill in South
Africa. In addition, we incurred an impairment charge related to an equity accounted investment.
In line with our strategy review, the group implemented a number of interventions during the year which
resulted in major asset impairment and restructuring charges being incurred by our European and Southern
African businesses. These included the closure of the Biberist Mill in Switzerland and the Adamas Mill in South
Africa. In addition, we incurred an impairment charge related to an equity accounted investment.
8.
Post balance sheet events
In October 2011, Sappi Southern Africa utilised some of its cash resources to repay its 10.64% fixed rate
public bond of ZAR1,000 million.
public bond of ZAR1,000 million.
In November 2011, the board approved an investment of approximately US$170 million to convert the Cloquet
Mill pulp mill in North America to produce chemical cellulose.
Mill pulp mill in North America to produce chemical cellulose.
9.
Segment
information
Quarter
Quarter
Year
Year
ended
ended
ended
ended
Sept 2011
Sept 2010
Sept 2011
Sept 2010
Metric tons
Metric tons
Metric tons
Metric tons
(000’s)
(000’s)
(000’s)
(000’s)
Sales volume
Fine Paper –
Fine Paper –
North America
379
352
1,436
1,354
Europe
942
994
3,845
3,796
Total
1,321
1,346
5,281
5,150
Southern Africa –
Pulp and paper
428
460
1,700
1,751
Forestry
229
289
917
993
Total
1,978
2,095
7,898
7,894
14
Fourth Quarter
Results
Quarter
Quarter
Year
Year
ended
ended
ended
ended
Sept 2011
Sept 2010
Sept 2011
Sept 2010
US$ million
US$ million
US$ million
US$ million
Sales
Fine Paper –
Fine Paper –
North America
395
364
1,520
1,373
Europe
942
963
3,965
3,638
Total
1,337
1,327
5,485
5,011
Southern Africa –
Pulp and paper
430
426
1,721
1,488
Forestry
20
21
80
73
Total
1,787
1,774
7,286
6,572
Operating profit excluding special items
Fine Paper –
Fine Paper –
North America
34
42
129
124
Europe
5
34
68
76
Total
39
76
197
200
Southern Africa
41
58
199
134
Unallocated and eliminations
(1)
–
(5)
8
5
Total
80
129
404
339
Special items – losses (gains)
Fine Paper –
North America
(6)
(5)
(7)
(56)
Europe
23
(6)
139
4
Total
17
(11)
132
(52)
Southern Africa
105
(26)
136
22
Unallocated and eliminations
(1)
46
8
50
28
Total
168
(29)
318
(2)
Segment operating (loss) profit
Fine Paper –
North America
40
47
136
180
Europe
(18)
40
(71)
72
Total
22
87
65
252
Southern Africa
(64)
84
63
112
Unallocated and eliminations
(1)
(46)
(13)
(42)
(23)
Total
(88)
158
86
341
EBITDA excluding special items
Fine Paper –
North America
53
61
203
201
Europe
62
90
300
310
Total
115
151
503
511
Southern Africa
67
82
309
236
Unallocated and eliminations
(1)
1
(6)
9
5
Total
183
227
821
752
Segment assets
Fine Paper –
North America
908
935
908
935
Europe
1,889
2,109
1,889
2,109
Total
2,797
3,044
2,797
3,044
Southern Africa
1,574
1,887
1,574
1,887
Unallocated and eliminations
(1)
51
65
51
65
Total
4,422
4,996
4,422
4,996
(1)
Includes the group’s treasury operations, the self-insurance captive and the investment in the Jiangxi Chenming joint venture.
15
Fourth Quarter
Results
Reconciliation of operating profit excluding special items to segment operating (loss) profit
(1)
Special items cover those items which management believe are material by nature or amount to the operating
results and require separate disclosure. Such items would generally include profit or loss on disposal of
property, investments and businesses, asset impairments, restructuring charges, non-recurring integration
costs related to acquisitions, financial impacts of natural disasters, non-cash gains or losses on the price fair
value adjustment of plantations and alternative fuel tax credits receivable in cash.
results and require separate disclosure. Such items would generally include profit or loss on disposal of
property, investments and businesses, asset impairments, restructuring charges, non-recurring integration
costs related to acquisitions, financial impacts of natural disasters, non-cash gains or losses on the price fair
value adjustment of plantations and alternative fuel tax credits receivable in cash.
Reviewed Reviewed
Quarter
Quarter
Year
Year
ended
ended
ended
ended
Sept 2011
Sept
2010
Sept 2011
Sept
2010
US$ million
US$
million
US$ million
US$
million
Operating profit excluding special items
80
129
404
339
Special Items
(168)
29
(318)
2
Plantation price fair value adjustment
–
29
(16)
31
Restructuring provisions
(67)
–
(135)
(46)
Profit on disposal of property,
plant and equipment
plant and equipment
1
6
1
5
Loss on disposal of investment
–
(1)
–
–
Impairments (reversals) of assets
and investments
and investments
(98)
(2)
(167)
10
Fuel tax credit
–
–
–
51
Black Economic Empowerment charge
(2)
–
(5)
(23)
Insurance recoveries
–
–
10
1
Fire, flood, storm and related events
(2)
(3)
(6)
(27)
Segment operating (loss) profit
(88)
158
86
341
(1)
In compliance with the U.S. Securities Exchange Commission (“SEC”) rules relating to “Conditions for Use of Non-GAAP Financial
Measures”, we have reconciled operating profit (loss) excluding special items to operating profit. Operating profit (loss) excluding
special items represents operating profit before special items. Special items cover those items which management believe are
material by nature or amount to the operating results and require separate disclosure. Such items would generally include profit or
loss on disposal of property, investments and businesses, asset impairments, restructuring charges, non-recurring integration costs
related to acquisitions, financial impacts of natural disasters, non-cash gains or losses on the price fair value adjustment or plantations
and alternative fuel mixture tax credits receivable in cash. We use operating profit (loss) excluding special items as an internal measure
of performance to benchmark and compare performance, both between our own operations and as against other companies.
Operating profit (loss) excluding special items is a measure used by the Group, together with measures of performance under IFRS,
to compare the relative performance of operations in planning, budgeting and reviewing the performances of various businesses. We
believe operating profit (loss) excluding special items is a useful measure of financial performance in addition to net profit, operating
profit and other profitability measures under IFRS because it facilitates operating performance comparisons from period to period and
company to company. For these reasons, we believe operating profit (loss) excluding special Items and similar measures are regularly
used by the investment community as a means of comparison of companies in our industry. Different companies and analysts may
calculate operating profit (loss) excluding special items differently, so making comparisons among companies on this basis should
be done very carefully. Operating profit (loss) excluding special items is not a measure of performance under IFRS and should not
be considered in isolation or construed as a substitute for operating profit or net profit as an indicator of the company’s operations
in accordance with IFRS.
special items represents operating profit before special items. Special items cover those items which management believe are
material by nature or amount to the operating results and require separate disclosure. Such items would generally include profit or
loss on disposal of property, investments and businesses, asset impairments, restructuring charges, non-recurring integration costs
related to acquisitions, financial impacts of natural disasters, non-cash gains or losses on the price fair value adjustment or plantations
and alternative fuel mixture tax credits receivable in cash. We use operating profit (loss) excluding special items as an internal measure
of performance to benchmark and compare performance, both between our own operations and as against other companies.
Operating profit (loss) excluding special items is a measure used by the Group, together with measures of performance under IFRS,
to compare the relative performance of operations in planning, budgeting and reviewing the performances of various businesses. We
believe operating profit (loss) excluding special items is a useful measure of financial performance in addition to net profit, operating
profit and other profitability measures under IFRS because it facilitates operating performance comparisons from period to period and
company to company. For these reasons, we believe operating profit (loss) excluding special Items and similar measures are regularly
used by the investment community as a means of comparison of companies in our industry. Different companies and analysts may
calculate operating profit (loss) excluding special items differently, so making comparisons among companies on this basis should
be done very carefully. Operating profit (loss) excluding special items is not a measure of performance under IFRS and should not
be considered in isolation or construed as a substitute for operating profit or net profit as an indicator of the company’s operations
in accordance with IFRS.
Reconciliation of EBITDA excluding special items and operating profit excluding special items to
(loss) profit before taxation
(loss) profit before taxation
EBITDA excluding special items
183
227
821
752
Depreciation and amortisation
(103)
(98)
(417)
(413)
Operating profit excluding special items
80
129
404
339
Special items – (losses) gains
(168)
29
(318)
2
Net finance costs
(56)
(63)
(307)
(255)
(Loss) profit before taxation
(144)
95
(221)
86
Reconciliation of segment assets to total assets
Segment assets
4,422
4,996
4,422
4,996
Deferred taxation
45
53
45
53
Cash and cash equivalents
639
792
639
792
Other current liabilities
1,182
1,307
1,182
1,307
Taxation payable
20
36
20
36
Total assets
6,308
7,184
6,308
7,184
16
Fourth Quarter
Results
Supplemental information
1. Exchange rates
Sept
Jun
Mar
Dec
Sept
2011
2011
2011
2010
2010
Exchange rates:
Period end rate: US$1 = ZAR
Period end rate: US$1 = ZAR
8.0963
6.7300
6.6978
6.6190
7.0190
Average rate for the Quarter: US$1 = ZAR
7.1501
6.7890
6.9963
6.9464
7.3517
Average rate for the YTD: US$1 = ZAR
6.9578
6.8941
6.9476
6.9464
7.4917
Period end rate: €1 = US$
1.3386
1.4525
1.4231
1.3380
1.3491
Average rate for the Quarter: €1 = US$
1.4126
1.4398
1.3702
1.3516
1.2871
Average rate for the YTD: €1 = US$
1.3947
1.3890
1.3645
1.3516
1.3658
The financial results of entities with reporting currencies other than the US Dollar are translated into US Dollars as follows:
– Assets and liabilities at rates of exchange ruling at period end; and
– Income, expenditure and cash flow items at average exchange rates.
– Assets and liabilities at rates of exchange ruling at period end; and
– Income, expenditure and cash flow items at average exchange rates.
17
Fourth Quarter
Results
* Historic share prices revised to reflect rights offer.
Sappi ordinary shares* (JSE: SAP)
US Dollar share price conversion*
ZAR
0
10
20
30
40
50
60
70
80
Oct 07
Jan 08
Apr 09
Jul 09
Jan 10
Oct 09
Apr 08
Jul 08
Oct 08
Jan 09
Apr 10
Jul 10
Oct 10
Jan 11
Apr 11
Jul 11
Oct 11
USD
0
2
4
6
8
10
12
Oct 07
Jan 08
Apr 09
Jul 09
Jan 10
Oct 09
Apr 08
Jul 08
Oct 08
Jan 09
Apr 10
Jul 10
Oct 10
Jan 11
Apr 11
Jul 11
Oct 11
Other interested parties can obtain printed copies of this report from:
South Africa:
United States:
Computershare Investor Services
ADR Depositary:
(Proprietary) Limited
The Bank of New York Mellon
70 Marshall Street
Investor Relations
Johannesburg 2001
PO Box 11258
PO Box 61051
Church Street Station
Marshalltown 2107
New York, NY 10286-1258
Tel +27 (0)11 370 5000
Tel +1 610 382 7836
Sappi has a primary listing on the JSE Limited and a secondary listing on
the New York Stock Exchange
this report is available on the Sappi website
www.sappi.com
www.sappi.com
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
Date:
SAPPI LIMITED,
Name:
M. R. Thompson
Title: Chief Financial Officer
Title: Chief Financial Officer
M. R. Thompson
By:
/s/
November 10, 2011