| Fri 14 Dec 2007, 14:39 | | SAP - Sappi Limited - Issue Of Audited Annual Financial Statements |
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SAP
SAVVI
SAP - Sappi Limited - Issue Of Audited Annual Financial Statements
SAPPI LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1936/008963/06
JSE share code: SAP
ISIN code: ZAE000006284
("SAPPI" or "the company")
ISSUE OF AUDITED ANNUAL FINANCIAL STATEMENTS
Further to the SAPPI reviewed preliminary results for the year ended 30
September 2007, which were published on 08 November 2007, shareholders are
advised that the annual financial statements are expected to be dispatched to
shareholders on 14 December 2007. The annual financial statements will also be
available online on the SAPPI website (www.sappi.com) from the date of dispatch.
Sappi intends to file its annual report on Form 20-F with the United States
Securities and Exchange Commission on 14 December 2007. Once filed, this
document will also be available on www.sappi.com
The annual financial statements have been audited by SAPPI`s auditors, Deloitte
& Touche. Their unqualified report is available for inspection at the company`s
registered office.
Shareholders` attention is drawn to a re-classification to the reviewed
preliminary results. This re-classification is summarised below.
RE-CLASSIFICATION OF REVIEWED PRELIMINARY RESULTS
Sappi has re-classified an item in its previously reported consolidated cash
flow statement for the years ended September 2007 and 2006. Contributions to
post employment benefit funds, previously disclosed in cash utilised in
investing activities have now been disclosed in cash retained from operating
activities. Although the treatment of the amount paid for post employment
benefits was specifically identified in the consolidated cash flow statement,
management believes, in the absence of definitive IFRS guidance, the re-
classification is a preferred presentation. In addition, it will make it easier
for investors to compare our results with those of other companies who report
using US generally accepted accounting practices.
The table below sets out the impact of this re-classification. The re-
classification has no impact on the group`s income statement, balance sheet or
the change in cash and cash equivalents reported for the years ended September
2007 and 2006.
CONSOLIDATED CASH FLOW STATEMENT
US$ million Year end Year end
September September
2007 2006
Cash retained from operating 489 228
activities (previously reported)
Adjustment for reclassification (101) (68)
of post employment benefits
Revised cash retained from 388 160
operating activities
Cash utilised in investing (465) (355)
activities (previously reported)
Adjustment for reclassification 101 68
of post employment benefits
Revised cash utilised in (364) (287)
investing activities
NOTICE OF ANNUAL GENERAL MEETING
Notice is hereby given that the annual general meeting of shareholders of SAPPI
will be held at the registered office of the company in the Auditorium, ground
floor, 48 Ameshoff Street, Braamfontein, Johannesburg on Monday 03 March 2008 at
14:30 to transact businesses as stated in the notice of the annual general
meeting forming part of the annual financial statements.
Braamfontein
14 December 2007
Sponsor to SAPPI: UBS South Africa (Pty) Ltd
Auditors and reporting accountants to SAPPI: Deloitte & Touche
Date: 14/12/2007 14:39:54 Produced by the JSE SENS Department.
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