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SAPPI LIMITED - RESULTS FOR THE FOURTH QUARTER AND YEAR ENDED SEPTEMBER 2002
sappi limited
The word for fine paper
(Registration number 1936/008963/06)
JSE Code: SAP
ISIN Code: ZAE 000006284
Results for the fourth quarter and year ended September 2002
Headline EPS - Quarter 30 US cents
- Year 98 US cents
Strong cash flow
US business improves
Dividend increased to 28 US cents
summary
Quarter ended Year ended
Sept. June Sept. Sept. Sept.
2002 2002 2001 2002 2001
Sales 1,052 974 998 3,729 4,184
(US$ million)
Operating profit 122 97 91 389 446
(US$ million)
EBITDA 219 188 175 741 797
(US$ million)
Operating profit 11.6 10.0 9.1 10.4 10.7
to sales (%)
EBITDA to sales 20.8 19.3 17.5 19.9 19.0
(%)
Operating profit 13.0 11.8 11.1 11.3 13.1
to average net
assets (%)
EPS before 30 28 23 98 113
exceptional items
(Headline) (US
cents)
EPS (US cents) 32 29 20 95 59
Return on 18.6 18.2 9.9* 14.2 15.9*
equity (%)
Net debt 1,419 1,572 1,126 1,419 1,126
(US$ million)
*Before Mobile restructuring charge
comment
During the last two years the group`s revenues have shrunk partly as a result of
management`s actions to close underperforming facilities and largely due to
lower overall demand, sharply declining prices, particularly in North America,
and the weakening of the Euro and the Rand relative to the US dollar. It is
pleasing therefore to be able to report that, helped by the acquisition of
Potlatch`s coated fine paper business in the USA, our sales have increased in
the past two quarters in spite of the continuing weak prices. The company is in
a strong position to return to a growth path.
Demand for coated fine paper as measured by shipments from producers plus the
net of imports and exports was 6.8% higher than the equivalent quarter last year
in the USA and flat in Europe. For the full year, demand was flat in both
markets. Inventories have declined in the customer chain over the last two years
but appear to have reached a trough and started to stabilise. European industry
exports of coated fine paper increased 26% compared to the previous full year.
Published data indicates that bench mark coated fine paper prices dropped
sharply in the USA and in September 2002 were 8.6% below a year earlier (Coated
# 3 Web) whilst Europe recorded a 1.9% decline over the same period (100gsm
sheets Germany). We continued to curtail production and in the quarter reduced
our output of paper and pulp by approximately 130,000 tons.
North American and Scandinavian pulp inventories increased during the quarter
but remain at 1.6 million tons, a reasonable level after the quiet summer
period, representing only 27 days of supply. Pulp prices started moving upwards
in the second calendar quarter but dropped again slightly in the third calendar
quarter.
Against this background, sales for the quarter increased 5% compared to a year
earlier to US$1.1 billion.
Net profit before exceptional items of US$69 million was up 30% compared to the
equivalent quarter last year. Earnings per share before exceptional items were
30 US cents, 2 US cents up on the previous quarter. Basic earnings per share
were 32 US cents. Return on equity for the quarter was 18.6%.
Selling, general and administrative expenses declined by US$22 million compared
with the same quarter last year. US$4 million was due to better management of
expenses. The difference arose both from the reversal of accruals after the
withdrawal of pending litigation and the reduction of accruals related to an
over-cautious response to higher insurance deductibles post September 11, 2001.
Group operating profit increased 34% and the operating profit margin increased
to 11.6% from 9.1% in the equivalent quarter last year.
Although our North American business returned to profitability in the final
quarter as a result of stronger demand and the benefits of the Cloquet
acquisition, its margins remain under pressure.
Net finance costs of US$29 million were 19% below the equivalent quarter last
year despite increased debt following the Cloquet acquisition. Foreign exchange
losses and the marking to market of financial instruments included in net
finance costs were US$5 million for the quarter compared to US$15 million last
year.
Sales for the year were US$3.7 billion, 11% lower than last year. Operating
profit of US$389 million was 13% lower reflecting the pressure on margins
experienced during the year.
For the full year, net profit before exceptional items was US$226 million, down
14% compared to the previous year. The year`s earnings per share before
exceptional items were 98 US cents and basic earnings per share were 95 US
cents. Return on equity for the year was 14.2%.
Net finance costs for the year of US$74 million were 20% lower than last year,
despite the Cloquet acquisition, US$4 million lower interest capitalised and a
net increase of US$8 million in respect of foreign exchange movements and
marking to market of financial instruments.
Last quarter, we indicated that we would enter into interest rate swaps in
respect of a portion of our fixed long-term debt to variable rates to reduce our
interest cost. To date we have not swapped into variable rates because, while it
would be prudent to buy a collar, the requirement that such instruments be
marked to market would likely result in excessive volatility in quarterly
earnings caused by the changes in interest rates. We will continue to monitor
interest rate developments and take action when appropriate.
cash flow and debt
EBITDA for the quarter was US$219 million, 25.1% higher than last year. Free
cash flow for the year, after all cash charges and Capex, but prior to dividends
and the acquisition of assets, was US$150 million for the quarter and US$292
million for the year.
Working capital was well managed and declined by US$50 million in the quarter
and a total of US$89 million over the last two quarters.
During the quarter we repurchased approximately 984,000 shares at an average
price of R119.48 per share (US$11.40) and a cost of US$11.2 million. Since
December 2000 we have repurchased 13.0 million shares or approximately 5.5% of
total shares in issue, at an average price of R64.16, some of which have been
utilised by the share incentive scheme to meet its obligations.
Capital expenditure for the full year on fixed assets and plantations was US$205
million, which was well below the aggregate of depreciation, amortisation and
fellings. Capital commitments have increased from US$162 million last quarter to
US$228 million at the end of September 2002 and assuming the business outlook
continues to improve, we expect capital expenditure to approach the level of
depreciation next year. We continue rigorously to apply our existing criteria
for capital allocations to all new capital expenditure projects.
Net debt declined by US$153 million in the quarter to US$1,419 million at the
end of September 2002. Net debt to total capitalisation is 37.0%. We now have a
very good debt maturity profile with the average maturity at approximately 10
years.
The group has reviewed its pension funds to take account of the recent
significant changes in the performance and outlook of financial markets. Using
revised and lower discount rates and assumed rates of return, the pension funds
in our European businesses are adequately funded. There is a surplus in the
South African fund (which has not been brought to account) but, in the UK and
USA funds, a shortfall is projected. It is anticipated that the projected future
additional annual charges required to correct the projected shortfall in those
funds will be approximately 5 US cents per share and this situation will
continue to be reviewed annually. The estimated surplus of the South African
defined benefit plan has not been reflected on the group`s balance sheet pending
the outcome of the statutory allocation analysis of the surplus between the
company and the members of the fund.
operating review for the quarter
sappi fine paper
Quarter ended
Sept. 2002 Sept. 2001 %
US$ million US$ million change
Sales 905 826 9.6
Operating profit 78 65 20.0
Operating margin (%) 8.6 7.9 -
EBITDA 156 130 20.0
EBITDA Margin (%) 17.2 15.7 -
RONOA p.a. (%) 10.4 10.5 -
Advertising spend and more specifically advertising print pages, which are key
drivers of our performance have been slow to pick up. Since July 2002 we have
seen a gradual improvement from a very low base and the outlook is that this
should continue.
Our European and South African businesses performed well, but there is scope for
improvement in our North American business - we saw the beginning of this in the
last quarter.
Operating profit increased 20% to US$78 million, a return on net operating
assets of 10.4%.
Europe
Despite overcapacity in the market and difficult market conditions, our European
business continued to report solid results. Sales volume was about 2% up on a
year earlier and 3% up on the previous quarter due to better exports. Domestic
shipments remained flat. Average prices realised in the domestic market held up
well throughout the year and were only 2% lower in Euro compared to the
equivalent quarter last year.
Operating profit was 7% lower than a year earlier and the return on net
operating assets was lower at 14.6 %.
Quarter ended
Sept. 2002 Sept. 2001 % change % change
US$ million US$ million (US$) (Euro)
Sales 459 444 3.4 (6.7)
Operating profit 53 57 (7.0) (16.1)
Operating margin (%) 11.5 12.8 - -
EBITDA 96 94 2.1 (7.8)
EBITDA Margin (%) 20.9 21.1 - -
RONOA p.a. (%) 14.6 17.0 - -
North America
Our North American business returned to profitability, benefiting from
seasonally strong demand, the recent start of a pick-up in print advertising and
the benefits of the Cloquet acquisition and integration. The Cloquet integration
is on track and we achieved the targeted benefits in the quarter. We remain
confident that the announced synergies will be fully realised and that the
acquisition will be accretive by 20 US cents per share in 2003.
There is still significant opportunity to improve the performance of our North
American business including improving operating efficiencies at all of the
mills.
Quarter ended
Sept. 2002 Sept. 2001 %
US$ million US$ million change
Sales 388 323 20.1
Operating profit 15 0 -
Operating margin (%) 3.9 0 -
EBITDA 47 26 80.8
EBITDA Margin (%) 12.1 8.0 -
RONOA p.a. (%) 4.2 0 -
Fine Paper SA
The Southern African fine paper order book remains strong. Compared to a year
earlier, average prices realised declined slightly in Dollar terms but were up
26% in Rand terms. We are focusing on cost control to avoid inflationary
pressure following the sharp weakening of the Rand last year. Return on net
operating assets was 46.0%.
Quarter ended
Sept. 2002 Sept. 2001 % change % change
US$ million US$ million (US$) (Rand)
Sales 58 59 (1.7) 22.8
Operating profit 10 8 25.0 56.2
Operating margin (%) 17.2 13.6 - -
EBITDA 13 10 30.0 62.5
EBITDA Margin (%) 22.4 16.9 - -
RONOA p.a. (%) 46.0 32.3 - -
forest products
Demand in South Africa for packaging papers and newsprint remained firm on the
back of solid GDP growth and continued import replacement. International demand
for pulp, including dissolving pulp, improved slightly. Although NBSK pulp
prices declined about US$20 during the quarter, they remain US$35 above the
trough level of March/April 2002.
Dissolving pulp markets continued to be oversupplied leading to difficult
trading conditions.
The sharp decline in the Rand at the end of 2001 has resulted in upward pressure
on domestic costs, particularly of imported goods. We will continue to maintain
very tight control on all of our input costs to ensure we maintain our very
competitive cost base.
Operating profit increased 22.6% compared to the equivalent quarter last year.
Return on net operating assets was 21.3 %.
Quarter ended
Sept. 2002 Sept. 2001 % change % change
US$ million US$ million (US$) (Rand)
Sales 147 172 (14.5) 6.8
Operating profit 38 31 22.6 53.2
Operating margin (%) 25.8 18.0 - -
EBITDA 57 50 14.0 42.5
EBITDA Margin (%) 38.8 29.1 - -
RONOA p.a. (%) 21.3 14.4 - -
dividend
The Board has declared a dividend of 28 US cents for the year ended September
2002. A dividend of 26 US cents was paid in the previous year.
outlook
There are signs that advertising spending is at last recovering. We also believe
that the inventory reduction throughout the coated fine paper customer chain in
our major markets has come to an end. As a result of these factors we expect
apparent demand for coated fine paper to resume growth next year even if world
economic growth is muted.
The industry capacity for coated fine paper in Europe remains above consumption
and we therefore expect further growth in exports. The closure of 600,000 tons
of US coated finepaper capacity over the last six months should tighten the
supply-demand balance in the US and we expect a modest improvement in operating
rates and prices, an expectation supported by the late but healthy demand for
catalogues this season.
In both regions we will continue to match our output to customer demand.
Pulp prices, which had strengthened since the beginning of the second calendar
quarter, declined in recent weeks as global inventories increased. We do not
expect this decline to be a long-term trend. Provided there is reasonable
economic growth as predicted by most analysts in the year ahead, we would expect
pulp demand to increase and pulp prices to rise modestly in the second half of
the year.
Overall we are cautiously optimistic that, barring a major shock in the world
economy, our earnings will show reasonable growth in the next year.
On behalf of the Board
E van As D G Wilson
Director Director
7 November 2002
dividend announcement
The Board has declared a dividend (number 79) of 28 US cents per share for the
year ended September 2002.
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 3 January 2003
Date on which shares commence trading
ex-dividend: Monday 6 January 2003
Record date: Friday 10 January 2003
Payment date: Monday 13 January 2003
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 Wednesday 8 January 2003, 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 Monday 23 December 2002. Those rates will be announced on 24 December
2002.
There will not be any dematerialisation nor rematerialisation of Sappi Limited
share certificates from 6 January to 10 January 2003, both days inclusive.
Sappi Management Services (Pty) Limited
Secretaries
Per D J O`Connor
7 November 2002
forward-looking statements
Certain statements in this release 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 earnings,
savings, synergies, 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), any delays, unexpected costs or
other problems experienced with integrating acquisitions and achieving expected
savings and synergies 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.
definitions
Debt/total capitalisation - current and non-current interest-bearing borrowings,
and bank overdrafts (net of cash, cash equivalents and short-term deposits),
divided by shareholders` equity plus minority interest, non-current liabilities,
current interest-bearing borrowings and overdraft
EBITDA - earnings before interest, tax, depreciation, amortisation and fellings
(before non-trading profit/loss)
EBITDA Margin - EBITDA divided by sales
Fellings - the amount charged against the income statement representing the
standing cost of the plantations harvested
Net asset value - shareholders` equity plus net deferred tax
Net assets - total assets less current liabilities
NOPAT - net operating profit after current tax
ROE - return on average equity. Net profit divided by average shareholders`
equity
RONA - operating profit divided by average net assets
RONOA - operating profit divided by average net operating assets, which are
total assets (excluding deferred taxation and cash) less current liabilities
(excluding interest-bearing borrowings and bank overdraft)
Financial results for the fourth quarter and year ended September 2002
group income statement
Reviewed Reviewed Reviewed Audited
Quarter Quarter Year Year
ended ended ended ended
Sept. Sept. Sept. Sept.
2002 2001 2002 2001
US$ US$ % US$ US$ %
million million change million million change
Sales 1,052 998 5.4 3,729 4,184
(10.9)
Cost of sales 861 816 3,008 3,375
Gross profit 191 182 4.9 721 809
(10.9)
Selling, general 69 91 332 363
and
administrative
expenses
Operating profit 122 91 34.1 389 446
(12.8)
Non-trading (2) 3 17 207
(profit) loss
Net finance 29 36 74 92
costs
Net paid 30 27 96 126
Capitalised (6) (6) (29) (33)
Net foreign 1 13 (4) (1)
exchange losses
(gains)
Mark to market 4 2 11 -
of financial
instruments
Profit before 95 52 298 147
taxation
Taxation 28 47 52 88
- current
- deferred (6) (42) 26 (79)
Net profit for 73 47 55.3 220 138 59.4
the period
EBITDA 219 175 25.1 741 797 (7.0)
Basic earnings 32 20 95 59
per share
(US cents)
Earnings before
exceptional
items
(Headline 30 23 98 113
earnings) per
share (US cents)
Weighted average 230.2 229.6 230.2 232.8
number of shares
in issue
(millions)
Diluted earnings 31 20 94 59
per share
(US cents)
Diluted earnings
before
exceptional
items
(Headline 30 23 97 112
earnings) per
share (US cents)
Weighted average 233.4 232.6 233.4 235.2
number of shares
on fully diluted
basis (millions)
Calculation of
earnings before
exceptional
items (Headline)
net of tax
Net profit for 73 47 220 138
the period
(Profit) loss on (1) 4 1 4
disposal of
business and
fixed assets
Mill closure 1 (2) 6 118
costs and asset
impairment
Debt - - 6 -
restructuring
costs
Deferred finance - 5 - 5
fees written off
on early
settlement of
loans
Decrease in (4) (1) (7) (2)
provisions
Earnings before 69 53 226 263
exceptional
items (Headline)
group balance sheet
Reviewed Audited
Sept. 2002 Sept. 2001
US$ million US$ million
ASSETS
Non-current assets 3,639 3,344
Property, plant and equipment 3,189 2,890
Plantations 298 324
Deferred taxation 6 4
Other non-current assets 146 126
Current assets 1,002 1,160
Cash and cash equivalents 161 445
Trade and other receivables 320 202
Inventories 521 513
Total assets 4,641 4,504
EQUITY AND LIABILITIES
Shareholders` equity
Ordinary shareholders` interest 1,601 1,503
Minority interest 2 3
Non-current liabilities 2,110 1,638
Interest-bearing borrowings 1,455 1,012
Deferred taxation 399 385
Other non-current liabilities 256 241
Current liabilities 928 1,360
Interest-bearing borrowings and bank 125 559
overdraft
Other current liabilities 803 801
Total equity and liabilities 4,641 4,504
Number of shares in issue (millions) 230.2 229.5
Net debt (US$ million) 1,419 1,126
Net debt to total capitalisation (%) 37.0 30.4
Net asset value per share (US$) 8.66 8.21
group cash flow statement
Reviewed Reviewed Reviewed Audited
Quarter Quarter Year Year
ended ended ended ended
Sept. 2002 Sept. 2001 Sept. 2002 Sept. 2001
US$ million US$ million US$ million US$ million
Cash generated 226 164 744 771
by operations
Movement in 50 177 (42) 51
working
capital
Net finance (35) (42) (103) (125)
costs
Taxation paid (26) (41) (89) (94)
Dividends paid - - (60) (60)
Cash retained 215 258 450 543
from operating
activities
Cash effects (60) (81) (701) (303)
of investing
activities
Normal (65) (81) (218) (303)
investing
activities
Acquisition of 5 - (483) -
net assets
155 177 (251) 240
Cash effects (189) 40 (29) (90)
of financing
activities
Net movement (34) 217 (280) 150
in cash and
cash
equivalents
group statement of changes in shareholders` equity
Reviewed Audited
Year Year
ended ended
Sept. 2002 Sept. 2001
US$ million US$ million
Balance - beginning of year 1,503 1,618
Net profit for the year 220 138
Foreign currency translation reserve (62) (118)
Revaluation of derivative instruments 3 8
Dividends paid - US$0.26 (2001: US$0.25) (60) (60)
per share
Net transfers to share purchase trust (3) (83)
(share buybacks)
Balance - end of year 1,601 1,503
notes to the group results
1. Basis of preparation
The group results have been prepared in conformity with South African Statements
of Generally Accepted Accounting Practice. The same accounting policies have
been followed as in the annual financial statements for September 2001.
The financial results for the quarter have been reviewed by the group`s
auditors, Deloitte & Touche. Their report is available for inspection at the
company`s registered offices.
Reviewed Reviewed Reviewed Audited
Quarter Quarter Year Year
ended ended ended ended
Sept. 2002 Sept. 2001 Sept. 2002 Sept. 2001
US$ million US$ million US$ million US$ million
2. Operating
profit
Included in
operating
profit are:
Depreciation 85 73 310 300
Fellings 7 6 26 30
Amortisation 5 5 16 21
97 84 352 351
3. Capital
expenditure
Fixed assets 180 293
(excluding
Cloquet assets
acquired)
Plantations 25 28
205 321
4. Capital
commitments
Contracted but 55 78
not provided
Approved but 173 109
not contracted
228 187
5. Contingent
liabilities
Guarantees and 66 79
suretyships
Other 14 27
contingent
liabilities
regional information
Reviewed Reviewed Reviewed Audited
Quarter Quarter Year Year
ended ended ended ended
Sept. Sept. Sept. Sept.
2002 2001 2002 2001
US$ US$ % US$ US$ %
million million change million million change
Sales -
Metric
tons
(000`s)
Fine North 398 287 38.7 1,163 1,238 (6.1)
Paper - America
Europe 560 551 1.6 2,180 2,168 0.6
Southern 76 78 (2.6) 310 288 7.6
Africa
Total 1,034 916 12.9 3,653 3,694 (1.1)
Forest 605 585 3.4 2,434 2,412 0.9
Products
Total 1,639 1,501 9.2 6,087 6,106 (0.3)
Sales
Fine North 388 323 20.1 1,197 1,442 (17.0)
Paper - America
Europe 459 444 3.4 1,744 1,781 (2.1)
Southern 58 59 (1.7) 215 229 (6.1)
Africa
Total 905 826 9.6 3,156 3,452 (8.6)
Forest 147 172 573 732 (21.7)
Products (14.5)
Total 1,052 998 5.4 3,729 4,184 (10.9)
Operating
profit
Fine North 15 - - (21) 40 -
Paper - America
Europe 53 57 (7.0) 217 177 22.6
Southern 10 8 25.0 34 31 9.7
Africa
Total 78 65 20.0 230 248 (7.3)
Forest 38 31 22.6 141 194 (27.3)
Products
Corporate 6 (5) - 18 4 350.0
Total 122 91 34.1 389 446 (12.8)
Earnings
before
interest,
tax,
depreciation
and
amortisation
charges *
Fine North 47 26 80.8 89 150 (40.7)
Paper - America
Europe 96 94 2.1 378 325 16.3
Southern 13 10 30.0 42 38 10.5
Africa
Total 156 130 20.0 509 513 (0.8)
Forest 57 50 14.0 214 280 (23.6)
Products
Corporate 6 (5) - 18 4 350.0
Total 219 175 25.1 741 797 (7.0)
Net
operating
assets
Fine North 1,483 1,009 47.0 1,483 1,009 47.0
Paper - America
Europe 1,420 1,333 6.5 1,420 1,333 6.5
Southern 90 100 90 100 (10.0)
Africa (10.0)
Total 2,993 2,442 22.6 2,993 2,442 22.6
Forest 714 825 714 825 (13.5)
Products (13.5)
Corporate (36) (13) 176.9 (36) (13) 176.9
Total 3,671 3,254 12.8 3,671 3,254 12.8
* before non-trading (profit) loss
convenience translation into rands
Unaudited Unaudited Unaudited Unaudited
Quarter Quarter Year Year
ended ended ended ended
Sept. Sept. % Sept. Sept. %
2002 2001 change 2002 2001 change
Sales 11,027 8,370 31.7 39,301 33,294 18.0
(ZAR million)
Operating 1,279 763 67.6 4,100 3,549 15.5
profit
(ZAR million)
Profit after 765 394 94.2 2,319 1,098 111.2
taxation
(ZAR million)
EBITDA 2,296 1,468 56.4 7,810 6,342 23.1
(ZAR million)
Operating 11.6 9.1 10.4 10.7
profit to
sales (%)
EBITDA to 20.8 17.5 19.9 19.0
sales (%)
Operating 13.1 11.0 12.2 13.0
profit to
average net
assets (%)
EPS before 314 193 62.7 1,033 899 14.9
exceptional
items
(Headline)
(SA cents)
Basic EPS 335 168 99.4 1,001 469 113.4
(SA cents)
EBITDA per 997 639 56.0 3,393 2,724 24.6
share
(SA cents)
Net debt 14,956 10,065 48.6
(ZAR million)
Net debt to 37.0 30.4
total
capitalisation
(%)
Cash generated 2,369 1,375 72.3 7,841 6,135 27.8
by operations
(ZAR million)
Cash retained 2,254 2,164 4,743 4,321
from operating
activities
(ZAR million)
Net movement (356) 1,820 (2,951) 1,194
in cash and
cash
equivalents
(ZAR million)
Exchange
rates:
Period end 10.5400 8.9386 10.5400 8.9386
rate:
US$1 = ZAR
Average rate: 10.4818 8.3871 10.5393 7.9574
US$1 = ZAR
Period end 1.0216 1.0909 1.0216 1.0909
rate:
US$1 = EUR
Average rate: 1.0153 1.1251 1.0884 1.1293
US$1 = EUR
This report is available on the Sappi website -
www.sappi.com
Other interested parties can obtain printed copies of this report from:
South Africa:
Computershare Investor Services 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)208 639-2157.
United States ADR Depositary:
Bank of New York, ADR Department,
101 Barclay Street, New York, NY 10286. Tel +1 212 815-5800.
www.sappi.com
Date: 07/11/2002 09:00:00 AM Produced by the JSE SENS Department
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