| Mon 20 Dec 2004, 16:20 | | Sappi releases its 2004 Annual Report |
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SAPPI LIMITED - SAPPI RELEASES ITS 2004 BEFORE 20 DECEMBER 2004
SAPPI LIMITED
SHARE CODE: SAP
ISIN: ZAE000006284
Sappi releases its 2004 Annual Report
Sappi today confirmed that it will be posting its Annual Report for the year
ended September 2004 to shareholders on Tuesday 21 December 2004 and this report
will also be available on the Sappi website www.sappi.com. Sappi is not
publishing an abridged report as the information in the annual report is
unchanged from that which was published previously in the preliminary report
which was issued on 08 November 2004.
The annual report, which is themed `Life with Print` celebrates the importance
and efficiency of print as a communications medium. Last year, Sappi launched
its widely acclaimed Life with Print initiative in North America, Europe and in
South Africa. The campaign provides empirical evidence for the unmatched impact,
penetration and cost-effectiveness of print.
Commenting in the Annual Report, Eugene van As, Sappi`s chairman stated, `The
past year proved to be a particularly challenging one for the global pulp and
paper industry. In this environment, Sappi displayed resilience stemming from
our well-balanced spread of products, markets and currencies. We have a focused
strategy and a talented and committed executive team, with the energy and drive
to realise our strategic ambitions.`
Jonathan Leslie, Sappi`s Chief Executive Officer, commented on the outlook for
the group, `We are positive about market prospects for the year ahead. Coated
fine paper utilisation is very high in North America and climbing in Europe.
Demand for our products is strong, advertising spend is rising in our major
markets and prices for coated paper are showing upward momentum.`
`When we announced our fourth quarter results for 2004 in November, we cautioned
shareholders that a number of factors would depress earnings in our first
financial quarter of 2005. However, while the strength of the Rand against the
Dollar continues to place pressure on price realisation in South Africa, we are
hopeful of seeing upward momentum in prices in Europe and particularly the
United States, which, together with the strong action we are taking to offset
rising costs with vigorous planned cost savings and profit improvement
initiatives, should enable margins to begin to rise.`
Sappi`s Annual General Meeting will be held at 11:00 on Monday, 07 March 2005 at
the offices of Sappi Limited, 48 Ameshoff Street, Braamfontein, Johannesburg.
The notice of the Annual General Meeting is contained in the annual report.
Sappi filed its Annual Report on Form 20F with the US Securities Exchange
Commission (SEC) on 17 December 2004. This annual report is available on
www.sappi.com.
ends
Issued by
Adri Ackerman
Brunswick SA
Tel +27 (0) 11 268 5750
Fax +27 (0)11 268 5747
aackerman@brunswick.co.za
For further information
Richard Boorman
Group Investor Relations Manager
Sappi Limited
Tel +27 (0) 11 407 8391
Fax +27 (0) 11 403 7903
richard.boorman@sappi.com
Date: 20/12/2004 04:07:49 PM
Produced by the JSE SENS Department
