living with sappi PDF
Preview living with sappi
living with sappi INTEGRATED REPORT for the year ended September 2014 sappi INTEGRATED REPORT for the year ended September 2014 group overview about this report Our Integrated Report for the year ended September 2014 aims to provide a succinct assessment of our strategy in relation to the key opportunities and risks in our markets, our performance against fnancial and non-fnancial objectives, and our priorities and expectations for the year ahead. The scope of this report includes all our operations, as set out on pages 16 to 17. company videos further reading sustainability drivers e W mia ot tnese rp noitamrofni taht si ,lairetam ,elbarapmoc nI ,ecitcarp tsom fo ruo yek snoitarepo ogrednu retxe lan w info on w.ebsite innovation ➜performance targets tnavele r dna .etelpmoc ehT seusi dna srotacidni ew revoc noitac�irev gnidulcni eht tnemeganaM-ocE tiduA metsyS tce�e r ruo tnac�ingis ,cimonoce ,latnemno rivne dna laicos )SAME( ni epo ruE dna , ylabolg OSI 1041 latnemno rivne ,stcapmi dna esoht ew eveileb dluow ylevitnatsbus ecneu�ni ,noitac�itrec OSI 109 ytilauq noitac�itrec dna SASHO 1081 eht stnemsesa dna snoisiced fo .srotsevni ehT ytilairetam fo .noitac�itrec eht noitamrofni detnese rp sah neb denimreted no eht sisab e W e ra osla desesa ni smret fo eht tse rof noitac�itrec fo evisnetxe gniogno tnemegagne htiw ruo sredlohekats dna smetsys ew ,esu dna ni htuoS ,acirfA ruo desab-dao rB kcalB sah neb desesa tsniaga eht po rdkcab fo tne ruc senisub cimonocE tnemrewopmE )EB( ecnamrofrep si desesa ,snoitarepo sa lew sa gniliave rp sdne rt ni ruo yrtsudni dna eht yb na retxe lan sgnitar . ycnega labolg . ymonoce nI ,noitida ruo labolg revog ,ecnan laicos dna latnemno rivne nI gnirape rp siht trope r ew evah dekcart latnemno rivne ecnamrofrep si desesa ylauna ni smret fo ruo gnitsil sgnidn� dna ,hc raese r cilbup ,noinipo eyolpme sweiv dna no eht ylaicoS elbisnopseR tnemtsevnI )IRS( xednI fo eht ,sedutita eht stse retni dna seitiroirp fo latnemno rivne dna grubsenahoJ seitiruceS egnahcxE .)ESJ( laicos ,spuo rg sa lew sa eht ,seitivitca sel�o rp dna stse retni fo , ylevitceloC eseht retxe lan stnemsesa dna snoitac�itrec ,srotsevni ,seyolpme sreilpus dna ,sremotsuc ,seitinumoc sa lew sa noitcaretni htiw ruo sredlohekats evig su revog stnemn dna yrotaluge r .seitirohtua ecned�noc taht ruo ecnamrofrep srotacidni e ra ,elbaile r Board approval etaruca dna .tnenitrep ehT ,laicoS ,scihtE noitamrofsnar T ehT ipaS detimiL d raob segdelwonkca sti ytilibisnopse r dna ytilibaniatsuS )STES( etimoC sweive r eht ycac� fe rof gnirusne eht ytirgetni fo eht detargetnI tropeR dna ot fo gnitcudnoc retxe lan ecnarusa . ylauna ehT etimoc eht tseb fo sti egdelwonk dna ,feileb eht ipaS detimiL de redisnoc retxe lan noitac�irev ni eht raey rednu , weive r tub detargetni trope r rof 4102 sese rda la lairetam seusi dna si de�sitas taht eht ytilibaniatsus noitamrofni detnese rp ni stnese rp ylriaf eht detargetni ecnamrofrep fo eht noitasinagro siht trope r sah neb dedivo rp htiw a elbanosae r e rged fo dna sti .stcapmi ehT trope r sah neb de rape rp ni enil htiw . ycaruca tseb ecitcarp dna eht d raob smr�noc taht ti sah devo rpa euD ot ruo gnitsil-ed mo rf eht weN kro Y kcotS egnahcxE ni siht detargetni trope r dna desirohtua ti rof esaele r no ,3102 ew on regnol hsilbup na launa trope r no mroF . F-02 rebmeceD�21 .4102 roF noitamrofni no eht denibmoc ecnarusa ledom tnavele r External assurance eht�ot e rusolcsid ni siht ,trope r dna rof eht tnednepedni , yltne ruC ecnarusa fo ytilibaniatsus noitamrofni si detcudnoc s ’rotidua ,trope r esaelp refe r ot segap 75 ot 85 dna ,19 yb ruo retni lan tidua .maet riehT noitac�irev seco rp sedulcni . ylevitcepse r gniweive r eht se rudeco rp deilpa rof gnitceloc ro/dna company videos further reading sustainability drivers ,gnirusaem gnitaluclac dna gnitadilav laicnan�-non ,atad roF ,stnemetats refe tnatropmir ot noitamrofni gnitale eht r edisni ot d rawrof kcab . gnikol revoc e W tnese rp siht winfo on w.ebsite innovation ➜performance targets sa lew sa gniweive r detrope r noitamrofni dna gnitropus detargetni trope r sa a sisab rof tnemegagne dna emoclew .noitatnemucod yna .kcabdef esaelP tce rid yna stnemoc ro snoitseuq ot ipaS etaroproC sriaf fA gnisu eht sliated dedivo rp no .81�egap For quick access on your mobile to the Sappi online report scan this QR code. Navigation aids Sappi’s 3Ps enilnO noitamrofni ytirepso rP info on website INTERACTIVE PRINT Download the free Scan this page Discover rehtruF gnidae r elpoeP Layar App interactive content company videos further reading sustainability drivers tFhoisr qLuaiycakr aiccocne swsh teor eth iet aCpEpOea yres.ar end results video, scan winfo on w.ebsite innovation ➜performance targets tenalP pas pi detargetni trope r 4102 E E E E E E E E EE EE AIR SDR SSASDR AIR SDR SSASDR R R R R AIR SDR SSASDR R L R L L L L L I P I P I P P P I I I P T T T T T T O Y Y O O O O O E E E E Y Y Y E Y E • • • • • • P ➜ P P P ➜ P ➜ P T ➜ T ➜ T T T T ➜ • • • • • • P E E E P P P E E E N P N P N N N N R R R R R R A A A A A A L O L O L O L L L O O O S S S S SS P P P P PP • P • P • P • • PP puorg ivrevo we contents gropu oev riv ew 2 suS at ian elb sub isen s ledom 4 ileD yrev i n 4102 5 ruO sart yget i n 5102 6 ruO pamrofre ecn i n 4102 F o r a moe r co mperh e nsive ov e r vie w of ou r social, 8 ret t e L ot eht sat sredl o h e k mo r f eht ahC iamr n e t hics, transfor mation and sustainability perf o r mance , a dn ihC fe ituc e x E ev r e c � f O please erf e r to : Financial results and sustainability reports Latest fnancial results: .sw appi.co m / latest�nancialersults Iinfo ont websitegrated report and group annual fnancial statements: .sw appi.co m /anualerport info on website 21 A&Q iw ht eht OEC 61 ruO sub isen sse 81 poruE e a dn htroN iremA ac 2 rehtuoS n irfA ac 52 ruO pstcudo r F ySreeoapru steenrumdtehbldt eQsr 2ufo0ar1 t4hret er aQnuda ratenrallyy sret spurlets eanntnaotiuonncse: men ts tsus ainaib il ty www.sappi.com/quarterlyreinfo son wuebsitelts 03 ruO yek ale r it sno ih ps 93 ruO yek am iret a l issseu goev rnanec and oc pm enas tion 05 ruO ael sred ih p 45 proC aro et revogan ecn 16 pmoC sne ait no per tro 86 icoS a ,l ihte sc , art sn amrof it no a dn ssu at ian ib il yt per tro 96 iR s k am an tnemeg Group sustainability report : www.sappi.com/groupsustaininfo aon websiteility ihc e f n� anic a l oec� f r s ’ report 17 itceS no 1 – iF an icn a l ih ilhg sthg SSaupstpaii nFainbeili tPya Rpeepro Ertu 2ro0p13e 27 itceS no 2 – iF an icn a l pamrofre ecn – puo rg 67 itceS no 3 – iF an icn a l pamrofre ecn – ige r ano l 97 itceS no 4 – aC s h wo� 08 itceS no 5 – aB al ecn s teh 58 itceS no 6 – ahS e r pir ec pamrofre ecn Sappi North 20A14 Smustaienabrilitiy cRepaort ev� ey ar reiv ew 68 iF ev aey r ive r we ahs re ts atits isc Regional sustainability reports: In 20 1 4 , ou r Euo rpean operations published an update to th eir 8 ahS e r sat it sit sc 20 1 3 erport , while ou r No r t h Am e rican and So u t h e r n Af rican operations published co mperh e nsive erports. amus ries d n� anic a l ts ateem nts www .sappi.co m / 2 0 1 4sdr limite d 09 amuS ir s de an� icn a l sat stnemet info on website (available De c e m b e r 20 1 4 ) gol as r y and notiec to ahs reoh dl ers w w .sappi.co m / 2 0 1 4sderuo rpe info on website (available Fe b r uary 20 1 5 ) 601 solG sayr ww w .sappi.co m / 2 0 1 4sdr n o r t hamerica 01 itoN ec ot sah sredlohe r info on website (available Fe b r uary 20 1 5 ) 71 ahS sredlohe r ’ id ayr w ww .sappi.co m / 2 0 1 4sdrsout h e r nafrica 81 imdA in sart it no info on website (available De c e m b e r 20 1 4 ) 91 yxo rP mrof rof eht aunA l areneG l iteM gn sappi integrated report 2014 1 Suostuaintahbeilitryn R eApofrrt i2c01a4 group overview elbaniatsus senisub ledom ruO sP3 : ew ah ev ail deng eht si x ac piat sl ledom iw ht ruo se-gnol at ilb s deh appaor hc semoctuO ot ssu at ian elb poleved tnem – eht sP3 fo sorP pire , yt poeP el a dn alP .ten Prosperity Governance Prosperity aM afun de r u t c ac piat l aoB d r fo iD srotce r 21 1 pspapice a re il im ssl de , solulec 1 s e imp ,l ice ail s de pap re im ,l Material issues iduAretnIan t imoC l et iduA t artSae yget rin iledsgn srev htwo rg s gno rt 2 pap re a dn spice ail s de solulec e im sl , aC nobr at x a dn aluge r yrot issseu aoB d r imoC set ADTIBE idulcxe gn spice a l 1 saimw l ilC am et ismet 856$SU im il no autc e l l e t n I l ac piat l iF an icn a l ac piat l ilceDpin gn aamed p dn rof rearg i nppoleved ih desc irtnuoc se Strategy and SPEpu( idulcxe gn s %52 aeypaey-no- r ice a)r l ismet ygolonhce T 6.82$SU isertnec im n ilae no D&R hc sige r no pdne ato T teN 5.5$SU 649,1$SU :tbed ibim l ilil ano;no ssste : pmEivnEameD atnemno r dn eyol l rofagne igelsolulec s tnemeg ab-e aal s dn it sno de serb� aytef resource allocation teN nwod 2 tbed SU 103$SU 649,1$SUstnecim imil il no ,noaey aey-no- r r id rO an yr sah sredlohe r ’ iseretn :t iF e rb spu pyl aercnI s e i n saael elb pitcudo r no 40,1$SU im il no avonI it no fo %8.5 revo ev� aey sr aW ret imehC ac sl Chemicals People apluPW ret Inputs EWnaetregry Outputs People amuH n alc-dlro W ac sps isat al ytef ssy smet e rb�do W Waste pxE EB pmoc ail aidn gn p ecn i n lo htuoS fo irfA sac ik sl Employees sucoF de RSC – acude it no 460,31 pme seyol a dn eht ivne tnemno r Contractors arT iin gn a dn poleved tnem 618 artnoc srotc a dn pmet aro yr pme seyol sp dne fo 6.8$SU im il no ico S a l a dn aler it sno ih p ac piat l 2.2$SU im il no proc aro et sico a l ser psno iib il yt )RSC( spdne iognO gn sat redlohek agne tnemeg Performance Planet Planet iS ing ac� tn ipm tnemevo r i n aN arut l ac piat l an� icn a l pamrofre ecn Outlook rewoP ss-fle ic� fu :ycne %8.65 m04,53 %45 fo ygrene abolg yl ired dev mo rf awene r elb ser sec ruo 3 fo aw ret ard nw abolg yl ae D&RrcnI iled irevs gn ser de istlusevn tnemt i n RSC iw ht pSamed ice dn aiwo rg gn il s de solulec e %39iognO gn fo sucofaw ret noard serof nw yrt rute denr sawet sdr ih p oS tu h rfA iac : oN rt h emA riac : aerg ret sucof no inumoc yt agne tnemeg ajdA tnec am tekr pitneto al ot eht ivne tnemno r 0,594aBaatceh ag dn serael s s fos denwo de epatS( al regn iM atn )l it sno e derb�do revoceR Wa mo erf rb� al dn ic remoc srenwodna l sregol iognOa gn ivne dn atnemno r s l ik isl pm poleved tnemevo r tnem pS ice ail yt pap re pstcudo r enO ib ihtido d rsrev fo ali yt snoc dn am avre an it no deg )AS( rof de revoceR e rb� pmI devo r saytef ruE ope : e rb�do W s dec ruo mo rf serof st solc e ot ae hc im l ehT ppa erikam gn dna ps eic ila es d ec ul ol es id( os vl ign woo d pupl ) proec es s 2 sappi integrated report 2014 puopuo rgrg ivrevoivrevo wewe At the heart of our sustainable business model is a natural, renewable resource – woodfbre. ruO :sP3 ew ah ev ail gned teh is x ac pita sl om de l iw t h oru ol nge- ts ailb ehs d approa hc tuO oc em s to tsus ainaelb deev ol pem nt – teh sP3 o f rP ops erit , y eP opel and alP net. Prosperity Governance Prosperity aM nafu tc ru ed ac pita l oB ard o f iD retc ors 12 ps peaic apil es edr imec ,sl 1olul es ps eim ,l ic ail es d paper im ,l Material issues nIduA tite oCrnim tate l duA eit tSerartengin y gd s egil evror stw ts h rong 2 paper and ps eic ail es d ec olul es im ,sl aC rob n ta x and regalu tor y ieus s oB ard oC im ttees ADTIBE edulcx ing ps eic a l 1 as imw l ilC am te ite sm 856$SU im il on nI teel tc au l ac p ital iF nanic a l ac pital eDpilc anpinegr dine dam neevdol of pre gdr aoc pnu ih t sc ries Strategy and SPEpu( e dulcx 2i %5 ney ga rpso- enic ey-aa l irte) sm e2$SUT innhc 6.8 im oileoolang hc r D&R yepsec gneiontrdne s oeNT 5.5$SU1$SU ib tilt49,oa d 6 lnimaile;oes tb n : t :s eDnEpmE amivol roney dneem ofennrt agec laolul el ges geab- ials emes tndiot rb�naens d as ef ty resource allocation eN2dt2o d nw SU e ec 03$SU tbn 11$SUts 49, im il o 6 im nil o ney ,aro- ney- ar rO dinar y ahs reoh dl er ’s interets : iF rb e pus pyl nI rc eaes in as el aelb prodtcu ion 1$SU 0, 44 im il on nI noav tion o f %8.5 oev r ev� ey ars aW ter ehC im ac sl Chemicals People apluPW t er Inputs EWnaetregry Outputs People amuH noW racdl alc-p s ias tefatl y tsys esm oW odrb� e Waste pxE EB oc apm nil adninec g i np ooS otu h l rfA oiac f iks sl Employees oF esuc d RSC – edacu tion 10,3 46 epm ol ey e s and teh eniv ronem nt Contractors rTaining and deev ol pem nt 18 6 oc ntratc or s and tepm orar y epm ol ey es ps end o f 6.8$SU im il on oS ic a l and real tionihs p ac pital 2$SU 2. im il on oc rporate os ic a l reps onis ib il t y )RSC( ps end nO going ts aek oh dl er engageem nt Performance Planet Planet iS gniac� nt ipm roev em nt in aN tru a l ac pital n� anic a l perof ram nec Outlook oP ew r es ic� fus-fl en :yc %8.65 454,53 %0o0 f em nerg 3 y og fol aw ab t yledr edrirev adnw rfgool m rab eyl neaw elb reos ru ec s nI D&R drc eail ev es ridn gin rev ets tlusem s nt in RSC iw t h pSdeicam anil es dd g ec roluloesiw n g nO %39 og f oaw tinegr dof r suc aonw n rof erteru nts re y tsde aw rdihs p South Africa: North America: greater of suc on oc num it y engageem nt dA aj ec nt am rek t potential to teh eniv ronem nt aB4ag0,59na0des0 el tS( aeh aestc nadgr eep s roal iMn f )l otanw teiodn s oeRWaoconevdrb� eoced em rf rorb� ic ae m al l olngdgoenw res r s nOangdo iniks sl gd eeev nol iv rpoem nnem tnta l ipm roev em nt pS eic ail t y paper prodtcu s nOib oed tiev ih rrdis t yooc f nal esnrdav tam ionna g)AS( ed of r eR oc ev red rb� e pmI roev d as ef ty Europe: oW odrb� e os ru ec d rf o m of rets s olc es to ea hc im l aP pamre ik gn iD ssivlo gn dow pplu sappi integrated report 2014 3 group overview reviled y ni 4102 Major the m es and actions 2014 Major achievements 2014 Grow Successful specialised cellulose capacity roll out existing high margin Increased group EBITDA excluding special items businesses by 25% European graphic paper capacity reduction and Optimise improved proftability the proftability of the graphic Ongoing cost reductions aiming to remain the lowest cost producer paper business and maximise Sale of Usutu – generating US$97 million cash cash generation Net debt below US$2 billion Develop Successful speciality paper conversion complementary industrial Strong packaging paper performance in South Africa businesses EBITDA excluding Net debt/EBITDA excluding Net debt special items special items ROCE (US$ million) (US$ million) (%) (%) 205, 0 800 5 12 2,247 1,946 20, 00 658 7600 4.3 4 10.8 10 8 105, 0 528 500 3 400 3.0 6 10, 00 300 2 5.2 4 05 0 200 1 2 100 0 0 0 0 2013 2014 2013 2014 2013 2014 2013 2014 ■ aT rget ■ Target ■ Target 4 sappi integrated report 2014 0000 0000 0000 puorg ivrevo we our strategy in 2015 ruO goa l is to actively transform Sappi into a growing and proftable diversifed woodfbre group focused on specialised cellulose, cash generative and proftable paper businesses and other high margin industrial products which will provide value to our customers and wealth to our people and shareholders. No radical change in direction in the next two years while preparing for renewed growth Achieve Rationalise Grow through cost declining moderate advantages businesses investments Continuously Continuously balance Growing paper improving operational graphic paper supply packaging grades performa nce and demand in all Growing specialised Optimising energy regions cellulose product usage in mills Convert paper machines portfolio Maximising where possible to global procurement higher margin paper Extracting value from effciencies business waste Generate cash to Accelerate growth in adjacent strengthen balance sheet businesses from a strong base Restructuring debt E valuating opportunities in specialised cellulose, packaging and Optimising working capital complementary industrial products Selling non-core assets sappi integrated report 2014 5 group overview ruo ecnamrofrep ni 4102 The performance of the group in wet start to the spring resulted in higher Net debt the past year was pleasing, with energy and wood costs. We were also our investments in the specialised impacted by an unplanned shut at each US$1,946 cellulose business increasing our of the Somerset and Cloquet Mills. With a million exposure to higher margin and higher US$40 per ton price increase realised in growth markets and contributing July, actions to reduce fxed costs and a Specifc emissions significantly to our improved year-on- normalisation of many of our variable costs, year performance. we began to see a return to the expected reduction of levels of performance during the last Our European graphic paper business quarter. 12.8% over fve years steadily improved during the course of the year, with an intense focus on cost The Southern African business had an EBITDA excluding reduction and the execution of our strategy excellent year, with the expanded dissolving in Europe to deliver sustainable margins wood pulp and restructured paper special items starting to deliver the results we expect. packaging businesses both improving US$568 on their prior year performance. Cost million Our North American graphic paper containment has been excellent throughout business experienced a diffcult year. this business and healthy demand and Industry prices for coated woodfree paper increased pricing levels have contributed reels declined by as much as 9% over to the good returns in this business in the the course of the frst nine months, and past year. an extremely cold winter and subsequent Operating profit excluding Sales EBITDA excluding special items special items (US$ million) (US$ million) (US$ million) 0,8 900 450 0,7 800 400 0,6 700 350 0,5 600 300 500 250 0,4 400 200 0,3 300 150 0,2 200 100 0,1 100 50 0 0 0 01 1 21 31 14 10 11 12 13 14 10 11 12 13 14 ■ htroN iremA ac ■ poruE e ■ nrehtuoS irfA ac EPS and EPS excluding special items Net debt (US cents) (US$ million) 30 2,300 20 2,200 10 0 2,100 (10) 2,000 (20) 1,900 (30) (40) 1,800 (50) 1,700 10 11 12 13 14 10 11 12 13 14 Page 71 ■ EPS ■ EPS excluding special items company videos further reading sustainability drivers w. ➜ 6 sappi integrated report 2014 info on website innovation performance targets E E E E R R AIR SDR SSASDR L L I P P I T T O O E Y E Y • • ➜ P P 6 9 1165, 8 3 6 , 3 1373 , (48) 17 108, 1 569 , 3 125, 0 18 28 195, 053, 3 14, 83 (35) (4) 1393 , 1,3 5 5 1773 , 2226 1,437 3,107 1,517 2,269 753 2,142 821 2,020 778 2,247 528 1,946 658 340 404 409 180 346 T ➜ T • • P P E E N N R R A A L O L O S S P P • P • P puorg ivrevo we The improved operational performance of the group as a whole and the reduction in Specific total energy Renewable energy capital expenditure following the completion (GJ/adt) (%) of the two pulp conversion projects at 40 100 Cloquet and Ngodwana in 2013 led to a decrease in net debt of US$301 million to 53 US$1,946 million, meeting our stated aim 03 80 to reduce net debt to below US$2 billion by the year-end. 25 60 20 We continue to focus on improving energy effciency in order to both reduce emissions 15 40 and lower costs, as well as increasing our 10 proportion of renewable energy. Safety 20 remains an important priority, particularly 5 as to the severity of injuries, and this 0 0 past year saw a pleasing reduction in the oS tu eh rn ruE ope oN rt h olG ab l Southern Europe North Global injury severity rate of both our own and rfA iac emA riac Africa America contractor employees and no fatalities. ■ 2010 ■ 2011 ■ 2012 ■ 2013 ■ 2014 ■ 2010 ■ 2011 ■ 2012 ■ 2013 ■ 2014 Specific total process water extracted Specific scope 1 emissions Specific scope 2 emissions (m3/adt) (t CO2/adt)(fossil only) (t CO2/adt)(fossil only) 70 1.8 0.9 60 1.6 0.8 1.4 0.7 50 1.2 0.6 40 1.0 0.5 30 0.8 0.4 0.6 0.3 20 0.4 0.2 10 0.2 0.1 0 0.0 0.0 Southern Europe North Global Southern Europe North Global Southern Europe North Global Africa America Africa America Africa America ■ 2010 ■ 2011 ■ 2012 ■ 2013 ■ 2014 ■ 2010 ■ 2011 ■ 2012 ■ 2013 ■ 2014 ■ 2010 ■ 2011 ■ 2012 ■ 2013 ■ 2014 ■ 2013 ■ 2014 Page 43 Training and development spend Lost time injury frequency rate and company videos further reading (US$ million) injury index 2010 – 2014 sustainability drivers w. ➜ 12 1.0 60 info on website innovation performance targets 10 0.8 50 8 40 0.6 6 30 0.4 4 20 2 0.2 10 0 0.0 0 10 11 12 13 14 10 11 12 13 14 ■ Own LTFR ■ Control LTFR ■ Own II ■ Control II Page 41 company videos further reading sustainability drivers w. ➜ sappi integrated rinefo opn weobsitre t 20in1nov4ation 7 performance targets E E E E E E E E R R AIR SDR SSASDR R R AIR SDR SSASDR L L L L I P I P I P P I T T T T O O O O Y E Y E E Y E Y • • • • ➜ ➜ P P P P 58.23 55.90 9.84 55.3791 54.03 21.95 11.04 22.2396 23.40 23.66 8.59 404.325.52 40.53 42.33 10.14 40.45 35.13 34.73 35.00 8.62 3355..4819 1.57 33.62 0.92 1.471.57 31.30 34.87 0.28 1.32 27.35 1.28 28.36 0.8 0.03.943 14.6767 0.44 0.40 13.54 0.40 13.17 0.41 12.60 0.35 0.79 00..2245 293.005.35 0.23 28.56 0.27 31.93 0.68 0.27 31.77 0.47 0.66 22.59 0.68 22.85 0.71 00.6.615 2201.9.485 0.38 0.61 21.03 0.79 36.12 0.72 38.88 0.64 38.58 0.57 37.00 0.53 40.28 0.14 31.95 0.11 30.79 0.11 31.60 0.11 33.89 0.11 35.29 0.04 86.42 0.04 85.72 0.04 86.92 0.04 85.80 0.06 85.20 0.28 48.69 0.25 49.03 0.23 50.27 0.21 52.34 T 0.21 53.93 T T ➜ T ➜ • • • • P P E E P P E E N N N N R R R R A A A A L L O O L O L O S S S S P P P P • P • P • P • P group overview el et r ot eht ekats oh edl rs rf o m eht iahC r nam dna ihC e f exE uc it ve ec�fO r ehT ey ra sah eb e n us ec ufs l of r paS pi dna we ed il vere d o n eht proim es s we edam a ey ra ga o . lA regio sn ihca eve d on elbat us ec es s wi ht oc ts reud itc o n dna eic�f e ycn progrema ,s sa we l sa wi ht itca o sn ot ob o ts hsac geen rita o .n Operating profit excluding special items to capital employed (ROCE) (%) 21 01 8 6 4 2 0 01 1 21 31 14 Net debt to EBITDA excluding special items (times) 5 4 3 2 1 0 10 11 12 13 14 See instructions on inside front cover INTERACTIVE PRINT Download the free Scan this page Discover Layar App interactive content Steve Binnie Danie Cronjé Chief Executive Offcer Chairman 8 sappi integrated report 2014 3.0 7.9 2.6 10.4 2.6 11.4 4.3 5.2 3.0 10.8
The list of books you might like
