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 cautionary statement. Except for historical information contained herein, statements contained in this 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). During third quarter 2007, the group recognised a taxation credit of US$14 million related to a tax rate change in Germany. The recognition was based on the group’s judgment that the change in the German tax rate from 38% to 30% had been substantively enacted during the quarter ended June 2007.
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The group has subsequently concluded that the tax law change was substantively enacted on 6 July 2007, and accordingly, the impact of the tax rate change should have been reflected in its fourth quarter results. The change has no impact on the group’s results for the year ended September 2007, however it does impact the deferred taxation and profit for the period for the quarters ended June and September 2007 and for the nine months ended June 2007 as follows. In connection with the U.S. Securities Exchange Commission (“SEC”) rules relating to “Conditions for Use of Non-GAAP Financial Measures”, we have reconciled EBITDA to net profit rather than operating profit.
As a result our definition retains non-trading profit/loss and minority interest as part of EBITDA. EBITDA represents earnings before interest (net finance costs), taxation, depreciation and amortisation. Net finance costs includes: gross interest paid; interest received; interest capitalised; net foreign exchange gains; and net fair value adjustments on interest rate financial instruments. See the Group income statement for an explanation of the computation of net finance costs. We use EBITDA as an internal measure of performance to benchmark and compare performance, both between our own operations and as against other companies.
EBITDA i s 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 EBITDA is a useful and commonly used 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. By eliminating potential differences in results of operations between periods or companies caused by factors such as depreciation and amortisation methods, historic cost and age of assets, financing and capital structures and taxation positions or regimes, we believe EBITDA can provide a useful additional basis for comparing the current performance of the underlying operations being evaluated. For these reasons, we believe EBITDA and similar measures are regularly used by the investment community as a means of comp arison of companies in our industry.
Different companies and analysts may calculate EBITDA differently, so making comparisons among companies on this basis should be done very carefully. EBITDA 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. Thompson GRAPHIC 2 sappis8005n.gif begin 644 sappis8005n.gif M1TE&.#EA@+J.?O7L&/+GDVMNW;N'/KWLVM^?P(,+'TZ N/'CR),K7 Z N?/G MT.-+GTZNO7KV+-KW ZN?OX.+Q/OKSY ^C3JU/OKW#CRY/O M^CSZ/OP`&.' #$$8HX8045FCAA1AFJ.&& M';HX8223#;IY)-01BGEE%16:656&:IY99:8 M9)9IYIEHIJGFFFRVZ:;?/;IYY^`!BKHH(06:NBA MB':JZ.,-NKHHY!&.NFDE%9JZ:689JKIIIQVZNFGH(8JZJBDEFKJJ:BFJNJJ MK+;JZJNPQO JZZRTUFKKK;CFJNNNO/;JZZ`!BOLL,06:^RQR':K,-NOL ML!&.^VTU%9K;789JOMMMQVZ^VWX(8KKCDEFONNBFJ^ZZ+;KKOPQBOO MO/36:^^^.:K NOOOP`'+/#`!!=L,$ZSPP@PW/##$$ L LHLM^SRRS#'+//,5SC )?G.)/MR` M@^'$#VYXX8@?KGCBC'N.0/RYYY)1/;GGEF%^N:NFHGZZ#2;BX(/KL+ N^RTSVY;C?KGONO.N^`RY,0/;WSQR!^O M?/+,+^ `+WWTU$OONMWQ#XX-MK3WCWX' O/O?CT^^:G'SZZZM?
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