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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Sappi | LSE:SAZ | London | Ordinary Share | ZAE000006284 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 224.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMSAZ RNS Number : 9277V Sappi Ld 20 July 2009 +-----------------------------------------------------------+---------------------+ | | Sappi Limited | +-----------------------------------------------------------+---------------------+ This notice does not constitute an offer to sell or the solicitation of an offer to buy securities Announcement Immediate release 20 July 2009 TRADING UPDATE IN RESPECT OF DEBT REFINANCING AND BOND ISSUE Sappi is issuing this trading update in connection with the capital markets transaction that it announced today and the ongoing syndication of a new secured revolving credit facility and a new secured OeKB term loan facility. Market conditions remained weak in the quarter in all our major markets. Sales volumes for the group were similar to the prior quarter. Prices realised were under pressure in most regions. For the quarter ended June 2009 we expect to report improved operating results, excluding special items, compared to the quarter ended March 2009 for our European business, which we expect to return to profitability and for our North American business, as a result of synergy achievements in Europe, and cost and input price reductions. In addition the North American business expects to report the benefit of alternative fuel credits in the range of US$30 - US$40 million. Our Southern African business was impacted by the strengthening of the Rand relative to the US Dollar, weak domestic demand and low pulp prices, which we expect will result in a loss before special items for the quarter for the region. For the group, operating loss excluding special items for the quarter is expected to be largely in line with the quarter ended March 2009. The group continues to prioritise cash generation and expects to report a positive net cash generation for the quarter. Financial statements for the quarter ended June 2009 are not yet finalised. The information above is based on certain preliminary financial data. This information is subject to change as final financial data becomes available, and our financial statements are prepared and reviewed by us and our auditors. Outlook Demand and prices for chemical cellulose have strengthened and the Saiccor mill has a strong order book. The mill is progressing well with the ramp up of production and expects to improve sales volumes in the next quarter. Global markets for coated paper remain depressed; however, we expect stronger seasonal demand during the next quarter for web products and stable demand for sheet products. The extent of inventory reduction in our customer supply chain appears to be reducing and we therefore expect an improvement in coated paper demand on paper producers.We expect alternative fuel credits of approximately US$40 million in the next quarter. We expect to generate positive net cash flow in the quarter ended September 2009. 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 impact of the global economic downturn, 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, input costs including raw material, energy and employee costs, and pricing), adverse changes in the markets for the group's products, consequences of substantial leverage, including as a result of adverse changes in credit markets that affect our ability to raise capital when needed, changing regulatory requirements, unanticipated production disruptions, adverse changes in the political situation and economy in the countries in which we operate or the effect of governmental efforts to address present or future economic or social problems, 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. Contact details Brunswick South Africa Tel +27 (0) 11 502 7300 Robert Hope Group Head Strategic Development Sappi Limited Tel +27 11 407 8492 e-Mail Robert.Hope@sappi.com André F Oberholzer Group Head Corporate Affairs Sappi Limited Tel +27 11 407 8044 Mobile +27 83 235 2973 e-Mail Andre.Oberholzer@sappi.com This information is provided by RNS The company news service from the London Stock Exchange END TSTCKKKNABKKAOB
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