Investor Presentation September 2013 NY, NY
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1 Investor Presentation September 2013 NY, NY
2 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. 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. You should not rely on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are in some cases beyond our control and may cause our actual results, performance or achievements 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). Certain factors that may cause such differences 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, input costs including raw material, energy and employee costs, and pricing); the impact on our business of the global economic downturn; unanticipated production disruptions (including as a result of planned or unexpected power outages); changes in environmental, tax and other laws and regulations; adverse changes in the markets for our products; the emergence of new technologies and changes in consumer trends including increased preferences for digital media; consequences of our leverage, including as a result of adverse changes in credit markets that affect our ability to raise capital when needed; 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 restructurings, investments, acquisitions, dispositions and other strategic initiatives (including related financing), any delays, unexpected costs or other problems experienced in connection with dispositions or with integrating acquisitions or implementing restructuring or strategic initiatives (including our announced dissolving wood pulp conversion projects), and achieving expected savings and synergies; and currency fluctuations. We undertake 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. Regulation G disclosure Certain non-gaap financial information is contained in this presentation that management believe may be useful in comparing the company s operating results from period to period. Reconciliation's of certain of the non-gaap measures to the corresponding GAAP measures can be found in the quarterly results booklet for the relevant period. These booklets are located in the Investor Info section of
3 Agenda: Overview Strategy Results Forward
4 Who we are & What we do 4 #2 Global Producer of Coated Woodfree Paper 65% of sales Forecast - demand down 1%, capacity down 2.6% through 2017 #1 Global Producer of Dissolving Wood Pulp 15% of sales Forecast demand up 10%, capacity up 10% through 2014 ** Investor Presentation September 2013 *EMGE March 2013 **RISI April 2013
5 million metric tons Global Demand Forecast for CWF Paper 5 While demand falls in developed economies growth is forecast to continue in emerging markets. Investor Presentation September 2013 Source: EMGE March 2013
6 Dissolving Wood Pulp 6 DWP is the most abundant natural organic polymer on earth and is found in all plant materials The plant material (wood from certified forests or plantations) is processed and purified by applying specialised chemistry to extract the cellulose polymers from the wood The purified natural wood cellulose fibres are further dissolved by our customers and re-generated or reformed for a host of applications
7 Dissolving Wood Pulp Segments 7
8 Dissolving Wood Pulp Competitors 8 Rayonier 6% CLP China 11% Borregaard 2% Tembec incl. Tartas 4% Birla & Lenzing intergrated 14% Buckeye 3% Others 15% Neucell 3% Bahia 6% PT Toba 2% Cosmo 2% Sappi 16% Stora 1% Sodra 2% Sun Paper 2% Other China DWP 4% Fortress 3% Bamboo China Hunan Juntai 3% 3% Global DP Capacity 2013 (e) = 8m tons. Sappi Share of Capacity = 16%
9 Cloquet Conversion text-book start-up 9 First Break bulk vessel loading Star Gran Investor Presentation September 2013
10 Ngodwana Conversion DWP production 10 Fiberline #3 - DWP Dissolving wood pulp bales Investor Presentation September 2013
11 '000 Tons % Sappi s DWP Market Share/Forecast Expansion projects will consolidate Sappi s position as global leader 25% 20% % % % Total Sappi Market Share estimates based on capacities and anticipated start up ramps of Cloquet and Ngodwana 0%
12 Why Dissolving Pulp? 12 Capitalizing on MEGA TRENDS: Population growth- Global population from a current 6.9bn to 8.3bn by 2030 Increasing need for clothes and food Increasing need for more comfortable clothing Rising urbanization and standard of living in the Greater Asian Region Asian middle class population is likely to grow to 2.7bn by 2030 from the current 1.9bn people Asian consumers are likely to spend $32 trillion/year by 2030, accounting for 43% of total global consumption Textile Fibres Consumption Million Metric Tons Forecast
13 Cellulose Gap Theory Dissolving Wood Pulp share of the textiles market is expected to grow further 13
14 We are not alone 14 +/- 3.5 Million tons of DWP Capacity Announcements for /- 1.7 Million tons of VSF Capacity Announcements for Altri Svetlogorsk Jilin Tianzhu Anqing Huatai Schweighofer Oji Paper Phoenix P&P Stora Enso Sodra Double A Rayonier Luzhou Yinge Nippon Paper Tembec Buckeye Lenzing Sun Paper Sappi Birla AV Terrace Bay Fortress Specialty Jari Domsjo Fabrikker Paper Excellence Shandong Yamei Jiangsu Xiangsheng TangShan Sanyou Sateri Fujian Jiujang Hengsheng Chengdu Liya Jiangxi Longda Hunan Tuopo Lenzing Birla Recent spate of announcements regarding closures of uncompetitive DWP capacity, delayed start-ups, slower ramp-ups, and altogether cancellations of previously announced DWP conversions.
15 Looking forward 15
16 Global Leadership Competitive Response Cost Base All 3 Sappi mills in lowest quartile Long Term Supply Contracts Target minimum 75% Wood Source Saiccor and Ngodwana integrated Cloquet well situated Proven Technical Competence Saiccor over 50 years supply into viscose market World class R&D facilities Research capability across value chain Supply & Technology Flexibility 3 mills on two continents Saiccor largest and modern expansion Ngodwana new Cloquet newest in USA Both Sulphite and PHK capability
17 Global Cost Curve % Below Average Cost Sappi = 27% Others = 28% World Competitor CC Cash Costs into VSF includes 80% of supply volumes Above Average Cost 45% Average Cash Cost - 30%
18 Agenda: Overview Strategy Results Forward
19 Strategic Focus 3 themes: 19 Focused, low cost paper businesses with reasonable margins and strong cash flows Growth in profitable specialised cellulose based solutions and other high margin businesses Healthy balance sheet Accelerate our drive toward increased profitability, earnings growth, and a stronger financial position
20 Focus Areas 20 Focused, low cost paper businesses North America paper business maintains firm market share Europe industry dynamics won t improve without intervention Significantly reduce graphic paper exposure Increased speciality paper business Similar business to US South Africa cost pressure, and weak local markets Growth in Specialised Cellulose and higher margin businesses Demand for commodity DWP remains very strong Saiccor performing well, Ngodwana and Cloquet ramping up Alfeld conversion on track Healthy Balance Sheet Net debt level evolving as expected in this transitional year Potential Usutu sale would further aid our liquidity position More to be done On track Managing balance
21 Alfeld Conversion Speciality packaging paper 21 Yankee cylinder being transported to the mill Construction of crane foundation - required for installation Investor Presentation September 2013
22 Agenda: Overview Strategy Results Forward
23 EBITDA & Operating Profit ex-items* 23 USD million *Refer to the supplementary information in this presentation for a reconciliation of EBITDA to reported Operating Profit and page 16 in our Q Results booklet (available on for a definition of special items. ** Q included an extra accounting week
24 Divisional Operating Margins* % 15.0% 10.0% 5.0% Q3 13 Margins: S-Africa 5.6% 0.0% N-America 0.6% Europe -2.3% -5.0% Q1** Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q *The divisional operating margins exclude special items. Refer to page 16 in our Q Results Booklet for a definition of special items.
25 Debt Maturity Profile (fiscal years) as at June Includes 2017 $400m Bond Includes m Bond 2019 $300m Bond 2021 $350m Bond 2032 $221m Bond Investor Presentation September 2013
26 Agenda: Overview Strategy Results Forward
27 FY 2013 An important, transitional year 27 Complete DWP expansion projects on time and on cost S. African Paper and European business performance has been unacceptable year-to-date Necessitates further action Tough market conditions expected to continue Maintain net debt levels in tight range despite DWP investments
28 FY 2014 Delivery 28 Full contribution of DWP expansion projects and EU speciality expansion Strong bottom-line earnings growth Significant reduction in capital expenditure leads to positive & higher free cash flows Gearing to be significantly lower
29 The Future 29 Within 3 years, Sappi will be a well balanced and robust business, generating good returns and with a strong balance sheet. We will achieve this by: Maintaining and growing our world leadership position as a low-cost dissolving wood pulp producer Growing high-margin speciality paper business in all regions Smaller and simpler low cost graphic paper business Maximizing value from our forestry operations in SA An emphasis on cash generation and debt reduction
30 Conclusion We have a sound strategy We believe in what we are doing Traction on actions to-date Totally committed to accelerating value creation for shareholders through improved profit, strategic positioning and debt reduction 30
31 Thank You
32 Supplementary Information
33 Q = 1 W. Europe Coated Paper Deliveries & Prices Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 CWF MCR CWF 100gsm sheets prices LWC 60gsm offset reels prices Western Europe Shipments Incl. Export Source Cepifine, Cepiprint and RISI indexed to Calendar Q Investor Presentation September 2013
34 Sappi Fine Paper Europe 34 Q3 12 Q3 13 YTD 12 YTD 13 Tons Sold ('000) ,611 2,527 Sales ($'m) ,524 2,372 Price / Ton ($) Price / Ton ( ) Cost / Ton* ( ) Operating profit ex items** ($'m) 10 (16) 88 3 * Sales less operating profit excluding special items divided by tons sold. ** Operating profit excluding special items. Refer to the supplementary information in this presentation for a reconciliation to reported operating profit and page 16 in our Q Results Booklet (available on for a definition of special items. Investor Presentation September 2013
35 Q = 1 US Coated Paper Prices and Shipments Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Q3 Q4 Q Q2 Domestic CFS shipments Total US CFS consumption CFS #3 60lb Rolls prices US Industry Shipments and total US consumption Source AF&PA and RISI indexed to Q Investor Presentation September 2013
36 Sappi Fine Paper North America 36 Q3 12 Q3 13 YTD 12 YTD 13 Tons Sold ('000) , Sales ($'m) ,061 1,011 Price / Ton ($) 1,026 1,091 1,029 1,050 Cost / Ton* ($) 974 1, ,007 Operating Profit ex items** ($'m) * Sales less operating profit excluding special items divided by tons sold. ** Operating profit excluding special items. Refer to the supplementary information in this presentation for a reconciliation to reported operating profit and page 16 in our Q Results Booklet (available on for a definition of special items. Investor Presentation September 2013
37 Aug-06 Aug-07 Aug-08 Aug-09 Aug-10 Aug-11 Aug-12 Aug-13 Pulp Prices* 37 US$/ton 1,100 1,000 NBSK BHKP $858/ton $793/ton * Source: Average monthly FOEX delivered European prices Investor Presentation September 2013
38 Sappi Southern Africa 38 Q3 12 Q3 13 YTD 12 YTD 13 Tons Sold ('000) ,253 1,172 Sales ($'m) , Price / Ton ($) Price / Ton (ZAR) 6,853 7,580 7,102 7,348 Cost / Ton* (ZAR) 6,274 7,136 6,178 6,808 Operating Profit ex items** ($'m) * Sales less operating profit excluding special items divided by tons sold. ** Operating profit excluding special items. Refer to the supplementary information in this presentation for a reconciliation to reported operating profit and page 16 in our Q Results Booklet (available on for a definition of special items. Investor Presentation September 2013
39 Cash Flow 39 Cash generated from operations Q3 12 Q3 13 YTD 12 YTD Movement in working capital (27) 8 (217) (128) - Net finance costs paid (56) (57) (157) (144) - Taxation paid (2) (2) (12) (15) Cash generated from operating activities Cash utilised in investing activities (108) (167) (236) (397) - Capital expenditure (112) (174) (246) (449) - Proceeds on disposal of non-current assets Other movements - - (1) 2 Net Cash (utilized) generated (56) (157) (76) (358) Investor Presentation September 2013
40 Reconciliation of EBITDA excluding special items* to profit for the period Q3 12 Q3 13 YTD 12 YTD 13 EBITDA ex. special items Depreciation and amortization (90) (83) (276) (260) Operating profit ex. special items Special Items (26) (19) (24) 16 Plantation price fair value adj. (20) (11) (24) 93 Net restructuring provisions - (2) (1) (16) Profit (loss) on disposal of PP&E (2) Impairment of assets & investments (46) BEE Charge (1) (1) (3) (3) Fire, flood, storm related events (6) (6) (6) (13) Segment operating profit 34 (11) Net Finance Costs (141) (42) (246) (124) Profit (Loss) before tax (107) (53) Taxation 1 11 (18) (31) Profit (Loss) for the period (106) (42) (3) (18) 40 * Refer to page 16 in our Q Results Booklet (available on for a definition of special items. Investor Presentation September 2013
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