First quarter results
For the period ended December 2022


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FIRST
QUARTER
RESULTS

For the period ended December 2022

First quarter
Financial results conference call

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“Sappi is a leading global provider of everyday materials made from woodfibre-based renewable resources. As a diversified, innovative and trusted leader focused on sustainable processes and products, we are building a more circular economy by making what we should, not just what we can.”

Our raw material offerings (such as dissolving pulp, wood pulp, biomaterials and timber) and end-use products (packaging and speciality papers, graphic papers, casting and release papers and forestry products) are manufactured from woodfibre sourced from sustainably managed forests and plantations, in production facilities powered, in many cases, with bio-energy from steam and existing waste streams.

Together with our partners, Sappi works to build a thriving world by acting boldly to support the planet, people and prosperity.

  Quarter ended
    Dec 2022 Dec 2021 Sept 2022
Key figures: (US$ million)        
Sales   1,660 1,697 1,923
Operating profit excluding special items(1)   225 161 318
Special items – loss (gain)(2)   (6) (8) 213
EBITDA excluding special items(1)   290 240 391
Profit for the period   190 123 26
Basic earnings per share (US cents)   34 22 5
EPS excluding special items (US cents)(3)   30 20 44
Net debt(3)   1,241 1,917 1,163
Key ratios: (%)        
Operating profit excluding special items to sales   13.6 9.5 16.5
Operating profit excluding special items to capital employed (ROCE)(3)   24.7 16.5 34.4
EBITDA excluding special items to sales   17.5 14.1 20.3
Net debt to EBITDA excluding special items   0.9 2.8 0.9
Covenant leverage ratio(3)   0.9 2.9 0.9
Interest cover(3)   17.6 6.7 15.6
Net asset value per share (US cents)(3)   447 353 417
(1) Refer to note 2 to the group results for the reconciliation of EBITDA excluding special items and operating profit excluding special items to operating profit by segment and profit for the period.
(2) Refer to note 2 to the group results for details on special items.
(3) Refer to supplemental information for the definition of the term.

Highlights for the quarter

EBITDA excluding special items
US$290 million
(Q1 FY22: US$240 million)

Net debt of
US$1,241 million
(Q1 FY22: US$1,917 million)

Profit for the period
US$190 million
(Q1 FY22: US$123 million)

EPS excluding special items
30 US cents
(Q1 FY22: 20 US cents)


SALES BY PRODUCT* (%)

SALES BY SOURCE* (%)

SALES BY DESTINATION* (%)

NET OPERATING ASSETS** (EX CORPORATE) (%)

* For the period ended December 2022.

** As at December 2022.

Corporate information

Registration number: 1936/008963/06
JSE code: SAP
ISIN code: ZAE000006284
Issuer code: SAVVI

Sappi has a primary listing on the JSE Limited and a Level 1 ADR programme that trades in the over-the-counter market in the United States

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