SECOND
QUARTER RESULTS
for the period ended March 2022
“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.
Highlights for the quarter
EBITDA excluding
special items
US$337 million
(Q2 FY21: US$112 million)
Net debt of
US$1,793 million
(Q2 FY21: US$2,070 million)
Profit for the period
US$188 million
(Q2 FY21: loss of
US$23 million)
EPS excluding
special items
35 US cents
(Q2 FY21: loss of
1 US cent)
Sales by source* (%)
Sales by product* (%)

Sales by destination* (%)

Net operating assets** (ex Corporate) (%)

* For the period ended March 2022.
** As at March 2022.
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Quarter ended |
Half-year ended |
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Mar
2022 |
Mar
2021 |
Dec
2021 |
Mar
2022 |
Mar
2021 |
Key figures: (US$ million) |
|
|
|
|
|
|
Sales |
|
1,858 |
1,284 |
1,697 |
3,555 |
2,447 |
Operating profit excluding
special items(1) |
|
259 |
31 |
161 |
420 |
47 |
Special items – loss (gain)(2) |
|
29 |
12 |
(8) |
21 |
12 |
EBITDA excluding special items(1) |
|
337 |
112 |
240 |
577 |
210 |
Profit (Loss) for the period |
|
188 |
(23) |
123 |
311 |
(40) |
Basic earnings per share (US cents) |
|
33 |
(4) |
22 |
55 |
(7) |
EPS excluding special items (US cents)(3) |
|
35 |
(1) |
20 |
55 |
(2) |
Net debt(3) |
|
1,793 |
2,070 |
1,917 |
1,793 |
2,070 |
Key ratios: (%) |
|
|
|
|
|
|
Operating profit (loss) excluding special items to sales |
|
13.9 |
2.4 |
9.5 |
11.8 |
1.9 |
Operating profit (loss) excluding special items to capital employed (ROCE)(3) |
|
25.8 |
3.2 |
16.5 |
20.9 |
2.5 |
EBITDA excluding special items to sales |
|
18.1 |
8.7 |
14.1 |
16.2 |
8.6 |
Net debt to EBITDA excluding special items |
|
2.0 |
6.5 |
2.8 |
2.0 |
6.5 |
Covenant leverage ratio(3) |
|
2.0 |
6.7 |
2.9 |
2.0 |
6.7 |
Interest cover(3) |
|
9.5 |
3.7 |
6.7 |
9.5 |
3.7 |
Net asset value per share (US cents)(3) |
|
417 |
345 |
353 |
417 |
345 |
(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. |
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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South Africa
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JSE Sponsor
Rand Merchant Bank (a division of FirstRand Bank Limited)
United States ADR Depositary
The Bank of New York Mellon
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