Second quarter results
for the period ended March 2023


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SECOND
QUARTER
RESULTS

for the period ended March 2023

Second quarter
financial results conference call

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(2) Use this option to listen to results presentation, no ability to ask questions.

“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 papers, 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 Half–year ended
    Mar 2023 Mar 2022 Dec 2022 Mar 2023 Mar 2022
Key figures (US$ million)            
Sales   1,442 1,858 1,660 3,102 3,555
Operating profit (loss) excluding special items(1)   101 259 225 326 420
Special items – loss (gain)(2)   (7) 29 (6) (13) 21
EBITDA excluding special items(1)   167 337 290 457 577
Profit (Loss) for the period   69 188 190 259 311
Basic earnings per share (US cents)   12 33 34 46 55
EPS excluding special items (US cents)(3)   11 35 30 41 55
Net debt(3)   1,225 1,793 1,241 1,225 1,793
Key ratios (%)            
Operating profit (loss) excluding special items to sales   7.0 13.9 13.6 10.5 11.8
Operating profit (loss) excluding special items to capital employed (ROCE)(3)   10.7 25.8 24.7 17.9 20.9
EBITDA excluding special items to sales   11.6 18.1 17.5 14.7 16.2
Net debt to EBITDA excluding special items   1.0 2.0 0.9 1.0 2.0
Covenant leverage ratio(3)   0.9 2.0 0.9 0.9 2.0
Interest cover(3)   13.4 9.5 17.6 13.4 9.5
Net asset value per share (US cents)(3)   447 417 447 447 417
(1) Refer to note 2 to the group results for the reconciliation of EBITDA 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$167 million
(Q2 FY22: US$337 million)

Net debt of
US$1,225 million
(Q2 FY22: US$1,793 million)

Profit for the period
US$69 million
(Q2 FY22: US$188 million)

EPS excluding special items
11 US cents
(Q2 FY22: 35 US cents)


SALES BY PRODUCT* (%)

SALES BY SOURCE* (%)


SALES BY DESTINATION* (%)

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


* For the period ended March 2023.

** As at March 2023.

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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www.computershare.com

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