Sappi Fourth quarter results for the period ended September 2021


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Highlights for the year

EBITDA excluding
special items
US$532 million
(FY20 US$378 million)

EPS excluding
special items
15 US cents
(FY20 loss of 5 US cents)

Profit for the period
US$13 million
(FY20 loss of US$135 million)

Net debt of

US$1,946 million
(FY20 US$1,957 million)

Return to profitability for the group


Highlights for the quarter

EBITDA excluding
special items
US$177 million
(Q4 FY20 US$82 million)

Profit for the period
US$35 million
(Q4 FY20 loss of
US$88 million)

EPS excluding
special items
11 US cents

(Q4 FY20 loss of 4 US cents)

  Quarter ended   Year ended  
  Sep 2021     Sep 2020 Jun 2021   Sep 2021     Sep 2020  
Key figures: (US$ million)                      
Sales 1,425     1,092 1,393   5,265     4,609  
Operating profit (loss) excluding special items(1) 92     (5) 64   203     57  
Special items – loss (gain)(2) 34     39 11   57     95  
EBITDA excluding special items(1) 177     82 145   532     378  
Profit (Loss) for the period 35     (88) 18   13     (135)  
Basic earnings per share (US cents) 6     (16) 3   2     (25)  
EPS excluding special items (US cents)(3) 11     (4) 5   15     (5)  
Net debt(3) 1,946     1,957 2,055   1,946     1,957  
Key ratios: (%)                      
Operating profit (loss) excluding special items to sales 6.5     (0.5) 4.6   3.9     1.2  
Operating profit (loss) excluding special items to capital employed (ROCE)(3) 9.3     (0.5) 6.4   5.4     1.6  
EBITDA excluding special items to sales 12.4     7.5 10.4   10.1     8.2  
Net debt to EBITDA excluding special items 3.7     5.2 4.7   3.7     5.2  
Covenant leverage ratio(3), (4) 3.7     5.0 4.7   3.7     5.0  
Interest cover(3), (4) 5.5     4.7 4.8   5.5     4.7  
Net asset value per share (US cents)(3) 351     351 351   351     299  
(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.
(4) The current covenant suspension period ends in September 2021.