Cash flow Sappi Limited

Equities

SAP

ZAE000006284

Paper Products

End-of-day quote Johannesburg S.E. Other stock markets 2026-02-06			5-day change	1st Jan Change
18.66 ^ZAR	+0.32%		+4.01%	-23.99%

Dec. 04	Sappi Limited - Special Call
Dec. 04	UPM and Sappi have signed a non-binding letter of intent to form a graphic paper joint venture	RE

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Published financial data: SAPPI LIMITED

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: September	2021	2022	2023	2024	2025
Revenues	5.26B	7.3B	5.81B	5.46B	5.42B
Total Revenues	5.26B	7.3B	5.81B	5.46B	5.42B
Cost of Goods Sold, Total	4.7B	5.89B	5.02B	4.68B	4.9B
Gross Profit	562M	1.41B	784M	775M	515M
Selling General & Admin Expenses, Total	381M	413M	373M	407M	370M
Depreciation & Amortization - (IS)	-	-	-	-	-
Other Operating Expenses	5M	224M	-67M	215M	86M
Other Operating Expenses, Total	386M	637M	306M	622M	456M
Operating Income	176M	771M	478M	153M	59M
Interest Expense, Total	-107M	-105M	-99M	-100M	-109M
Interest And Investment Income	8M	10M	48M	28M	15M
Net Interest Expenses	-99M	-95M	-51M	-72M	-94M
Income (Loss) On Equity Invest.	3M	1M	-3M	-	-8M
Currency Exchange Gains (Loss)	1M	1M	10M	9M	8M
Other Non Operating Income (Expenses)	-31M	-	-	-	-
EBT, Excl. Unusual Items	50M	678M	434M	90M	-35M
Restructuring Charges	-2M	-	-	-	-
Gain (Loss) On Sale Of Investments	-4M	3M	-	-	-
Asset Writedown	-32M	-38M	-110M	25M	-48M
Insurance Settlements	-	30M	7M	-	-
Other Unusual Items	-	-	-	-	-
EBT, Incl. Unusual Items	12M	673M	331M	115M	-83M
Income Tax Expense	-1M	137M	72M	82M	94M
Earnings From Continuing Operations	13M	536M	259M	33M	-177M
Net Income to Company	13M	536M	259M	33M	-177M
Net Income - (IS)	13M	536M	259M	33M	-177M
Net Income to Common Incl Extra Items	13M	536M	259M	33M	-177M
Net Income to Common Excl. Extra Items	13M	536M	259M	33M	-177M
Per Share Items
Net EPS - Basic	0.02	0.95	0.46	0.06	-0.29
Basic EPS - Continuing Operations	0.02	0.95	0.46	0.06	-0.29
Basic Weighted Average Shares Outstanding	550M	563M	564M	582M	604M
Net EPS - Diluted	0.02	0.9	0.44	0.06	-0.29
Diluted EPS - Continuing Operations	0.02	0.9	0.44	0.06	-0.29
Diluted Weighted Average Shares Outstanding	552M	601M	605M	588M	608M
Normalized Basic EPS	0.06	0.75	0.48	0.1	-0.04
Normalized Diluted EPS	0.06	0.7	0.45	0.1	-0.04
Dividend Per Share	-	0.15	0.15	0.14	-
Payout Ratio	-	-	32.82	254.55	-48.02
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
EBITDA	475M	1.04B	751M	406M	334M
EBITA	186M	780M	485M	158M	65M
EBIT	176M	771M	478M	153M	59M
EBITDAR	481M	1.05B	757M	411M	341M
Effective Tax Rate - (Ratio)	-8.33	20.36	21.75	71.3	-113.25
Total Current Taxes	11M	48M	56M	78M	41M
Total Deferred Taxes	-12M	89M	16M	4M	53M
Normalized Net Income	31.25M	424M	271M	56.25M	-21.88M
Interest Capitalized	12M	-	-	-	-
Interest on Long-Term Debt	7M	6M	6M	7M	9M
Non-Cash Pension Expense	5M	-27M	5M	0	1M
Supplemental Operating Expense Items
Selling and Marketing Expenses	-	-	-	-	-
General and Administrative Expenses	-	-	-	-	-
Research And Development Expense From Footnotes	45M	44M	44M	42M	44M
Net Rental Expense, Total	6M	8M	6M	5M	7M
Imputed Operating Lease Interest Expense	2.5M	3.15M	2.62M	2.34M	3.15M
Imputed Operating Lease Depreciation	3.5M	4.85M	3.38M	2.66M	3.85M
Maintenance & Repair Expenses, Total	241M	241M	249M	235M	255M
Stock-Based Comp., Other (Total)	8M	7M	6M	6M	7M
Total Stock-Based Compensation	8M	7M	6M	6M	7M

Fiscal Period: September	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	366M	780M	601M	317M	219M
Trading Asset Securities, Total	-	-	-	-	-
Total Cash And Short Term Investments	366M	780M	601M	317M	219M
Accounts Receivable, Total	564M	792M	510M	615M	558M
Other Receivables	7M	1M	52M	58M	51M
Total Receivables	571M	793M	562M	673M	609M
Inventory	841M	780M	777M	836M	823M
Prepaid Expenses	139M	147M	100M	104M	82M
Other Current Assets, Total	14M	299M	14M	68M	6M
Total Current Assets	1.93B	2.8B	2.05B	2B	1.74B
Gross Property Plant And Equipment	10.5B	8.38B	9.88B	9.78B	10.23B
Accumulated Depreciation	-6.58B	-5.21B	-6.44B	-5.9B	-6.15B
Net Property Plant And Equipment	3.91B	3.16B	3.44B	3.88B	4.08B
Long-term Investments	18M	13M	14M	16M	17M
Goodwill	57M	53M	54M	55M	48M
Other Intangibles, Total	53M	36M	34M	40M	39M
Loans Receivable Long-Term	13M	15M	28M	32M	31M
Deferred Tax Assets Long-Term	59M	46M	75M	76M	24M
Deferred Charges Long-Term	-	-	-	-	-
Other Long-Term Assets, Total	143M	104M	94M	107M	97M
Total Assets	6.19B	6.23B	5.8B	6.21B	6.07B
Liabilities
Accounts Payable, Total	699M	693M	566M	713M	567M
Accrued Expenses, Total	312M	275M	242M	277M	215M
Short-term Borrowings	-	-	-	-	2M
Current Portion of Long-Term Debt	132M	171M	266M	107M	469M
Current Portion of Leases	24M	18M	30M	21M	26M
Current Income Taxes Payable	8M	25M	29M	66M	15M
Other Current Liabilities	134M	342M	183M	145M	160M
Total Current Liabilities	1.31B	1.52B	1.32B	1.33B	1.45B
Long-Term Debt	2.07B	1.69B	1.33B	1.54B	1.55B
Long-Term Leases	94M	66M	61M	74M	96M
Unearned Revenue Non Current	4M	-	-	-	-
Pension & Other Post Retirement Benefits	327M	180M	198M	207M	183M
Deferred Tax Liability Non Current	345M	361M	394M	433M	437M
Other Non Current Liabilities	69M	52M	53M	48M	48M
Total Liabilities	4.22B	3.87B	3.35B	3.63B	3.76B
Common Stock, Total	38M	31M	30M	35M	35M
Additional Paid In Capital	839M	697M	649M	780M	773M
Retained Earnings	1.23B	1.81B	1.97B	1.92B	1.68B
Treasury Stock	-	-	-	-	-
Comprehensive Income and Other	-141M	-181M	-206M	-153M	-177M
Total Common Equity	1.97B	2.36B	2.44B	2.58B	2.31B
Total Equity	1.97B	2.36B	2.44B	2.58B	2.31B
Total Liabilities And Equity	6.19B	6.23B	5.8B	6.21B	6.07B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	562M	565M	559M	599M	605M
ECS Total Common Shares Outstanding	562M	565M	559M	599M	605M
Book Value / Share	3.51	4.17	4.38	4.3	3.82
Tangible Book Value	1.86B	2.27B	2.36B	2.48B	2.22B
Tangible Book Value Per Share	3.31	4.01	4.22	4.14	3.67
Total Debt	2.32B	1.94B	1.69B	1.74B	2.14B
Net Debt	1.95B	1.16B	1.08B	1.42B	1.92B
Debt Equivalent of Unfunded Proj. Benefit Obligation	1.43B	6M	37M	31M	35M
Debt Equivalent Oper. Leases	48M	64M	48M	40M	56M
Equity Method Investments, Total	10M	8M	9M	11M	12M
Account Code - Inventory Valuation	5	5	5	5	5
Inventories - Raw Materials, Total	333M	316M	358M	364M	377M
Inventories - Work In Process, Total	54M	51M	57M	61M	59M
Inventories - Finished Goods, Total	454M	413M	362M	411M	387M
Land - (BS)	1.44B	1.12B	1.48B	1.33B	1.44B
Machinery, Total	8.47B	6.8B	7.53B	7.26B	8.13B
Full Time Employees	-	-	12.33K	-	-
Assets under Capital Lease - Gross	-	-	-	-	-
Assets under Capital Lease - Accumulated Depreciation	-	-	-	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	17M	24M	17M	12M	12M

Fiscal Period: September	2021	2022	2023	2024	2025
Net Income	13M	536M	259M	33M	-177M
Depreciation & Amortization - CF	319M	292M	292M	273M	297M
Amortization of Goodwill and Intangible Assets - (CF)	10M	9M	7M	5M	6M
Depreciation & Amortization, Total	329M	301M	299M	278M	303M
(Gain) Loss From Sale Of Asset	-5M	205M	-183M	-7M	14M
(Gain) Loss on Sale of Investments - (CF)	-	-	-	-	-
Asset Writedown & Restructuring Costs	26M	16M	182M	-205M	107M
Stock-Based Compensation (CF)	8M	7M	6M	6M	7M
Other Operating Activities, Total	-3M	87M	-51M	74M	8M
Change In Accounts Receivable	-110M	-381M	370M	-90M	98M
Change In Inventories	-147M	-174M	156M	-29M	24M
Change In Accounts Payable	296M	285M	-348M	148M	-211M
Cash from Operations	407M	882M	690M	208M	173M
Capital Expenditure	-374M	-368M	-382M	-458M	-496M
Sale of Property, Plant, and Equipment	4M	2M	16M	49M	48M
Cash Acquisitions	-	-	-	-	-
Divestitures	-	-	-	2M	-
Sale (Purchase) of Intangible assets	-	-	-26M	-15M	-5M
Investment in Marketable and Equity Securities, Total	-	-1M	-1M	-2M	-
Other Investing Activities, Total	-8M	-9M	-2M	-6M	-4M
Cash from Investing	-378M	-376M	-395M	-430M	-457M
Long-Term Debt Issued, Total	690M	46M	41M	297M	661M
Total Debt Issued	690M	46M	41M	297M	661M
Long-Term Debt Repaid, Total	-657M	-89M	-435M	-293M	-398M
Total Debt Repaid	-657M	-89M	-435M	-293M	-398M
Repurchase of Common Stock	-	-	-22M	-	-
Common Dividends Paid	-	-	-85M	-84M	-85M
Common & Preferred Stock Dividends Paid	-	-	-85M	-84M	-85M
Other Financing Activities, Total	-	-	-	-	-
Cash from Financing	33M	-43M	-501M	-80M	178M
Foreign Exchange Rate Adjustments	25M	-49M	27M	18M	8M
Net Change in Cash	87M	414M	-179M	-284M	-98M
Supplemental Items
Cash Interest Paid	110M	102M	115M	69M	100M
Cash Income Tax Paid (Refund)	2M	23M	56M	50M	90M
Levered Free Cash Flow	50.12M	84.25M	385M	-203M	-305M
Unlevered Free Cash Flow	117M	150M	447M	-140M	-237M
Change In Net Working Capital	-44M	272M	-251M	47M	83M
Net Debt Issued / Repaid	33M	-43M	-394M	4M	263M

Fiscal Period: September	2021	2022	2023	2024	2025
Profitability
Return on Assets	1.89	7.76	4.97	1.59	0.6
Return on Total Capital	2.69	11.22	7.09	2.26	0.84
Return On Equity %	0.72	24.77	10.78	1.31	-7.25
Return on Common Equity	0.72	24.77	10.78	1.31	-7.25
Margin Analysis
Gross Profit Margin %	10.67	19.3	13.5	14.2	9.5
SG&A Margin	7.24	5.66	6.42	7.46	6.83
EBITDA Margin %	9.02	14.32	12.93	7.44	6.16
EBITA Margin %	3.53	10.69	8.35	2.89	1.2
EBIT Margin %	3.34	10.57	8.23	2.8	1.09
Income From Continuing Operations Margin %	0.25	7.35	4.46	0.6	-3.27
Net Income Margin %	0.25	7.35	4.46	0.6	-3.27
Net Avail. For Common Margin %	0.25	7.35	4.46	0.6	-3.27
Normalized Net Income Margin	0.59	5.81	4.67	1.03	-0.4
Levered Free Cash Flow Margin	0.95	1.15	6.63	-3.72	-5.63
Unlevered Free Cash Flow Margin	2.22	2.05	7.69	-2.57	-4.38
Asset Turnover
Asset Turnover	0.9	1.18	0.97	0.91	0.88
Fixed Assets Turnover	1.4	2.06	1.76	1.49	1.36
Receivables Turnover (Average Receivables)	10.3	10.76	8.92	9.7	9.24
Inventory Turnover (Average Inventory)	6.21	7.26	6.45	5.81	5.91
Short Term Liquidity
Current Ratio	1.48	1.84	1.56	1.5	1.2
Quick Ratio	0.72	1.03	0.88	0.74	0.57
Operating Cash Flow to Current Liabilities	0.31	0.58	0.52	0.16	0.12
Days Sales Outstanding (Average Receivables)	35.33	34.48	40.79	37.51	39.6
Days Outstanding Inventory (Average Inventory)	58.59	51.07	56.39	62.69	61.9
Average Days Payable Outstanding	43.57	44.31	45.63	49.09	47.88
Cash Conversion Cycle (Average Days)	50.35	41.23	51.56	51.11	53.62
Long Term Solvency
Total Debt/Equity	117.66	82.4	68.96	67.46	92.68
Total Debt / Total Capital	54.06	45.18	40.81	40.28	48.1
LT Debt/Equity	109.75	74.38	56.85	62.49	71.14
Long-Term Debt / Total Capital	50.42	40.78	33.65	37.32	36.92
Total Liabilities / Total Assets	68.15	62.14	57.82	58.46	61.99
EBIT / Interest Expense	1.64	7.34	4.83	1.53	0.54
EBITDA / Interest Expense	4.72	10.21	7.85	4.31	3.32
(EBITDA - Capex) / Interest Expense	1.22	6.7	3.99	-0.27	-1.23
Total Debt / EBITDA	4.59	1.81	2.17	4.03	5.91
Net Debt / EBITDA	3.87	1.08	1.4	3.3	5.3
Total Debt / (EBITDA - Capex)	17.69	2.76	4.27	-64.41	-15.96
Net Debt / (EBITDA - Capex)	14.9	1.65	2.75	-52.67	-14.33
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	14.23	38.58	-20.38	-6.04	-0.7
Gross Profit, 1 Yr. Growth %	48.28	150.53	-44.32	-1.15	-33.55
EBITDA, 1 Yr. Growth %	58.33	120	-28.13	-46.44	-17.73
EBITA, 1 Yr. Growth %	1.33K	319.35	-37.82	-67.89	-58.86
EBIT, 1 Yr. Growth %	3.42K	338.07	-38	-68.45	-61.44
Earnings From Cont. Operations, 1 Yr. Growth %	-109.63	4.02K	-51.68	-87.26	-636.36
Net Income, 1 Yr. Growth %	-109.63	4.02K	-51.68	-87.26	-636.36
Normalized Net Income, 1 Yr. Growth %	-164.1	1.26K	-35.99	-79.59	-138.89
Diluted EPS Before Extra, 1 Yr. Growth %	-108	4.4K	-51.48	-87.02	-617.27
Accounts Receivable, 1 Yr. Growth %	23.14	40.43	-35.61	20.59	-9.27
Inventory, 1 Yr. Growth %	24.96	-7.25	-0.38	7.59	-1.56
Net Property, Plant and Equip., 1 Yr. Growth %	7.98	-19.15	8.85	12.75	5.02
Total Assets, 1 Yr. Growth %	13.4	0.7	-6.95	7.07	-2.16
Tangible Book Value, 1 Yr. Growth %	22.45	21.99	3.88	5.35	-10.55
Common Equity, 1 Yr. Growth %	20.71	19.7	3.69	5.44	-10.47
Cash From Operations, 1 Yr. Growth %	56.54	116.71	-21.77	-69.86	-16.83
Capital Expenditures, 1 Yr. Growth %	6.55	-1.6	3.8	19.9	8.3
Levered Free Cash Flow, 1 Yr. Growth %	-141.81	68.08	447.86	-152.12	50.46
Unlevered Free Cash Flow, 1 Yr. Growth %	-280.35	28.1	228.79	-131.12	68.92
Dividend Per Share, 1 Yr. Growth %	-	-	0	-6.67	-
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-4.28	25.82	5.04	-13.51	-3.41
Gross Profit, 2 Yr. CAGR %	-13.89	92.74	18.11	-25.81	-18.95
EBITDA, 2 Yr. CAGR %	-14.52	86.64	25.74	-37.67	-33.62
EBITA, 2 Yr. CAGR %	-29.38	674.6	61.48	-54.99	-63.65
EBIT, 2 Yr. CAGR %	-30.56	1.14K	64.8	-55.45	-65.12
Earnings From Cont. Operations, 2 Yr. CAGR %	-75.18	99.26	346.35	-75.19	-17.33
Net Income, 2 Yr. CAGR %	-75.18	99.26	346.35	-75.19	-17.33
Normalized Net Income, 2 Yr. CAGR %	-59.04	194.83	194.62	-63.57	-71.83
Diluted EPS Before Extra, 2 Yr. CAGR %	-77.33	89.74	367.25	-74.91	-18.07
Accounts Receivable, 2 Yr. CAGR %	-2.23	31.5	-4.91	-11.88	4.6
Inventory, 2 Yr. CAGR %	8.91	7.66	-3.88	3.53	2.92
Net Property, Plant and Equip., 2 Yr. CAGR %	5.54	-6.56	-6.19	10.78	8.82
Total Assets, 2 Yr. CAGR %	4.89	6.86	-3.2	-0.18	2.35
Tangible Book Value, 2 Yr. CAGR %	-0.9	22.22	12.57	4.61	-2.93
Common Equity, 2 Yr. CAGR %	0.56	20.2	11.41	4.56	-2.84
Cash From Operations, 2 Yr. CAGR %	-15.13	84.18	30.2	-51.44	-49.93
Capital Expenditures, 2 Yr. CAGR %	-10.89	2.39	1.06	11.56	13.95
Levered Free Cash Flow, 2 Yr. CAGR %	-18.04	-16.17	177.1	69.94	-11.44
Unlevered Free Cash Flow, 2 Yr. CAGR %	-4.06	51.99	95.41	1.64	-27.5
Dividend Per Share, 2 Yr. CAGR %	-	-	-	-3.39	-
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-3.21	8.29	8.02	1.21	-9.43
Gross Profit, 3 Yr. CAGR %	-12.92	22.93	27.42	11.31	-28.48
EBITDA, 3 Yr. CAGR %	-13.74	17.15	35.78	-5.1	-31.63
EBITA, 3 Yr. CAGR %	-26.42	27.88	234.14	-5.29	-56.32
EBIT, 3 Yr. CAGR %	-27.3	28.31	357.25	-4.56	-57.54
Earnings From Cont. Operations, 3 Yr. CAGR %	-65.73	36.45	24.26	36.41	-30.88
Net Income, 3 Yr. CAGR %	-65.73	36.45	24.26	36.41	-30.88
Normalized Net Income, 3 Yr. CAGR %	-49.92	31.52	77.2	21.64	-62.77
Diluted EPS Before Extra, 3 Yr. CAGR %	-67.64	32.23	20.43	41.5	-31.2
Accounts Receivable, 3 Yr. CAGR %	-3.82	10.31	3.65	2.93	-11.02
Inventory, 3 Yr. CAGR %	4.31	3.23	4.91	-0.2	1.8
Net Property, Plant and Equip., 3 Yr. CAGR %	4.02	-3.43	-1.68	-0.26	8.83
Total Assets, 3 Yr. CAGR %	2.95	3.47	2.04	0.11	-0.85
Tangible Book Value, 3 Yr. CAGR %	-0.43	6.21	15.77	10.11	-0.71
Common Equity, 3 Yr. CAGR %	0.39	6.57	14.42	9.38	-0.71
Cash From Operations, 3 Yr. CAGR %	-6.06	16	38.45	-20.05	-41.9
Capital Expenditures, 3 Yr. CAGR %	-11.58	-7.9	2.86	6.99	10.46
Levered Free Cash Flow, 3 Yr. CAGR %	-16.51	4.13	47.52	59.36	63.18
Unlevered Free Cash Flow, 3 Yr. CAGR %	54.46	5.64	90.25	6.26	20.4
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	0.48	6.62	0.01	-1.02	3.29
Gross Profit, 5 Yr. CAGR %	-6.98	10.73	-1.63	0.44	6.32
EBITDA, 5 Yr. CAGR %	-7.98	6.66	0.3	-8.98	2.17
EBITA, 5 Yr. CAGR %	-16.92	9.21	0.76	-15.78	37.97
EBIT, 5 Yr. CAGR %	-17.77	9.14	0.86	-15.96	63.82
Earnings From Cont. Operations, 5 Yr. CAGR %	-47.27	9.66	-4.32	-31	5.57
Net Income, 5 Yr. CAGR %	-47.27	9.66	-4.32	-31	5.57
Normalized Net Income, 5 Yr. CAGR %	-33.48	9.43	1.75	-21.29	-14.81
Diluted EPS Before Extra, 5 Yr. CAGR %	-49.18	7.74	-5.84	-31.99	3.23
Accounts Receivable, 5 Yr. CAGR %	1.76	6.76	-4.26	0.83	4.03
Inventory, 5 Yr. CAGR %	6.77	4.17	0.95	3.35	4.11
Net Property, Plant and Equip., 5 Yr. CAGR %	5.86	0.15	-0.19	2.02	2.39
Total Assets, 5 Yr. CAGR %	3.63	3.49	0.44	1.99	2.17
Tangible Book Value, 5 Yr. CAGR %	6.45	5.84	4.58	5.56	7.89
Common Equity, 5 Yr. CAGR %	7.41	6.18	4.66	5.76	7.18
Cash From Operations, 5 Yr. CAGR %	-5.84	10.31	7.04	-18.12	-7.82
Capital Expenditures, 5 Yr. CAGR %	9.19	0.61	-6.72	-0.56	7.16
Levered Free Cash Flow, 5 Yr. CAGR %	-28.08	-6.63	34.91	22.14	20.56
Unlevered Free Cash Flow, 5 Yr. CAGR %	-18.75	-3.73	69.69	2	29.59
Dividend Per Share, 5 Yr. CAGR %	-	0	-2.47	-	-