​Latest financial results

Sappi Limited (JSE: SAP, OTC: SPPJY) released its Q2 FY23 financial results for the period ended March 2023 on Thursday, 11 May 2023, at 09:00 South African time.

Financial summary for Q2 FY23 ended March 2023:

  • 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)

Sappi announces results for the second financial quarter of 2023

Commenting on the group’s results, Sappi Chief Executive Officer Steve Binnie said: “Following the record profitability achieved last year, the group faced a severe downstream inventory destocking cycle. This led to production curtailment in both the European and North American regions to match the sluggish market demand and to prevent excess inventory accumulation. Profitability was negatively affected by reduced sales volumes, cost inflation and operational inefficiencies associated with the commercial downtime. However, paper selling prices remained relatively stable through the quarter and were significantly above the levels in the prior year. Dissolving pulp (DP) market conditions improved during the quarter.

Sappi delivered an EBITDA excluding special items of US$167 million against a backdrop of a challenging global economy and significantly weaker paper and pulp markets. Our long-term net debt target of approximately US$1 billion remains a strategic imperative and we continued to progress towards this goal. Net debt decreased by US$568 million compared to the prior year and ended the quarter at US$1,225 million. Net debt/EBITDA improved materially to 1.0 from 2.0 in the prior year.”

Looking forward, Binnie stated: “Sappi is well positioned to withstand the current market pressures given our significantly reduced debt profile and healthy cash reserves. We remain committed to our strategy to reduce exposure to graphic paper markets while investing for growth in renewable packaging, dissolving pulp and biomaterials.”

You can download and view all of the latest financial results below, alongside our 2022 Annual Integrated Report.


Q2 FY23 financial results booklet (Interactive)
Click the link above to browse the interactive version of our Q2 FY23 financial results booklet.
Conference call dial-in details
Find dial-in numbers and registration link for the conference call hosted by our CEO, Steve Binnie.
2022 Sappi Annual Integrated Report (Interactive)
Click the link above to browse the interactive version of our 2022 Sappi Annual Integrated Report.
The strong cash generation and substantial debt reduction in FY2022 has fundamentally repositioned the business and created a more resilient balance sheet that can withstand any potential headwinds in our markets and provides a flexible platform for future growth.
Steve Binnie, Chief Executive Officer of Sappi Limited
Tracy Wessels
Group Head Investor Relations and Sustainability
Sappi Limited (Reg no 1936/008963/06)
108 Oxford Road
Johannesburg, 2196
South Africa
+27 (0)11 407 8391
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Read our 2022 annual reports to find out about a year in which we made significant progress against the first phase of the Thrive25 strategy to deleverage the business.
View Sappi’s quarterly financial statements, formatted as webcasts, presentations, booklets and debt updates.

Sappi makes regular filings to the US Securities and Exchange Commission, all of which can be found in this feed.