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UPM Annual Report 2015

2

UPM’S BUSINESS

PORTFOLIO IN FIGURES

Sales 2015 EUR 10,138 million

UPM Biorefining 20%

Other operations 4%

UPM Plywood 4%

UPM Paper

ENA 45%

UPM

Energy

4%

UPM

Raflatac

13%

UPM Paper

Asia 10%

Unconsolidated

UPM Biorefining 45%

UPM Energy 14%

UPM Plywood 6%

Other operations -1%

UPM Paper

ENA 16%

UPM Raflatac

10%

UPM Paper

Asia 10%

EBITDA 2015 EUR 1,350 million

UPM Biorefining 29%

UPM Energy

22%

Capital employed 31 Dec 2015

EUR 11,010 million

UPM Raflatac 5%

UPM Paper

Asia 10%

UPM Paper

ENA 20%

UPM Plywood 2%

Other operations 12%

UPM Paper Asia

UPM Paper Asia serves growing markets with labelling

materials globally, fine papers in Asia and flexible packaging in Europe. The operations

consist of the UPM Changshu and UPM Tervasaari mills in China and Finland as well as

labelling and packaging materials production lines at the UPM Jämsänkoski mill in

Finland. The main customers are retailers, printers, publishers, distributors and paper

converters. UPM Paper Asia seeks growth in labelling materials globally and in high

quality office papers in Asia.

UPM Paper ENA

UPM Paper ENA produces magazine papers, newsprint

and fine papers for a wide range of end uses in 17 efficient paper mills in Europe

and the United States. The main customers are publishers, cataloguers, retailers, printers

and merchants. UPM has a global paper sales network and an efficient logistics system.

UPM Paper ENA focuses on cost leadership and improved profitability to maximise

cash flow.

UPM Plywood

UPM Plywood offers plywood and veneer products, mainly

for construction, vehicle flooring and LNG shipbuilding as well as other manufacturing

industries. UPM is the leading plywood supplier in Europe, with production in Finland,

Estonia and Russia. UPM Plywood aims to strengthen its market position in selected

end-use segments and to increase value and customer-oriented service offering.

Other operations

Wood Sourcing and Forestry secures competitive

wood and biomass for UPM businesses and manages UPM-owned and privately owned

forests. In addition, UPM offers a wide range of forestry services to forest owners

and forest investors who have purchased forestry land from UPM. UPM Biocomposites

and UPM Biochemicals business units are also included in Other operations.

IN BRIEF

GOVERNANCE

ACCOUNTS

STRATEGY

BUSINESSES

STAKEHOLDERS

UPM Biorefining

UPM Biorefining consists of pulp, timber

and biofuels businesses. UPM has three pulp mills in Finland and one mill

and plantation operations in Uruguay. UPM operates four sawmills in

Finland. UPM‘s biorefinery producing wood-based renewable diesel started

up in early 2015 in Finland.

The main customers for UPM Biorefining businesses are tissue, specialty

paper and board producers in pulp, joinery, packaging, distribution and

construction industries in timber and fuel distributors in biofuels. UPM aims

to grow as a reliable pulp supplier, intends to maintain full run operations

in timber and seeks growth in advanced biofuels.

UPM Energy

UPM Energy creates value through cost competitive,

low-emission electricity generation and through physical electricity and

financial trading. UPM Energy is the second largest electricity producer in

Finland and a frontrunner in reshaping the Nordic electricity market. UPM

Energy is an active shareholder in major Finnish electricity companies such

as Pohjolan Voima Oy (PVO), Teollisuuden Voima Oyj (TVO) (through PVO)

and Kemijoki Oy. As a shareholder UPM is actively seeking shareholder

value through decision making and asset management.

UPM Raflatac

UPM Raflatac manufactures self-adhesive label

materials for product and information labelling for label printers and brand

owners in the food, personal care, pharmaceutical and retail segments, for

example. UPM Raflatac is the second largest producer of self-adhesive label

materials worldwide. UPM Raflatac aims to advance in growth markets

and strengthen its position in film and special labelstock products.

UPM integrates bio and forest industries and

builds a sustainable future across six business

areas. Our products are made of renewable

raw materials and are recyclable.

In 2015, UPM’s sales totalled EUR 10.1 billion.

UPM has production plants in 13 countries

and a global sales network. UPM employs

approximately 19,600 employees worldwide.

UPM shares are listed on the NASDAQ Helsinki

stock exchange. At the end of 2015, UPM had

approximately 85,000 shareholders.

UPM

– The Biofore

Company

Vision

As the frontrunner of the new forest industry

UPM leads the integration of bio and forest industries

into a new, sustainable and innovation-driven future.

Cost leadership, change readiness, engagement and

safety of our people form the foundation of our success.

Purpose

We create value from renewable and recyclable

materials by combining expertise and technologies

within fibre-based, energy-related and engineered

materials businesses.

Values

Trust and be trusted

Achieve together

Renew with courage

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