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UPM Group 		2-3
UPM in brief 		2-3
Year 2016 in brief 		4-5
Review by the President and CEO 		6-7
UPM in transformation 		8-9
Strategy 		10-11
Grow with Biofore – UPM’s strategic focus areas 		10-11
Performance improvement and transformation continued in 2016 		12-13
Responsibility is good business 		14-15
UPM as an investment 		16-17
UPM renewed its long-term financial targets 		16-17
Operations are guided by the Biofore strategy 		18-19
Changing operating environment 		20-21
Risks and opportunities 		22-23
UPM Biorefining 		24-25
Businesses 		24-25
UPM Energy 		28-29
UPM Raflatac 		30-31
UPM Specialty Papers 		32-33
UPM Paper ENA 		34-35
UPM Plywood 		36-37
Innovation and R&D 		38-39
Stakeholders 		40-41
Driving continuous improvement in safety 		44-45
Our stakeholders 		46-47
Continuous dialogue and collaboration with customers 		52-53
UPM’s value creation also generates tax revenues 		54-55
Product stewardship 		56-57
Sustainable forestry 		58-59
Responsible sourcing throughout the entire supply chain 		58-59
Resource-efficient production 		62-63
Responsible water use 		64-65
Climate actions and energy efficiency 		66-67
Circular economy at UPM 		68-69
Value creation 		70-71
Our people 		40-41
Governance 		72-73
Our governance 		72-73
Board of Directors 		82-83
Group Executive Team 		84-85
GRI content index – short version 		86-87
Independent Practitioner’s Assurance Report 		88-89
Accounts for 2016 		88-89
Contents 		88-89
Financial information 2007–2016 		166-167
More on resposibility 		168-169
Competitive businesses, strong market positions 		170-171
Addresses 		172-173
Annual General Meeting 		174-175
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