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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