UPM Annual Report 2018
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Inspired by the limitless opportunities of bioeconomy Delivering renewable and responsible solutions Innovating for a future beyond fossils
CONTENTS
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YEAR 2018 IN BRIEF Key performance indicators and main events.
46 STRATEGY IN ACTION
Our 2018 strategic actions for future growth and what’s ahead in 2019.
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8 FROM THE CEO
48 STAKEHOLDERS
President and CEO reviews the year 2018.
Dialogue and stakeholder engagement bring stability to our operations.
10 FROM FOSSILS TO BIOECONOMY We lead the forest-based bioindustry into a sustainable, innovation-driven and exciting future beyond fossils. 14 UPM STRATEGY – AIMING HIGHER We create value by seizing the limitless potential of bioeconomy.
54 OUR PEOPLE
Our culture of Aiming Higher sets the tone of everything we do and encourages all UPMers to develop as individuals and as a company. 62 SUSTAINABLE AND SAFE PRODUCTS Our products help to mitigate climate change and create value to society. Lifelong product stewardship is a key element of our responsible practices.
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16 FINANCIAL TARGETS
We are aiming higher in financial performance.
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18 SPEARHEADS FOR GROWTH
66 TAXES
Our transformative prospects provide opportunities for significant earnings growth.
UPM’s continuous improvement in its financial performance also generates higher tax revenue.
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20 INNOVATION FOR GROWTH
68 ENVIRONMENT
Our aim is to create sustainable solutions and to minimise dependency on fossil- based materials.
Our sustainable forestry, responsible water use, climate actions and circular economy thinking.
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24 VALUE FROM RESPONSIBILITY
78 SOCIETAL IMPACTS
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Responsibility is integrated into our Biofore strategy and our operations.
Comprehensive summary of the societal impacts of our activities and products.
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26 RESPONSIBILITY TARGETS
80 OUR GOVERNANCE AND COMPLIANCE
Our 2030 targets are guided by the Biofore strategy with positive contribution to UN Sustainability Development Goals (SDGs).
Awareness of our culture of integrity is a prerequisite for compliance.
99 REPORT OF THE BOARD OF DIRECTORS
32 BUSINESSES
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The direction and performance of our six business areas.
120 ACCOUNTS FOR 2018
Consolidated financial statements
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UPM ANNUAL REPORT 2018
UPM ANNUAL REPORT 2018
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