UPM Annual Report 2017

First page Table of contents Next page Last page

Cover	1
Contents	2
UPM Group	2
UPM in Brief	2
Year 2017 in brief	8
Review by the President and CEO	10
Strategy	12
UPM Strategy – Aiming higher	12
Moving forward	14
UPM aims higher with renewed long-term financial targets	16
UPM as an investment	16
Guided by the Biofore strategy – 2030 targets	18
Responsibility is good business	20
Megatrends drive demand for sustainable and safe solutions	22
Risks and opportunities	24
Performance improvement and transformation continued in 2017	26
Businesses	28
UPM Biorefining	28
UPM Energy	32
UPM Raflatac	34
UPM Specialty Papers	36
UPM Paper ENA	38
UPM Plywood	40
Innovations	42
Stakeholders	46
Our people	46
Driving continuous safety improvements	50
Our stakeholders	52
Value to customers globally	58
UPM’s value creation also generates tax revenues	60
Product stewardship	62
Committed to sustainable forestry	64
Co-operation with suppliers is the basis of a responsible supply chain	66
Resource-efficient production	68
Responsible water use	70
Climate actions and energy efficiency	72
Circular economy at UPM	74
Diving deeper into the societal impacts	76
Governance	78
Our governance	78
Board of Directors	88
Group Executive Team	90
GRI content index – short version	92
Independent Practitioner’s Assurance Report	94
Accounts for 2017	94
Contents	94
Financial information 2008–2017	180
More on resposibility	182
Competitive businesses, strong market positions	184
Addresses	186
Annual General Meetingdent Practitioner’s Assurance Report	188

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