UPM Annual Report 2018
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Table of contents
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Cover
1
Contents
2
UPM at a glance
4
UPM at a glance: UPM Biofore - Beyond Fossils
4
Year 2018 in brief
6
From the President and CEO
8
Strategy
10
From fossils to bioeconomy
10
UPM strategy - Aiming higher
14
Aiming higher in performance
16
UPM as an investment
16
Spearheads for growth
18
Innovations for growth and competitiveness
20
Value from responsibility
24
Guided by the Biofore strategy - 2030 responsibility targets
26
Megatrends drive demand for renewable and responsible solutions
28
Risks and opportunities
30
Businesses
32
UPM Biorefining
32
UPM Energy
36
UPM Raflatac
38
UPM Specialty Papers
40
UPM Communication Papers
42
UPM Plywood
44
Strategic actions for future growth
46
Society and environment
48
Stability through stakeholder engagement
48
Our people
54
Continuous safety improvements
58
Responsible and efficient sourcing is based on good partnerships
60
Sustainable and safe products
62
Active customer collaboration
64
UPM's value creation also generates tax revenue
66
Committed to sustainable forestry
68
Continuous improvement of resource-efficiency in production
70
Responsible water use
72
Climate actions and energy efficiency
74
Circular economy at the core
76
Summary of our societal impacts
78
Governance and compliance
80
Compliance
80
Governance principles
82
Remuneration
90
Board of Directors
92
Group Executive Team
94
GRI content index - short version
96
Independent Practitioner's Assurance Report
98
Accounts 2018
98
Report of the Board of Directors
98
Financial Statements 2018
120
Auditor's report
182
Other financial information
186
More on responsibility
192
UPM on a world map
194
Addresses
196
Annual General Meeting
198
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