UPM Annual Report 2019
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Table of contents
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Cover
1
Contents
2
UPM in changing world
4
Future beyond fossils is a key driver for UPM going forward
4
The need for sustainable choices
6
Sustainable and safe solutions
8
Year 2019 in brief
10
From the President and CEO
12
Our strategy
14
UPM Biofore strategy – Beyond fossils
16
Top performance
18
Spearheads for growth
20
Innovating for growth
22
Value from responsibility
24
Megatrends drive demand for sustainable and safe solutions
26
Risks and opportunities
28
Creating shareholder value
30
Our businesses
32
Biofore Company
34
UPM Biorefining
36
A new era in Uruguay
38
UPM Energy
42
UPM Raflatac
44
UPM Specialty Papers
46
UPM Communication Papers
48
UPM Plywood
50
New sustainable alternatives
52
Actions for future growth
56
The way we operate
58
Our responsibility targets for 2030
60
Value from stakeholder engagement
62
Our businesses actively engage with stakeholders
66
Enabling people growth
68
Strengthening our safety culture
72
Making the right choices
74
Our value creation generates tax revenue
78
Responsible sourcing
80
Lifelong product stewardship
82
Active customer collaboration
84
Committed to climate actions
86
Sustainable forestry
88
Reducing energy use and emissions to air
90
Improving resource efficiency
92
Responsible water use
94
Circular economy
96
Summary of our societal impacts
98
Our governance
100
Significant decisions
102
Remuneration
110
Board of Directors
112
Group Executive Team
114
Independent Practitioner’s Assurance Report
116
Accounts for 2019
118
Report of the Board of Directors
120
Financial statements 2019
144
Auditor’s report
210
Other financial information
214
Financial information 2010–2019
218
More on responsibility
220
UPM on a world map
222
Addresses
224
Annual General Meeting
226
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