UPM Annual Report 2019

Accounts for 2019

UPM in changing world

Our strategy

Our businesses

The way we operate

Governance

Report of the Board of Directors

Financial statements

Auditor’s report

Other financial information

Strong financial

position enables

us to make new

opportunities real

ACCOUNTS FOR 2019

Report of the Board of Directors .............................. .120 Financial statements ..................................................... .144 Auditor’s report .............................................................. 210 Other financial information ........................................ 214 Financial information 2010–2019 ........................... 218

ACCOUNTS FOR 2019 118

ACCOUNTS FOR 2019 119

UPM ANNUAL REPORT 2019

UPM ANNUAL REPORT 2019

CONTENTS

ACCOUNTS