UPM Annual Report 2019

Our strategy

UPM in changing world

Our businesses

The way we operate

Governance Accounts for 2019

Report of the Board of Directors

Financial statements

Auditor’s report

Other financial information

A new era of growth

OUR STRATEGY

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 renewable and responsible solutions .................26 Risks and opportunities ...........................................28 Creating shareholder value ...................................30

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OUR STRATEGY

OUR STRATEGY

UPM ANNUAL REPORT 2019

UPM ANNUAL REPORT 2019

CONTENTS