UPM Annual Report 2019

Our businesses

UPM in changing world

Our strategy

The way we operate

Governance

Accounts for 2019

Report of the Board of Directors

Financial statements

Auditor’s report

Other financial information

We help our

customers to make their businesses more sustainable

OUR BUSINESSES

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

32

33

OUR BUSINESSES

OUR BUSINESSES

UPM ANNUAL REPORT 2019

UPM ANNUAL REPORT 2019

CONTENTS