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WE CREATE A FUTURE BEYOND FOSSILS ANNUAL REPORT 2020 RESPONSIBLE SOLUTIONS Mitigating climate change requires swift action. One key step is to reduce the use of fossil raw materials. We at UPM are doing meaningful work as we create a future beyond fossils. Forests are part of the solution. Wood is a renewable raw material that can be used for various purposes from packaging to biochemicals. Wood also binds carbon as it grows. We ensure that we always grow more forest than we harvest. We are committed to the UN’s 1.5 °C degree climate target and to science-based measures to mitigate climate change. With our renewable, low-carbon solutions, we also enable our customers and consumers to make more sustainable choices. Where there’s action, there’s hope. ° CONTENTS BEYOND FOSSILS STRATEGY BUSINESSES 6 10 12 24 38 CEO REVIEW KEY FIGURES AND We are well positioned to grasp HIGHLIGHTS the opportunities that Our focus is to ensure the bioeconomy offers for value performance of all our creation and business growth. operations. GLOBAL MEGATRENDS DRIVE 14 BIOFORE STRATEGY 26 THE BIOFORE COMPANY 40 DEMAND ENSURING PERFORMANCE 28 UPM BIOREFINING 42 TOWARDS A FUTURE BEYOND 16 FOSSILS SPEARHEADS FOR GROWTH 30 UPM ENERGY 48 INNOVATING FOR THE FUTURE 32 UPM RAFLATAC 50 FROM FOREST TO SUSTAINABLE 18 30 PRODUCTS VALUE FROM RESPONSIBILITY 34 UPM SPECIALTY PAPERS 52 TRANSFORMATIVE CREATING SHAREHOLDER VALUE​​ 20 RISKS AND OPPORTUNITIES 36 UPM COMMUNICATION PAPERS 54 GROWTH PROJECTS OUR RESPONSIBILITY TARGETS 22 UPM PLYWOOD 56 FOR 2030 PROCEEDED UPM BIOCHEMICALS 58 Our pulp project in Uruguay UPM BIOMEDICALS 60 and biochemicals project in UPM BIOCOMPOSITES 61 Germany are on budget and well on track with the planned ACTIONS FOR FUTURE GROWTH 62 start-up timeline. RESPONSIBILITY GOVERNANCE ACCOUNTS FOR 2020 64 98 116 74 16 SAFETY FIRST COMMITTED TO CLIMATE ACTIONS CREATING VALUE WITH PEOPLE 66 SIGNIFICANT DECISIONS 100 REPORT OF THE BOARD 118 Fast response and enabling safety OF DIRECTORS culture have helped us continue Our aspiration is high when RESPONSIBILITY THROUGHOUT 80 REMUNERATION 107 THE VALUE CHAIN FINANCIAL STATEMENTS 146 operations during the coronavirus we look at the opportunities BOARD OF DIRECTORS 110 AUDITOR’S REPORT 215 pandemic. to respond to the global ACTIONS FOR ENVIRONMENT 86 GROUP EXECUTIVE TEAM 112 OTHER FINANCIAL INFORMATION 219 challenge. SUMMARY OF OUR SOCIETAL AND 96 ASSURANCE REPORT 114 ENVIRONMENTAL IMPACTS 4 UPM ANNUAL REPORT 2020 UPM ANNUAL REPORT 2020 5 emissions. We also limit risks from climate mitigation policies and the physical impacts A FUTURE of the changing climate to our businesses and assets. All this is important for the long- term value of the company. We believe that customers, investors and BEYOND FOSSILS other stakeholders value responsible opera- tions that keep risks under control and add to our business opportunities. The pandemic turned 2020 into a year of global uncertainty. Our objective is earnings growth. We will We focused on securing safety, performance and progress in maintain our high standards when it comes to return requirements for growth invest- growth projects with good success. ments. The year 2021 will be an intensive year of construction for the pulp mill in Uruguay and for the biochemicals refinery In 2020, the global pandemic caused an Sustainability is at the core of everything in Germany. We have also started the basic abrupt and severe economic shock that we do. During the year, we committed to engineering phase of a next-generation put all societies and businesses to the test. the UN Business Ambition for 1.5°C and biorefinery for high-quality renewable Despite high uncertainty, our focus was to the science-based measures to mitigate fuels. The planned biorefinery would scale clear: secure the safety of our people, the climate change. We were recognised as up UPM’s successful biofuels business to a performance of our operations and the suc- an industry leader in several renowned new level. cessful implementation of our two strategic sustainability listings. We also established growth projects in Uruguay and in Ger- a Green Finance Framework and issued our Financial position continues to many, both of which proceeded on schedule first Green Bond. Our syndicated revolving be strong and on budget. credit facility is also linked to biodiversity Creating shareholder value is at the core of In the exceptional circumstances our and climate targets. our strategy, and we believe that this also performance was satisfactory. Our sales I would like to sincerely thank both benefits other stakeholders and society in decreased by 16% and comparable EBIT by UPMers and our partners for making an the long term. UPM’s Board of Directors 32%. However, we succeeded in keeping our extra effort to ensure both safety and suc- is proposing an unchanged dividend of EBIT margin above 11% and our operating cessful business during the exceptional year. EUR 1.30 per share for 2020. The proposal cash flow was strong enough to more than reflects UPM’s strong financial position and cover our accelerating growth investments. Committed to providing more confidence in future cash generation. The star performers of the year, UPM sustainable choices The global economy is expected to start Raflatac and UPM Specialty Papers, ben- We are well positioned to respond to global recovering in 2021 from the deep downturn efited from favourable market demand megatrends and growing demand for experienced in 2020. Demand for most driven by changes in consumer behaviour, renewable products. We enable our custom- UPM products is influenced by overall as well as growth in e-commerce and retail. ers and consumers to make more sustain- economic activity and therefore depends Both businesses also showed good margin able choices. Our purpose is to create a on the shape and rate of economic recovery. performance from the beginning of the year, future beyond fossils. We will do our utmost to ensure business due to consistent commercial and efficiency Our strategy remains unchanged: We continuity and performance as well as measures taken to improve profitability. seek sustainable growth in businesses with secure safety and successful implementa- At the same time, the COVID-19 con- strong long-term market fundamentals tion of our growth projects. tainment measures taken by governments and high barriers to entry. Performance, The long-term outlook for our busi- significantly decreased demand for graphic innovation and responsibility continue to nesses is strong. UPM is well positioned to papers. Furthermore, market prices for be the cornerstones we build on. We will grasp the opportunities that bioeconomy pulp stayed at cycle low levels for most part also ensure that our employees have the offers for value creation and business of the year. competence and drive to make our strategy growth. We took several measures to decrease come true. fixed costs. The closures of the Chapelle Our spearheads for growth are clear: and Kaipola paper mills and the Jyväskylä high-value fibre, specialty packaging materi- plywood mill and streamlining in several als and molecular bioproducts. We innovate businesses and functions were timely and climate-positive products and turn them necessary for the competitiveness of the into growing businesses. We source from business. sustainably managed forests and reduce our Jussi Pesonen President and CEO 6 UPM ANNUAL REPORT 2020 UPM ANNUAL REPORT 2020 7 LEADER IN RESPONSIBILITY Our consistent responsibility efforts have received recognition from several third parties. UN Global Compact LEAD: A Global Compact LEAD company for demonstrating world- THIS IS UPM class commitment to corporate responsibility. We are one of 41 companies globally—the only forest-industry company and the first Finnish company—participating. As a frontrunner in forest industry, we provide Dow Jones Sustainability Index: The industry leader in the forest and paper sector in the renewable solutions for various end uses. We Dow Jones Sustainability World and Europe Indices (DJSI) for 2020–2021. MSCI ESG ratings: An AAA rating in the assessment. MSCI ESG Research provides MSCI invest in sustainable growth and innovate for a ESG ratings on global public companies, according to each company’s exposure to indus- future beyond fossils. Responsibility is at the core try-specific ESG risks and its ability to manage those risks relative to its peers. of everything we do. CDP Programs: One of the only ten Triple A List companies globally for our significant actions to mitigate climate risk, prevent deforestation and enhance water stewardship. Corporate Knights: 22nd in the Corporate Knights list of the world’s 100 most sustainable corporations, and the highest company listed in the Paper and Forest Products category. Science Based Targets initiative: Validated for our 2030 responsibility target to decrease our CO2 emissions (Scope 1 and 2) by 65%, proving that our target is aligned with the Paris SALES 2020 Agreement goal to limit global warming to 1.5 degrees. EcoVadis: The highest possible Platinum level for our responsible performance. EUR 8.6 BILLION Bloomberg Gender-Equality Index (GEI): UPM is among the 380 public companies globally and one of the few Finnish companies in this index. The GEI lists the companies most committed to transparency in gender reporting and advancing women’s equality. SALES BY MARKET 63% 12% Europe North America 20% 5% Asia Rest of the world Wood-based BUSINESS AREAS: 51 RENEWABLE AND RECYCLABLE PRODUCTS FOR: 13,400 raw
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