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With Biofore The Biofore Company Annual Report 2015 WITH BIOFORE CONTENTS Contents UPM Group 1 UPM in brief 3 Review by the President and CEO Strategy 5 Grow with Biofore – UPM’s strategic focus areas 7 Performance improvement and transformation continued in 2015 9 Responsibility is good business 11 Key performance indicators and financial targets 13 UPM as an investment 15 Changing operating environment 17 Risks and opportunities, earnings sensitivities Businesses 19 UPM Biorefining 23 UPM Energy 25 UPM Raflatac 27 UPM Paper Asia 29 UPM Paper ENA 31 UPM Plywood 33 Innovations and R&D Stakeholders 35 New responsibility targets for 2030 37 Our people – Growing with Biofore 41 Continued development in UPM’s safety culture and performance 43 Creating added value through stakeholder engagement 47 UPM pays corporate income taxes where added value is created 49 Collaboration with customers 51 Prioritising product stewardship 52 Sustainable forestry and fibre sourcing the cornerstones of UPM’s business 54 Responsible sourcing throughout the entire value chain 57 Controlled and resource efficient production 61 UPM direct value creation 2015 Governance 63 Governance 71 Board of Directors 73 Group Executive Team 75 GRI content index – short version 77 Independent assurance report Accounts for 2015 78 Contents 145 Key financial information 2006–2015 147 More responsibility information 149 UPM businesses on a world map 152 Addresses 154 Annual General Meeting IN BRIEF STRATEGY BUSINESSES STAKEHOLDERS GOVERNANCE ACCOUNTS UPM UPM Biorefining UPM Biorefining consists of pulp, timber UPM Paper Asia UPM Paper Asia serves growing markets with labelling UPM’S BUSINESS – THE Biofore and biofuels businesses. UPM has three pulp mills in Finland and one mill materials globally, fine papers in Asia and flexible packaging in Europe. The operations PORTFOLIO IN FIGURES and plantation operations in Uruguay. UPM operates four sawmills in consist of the UPM Changshu and UPM Tervasaari mills in China and Finland as well as Finland. UPM‘s biorefinery producing wood-based renewable diesel started labelling and packaging materials production lines at the UPM Jämsänkoski mill in CompanY up in early 2015 in Finland. Finland. The main customers are retailers, printers, publishers, distributors and paper The main customers for UPM Biorefining businesses are tissue, specialty converters. UPM Paper Asia seeks growth in labelling materials globally and in high paper and board producers in pulp, joinery, packaging, distribution and quality office papers in Asia. Sales 2015 EUR 10,138 million construction industries in timber and fuel distributors in biofuels. UPM aims to grow as a reliable pulp supplier, intends to maintain full run operations UPM Biorefining 20% UPM integrates bio and forest industries and in timber and seeks growth in advanced biofuels. UPM Paper ENA UPM Paper ENA produces magazine papers, newsprint Other operations 4% builds a sustainable future across six business and fine papers for a wide range of end uses in 17 efficient paper mills in Europe and the United States. The main customers are publishers, cataloguers, retailers, printers UPM Plywood 4% UPM areas. Our products are made of renewable Energy UPM EnergY UPM Energy creates value through cost competitive, and merchants. UPM has a global paper sales network and an efficient logistics system. 4% raw materials and are recyclable. low-emission electricity generation and through physical electricity and UPM Paper ENA focuses on cost leadership and improved profitability to maximise UPM Paper ENA 45% UPM financial trading. UPM Energy is the second largest electricity producer in cash flow. Raflatac Finland and a frontrunner in reshaping the Nordic electricity market. UPM 13% In 2015, UPM’s sales totalled EUR 10.1 billion. Energy is an active shareholder in major Finnish electricity companies such UPM Paper UPM has production plants in 13 countries as Pohjolan Voima Oy (PVO), Teollisuuden Voima Oyj (TVO) (through PVO) UPM PLYWooD UPM Plywood offers plywood and veneer products, mainly Asia 10% and Kemijoki Oy. As a shareholder UPM is actively seeking shareholder for construction, vehicle flooring and LNG shipbuilding as well as other manufacturing Unconsolidated and a global sales network. UPM employs value through decision making and asset management. industries. UPM is the leading plywood supplier in Europe, with production in Finland, approximately 19,600 employees worldwide. Estonia and Russia. UPM Plywood aims to strengthen its market position in selected end-use segments and to increase value and customer-oriented service offering. UPM shares are listed on the NASDAQ Helsinki UPM Raflatac manufactures self-adhesive label UPM Raflatac EBITDA 2015 EUR 1,350 million stock exchange. At the end of 2015, UPM had materials for product and information labelling for label printers and brand approximately 85,000 shareholders. owners in the food, personal care, pharmaceutical and retail segments, for OTHer operations Wood Sourcing and Forestry secures competitive UPM Biorefining 45% example. UPM Raflatac is the second largest producer of self-adhesive label wood and biomass for UPM businesses and manages UPM-owned and privately owned Other operations -1% materials worldwide. UPM Raflatac aims to advance in growth markets forests. In addition, UPM offers a wide range of forestry services to forest owners UPM Plywood 6% and strengthen its position in film and special labelstock products. and forest investors who have purchased forestry land from UPM. UPM Biocomposites and UPM Biochemicals business units are also included in Other operations. UPM Paper ENA 16% UPM Paper Asia 10% UPM Raflatac VISION 10% UPM Energy 14% As the frontrunner of the new forest industry UPM leads the integration of bio and forest industries into a new, sustainable and innovation-driven future. Cost leadership, change readiness, engagement and safety of our people form the foundation of our success. Capital employed 31 Dec 2015 EUR 11,010 million PURPOSE UPM Biorefining 29% We create value from renewable and recyclable Other operations 12% materials by combining expertise and technologies UPM Plywood 2% within fibre-based, energy-related and engineered materials businesses. UPM Paper ENA 20% VALUES UPM Energy Trust and be trusted 22% Achieve together UPM Paper Renew with courage Asia 10% UPM Raflatac 5% CONTENTS UPM Annual Report 2015 2 IN BRIEF STRATEGY BUSINESSES STAKEHOLDERS GOVERNANCE ACCOUNTS Global Compact Performance LEAD improvement and transformation Responsibility is good business We believe that customers, investors and other stakeholders value responsi- UPM in transformation continued in 2015 ble operations that keep risks under control and add to our business oppor- UPM has made significant changes tunities, thereby increasing the company value. in business portfolio and simultaneously Over the course of the year we paid special attention to the implementa- tion of UPM’s Code of Conduct in our businesses. The Code has also been improved its performance in most KPIs. updated to better reflect the current operating environment. To enhance transparency for our stakeholders, we use the Global Report- 2003 2008 2015 ing Initiative (GRI) reporting framework. With this report, we also want to Sales EUR 9.8bn EUR 9.5bn EUR 10.1bn highlight the value our businesses create in terms of the economic, social and environmental success of the company and throughout the value chain. EBIT *) EUR 429m EUR 513m EUR 898m Furthermore in 2015, UPM’s consistent work in the area of corporate responsibility received third-party recognition. The company was listed in Net debt EUR 4.9bn EUR 4.3bn EUR 2.1bn the Dow Jones Sustainability Indices for the fourth time in a row. The com- Market cap EUR 7.9bn EUR 4.7bn EUR 9.2bn panies that perform better against sustainability criteria than their competi- tors are selected in the indices. United Nations invited UPM to participate in Personnel 34,500 25,000 19,600 the Global Compact LEAD forum. LEAD members include the 50 most *) advanced companies in terms of sustainability across geographical regions excluding special items. EUR 265 million forest fair value increase in 2015 excluded for comparability and industry sectors. UPM is the first forest industry company and also the first Finnish company ever to receive such an invitation. Integrated paper Towards market-driven Six separate Outlook company businesses businesses UPM has a versatile business portfolio and five growing business areas. Business portfolio, sales % Business portfolio, sales % Business portfolio, sales % UPM’s profitability improved in 2015 and the improvement is expected to 100 100 100 UPM aims to generate value based on In 2015, we made good progress with our strategy. All business areas sharpened continue in 2016. The business performance is underpinned by the com- their operations, our profit improvement programme exceeded its target and our pany’s growth projects and continuous cost-efficiency measures. 80 80 80 forest biomass in multiple ways: cost growth projects started to deliver earnings. Our strong cash flow drove net debt Despite the somewhat uncertain environment in the beginning of the 60 60 60 efficient operations, selected growth down to a new record-low level. All in all, UPM’s transformation progressed well year, we are confident about our prospects for 2016. We are starting the year projects, innovations and reshaping and our business model showed its capability to deliver. with a stronger balance sheet than ever. Our investment
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