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The Biofore Company YEAR OF PROGRESS ANNUAL REPORT 2014 CONTENTS Contents UPM Group 1 UPM in brief 3 Review by the President and CEO 5 Strategy 11 UPM as an investment 13 Financial targets and earnings sensitivities 14 Risk management Businesses 15 UPM Biorefining 19 UPM Energy 21 UPM Raflatac 23 UPM Paper Asia 25 UPM Paper ENA 27 UPM Plywood 29 Innovations and R&D Stakeholders 31 Creating added value through stakeholder engagement 35 UPM’s tax policy promotes compliance, risk management, transparency and efficiency 37 Continuous collaboration with customers 39 Suppliers are an integral part of UPM value creation 41 People enable company transformation 44 Significant change in UPM’s safety culture Responsibility 45 Responsibility supports business development 49 Taking care of the entire lifecycle 50 Yesterday’s waste is today’s raw material 51 Energy efficiency improved and climate actions recognised 53 UPM ensures that all wood and wood fibre is sustainably sourced 54 Responsible use of water 55 UPM’s material balance 2014 57 GRI content index 59 Independent assurance report Corporate governance 60 Corporate governance 65 Board of Directors 67 Group Executive Team Accounts for 2014 69 Contents 137 Key financial information 2005–2014 139 Additional responsibility information 141 UPM businesses on a world map 144 Addresses 146 Annual General Meeting VISION PURPOSE VALUES UPM – The Biofore Company As the frontrunner of the new forest industry We create value from renewable and Trust and be trusted UPM leads the integration of bio and forest industries recyclable materials by combining Achieve together into a new, sustainable and innovation-driven future. expertise and technologies within Renew with courage UPM integrates bio and forest industries and In 2014, UPM’s sales totalled EUR 9.9 billion. UPM has production Cost leadership, change readiness, engagement and fibre-based, energy-related and builds a sustainable future across six business plants in 13 countries and a global sales network. UPM employs safety of our people form the foundation of our success. engineered materials businesses. areas. Our products are made of renewable approximately 20,000 employees worldwide. UPM shares are raw materials and are recyclable. listed on the NASDAQ Helsinki stock exchange. At the end of 2014, UPM had approximately 90,000 shareholders. UPM BIOREFINING UPM ENERGY UPM RAFLATAC UPM PAPER ASIA UPM PAPER ENA UPM PLYWOOD UPM Biorefining consists of pulp, timber and UPM Energy generates cost competitive low- UPM Raflatac manufactures self-adhesive UPM Paper Asia serves growing markets with UPM Paper ENA produces magazine UPM Plywood offers plywood and veneer biofuels businesses. UPM has three pulp mills emission electricity and operates in physical label materials for product and information labelling materials globally and fine papers papers, newsprint and fine papers for a products, mainly for construction, vehicle in Finland and one mill and plantation oper- and derivatives trading on the Nordic and labelling for label printers and brand own- in Asia. The operations consist of the UPM wide range of end uses in 17 efficient paper flooring and LNG shipbuilding as well as ations in Uruguay. UPM operates four saw- Central European energy markets. UPM’s ers in the food, personal care, pharmaceuti- Changshu paper mill in China and labelling mills in Europe and the United States. The other manufacturing industries. UPM is the mills in Finland. UPM‘s biorefinery producing power generation capacity consists of cal and retail segments, for example. UPM and packaging materials production lines at main customers are publishers, cataloguers, leading plywood supplier in Europe, with wood-based renewable diesel started up in hydropower, nuclear power and condensing Raflatac is the second-largest producer of the UPM Tervasaari and UPM Jämsänkoski retailers, printers and distributors. UPM has production in Finland, Estonia and Russia. early 2015. The main customers are tissue, power. UPM Energy aims to grow on the self-adhesive label materials worldwide. mills in Finland. The main customers are a global paper sales network and an effi- UPM Plywood aims to strengthen its market specialty paper and board producers in Nordic CO2 emission-free energy market. UPM Raflatac aims to advance in growth retailers, printers, publishers, distributors and cient logistics system. UPM Paper ENA position in selected end-use segments and pulp, fuel distributors in biofuels and con- markets and strengthen its position in film paper converters. UPM Paper Asia seeks focuses on cost leadership and improved to increase value and customer-oriented struction and joinery industries in timber. and specialty labelstock products. growth in labelling materials globally and profitability to maximise cash flow. service offering. UPM aims to grow as a reliable pulp supplier in high quality office papers in Asia. and seeks growth in advanced biofuels. OTHER Wood Sourcing and Forestry secures competitive wood and biomass for UPM businesses and manages UPM- owned forests. In addition, UPM offers a wide range of wood trade and forestry services to forest owners and OPERATIONS forest investors. UPM Biocomposites and UPM Biochemicals business units are also included in Other operations. KEY PERFORMANCE INDICATORS UPM’S BUSINESS PORTFOLIO IN FIGURES Operating profit *) Operating cash EPS *) ROE *) Gearing Sales 2014*) EUR 9,868 million EBITDA 2014 EUR 1,287 million Capital employed 2014 EUR 10,944 million EUR 847 million flow per share EUR 1.17 8.3% 32% EUR 2.33 UPM Biorefining 18% UPM Biorefining 28% UPM Biorefining 26% Other operations 4% Other operations 13% UPM Energy Other operations -2% +24% +68% +29% +1.9pp –9pp UPM Plywood 4% 4% UPM Plywood 5% UPM Plywood 2% UPM UPM Paper Employee Lost time accident Share of Supplier Code qualified Share of UPM Paper ENA 21% engagement frequency certified wood supplier spend ecolabelled products ENA 49% Raflatac 11% UPM Paper 63% 4.4 83% 67% 76% ENA 30% UPM Energy UPM Energy UPM Paper 16% 25% UPM Paper Asia 10% UPM Paper +3pp –18% +3pp +3pp +1pp Asia 14% UPM Raflatac 9% *) Unconsolidated Asia 8% UPM Raflatac 5% *) excluding special items CONTENTS 1 UPM Annual Report 2014 UPM Annual Report 2014 2 Good earnings for the 2014 dividend is EUR 0.70 per share. Outlook momentum in 2014 The proposal indicates confidence in UPM’s UPM has a versatile business portfolio and A year of progress UPM showed good performance throughout stable outlook and its ability to continue on its many growth businesses. The improved profit- 2014. Our operating profit improved by 24% journey of transformation. ability achieved in 2014 is expected to continue year-on-year thanks to the successful profit Overall, the company performance has in 2015 and we have potential to improve fur- improvement actions. Return on equity exclud- progressed as planned and I would like to thank ther. UPM made good progress in The year was the first full year of operation for ing special items was 8.3% for the full year and all UPM employees for a good 2014. Our profitability is underpinned by the EUR 2014. We advanced both our UPM’s new business structure. The structure cash flow per share was EUR 2.33. 150 million profit improvement programme as – based on six business areas – brought clarity I’m especially pleased with our excellent cash Responsibility brings a competitive well as the first positive impacts from the com- profitability improvement as and focus to implementing UPM’s agenda for flow. Following the consistently strong cash flow, advantage pany’s growth projects. In the beginning of the well as our growth projects. each of the businesses. It sharpened our opera- our balance sheet at the end of 2014 was the Our target is sustainable operations that will year, profitability is affected by lower publica- tions in the customer interface. At the same strongest ever in the company’s history. We were bring us competitive advantages and future tion paper prices and lower electricity sales time, we were able to carry out the short term able to reduce our net debt by EUR 639 million growth in various businesses. prices. The current weakened euro and lower oil profitability improvement programme in an through the course of the year. To enhance transparency towards our stake- price are supportive for the company’s earnings. efficient manner. Target savings of EUR 200 All six UPM businesses performed well in holders, we use the Global Reporting Initiative Our goal is to enhance the value of UPM million were achieved earlier than expected and 2014 and four of them reached or exceeded their (GRI) reporting framework. With this report, businesses further. a new target of EUR 150 million was set for the long-term return targets. we also want to highlight the value our busi- The versatile use of forest biomass, competi- year 2015. UPM Plywood, UPM Energy and UPM nesses create in terms of the economic, social tiveness and being at the forefront of develop- In addition the growth projects progressed Paper Asia deserve special recognition for con- and environmental success of the company and ments will also advance UPM’s Biofore strategy well during the year: The Lappeenranta biore- sistent improvement and strong results. Thanks throughout value chain. in 2015. finery started commercial production of to cost savings, UPM Paper ENA (Europe & Furthermore in 2014, UPM’s consistent With good performance in our businesses, advanced renewable diesel in Finland in the North America) also succeeded in improving work in the area of responsibility received strong cash flow and leading balance sheet in beginning of January 2015 – a historic mile- profitability and generating strong cash flow in third-party recognition. The company was listed the industry, we are in a unique position to stone after eight years of R&D, piloting and very difficult market conditions.
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