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Annual Report 2011 The Biofore Company Annual report 2011 ConTenTs Contents UPM Group 2 In brief 4 Key financial information 2011 6 Review by the President and CEO 8 UPM – The Biofore Company 10 Strategy 11 Financial targets and dividend policy 12 Risk management 20 UPM in the energy markets 26 UPM in the pulp markets 32 UPM in the wood markets 70 UPM’s material balance 2011 Business areas 16 Energy The forest of new opportunities 22 Pulp 19 UPM energy diversifies its competencies 28 Forest and Timber 25 Working with WWF for future plantations 34 Paper 31 UPM Living develops sustainable wood products for home and garden 42 Label 40 significant energy savings in mechanical pulping 46 Plywood 41 UPM makes its water use more efficient 45 RafCycle recycles labelstock by-products Success factors 49 Plywood research and development enables sustainable end products 55 UPM’s product range is expanding with new innovative materials 52 R&D and developing businesses 59 Co-operation based on continuous dialogue 56 Responsibility in action 64 safety first 60 People 65 Investing in future talent 66 Environmental performance 72 ecodesign introduces lifecycle thinking to product design 74 GRI content index 73 UPM awarded FsC certificate for Finnish forests 78 Main events in 2011 Corporate governance 80 Corporate governance 86 Corporate Governance statement 90 Board of Directors 92 Group executive Board and Group executive Team Accounts for 2011 94 Contents 169 Glossary of terms 172 Key financial information 2002–2011 174 Production plants and sales network 176 Addresses UPM does not publish a separate environmental and corporate responsibility report but has integrated the contents into this annual report. Various highlights from the year 2011 can be found under the sections for each business area. The GRI content index is on pages 74–76. To find out more about UPM’s responsibility agenda, please visit www.upm.com/responsibility. ANNUAL RePoRT 2011 Vision UPM – The Biofore Company 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. Purpose We create value from renewable and recyclable materials by combining expertise and technologies within fibre-based, energy-related and engineered materials businesses. Values Trust and be trusted Achieve together Renew with courage 1 ANNUAL RePoRT 2011 UPM in Brief In brief UPM is the Biofore Company and creates value from renewable and recyclable materials In 2011, UPM’s sales totalled EUR 10.1 billion. UPM has production plants in 16 countries and a global sales network. UPM employs approximately 24,000 employees worldwide. UPM shares are listed on the NASDAQ OMX Helsinki stock exchange energy and Pulp UPM is a significant generator of low-emission energy and a leading producer of chemical pulp. The energy and Pulp Busi- ness Group also covers wood products, sawn timber and forestry businesses and is responsible for wood and biomass sourcing for the whole company. UPM seeks growth in competitive pulp, low- emission energy and biofuels. Market presence Paper UPM is the world’s leading producer of graphic papers, with 22 UPM’S SALES BY MARKET 2011 EUR 10,068 MILLION €m modern and sustainable paper mills in europe, China and the ■ Germany 18% United states. In addition to paper manufacturers, many of the ■ United Kingdom 11% ■ Finland 8% mills are large bioenergy producers and recycling centres. The ■ France 6% ■ Other EU 20% Paper Business Group aims for competitive advantage with cost ■ Other Europe 6% ■ North America 11% efficiency, sustainable products, reliability and innovative ■ Asia 14% ■ Rest of the world 6% customer services. UPM’S PERSONNEL BY AREA 31.12.2011 engineered materials 23,909 €m ■ Finland 40% ■ Germany 22% The engineered Materials Business Group comprises businesses ■ United Kingdom 6% with high value-added growth which are based on UPM’s propri- ■ France 5% ■ Other EU 7% etary materials know-how. UPM is the second-largest producer of ■ Other Europe 5% ■ North America 5% self-adhesive label materials worldwide and the largest supplier ■ Asia 7% ■ Rest of the world 3% of plywood in europe. UPM drives label and plywood product renewal and develops new solutions and products. ANNUAL RePoRT 2011 2 UPM in Brief 1) • The Energy business area generates low-emission energy and energy 2011 Share of Group operates on the Nordic and Central European energy markets Sales, EURm 452 2% Capital employed on 31 Dec., EURm 1,022 8% • The Pulp business area produces high-quality chemical pulp Personnel on 31 Dec. 96 0% for the global market. Four modern mills and sustainable wood sourcing and plantation operations form the basis of UPM’s Pulp 2011 Share of Group1) reliable and competitive pulp business Sales, EURm 1,648 5% • The Forest and Timber business area offers wood and Capital employed on 31 Dec., EURm 2,558 21% biomass to UPM businesses and external customers as well as Personnel on 31 Dec. 1,441 6% forestry services. Its offering also includes sawn timber for the 1) building and joinery industries and wood-based products for forest and Timber 2011 Share of Group home interiors and construction Sales, EURm 1,651 8% Capital employed on 31 Dec., EURm 1,841 15% • Wood, the primary raw material, is renewable. Biodiversity Personnel on 31 Dec. 2,638 11% is an integral part of UPM’s sustainable forest management 1) Sales % represents share of external sales • The Paper business area offers a wide range of papers including magazine papers and newsprint as well as fine and Paper 2011 Share of Group1) speciality papers Sales, EURm 7,184 69% • The main customers are publishers and printers as well as Capital employed on 31 Dec., EURm 5,735 47% distributors and paper converters Personnel on 31 Dec. 13,877 58% • UPM paper is a sustainable choice. In paper production, 1) Sales % represents share of external sales UPM mostly uses bioenergy and nearly one third of fibre raw material is recycled fibre. All wood and wood fibre is responsibly sourced • The Label business area provides self-adhesive label Label 2011 Share of Group1) materials for product and information labelling Sales, EURm 1,150 11% Capital employed on 31 Dec., EURm 513 4% • The Plywood business area offers plywood and veneer, Personnel on 31 Dec. 2,629 11% mainly for construction, transport and other manufacturing industries Plywood 2011 Share of Group1) • In addition to its well-established businesses, the business Sales, EURm 376 4% group consists of UPM ProFi wood plastic composite products Capital employed on 31 Dec., EURm 258 2% Personnel on 31 Dec. 2,586 11% 1) Sales % represents share of external sales 3 ANNUAL RePoRT 2011 UPM key finAnCial information 2011 Key financial information 2011 sALes, neT DeBT, eUR MILLIon eUR MILLIon 2011 10,068 +13% 2011 3,592 +9% 2010 8,924 2010 3,286 Sales grew mainly due to higher sales prices Solid cash flow ensured strong balance sheet after and the Myllykoski acquisition the Myllykoski acquisition eBITDA, GeARInG, eUR MILLIon % 2011 1,383 +3% 2011 48 +2 2010 1,343 2010 46 percentage points Higher sales prices offset the noticeably higher variable costs oPeratinG PRoFIT, MARKeT CAPITALIsATIon, eUR MILLIon* eUR MILLIon 2011 682 –7% 2011 4,466 –35% 2010 731 2010 6,874 * excluding special items ePs, DIVIDenD, eUR eUR* 2011 0.88 –19% 2011 0.60 +9% 2010 1.08 2010 0.55 * 2011: Board’s proposal KeY FIGURES 2009–2011 2011 2010 2009 Sales, EURm 10,068 8,924 7,719 Operating profit, EURm 459 755 135 excl. special items, EURm 682 731 270 Profit (loss) before tax, EURm 417 635 187 Earnings per share, EUR 0.88 1.08 0.33 excl. special items, EUR 0.93 0.99 0.11 Operating cash flow per share, EUR 1.99 1.89 2.42 Return on equity, % 6.3 8.2 2.8 Dividend per share (2011: Board’s proposal), EUR 0.60 0.55 0.45 Shareholders’ equity per share at end of period, EUR 14.22 13.64 12.67 Gearing ratio at end of period, % 48 46 56 Capital expenditure, EURm 1,179 257 913 ANNUAL RePoRT 2011 4 UPM key finAnCial information 2011 our eBITDA and operating cash flow improved and our strong financial position continued. Prices of all production inputs increased substantially but we succeeded in raising prices to cover the cost increases. However, during the latter part of the year the deterioration of pulp prices and lower demand for paper and wood products had a clear impact on our profitability. SALES BY BUSINESS AREA (sales % represents share of external sales) EURm ENERGY 2% PULP 5% FOREST AND TIMBER 8% PAPER 69% LABEL 11% Sales 2011 ■ Sales 2011 Sales■ 2011, internal PLYWOOD 4% Sales 2010 Sales■ 2010Sales 2011, internal OTHER 1% Sales■ 2010,Sales internal 2010, internal 1) % of external sales 0 2,000 4,000 6,000 8,000 OPERARTING PROFIT BY BUSINESS AREA (excluding special items) EURm ENERGY PULP FOREST AND TIMBER PAPER LABEL PLYWOOD ■ 2011 2011 OTHER ■ 2010 2010 -200 0 200 400 600 800 5 ANNUAL RePoRT 2011 UPM review By The PreSidenT And Ceo Dear shareholder, Although our markets have been affected by the uncertainties in the world economy, UPM was in a good position at the end of 2011 and the outlook for the first half of 2012 is fairly stable. The company transformation proceeded well in 2011 and we are ready to take the next steps in implementing our vision as The Biofore Company. ANNUAL RePoRT 2011 6 UPM review By The PreSidenT And Ceo During 2011 our eBITDA and operating cash business, we will have better financial solid financial position is required to flow improved on 2010 and thus our strong resources to implement our growth plans in support long term development and growth.
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