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LAHTI UNIVERSITY OF APPLIED

SCIENCES
Faculty of Business and Hospitality
Business Information Technology
Spring 2019
Takumi Aizawa 1801835
Chiranjivi Pathak 1801527
Bosri Hasan 1801743
CONTENTS

1 THE COMPANY INTRODUCTION..............................................................................1


1.1 Mission.................................................................................................................1
1.2 Vision................................................................................................................... 2
1.3 Objectives and goals............................................................................................2
1.4 Business portfolio.................................................................................................3
1.5 Focused growth projects......................................................................................3
1.6 Construction stage...............................................................................................3
1.7 Feasibility study....................................................................................................3
1.8 Transformative prospects.....................................................................................3
1.9 UPM Jetset........................................................................................................... 3
2 PROCUREMENT........................................................................................................ 5
2.1 Some steps of making the natural, renewable wood pulp:....................................5
2.2 UPM Fray Bentos.................................................................................................5
2.3 UPM Kymi............................................................................................................ 6
2.4 UPM Pietarsaari mill.............................................................................................6
3 FORWARDING...........................................................................................................7
4 TRANSPORTATION:..................................................................................................8
5 PACKAGING...............................................................................................................9
6 WAREHOUSING.......................................................................................................10
6.1 How is the product stored before use?...............................................................10
6.2 Things taken care of during operation in the warehouses..................................10
7 WHAT IS SUPPLY CHAIN?......................................................................................11
7.1 The UPM’s supply chain.....................................................................................11
8 ECONOMIC GROWTH AND INFLUENCES SIGNIFICANCE: (UPM STRATEGY
2017)................................................................................................................................ 13
9 RISK MANAGEMENT:..............................................................................................16
9.1 Management......................................................................................................16
REFERENCES................................................................................................................. 18
APPENDICES.................................................................................................................. 20
1

1 THE COMPANY INTRODUCTION

UPM-Kymmene Oyj is a Finnish forest industry company. The company was


founded in 1996 and the headquarter situated in Helsinki, Finland. UPM-Kymmene
was formed by the merger of Kymmene Corporation with Repola Oy and its
subsidiary United Paper Mills Ltd. UPM-Kymmene Oyj operates in the forest-
based bioindustry. It operates through UPM Biorefining, UPM Energy, UPM
Raflatac, UPM Specialty Papers, UPM Paper ENA, UPM Plywood, and Other
Operations divisions. The Group employs around 19,600 people and it has
production plants in 13 countries. UPM shares are listed on the NASDAQ OMX
Helsinki stock exchange. UPM is the only paper company which is listed in the
Dow Jones Sustainability Indices and the only forest industry company invited to
the United Nations Global Compact LEAD sustainability leadership platform. The
company gives eucalyptus, birch, and softwood mash grades for tissue, claim to
fame, realistic papers, and bundling; wood-based renewable diesel and naphtha
for fuel merchants and transportation businesses; and sawn timber for joinery,
bundling, dissemination, and development businesses. It is additionally included
within the era of electricity through hydro, atomic, and condensing control plants
within the Finnish and Scandinavian power advertise. In expansion, the company
offers self-adhesive papers and film name stocks for item and data naming in
name printers and brand proprietors in nourishment, individual care,
pharmaceutical, and retail fragment; name papers and discharge liners, and fine
papers, as well as name and bundling papers generation lines for retailers,
printers, distributors, merchants, and paper converters; and realistic papers for
promoting, magazines, daily papers, and domestic and office to distributors,
cataloguers, retailers, printers, and shippers. Assist, it gives.

1.1 Mission

Mission statement describes the purpose of an organization (Kotler & Armstrong


2010, 63). UPM defined its mission as “Building a sustainable future”. They are
committed to leading the integration of the bio and forest industries on the path to
a sustainable, innovation-driven future. Responding to global challenges is never
an easy task, but they firmly believe that they can make a meaningful contribution.
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Our Biofore strategy guides us in this mission, with the UPM Code of Conduct as
the cornerstone of everything that they do. (UPM 2017)

1.2 Vision

A vision statement describes the core values and long-term objectives of a


company. It inspires and guides people in the organization. (Arline 2014.) UPM’s
vision statement is “lead the forest-based bioindustry into a sustainable,
innovation-driven and exciting future. “The competence, integrity, and drive of their
people make them unique. (UPM 2017)

1.3 Objectives and goals

In order to guide its responsibility activities, UPM has established a set of


responsibility focus areas with targets and key performance indicators which are
reviewed every year based on a materiality analysis. The focus areas cover
economic, social and environmental responsibility. Having successfully
transformed its business model and improved its business performance, UPM
renewed its long-term financial targets in January 2017. Targets for diversity and
inclusion, continuous learning and development and responsible leadership were
also revised. New formulations reflect UPM’s ability to get more insight from the
renewed Employee Engagement Survey and the of UPM's people processes. The
target related to eco-labelled products was also revised. The new target is to
manufacture all products in a way that they will be eligible for ecolabelling. In the
area of economic responsibility, UPM’s focus areas are economic performance,
good governance, and responsible sourcing. Good governance helps UPM to
avoid risks, enables growth and opens new business opportunities. Responsible
sourcing not only minimizes risks but also creates extensive direct and indirect
added value. In the area of social responsibility, the focus is on the fulfillment of
human rights, occupational health and safety, local stakeholder engagement and
UPM’s role as a responsible employer. UPM is committed to respecting human
rights. Being a responsible employer improves employee performance, engages
people and creates a safe working environment. As a result of its significant local
presence, UPM creates financial and societal value to surrounding communities.
The company also strives to increase this value through stakeholder engagement.
3

Environmental responsibility covers sustainable products, the climate, the use of


forests and water and waste reduction. Some of the targets are continuous and
some have been extended to 2030. Targets aremonitored annually.(UPM 2017)

1.4 Business portfolio

A business portfolio is a collection of products and services that a company


offers. Many companies use a business portfolio analysis for strategic
planning. (Kotler & Armstrong, 2014, 65.)

UPM’s current investment portfolio for earning growth are,

1.4.1 Focused growth projects

 Kymi pulp mill expansion, Finland


 Raflatac expansion, Poland

1.4.2 Construction stage

 Kaukas pulp mill expansion, Finland


 Raflatac expansion,Finland
 Jämsänkoski label papers expansion,Finland
 Chudovo plywood mill expansion, Russia

1.4.3 Feasibility study

 Nordland PM2 conversion from fine papers to label papers,Germany

1.4.4 Transformative prospects

Possible area for new pulp mill, Uruguay


 UPM and the government of Uruguay signed an agreement on local prerequisites
for a possible new pulp mill. Infrastructure projects and the pre-engineering of the
mail in progress.

Biomolecules business
 Basic engineering study started regarding a potential industrial-scale biochemicals
refinery, Germany.
 Exploring the next steps in biofuels.(UPM 2017)

1.5 UPM Jetset

 The reason why we chose this product is that this UMP has great impact in forest
industries, and papers are one of the most used products in UPM. Besides,
Finland is famous for forest industries, so we think that it is great to learn what
Finland is proud of.
4

 UPM Jetset is created 1999 in China, one of the best-known copy paper brands in China. It
is an FSC certified environmentally friendly office paper that represents professionalism,
liability and consistency. (UPM, 2019). This product is used for correspondence,
documents, fax papers, high-quality documents, inserts, manuals, memos, office paper,
and routine communication. It is a FSC certificated product. FSC stands for Forest
Stewardship Council which is only given to products which are sourced in an
environmentally-friendly, socially responsible and economically viable manner.

Figure 1

 We choose chemical pulp as a raw material.


5

2 PROCUREMENT

Chemical pulp is manufactured by treating the wood fibre. The chemical used to
make the chemical pulp are:
 alkaline sodium sulphide with caustic soda (Kraft process)
 alkaline caustic soda
 acid Bisulfite

2.1 Some steps of making the natural, renewable wood pulp:

a. Wood handling: Taking wood, chipping the wood and chip piles, conveyors,
Debarking and Wood consumption.
b. Fibre processing: Cooking stage, Oxygen stage, Washing stage, Bleaching,
Chemical process, Fibre process and Odours.
c. Chemical recovery: Evaporators, recovery boiler, causticizing, mill stack and
calcination.
d. Drying and baling: Drying, Cutting and Baling.
e. Water treatment: Biological effluent treatment, Effluent treatment process,
Mechanical effluent treatment, Effluent quality and efficiency and water usage in
the process.
f. End of the product: Carton board, offices paper, books, magazines, viscose fabric,
tissues food packing, other product and paper bags.

“Pulp is a clean, wood-based, renewable and biodegradable raw material. It


produces paper, tissue, board and specialty paper – making them truly sustainable
bioproducts”. Pulp is made of natural, renewable woods. UPM Pulp is the area
which shows the UPM Biorefining Business. UPM is producing the pulp for over
100 years. Sustainability is present in all operations and moreover forest is
renewing, and Eucalyptus tree are growing. Suppliers reliability is based on
modern and efficient mills in Uruguay and Finland.
There are 4 modern pulp mills inside and outside of Finland. The production
capacity of the mills is 3.7 million t/a. The approximate value investment is 340
million euro with 920 employees.
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2.2 UPM Fray Bentos

One of the modern pulp mills in the world situated on bank of the River Uruguay.
The mills produce bleached hardwood eucalyptus pulp. Production: 1.3 million t/a.
200 employees. 8% share of energy generations. More than 800 people are
working on the mill site.
UPM Kaukas mill is located on the shore of the lake Saimaa in Lappeenranta in
south east Finland. Integrated Kaukas plant pulp mills for making the magazine
paper, a sawmill, a biorefinery producing wood-based diesel, and UPM’s research
centre. 1200 people working. Production 740,000 t/a. 260 employees. 80 Million
euros investment between the year 2014 – 2018 in the pulp mill.

2.3 UPM Kymi

Located along the River Kymi in Kouvola, in south East Finland. Pulp mills and
paper mill. Daily working worker in the Kymi are 600 people for different work-
oriented activities (Production area and maintenance to wood sourcing and
logistics). Productions 870,000 t/a. 230 employees and investment over 260
Million Euros between the years 2014 – 2018.

2.4 UPM Pietarsaari mill

Located in the Gulf of Bothnia in western Finland. Areas are UPM’s Alholma
sawmill, Alholmens Kraft power plant and UPM’s procurement offices.
Productions: 800,000 t/a. 230 employees are working and more the 750 workers
are working at the mill site. 99% share of biofuels in energy generation.
7

3 FORWARDING

Forwarding refers to enterprises which handle cargo transportation according to


the requirements. Some of them collect the goods from the exporter, some of them
consign the goods to the carrier, and some of them do both. As a kind of
forwarding company, the cargo transshipment business plays a role of connection
and connection between the carrier and the shipper, and generally does not own
the means of transport itself or only owns a small number of means of transport.

Freight forwarding refers to the business of handling goods entrusted by others


and providing them with services of handling transportation procedures, picking
up, dispatching and transporting goods on their behalf.

Freight agency, some are middlemen is oneself do not have a ship or plane or
shipping company, airline company, it is freight forwarder duty is, the goods that
entrusts principal, pass appoint carriage way, from one place to freight forwarder
of another place, the company that receives carry goods, pull goods for carriage
company acting.

Refers to the transfer of distribution or refers to the batch of things to send. Freight
forwarders, or forwarding agents, also known as non-vessel common carriers, are
organizations to individuals or companies to obtain from manufacturers or means
of production of the market, customers or shippers or final distribution points of the
company.

UPM company has existed forwarding. Each year, UPM produces about 1.3
million products and raw materials worldwide. About two-thirds of all deliveries are
by rail or road and a third by sea. The ports of kotka and Helsinki, Finland, play a
key role in the export of UPM products from four sawmills around the world.
Customers need the right end-use sawn timber at the right time and in a reliable
manner. Long distance transportation requires good cooperation with logistics
suppliers. One of them, Steveco Oy, provides cargo, transportation and handling
services for UPM. (UPM 2019)
8

4 TRANSPORTATION:

UPM: There are three ways of transportation that the company use for the supply
of raw material that is road transport, rail transport and sea transport. It supplies
the product my optimizing the favoring route by looking the distance, connection
and the delivery time. Each years the company receives tonnes of raw materials,
additives and operational supplies. UPM supply its raw materials approximately
1.2 Millions truckloads (25 tonnes each) every year in the world. It can also be
calculated that in every 27 second they carry one load. Most preferable
transportation are road transport and rail transport and least is by sea transport.

Finland have got 75% of land area covered by jungle. UPM is considered as the
biggest private land owner in Finland. The wood required for the UPM factories are
harvested from the private land of UPM.

Transport chain in UPM have got the different area of proceeding their product
from the supplier to the company. They also receive the wood from the other
suppliers also. The important part of the UPM is their supplier and the chain
value. The supplier is responsible for the raw material supply to the company
which ensures the efficiency, transparency and responsibility of the whole supply
chain. The company UPM love to have their supply for the long-term cooperation.
So that they company (UPM) can finalized the cost, quality, sustainability and
innovations. The leading principle of the UPM is that they never compromise the
standards of integrity under any circumstances and they expect the same
approach from the suppliers and the Third-party intermediaries if involved in the
supply (UPM 2019). This requirement is valid for internal and external parties of
UPM for all kinds of product of UPM.

Some basic requirement for the raw material(pulp) suppliers:

 Technique to minimize environmental degradation and continuous supply of


raw material.
 Should have credible forest certificate of the place that is the raw material
pulp delivered to the UPM must be legally harvested from originated
sources. It should meet the Eu Ecolabel criteria before delivering to UPM
mills.
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 Should defined the report verify by UPM on environmental performance.

After all this basic requirement and the basic procedure of the product the raw
material is finally delivered to the company through the favoring route. Lastly the
manufacturing process starts.
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5 PACKAGING

Packaging has traditionally been seen as an important part of the physical product
(Brown 1950). The change of client desires be that as it may, as clients ended up
more requesting, implies that the part of bundling gets to be more critical because
it can be utilized to supply data and capacities. This may cruel that certain
capacities of the bundle are adjusted or heightens, compared to the package’s
past work of just securing the stock, and encouraging capacity and transportation.
This expansion of modern administrations or capacities to the bundle of the
products can be seen as a move of a item on the goods-to-services continuum.
Since clients see products and administrations in several ways, such a move
makes it imperative for organizations to reconsider what quality implies and how it
is related to client fulfillment. Companies subsequently got to create, plan, and
give bundles with tall customer-experienced quality.

UPM is very aware of the packaging process of their process. Each box contains
500 sheets and each of the carton contains 5 boxes. Each paper’s weight is
85g.There are two sizes of jet set presentation, A3 and A4. There are different
types of certificates and labels printed on the packet like, China Green Label |
EMAS | FSC Chain-of-Custody | ISO 14001 | ISO 9001 | OHSAS 18001 | PEFC
Chain-of-Custody | Permanent Paper ISO 9706.
11

6 WAREHOUSING

6.1 How is the product stored before use?

It’s stored in well-protected warehouse constructed based-on UPM own manual


which is strictly instructed. Location, building, lighting, flooring, and all the chances
that can damage products are considered in the manual to protect and deliver
products safely. (UPM cargo handling manual paper 2019)

6.2 Things taken care of during operation in the warehouses

The warehouse floor is kept dry (no leakages), cleaning the sand, stones and
other debris to avoid end damages. Special attention is paid to keep birds out of
warehouses. “Bird in distress” -signals and other means of prevention should be
used. Smoking is strictly prohibited inside the warehouses. Lights without
protective covers should not be used. No rubbish etc. combustible materials/fire
load is left in and around the warehouse. No parking allowed inside the
warehouses. Pulp bales can be stacked maximum four units high (depending on
the quality of the bales). Anyway, stacks should be kept as low as possible.
Handling “cap” is left between the units in order to avoid violent clamp push
between the units. During winter season and in moist conditions protective paper
is used under the units (UPM cargo handling manual paper 2019, 25).

Warehousing are done according to UPM manuals to keep products safe, clean,
no-damage, and satisfying. UPM’s clear objective is zero fatal and serious
accidents. They are trying to decrease and get rid of accidents. Workers in UPM
are skilled and knowledgeable about their work so that work can be done with
minimum accidents and waste of materials and products. (UPM cargo handling
manual paper 2019)
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7 WHAT IS SUPPLY CHAIN? 

  
Supply chain refers to the network structure composed of raw material suppliers,
manufacturers, distributors, retailers and final consumers who are connected
with upstream and downstream members in the production and circulation of
products.  

The relationships between companies in a supply chain are similar to those in the


biological food chain. “The grass--a rabbit--a wolf--a lion” such a simple food chain
(for convenience of this example, assuming that only live in the natural
environment of these four organisms), if we kill all rabbits, then the grass will be
growing up, the Wolf would starve to death by the extinction of the rabbit, even the
most powerful lion will slowly starved to death over the death of the wolf. It can be
seen that every living creature in the food chain is interdependent. The destruction
of any living creature in the food chain is bound to lead to the imbalance of the
food chain and the eventual destruction of the ecological environment on which
human beings rely for survival. Similarly, in the supply chain "enterprise A --
enterprise B -- enterprise C", enterprise A is the raw material supplier of enterprise
B and enterprise C is the product seller of enterprise B. If the enterprise B ignored
the interdependence of each factor in the supply chain, and too much attention to
its own internal development, the ability to continuously improve production
product, but if the enterprise can't timely provide him with A production of raw
materials, or enterprise C sales capacity to keep up with the development of the
enterprise B products production capacity, so we can conclude that enterprise B
the development of productive forces is not adapt to the overall efficiency of the
supply chain.  

According to the concept of supply chain, it covers every business activity related
to the formation and delivery of final products or services from the supplier of raw
materials to the development, processing, production, batch distribution, retail and
finally to the user. The main activities of the supply chain include: Develop and
manufacture commodity, distribute commodity in logistics, sell commodity.  

  
13

7.1 The UPM’s supply chain. 

UPM consists of six business groups: UPM Biorefining, UPM Energy,


UPM Raflatac, UPM Paper Asia, UPM Paper ENA and UPM
Plywood. (Waybackmachine 2013) 

Wood is the most important raw material in UPM paper. All wood used in UPM
products comes from sustainably managed forests and legal sources. All UPM's
timber supply is covered by a third-party verified chain of custody. UPM has its
own manufacturers in various countries. UPM uses road, rail or sea transport,
depending on distance, connection and delivery time. Of all UPM deliveries, 64
percent are by rail and road and 36 percent by sea. Most of UPM's transportation
is handled by contract partners, including cargo handling, storage, and
transportation. (UPM 2018) 

Then UPM's products are shipped to other countries for sale, with its own sellers in
each country, and eventually reach consumers.

7.2 Supply chain:

The Supply chain management of the the upm are discribe as the following below :

Supply chain management = Supplyh chain in cloud = SCM cloud Apps = Logistics and
fulfillment = PLM and Innovation management = Supply chain planning =
Manufacturing cloud = Order Management
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8 ECONOMIC GROWTH AND INFLUENCES SIGNIFICANCE: (UPM


STRATEGY 2017)

Finland, UPM have six business areas with the significant production and as well as in
research and development operations. UPM deliver its renewable and responsible
soltuions to their consumer according to the demands across the six business areas. Due
to this records done, UPM is considered as the biggest tax payers in Finland. As consider
as the leader of the bio-based forest industry, (UPM aim to have the solution to the global
changes and at the same time crating value to their stakeholders. UPM have got its own
unique position to develop customers business and environmental performance which
helps to reduce the world’s reliance on fossil- based materials (UPM- The Biofore
Company 2018.). UPM as the forest-based bio industry leads to the sustainable,
innovation and exciting future beyond fossil

 Margin improvement and top-line growth for the long term earning.
 Upgrowing businesses of UPM have higher margins then other mature
businesses.

The UPM target policy for the growth are earning growth and attractive returns.
The ways that the company are on their way for follows:

 Focus on the project which maintain the growth and can increase the
earnings.
 Transformative prospects for growth earning.
 Creating the sustainable and safe solution according to the consumer
demand for growing the business globally.
 Technological development.
 Partnerships and networking.
 Main focus on sustainability and circular economy.
15

Figures : showing the company financial structure of UPM Specialty


Papers. (UPM financial report 2017)
16

UPM specialty papers market have been rising in the global market with the
release liners, label paper and fine paper in Asia and in Europe with flexible
packaging.
At the beginning of 2019, pulp prices are expected to be lower and graphic paper
prices in Europe are expected to be higher than in the fourth quarter of 2018.
(UPM financial statement bulletin 2019).
17

9 RISK MANAGEMENT:

Risk:

1. Global economic cycles which shows impact on the demand and sales
prices and input sales product of various UPM product and mainly the
exchanges rates.
2. Growing demand and competition.
3. Change in the demand and supply due to the overcapacity of product.
4. International trade barriers like antidumping duties which adversely effects
on trade flows and short-term market balances which later on influences
the sales price and the delivery of UPM’s product.
5. Change in the taxation, regulation flow of product and subsidies.
Examples: climate policies.
6. Malware, availability and security of information system which affect the
UPM’s business due to the loss of business data that results damage in the
reputation and loss of business (Risks and opportunities of UPM 2017.).

9.1 Management

UPM is the world largest user of recovered paper for the production. Company
consumes 2.8 millions tones of recovered paper in 2017. The main target of UPM
is to promote material efficiency and circular economy. Circular economy means
reuse, reduce and recycle. Circular economy helps to increase the efficiency and
bring the competitive benefits to the company. Development of business portfolio
for continuous improvement in competitiveness, resource efficiency and fulfilling
the customer and user demands. Monitoring for the rules and the regulation
change properly. Studying the policies on employment and value added properly.
Sustainable forest management and UPM biodiversity programs. Anyalsing the
process and technology for improvement and to avoid the security risk (UPM
management 2017.). Reuse and recycle for the waste produced and management
of the by-product properly. Identifying the solution for the future needs with
sustainable and innovative new businesses. Focusing the business strategy for
18

the the future year 2030 where as to conclude no process of waste to landfills.
Recycle is the one of the part of circular economy where UPM have developed its
own waste and resides reduces innovation.

Some activity done by the UPM for improving the performance and transformation
continued in 2017(Strategic action for future growth UPM 2017.) .

Figure 2 : strategic action for future growth

BMC module
19
20

REFERENCES

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Marketing 14, no. 5: 691-98.

Philip, K. & Gary, A. 2010. Principles of Marketing. Thirteenth Edition. United States:
Upper Saddle River: Pearson.

Philip, K. & Gary, A. 2014. Principles of Marketing. Global Edition. England, Essex:
Pearson Education Ltd.

Arline, K. 2014. What Is a Vision Statement? Business News Daily. [Referenced


14.2.2019] Available at http://www.businessnewsdaily.com/3882-vision-statement.html

Rogers, S.A. 2011. What is FSC-certified paper. Narrative content group. [Referenced
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Upmpulp. 2019. These mills produce your pulp. UPMBIFORE BEYOND FOSSILS.
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Upmpulp. 2019. Learn how pulp is made. UPMBIFORE BEYOND FOSSILS. [Referenced
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UPM-Kymmene Oyj. 2017. Aiming higher with biofore. [Referenced 14.2.2019]. Available at
https://www.upm.com/about-us/for-media/releases/?page=1

UPM A. 2019. Focus on logistics optimization UPMBIFORE BEYOND FOSSILS.


[Referenced on 20.02.2019]. Available at: https://www.upm.com/responsibility/supply-
chain/logistics/

UPMpulp2019. UPMBIFORE BEYOND FOSSILS. [Referenced on 20.02.2019]. Available


at: https://www.upm.com/about-us/for-suppliers/requirements/area-specific-
requirements/pulpcontentupm/

UPM. 2019. Focus on logistics optimisation UPM. [Referenced 22.02.2019]. Available at:
https://www.upm.com/responsibility/supply-chain/logistics/
21

UPM. 2019. UPM Cargo handling manual paper. [Referenced 24.2.2019]. Available at
https://www.upmcargohandling.com/siteassets/documents/cargo-handling-manual-paper-
20122018.pdf

Waybackmachine. 2013. UPMS NEW BUSINESS STRUCTURE WILL SHARPEN


OPERATIONAL FOCUS AND FACILIATE PORTFOLIO CHANGE. [Referenced
8.3.2019]. Available at:
https://web.archive.org/web/20131213135151/http://www.upm.com/EN/MEDIA/All-
news/Pages/UPM%E2%80%99s-new-business-structure-will-sharpen-operational-focus-
and-facilitate-portf-001-Tue-06-Aug-2013-10-06.aspx

UPM. 2018. Responsible logistics planning and optimisation. [Referenced


8.3.2018]. Available at: https://www.upm.com/responsibility/supply-chain/logistics/

UPM 2019. Risk and opportunities. Aiming Higher With Biofore [Referenced
23.03.2019]. Available at:
https://www.upm.com/siteassets/asset/investors/2017/upm_annual-
report_2017.pdf

UPM.fi 2019. UPM Biofore Beyond Fossils. UPM's Financial Statements Bulletin.
[Referenced 23.03.2019]. Available at: https://www.upm.com/fi/tietoa-
meista/medialle/tiedotteet/2019/01/upmn-tilinpaatostiedote-2018-upm-teki-
ennatystuloksen-2018-hyvat-lahtokohdat-vuodelle-2019/
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APPENDICES

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