In January 2017 UPM decided on new long-term financial targets:
The cash flow-based dividend policy remains unchanged. UPM aims to pay an attractive dividend: 30-40%
of the company's annual operating cash flow per share.
ROCE % = Return of capital employed excluding items affecting comparability.* Free cash flow after investing activities (investments and/or divestments) and restructuring costs.**UPM Energy assets valued at fair value.