​​​​​​​​​​​​​​​​​​​​​​Financial targets

UPM aims higher with renewed long-term financial targets

In January 2017 UPM decided on new long-term financial targets:

  • ​Business area long-term return targets have been increased.
  • Comparable ROE target have been increased.
  • Comparable EBIT growth has been introduced as a new group-level target.
  • A new financial policy on leverage based on net debt/EBITDA has been introduced.
  • 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.

​Business area targets

Business area long-term return targets

​​Business Area​Measure​Target (%)Actual 2017 (%)​Actual 2016 (%)​Actual 2015 (%)
​UPM Biorefining​​ROCE %​14​18.2​12.6​14.6
​UPM Energy​​​​​ROCE %**​6​4.0​5.0​6.7
​UPM Raflatac​​​ROCE %​20​27.2​25.5​17.6
​UPM Specialty Papers​​​ROCE %*​14​17.2​12.1​5.5
​UPM Communication Papers​FCF/CE%*​14​24.3​31.0​4.7
​UPM Plywood​​​ROCE %​18​23.1​22.6​20.9


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. ​​

Business area targets compared with realised returns​​

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Group targets

Comparable EBIT growth as a group-level target​

Measure​TargetActual 2017 (EURm)​Actual 2016 (EURm)​Actual 2015 (EURm)
​Comparable EBIT​Growth​​1,292​1,143​916


Comparable ROE target ​

Measure​Target (%)Actual 2017 (%)​Actual 2016 (%)​Actual 2015 (%)
​Comprable ROE %​10.0​11.9​10.9​9.5


A financial policy on leverage based on net debt/EBITDA ​

Measure​PolicyActual 2017​Actual 2016​Actual 2015 
​Net debt/EBITDA​approx. 2x or less​0.11​0.73x​1.56x

Group financial performance​

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Responsibility targets

UPM has determined responsibility principles and targets

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Investor Relations: +358 (0)204 15 0033, ir@upm.com