Return on equity excluding special items was 8.3% for the full year and operating cash flow per share was EUR 2.33. I’m especially pleased with our excellent cash flow. Following the consistently strong cash flow, our balance sheet at the end of 2014 was stronger than ever in the company’s history.
All six UPM business areas performed well in 2014 and four of them reached or exceeded their long-term return targets. According to their Interim report , they also record strong balance sheet.

Year 2014 also contained several milestones in UPM’s growth projects. The expansion projects in pulp, labelling materials and self-adhesive labels that were started in 2014 are all well on track and will be completed during 2015. The Lappeenranta Biorefinery started commercial production of advanced renewable diesel in January 2015 – a historic moment after eight years of R&D, piloting and construction.
Today, UPM’s Board of Directors decided on a new dividend policy targeting a dividend of 30-40% of UPM operating cash flow per share. Based on this policy, the Board’s proposal for the 2014 dividend is EUR 0.70 per share.
With good performance in our businesses, strong cash flow and a leading balance sheet in the industry, we are in a unique position to be able to simultaneously distribute an attractive dividend, implement focused growth projects and act on strategic opportunities.”

Outlook for 2015

The improved profitability achieved in 2014 is expected to continue in 2015, and we have prospects to improve further. Our profitability is underpinned by the EUR 150 million profit improvement programme, as well as the first positive impacts from the company’s growth projects. Profitability is affected by lower publication paper prices and lower electricity sales prices in the beginning of the year. The current weakened euro and lower oil price are supportive for the company’s earnings.