The closing of PM10 at UPM Plattling, Germany, was finalised in July, and the conversion of PM2 at UPM Nordland, Germany, continues.Later in the afternoon, Pesonen will present the results in a press conference held in Finnish language at the UPM Group Head Office (The Biofore House) in Helsinki, Alvar Aallon katu 1, at 14:30 EET.Only participants who wish to ask questions in the conference call need to dial in. In addition, the ongoing investments at UPM Nordland and UPM Changshu are progressing well and will support our growth in a highly competitive way as of next year.UPM Raflatac reported stable earnings. Demand decline is expected to continue for UPM Communication Papers.It should be noted that certain statements herein, which are not historical facts, including, without limitation, those regarding expectations for market growth and developments; expectations for growth and profitability; and statements preceded by "believes", "expects", "anticipates", "foresees", or similar expressions, are forward-looking statements. Auditor’s report 214 Other financial information 218 Financial information 2010–2019 220 More on responsibility 222 UPM on a world map 225 Addresses 227 Annual General Meeting.
The business achieved record comparable EBIT, supported by lower input costs and several initiatives on fixed costs. We have exciting transformative projects either in progress or in planning, which will drive the company’s future earnings and value. The Annual Report highlights UPM’s strategic transformation in 2019 and the commitment to responsible solutions in bioeconomy. The main earnings sensitivities and the group’s cost structure are presented on pages 135–136 of the 2018 Annual Report. Last week, UPM and Andritz Group signed a preliminary agreement under which Andritz is to supply us with energy-efficient and environmentally leading pulp-production technologies.Our 2019 sales decreased by 2% and comparable EBIT fell by 7%. Since these statements are based on current plans, estimates and projections, they involve risks and uncertainties which may cause actual results to materially differ from those expressed in such forward-looking statements. The Group employs around 18,700 people and it has …
39% of the company's comparable EBIT came from UPM Biorefining in 2019.The economic responsibility focus areas are profit, governance and responsible sourcing. Large, Forest and Paper Products Raflatac is continuing the fixed-cost reduction programme it started earlier in the year.Our sales grew by 1% and comparable EBIT increased by 3% to EUR 345 million. The Annual Report highlights UPM’s strategic transformation in 2019 and the commitment to responsible solutions in bioeconomy.
This is important for the long-term value of the company.UPM’s financial position is exceptionally strong, which enables us to make these opportunities real. UPM can contribute to climate change mitigation through climate-positive land use, significant reductions in carbon dioxide emissions and innovative products that replace fossil materials.
Our innovations create value and business opportunities for an era in which the world is no longer dependent on fossils.”Preparations for the new world-class pulp mill in Uruguay are progressing towards a potential investment decision.
Paper prices in Europe and North America are expected to be moderately lower.