With reference to the media release published by Forbo before the stock market opened on October 20, 2015, Forbo and SIX SIS herewith disclose that as a result of a transmission error at SIX SIS the announced number of registered shares tendered needs to be rectified as follows:
Within the framework of the fixed-price share buyback program made on October 6, 2015, a total of 81,317 registered shares (4.09% of the share capital) were tendered to Forbo.
Within the framework of the fixed-price share buyback offer a total of 88,882 registered shares were tendered to Forbo. With the conclusion of the fixed-price buyback offer on October 19, 2015, suspension of trading on the second trading line is canceled.
The Board of Directors of Forbo Holding Ltd is offering to repurchase maximum 99,500 of its registered shares (5% of the share capital) at a fixed price as part of the current share buyback program. The fixed price is CHF 1,100 per registered share. Trading on the second trading line has been suspended for the duration of the offer, i.e. from October 6, 2015 to October 19, 2015.
Swiss franc severely impacts sales and earnings in corporate currency – Sales in local currencies slightly higher – Currency-adjusted operating profit above previous year – Group profit for 2015 in Swiss francs expected to be slightly lower than previous year
The Forbo Group – a leading manufacturer of floor coverings, building and construction adhesives, as well as power transmission and conveyor belt solutions – reported net sales of CHF 554.8 million in the first half of 2015 (prior-year period: CHF 603.0 million). In local currencies, this is equivalent to organic growth of 0.7%, however, translated into Swiss francs it represents a decline of 8.0%. Negative currency effects had a significant impact on both sales and earnings. Operating profit (EBIT) decreased by 11.3% to CHF 57.9 million (prior-year period: CHF 65.3 million). Adjusted for currency effects, however, it rose by 3.7%. The EBIT margin came to 10.4% (prior-year period: 10.8%). Group profit from continuing operations amounted to CHF 45.8 million (prior-year period: CHF 53.6 million), which is equivalent to a decline of 14.6%. After adjustment for currency effects, it reached the previous year's level despite lower financial income.
The shareholders of Forbo Holding Ltd approved by a large majority all the proposals submitted by the Board of Directors to the 87th Ordinary General Meeting in Zug. The payment of a dividend of CHF 16 per share from the capital contribution reserve will take place as of May 4, 2015. The dividend is exempt from withholding tax.
Sales well above previous year – Strong operating profit – A further double-digit increase in Group profit – Earnings per share significantly increased – Increase in tax-exempt distribution to CHF 16 per share
Forbo remains on course for success in 2014. In the year under review, Forbo generated net sales of CHF 1,226.8 million (previous year: CHF 1,199.7 million). This gratifying performance is equivalent to an increase of 4.6% in local currencies, though it comes to 2.3% when calculated in the corporate currency owing to negative currency effects. Forbo again reported double-digit growth both in Group operating profit (EBIT) and in Group profit from continuing operations. EBIT rose by 10.1% to CHF 149.4 million (previous year: CHF 135.7 million), while Group profit from continuing operations was up by 12.0% to CHF 123.4 million (previous year: CHF 110.2 million). Earnings per share increased by 16.4%.
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