Forbo intends to sell 63,000 treasury shares by way of an accelerated bookbuilding starting immediately. Forbo’s anchor shareholder and member of the Board of Directors, Michael Pieper, as well as Forbo’s Executive Chairman, This E. Schneider, committed to purchase all shares in case the shares are not sold to other investors.
Solid sales growth in local currencies – Operating and Group profit before one-off costs higher than prior year – Provision for ongoing antitrust proceedings at Flooring Systems in France impacts result – Guidance before one-off costs for 2017 confirmed – Sale of treasury shares for tax law-related reasons
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 606.3 million in the first half of 2017 (prior-year period: CHF 590.9 million). In local currency terms, this equates to a growth of 4.1% (+2.6% in the corporate currency). Operating profit (EBIT) before one-off costs rose by 5.6% to CHF 67.9 million (prior-year period: CHF 64.3 million). The EBIT margin before one-off costs improved to 11.2% (prior-year period: 10.9%). Forbo increased Group profit from continuing operations before one-off costs by 4.3% to CHF 53.9 million (prior-year period: CHF 51.7 million). A provision for one-off costs for the antitrust proceedings at Flooring Systems in France has impacted the operational result.
Matthias P. Huenerwadel, Executive Vice President Flooring Systems, will leave Forbo at the end of 2017 after twelve years on the Executive Board. Jean-Michel Wins, who is currently Executive Vice President Movement Systems, will succeed him in January 2018. The new Executive Vice President Movement Systems is Marc Richard Deimling who will join Forbo in January 2018.
Forbo shareholders approve all proposals of the Board of Directors
The shareholders of Forbo Holding Ltd approved all the proposals submitted by the Board of Directors to the 89th Ordinary General Meeting in Cham by a large majority. A dividend of CHF 19 per share will be paid out as of April 12, 2017.
Solid sales growth in both divisions – Double-digit growth in operating profit – Further increase in operating margins – Double-digit rise in Group profit – Significant increase in earnings per share – Dividend increased to CHF 19 per share
Forbo performed well in 2016 amid challenging market conditions, generating net sales of CHF 1,185.5 million (previous year: CHF 1,139.1 million), representing an increase of 4.1%. Due to positive currency effects, this equates to a sales increase of 3.5% in local currencies. Group operating profit (EBIT) rose considerably by 10.1% to CHF 157.2 million (previous year: CHF 142.8 million), and Group profit from continuing operations was up by a gratifying 10.3% to CHF 127.6 million (previous year: CHF 115.7 million). Earnings per share increased significantly by 20.1% to CHF 74.66 (previous year: CHF 62.14).
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