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.