Key figures Forbo Group
Below you find some financial key figures for the Forbo Group.
Our responsibility towards our shareholders
We see it as our responsibility to safeguard the interests of our shareholders by being transparent and issuing regular reports on the activities of our business.
Lower earnings reflected in Group profit
As a result of the significantly lower operating profit (EBIT), a slightly higher tax rate of 22.6% (previous year: 22.1%), and a lower financial result of CHF – 1.6 million (previous year: CHF + 2.2 million) due to exchange rate losses on foreign currencies, Group profit decreased by 28.2% or CHF 39.8 million to CHF 101.4 million (previous year: CHF 141.2 million).
The operating result was impaired by a number of one-time impacts totaling CHF 20 million, the majority of which affected Flooring Systems. Due to the political and economic situation in Russia, impairments were made on goodwill and property, plant, and equipment. Added to this was the cost of structural adjustments and various elements recognized in other operating expenses and income, including the creation of provisions for a number of legal cases.
Earnings per share
The undiluted earnings per share reflect the significantly lower earnings and therefore declined by 21.7% to CHF 71.76 (previous year: CHF 91.63).
Earnings per share are calculated by dividing the net profit or loss for the year attributable to registered shareholders by the weighted average number of registered shares issued and outstanding during the year, less the average number of treasury shares.
Value-adding investments
Forbos investments are wide-ranging, combining the demands of sustainability with efficiency gains in operating processes. In 2022, both divisions invested in important activities and strategic projects. These spanned product portfolio, technology, infrastructure, and specific capacity expansion projects. Total Group investments in property, plant, and equipment and intangible assets in 2022 were CHF 30.9 million (previous year: CHF 38.8 million). The lower value in 2022 was the result of delays in the supply of plant and machinery parts for technical upgrades. These were caused by bottlenecks in availability on the part of suppliers, along with more difficult logistics and shipping terms and conditions.
In 2022, Flooring Systems invested CHF 17.9 million (previous year: CHF 23.4 million) in various production sites, accompanied by environmental improvements to optimize the circular economy. Technical upgrades enable offcuts and recycled coverings from the vinyl production process to be reused in a number of collections – for vinyl backing on Flotex floor coverings or acoustic vinyl products. New mist filter technology at the vinyl floor coverings plant in Coevorden significantly reduces gas and CO2 output. A new laminating line for loose lay design flooring raises the service level. In linoleum production, a number of processing stages, including cutting lines and mixers, were upgraded or redesigned for new collections and installing options.
Investment in property, plant, and equipment at Movement Systems came to CHF 13.0 million (previous year: CHF 15.4 million). This amount includes various upgrades and technical additions to production plants, long-term infrastructure projects and capacity expansions, for example new control systems for mixing equipment and coating machines at several locations, a photovoltaic installation, a high-tech exhaust air system, and a dual-fuel burner. New slitting equipment was purchased for the manufacturing centers in Germany and Slovakia, along with a storage rack system. Additional injection molding machines and the relevant specialist tools were acquired for the Prolink plastic modular belts in Denmark, rounding off the capacity expansion. A major part of the investments went into a new production line for Transilon belts at the site in Pinghu/China.
Consolidated income statements 2018 - 2022
| 2022 | 2021 | 2020 | 2019 | 2018 | |
| CHF million | |||||
| NET SALES | 1,293.2 | 1,254.0 | 1,117.7 | 1,282.2 | 1,327.0 |
| Cost of goods sold | -852.4 | -803.0 | -707.5 | -788.6 | -824.9 |
| GROSS PROFIT | 440.8 | 451.0 | 410.2 | 493.6 | 502.1 |
| Development costs | -15.6 | -15.9 | -15.2 | -16.0 | -16.6 |
| Marketing and distribution costs | -178.6 | -175.3 | -171.3 | -191.4 | -198.1 |
| Administrative costs | -94.2 | -92.8 | -86.4 | -92.8 | -96.1 |
| Other operating expenses | -27.7 | -7.2 | -15.2 | -26.2 | -23.5 |
| Other operationg income | 7.9 | 19.2 | 14.9 | 9.1 | 7.5 |
| OPERATING PROFIT | 132.6 | 179.0 | 137.0 | 176.3 | 175.3 |
| Financial income | 0.9 | 3.0 | 0.7 | 0.8 | 0.9 |
| Financial expenses | -2.5 | -0.8 | -1.6 | -1.8 | -0.6 |
| GROUP PROFIT BEFORE TAXES | 131.0 | 181.2 | 136.1 | 175.3 | 175.6 |
| Income taxes | -29.6 | -40.0 | -29.9 | -37.0 | -38.0 |
| GROUP PROFIT FOR THE YEAR | 101.4 | 141.2 | 106.2 | 138.3 | 137.6 |
