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Change on the Executive Board of Forbo

The Board of Directors of Forbo Holding Ltd has appointed Andreas Jaeger as the new Chief Financial Officer Forbo Group and member of the Executive Board. He will take up his new position on January 1, 2021, replacing Urs Uehlinger, who will leave the company.

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Media release on the 2020 half-year report

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 542.3 million in the first half of 2020 (prior-year period: CHF 649.4 million). This equates to a decline of 11.4% in local currencies (-16.5% in the corporate currency), which was attributable to the COVID-19 pandemic and its impact on the economy. Operating profit (EBIT) came to CHF 41.1 million, 46.8% lower than the previous year (prior-year period: CHF 77.3 million). The EBIT margin declined to 7.6% (prior-year period: 11.9%). Group profit amounted to CHF 31.7 million, 48.2% lower than the previous year (prior-year period: CHF 61.2 million).

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Forbo shareholders approve all proposals of the Board of Directors – Impact of the coronavirus

At today's 92nd Ordinary General Meeting of Forbo Holding Ltd, the shareholders approved all the proposals of the Board of Directors by a clear majority. In accordance with COVID-19 Ordinance 2 of the Swiss Federal Council, shareholders exercised their rights solely through voting instructions issued to the independent proxy since personal attendance by shareholders was not permissible. A dividend of CHF 23 per share will be paid out on April 14, 2020.

At the present time, Forbo cannot assess the various effects that the coronavirus will have on demand and the continuation of production over the coming weeks and months. For this reason, Forbo will not provide any guidance for the 2020 business year anymore.

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Currency-adjusted sales slightly lower – Operating profit and margins nonetheless improved – Group profit slightly higher year-on-year – Earnings per share increased again – Balance sheet remains robust – Dividend increased by about 10 percent

Amid globally challenging economic circumstances, Forbo generated net sales of CHF 1,282.2 million in 2019 (previous year: CHF 1,327.0 million). In local currencies, this comes to a slight decrease of 0.8% and in the corporate currency to a decline of 3.4% owing to negative currency effects. Group operating profit (EBIT) increased by 0.6% to CHF 176.3 million (previous year: CHF 175.3 million). Group profit rose by 0.5% to CHF 138.3 million (previous year: CHF 137.6 million).

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