Dr. Peter Altorfer will not be standing for re-election at the 2024 Ordinary General Meeting. The Board of Directors of Forbo Holding Ltd will propose Joerg Kampmeyer and Bernhard Merki for election to the Board of Directors.
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Negative currency effects and reduced market dynamics impact business performance in the third quarter of 2023, lowering expectations for the year overall
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Solid result in difficult market environment – Net sales in local currencies slightly below strong prior-year period – Negative currency impact on net sales and earnings – Measures to increase earnings prove effective – EBIT margin increased – Confirmation of guidance from spring 2023
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 615.2 million in the first half of 2023 (prior-year period: CHF 667.3 million), representing a decrease of 2.2% in local currencies (7.8% in the corporate currency). Operating profit (EBIT) declined by 4.3% to CHF 75.2 million (prior-year period: CHF 78.6 million). The EBIT margin rose to 12.2% (prior-year period: 11.8%). Group profit saw a decline of 4.8% to CHF 57.4 million (previous year: CHF 60.3 million). Cash flow from operating activities improved significantly and came to CHF 33.0 million (prior-year period: CHF –10.0 million).
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Forbo shareholders approve all proposals of the Board of Directors
At today’s 95th Ordinary General Meeting of Forbo Holding Ltd in Zug, the shareholders approved all the proposals of the Board of Directors by a clear majority. A dividend of CHF 23 per share will be paid out as of April 6, 2023.
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Sales growth in all regions thanks to sales price increases – profitability affected by slump in demand and one-time impacts – measures to increase earnings introduced – dividend CHF 23 per share
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 1,293.2 million in the 2022 business year. This corresponds to growth of 8.5% in local currencies and 3.1% the Group currency, due to negative currency effects. Group operating profit (EBIT) decreased as a result of the significant slump in demand and one-time impacts by 25.9% to CHF 132.6 million (previous year: CHF 179.0 million). Group profit came to CHF 101.4 million, 28.2% lower than the previous year (CHF 141.2 million).
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A sharp rise in the cost basis, delayed reaction to a decline in demand and the effect of one-time impacts in the second half of 2022 led to a significant reduction in EBIT and Group profit.
The Forbo Group – a leading producer of floor coverings, building and construction adhesives, as well as power transmission and conveyor belt solutions – reported net sales of CHF 1,293 million for the business year 2022. This corresponds to growth of 8% in local currencies (+3% in the corporate currency). For the 2022 business year, management expects EBIT to come in at CHF 131 million (including one-time impacts of CHF 20 million), with a Group profit of CHF 101 million and a significantly lower free cash flow of slightly below CHF 50 million. Publication of the financial statements and Annual Report is set for March 2, 2023. The targeted implementation of strategic projects and initiatives which is already underway, along with the simplification of structures, will enable Forbo to meet the current challenges and ensure the sustainable success of the company.
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