Michael Schumacher, Chief Executive Officer of Forbo Group, will leave the company as of November 30, 2022. Jens Fankhänel, currently member of the Board of Directors of Forbo, will become his successor.
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Double-digit sales growth in local currencies in all regions – negative currency effects on sales and earnings – results also hit by significant rise in cost of raw materials
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 667.3 million in the first half of 2022 (prior-year period: CHF 623.1 million), which reflects growth of 11.4% in local currencies (7.1% in the corporate currency). Operating profit (EBIT) decreased by 4.3% to CHF 78.6 million (prior-year period: CHF 82.1 million). The EBIT margin came to 11.8% (prior-year period: 13.2%). Group profit saw a decline of 5.0% to CHF 60.3 million (prior-year period: CHF 63.5 million).
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At today's 94th Ordinary General Meeting of Forbo Holding Ltd, shareholders approved all the proposals of the Board of Directors by a clear majority. In application of Article 27 of the Ordinance 3 on Measures to Combat the Coronavirus (COVID-19) of the Swiss Federal Council, shareholders exercised their rights solely through voting instructions issued to the independent proxy. A dividend of CHF 25 gross per share will be paid out as of April 8, 2022.
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As of March 16, 2022, Forbo Holding Ltd has repurchased a total of 165,000 shares as part of the current share buyback program.
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Double-digit sales growth in all regions – Distinctive increase in operating profits&margins – Adjusted for currency effects, sales&earnings above 2019 pre-pandemic levels – Dividend CHF 25 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 1,254.0 million in the 2021 business year (previous year: CHF 1,117.7 million). This equates to an increase of 12.2% in the corporate currency and 11.8% in local currencies, due to slightly positive currency effects. Operating profit (EBIT) increased by 30.7% to CHF 179.0 million (previous year: CHF 137.0 million). Group profit increased by 33.0% to CHF 141.2 million (previous year: CHF 106.2 million).
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