Dr. Reto Müller will not be standing for re-election at the 2022 Ordinary General Meeting. The Board of Directors of Forbo Holding Ltd will propose Dr. Eveline Saupper and Jens Fankhänel for election to the Board of Directors.
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Within the framework of the fixed-price buyback offer, a total of 74,835 registered shares were tendered to Forbo. Effective December 14, 2021, the suspension of trading on the second trading line will be canceled.
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The Board of Directors of Forbo Holding Ltd is offering to repurchase maximum 82,500 of its registered shares (5% of the share capital) at a fixed price as part of the current share buyback program 2019–2022. The fixed price is CHF 1,745 per registered share. Trading on the second trading line will be suspended until and including December 13, 2021.
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Double-digit organic sales growth – disproportionately higher operating profit – group profit doubled – guidance increased for full year 2021
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 623.1 million in the first half of 2021 (prior-year period: CHF 542.3 million), representing a gratifying increase of 14.9% (14.3% in local currencies). Operating profit (EBIT) rose to CHF 82.1 million (prior-year period: CHF 41.1 million), an almost twofold increase. The EBIT margin improved significantly to 13.2% (prior-year period: 7.6%). Group profit doubled to CHF 63.5 million (prior-year period: CHF 31.7 million).
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Forbo shareholders approve all proposals of the Board of Directors
At today's 93rd Ordinary General Meeting of Forbo Holding Ltd, the 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 20 per share will be paid out as of April 12, 2021.
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The Board of Directors of Forbo Holding Ltd has decided to launch the share buyback program 2019–2022 via a second trading line and thus buy back a maximum of 165,000 registered Forbo shares (10% of the share capital).
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Strategy confirmed despite challenging circumstances – COVID-19 and negative currency effects reduce sales and earnings – Investments nevertheless increased – Dividend of CHF 20 per share – Succession planning in Forbo’s senior management
The Forbo Group – a leading manufacturer of floor coverings, building and construction adhesives as well as power transmission and conveyor belt solutions – posted net sales of CHF 1,117.7 million (previous year: CHF 1,282.2 million) in 2020, a year strongly impacted by COVID-19. In local currencies this equates to a decrease in sales of 8.1%, due to negative currency effects representing a decline of 12.8% in the corporate currency. Group operating profit (EBIT) was 22.3% lower, decreasing to CHF 137.0 million (previous year: CHF 176.3 million). Group profit declined by 23.2% to CHF 106.2 million (previous year: CHF 138.3 million).
CEO Stephan Bauer will hand over to Michael Schumacher, who will succeed him in September 2021.
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Significant improvement in earnings versus first half of 2020
Despite the ongoing COVID-19 pandemic, individual markets and customer segments of Forbo have to some extent recovered more quickly than expected.
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