connect.
Half-Year Report 2011

Good sales growth of 8.8%
in local currencies
Strong Swiss franc affects on sales andearnings in the Group presentation currency
Increase in currency-adjusted operating­profit despite steep rise in raw material­pricesflooring. bonding. movement.

2

Forbo Half-Year Report 2011

Forbo reports goodsales growth in local
currencies
The Forbo Group – a leading manufacturer of floor coverings, adhesives, aswell as power transmission and conveyor belt solutions – reported net sales of
CHF 880.6 million in the first half of 2011, which equates a solid growth of
8.8% in local currencies versus the prior-year period. Exchange rates again
had a huge impact on the Forbo Group’s results in this reporting period. In­addition, further rises in raw material prices negatively impacted on margins.
The EBIT margin came to 8.6% (prior-year period: 9.1%). Operating profit(EBIT) came to CHF 75.5 million (prior-year period: CHF 83.9 million), corresponding to a decline of 10.0% in the Group presentation currency. After adjustment for currency effects, however, operating profit (EBIT) was up by 6.1%. Net
income from operations came to CHF 52.2 million (prior-year period: CHF 58.7
million), equivalent to a decrease of 11.1% in the Group presentation currency.
After adjustment for currency effects, however, the result improved by 6.1%.
In addition, Forbo achieved an extraordinary financial income of CHF 22.4
­million after tax from the sale of Rieter shares and brought Group profit to
CHF 74.6 million (prior-year period: CHF 90.9 million, including an extra­
ordinary financial income of CHF 32.2 million after tax from the sale of Rieter
shares).
Dear shareholders,
The first half of 2011 was impacted by the strong Swiss franc and by further rises in raw material prices. In local
currency terms, the results in most business activities and regions were pleasing. However, the Swiss franc strengthened again in the period under review especially against the euro, the US dollar, and the pound sterling, and thistrend left its mark on both top-line and bottom-line growth. Forbo is a global company with about 98 percent
of its business taking place outside Switzerland. About 80 percent of turnover is produced and sold in the euro,
dollar or pound currency areas. Since these currencies devalued massively against the Swiss franc, both sales
and earnings were reduced when translated into the Group presentation currency. The impact on sales came
to around CHF 120 million and on operating profit (EBIT) to around CHF 13.5 million. In addition, margins were
negatively impacted by further steep increases in raw material prices. Nevertheless, after adjustment for currency
effects, Forbo once more lifted both sales and earnings.

Forbo Half-Year Report 2011

3

Strong negative currency impact on sales growth
In the first half of 2011, Forbo generated net sales of CHF 880.6 million (prior-year period: CHF 918.8 million), which
in local currencies was 8.8% higher than the same period in 2010. However, the strong Swiss franc reduced thisby 13.0% so that net sales in the Group presentation currency decreased by 4.2%. In local currencies, Bonding
Systems and Movement Systems reported strong increases of 14.3% and 9.5% respectively, while Flooring Systems
generated more moderate growth of 4.7%.
Profitability spoiled by negative currency development and higher raw material prices
The weakness of the core currencies – the euro, US dollar, and pound sterling – along with the steep rises in raw
material prices ate into profits, despite higher sales in local currencies. Operating profit before depreciations andamortizations (EBITDA) came to CHF 101.5 million (prior-year period: CHF 113.6 million), corresponding to a declineof 10.7% in the Group presentation currency. After adjustment for currency effects, however, growth was 4.0%.
Operating profit (EBIT) stood at CHF 75.5 million, compared with CHF 83.9 million in the same period the previous
year. After adjustment for currency effects, though, operating profit (EBIT) was up by 6.1%. The three divisions
reported mixed trends. Thanks to strong sales growth, Movement Systems and Bonding Systems lifted operating
profit (EBIT) after adjustment for currency effects, while Flooring Systems reported a decline in earnings owing tomodest growth and raw material price increases, only some of which were passed on.
Margins hit by steep rises in raw material prices
The steep rises in raw material prices impacted negatively on operating profit margins in the first half of 2011. The
EBITDA margin declined from 12.4% in the prior-year period to 11.5%, while the EBIT margin declined from 9.1%
to 8.6%. At Flooring Systems and Bonding Systems, the to some extent quite significant raw material price ­increases
could not always be passed on to customers without a delay in time, and this led to a slight margin reduction.
Movement Systems, on the other hand, expanded its margins remarkably due to structural adjustments made inearlier years and to buoyant demand.
Net income from operations increased after adjustment for currency effects
Net income from operations stood at CHF 52.2 million, a decrease of 11.1% versus the prior-year period (CHF 58.7
million). After adjustment for currency effects, though, this represents an increase of 6.1%. In addition, Forbo
generated an extraordinary financial income of CHF 29.1 million before tax (CHF 22.4 million after tax) from thesale of Rieter shares. Overall, Group profit in the period under review amounted to CHF 74.6 million (prior-year
period: CHF 90.9 million, including an extraordinary financial income of CHF 32.2 million after tax from the sale ofRieter shares).
Performance of the three divisions
Forbo Flooring Systems reported net sales of CHF 418.3 million in the first half of 2011 (prior-year period:
CHF 449.1 million), equivalent to an increase of 4.7% in local currencies versus the same period the previous year
(however, sales declined by 6.9% in Swiss franc terms). Sales growth in local currencies showed a rising trend
compared with the previous year, but still is not yet on the expected level. There are two reasons for this. Firstly,
the division has not yet fully exploited the distribution synergies of the expanded product portfolio stemmingfrom the acquisition of Bonar Floors about two years ago. Secondly, public spending on hospitals, schools, andother public buildings is being curtailed in view of government debt levels. Generally speaking, America and Asia
posted strong sales growth. In Europe, demand was mixed, because in some countries the construction industry
is still in the doldrums. Operating profit (EBIT) lowered by 18.0% to CHF 50.2 million (prior-year period: CHF 61.2
million), but three quarters of this decline was due to currency effects. One quarter of the decline can be ascribedto higher production costs in the wake of raw material price increases. The EBIT margin decreased to 12.0% (prioryear period: 13.6%). The focus in the coming months will remain on business activities that generate growth andon taking greater advantage of synergies as a systems supplier in the commercial market segment.

4

Forbo Half-Year Report 2011

Forbo Bonding Systems achieved net sales of CHF 302.6 million in the first half of 2011 (prior-year period:
CHF 304.6 million), equivalent to an increase of 14.3% in local currencies versus the same period the previous year
(but a slight decrease of 0.7% in Swiss francs). This good growth was driven by all three business units (industrial
adhesives, building and construction adhesives, and synthetic polymers), with industrial adhesives posting doubledigit sales growth in all regions. Building and construction adhesives reported above-average growth in Germany
and Eastern Europe, whereas the Netherlands, our main market, is still feeling the effect of the slump in theconstruction industry. Synthetic polymers in America maintained its sales level well by expanding into new
customer segments. Operating profit (EBIT) for the whole division declined by 12.5% to CHF 17.5 million (prior-year
period: CHF 20.0 million). The decline is due entirely to currency effects; operating profit (EBIT) in local currencies
showed an increase of 2.5%. The huge raw material price increases were passed on to customers to a large extent,
while bottlenecks in raw material supplies were largely offset by means of new formulations. Nevertheless, theEBIT margin contracted slightly from 6.6% to 5.8%. In the second half-year, Bonding Systems will continue to focus
on international key accounts in the strategically important market segments.
Forbo Movement Systems reported net sales of CHF 159.7 million in the first half of 2011 (prior-year period:
CHF 165.1 million), equivalent to an increase of 9.5% in local currencies versus the same period the previous year
(in Swiss francs it amounted to a decline of 3.3%). This sales growth was due to the launch of new, innovative
products and buoyant economic trends in the division’s core customer segments and markets. In Europe, Germany performed particularly well, while demand in America remained very volatile. Despite the disaster that hit
Japan in spring 2011, sales in Asia were stable on the whole. Following a brief decline in Japan, this market recovered again by and large. Although raw material prices for this division also rose strongly, Movement Systems
significantly increased operating profit (EBIT) in the Group presentation currency by 44.8% to CHF 15.2 million(prior-year period: CHF 10.5 million) thanks to the structural adjustments made in earlier years and to strong sales
growth. After adjustment for currency effects, the increase was even more pronounced. The EBIT margin rose
considerably from 6.4% to 9.5%. In the second half-year, the focus will again be on recasting the division as aworldwide functional organization and on driving expansion in growth markets.
Outlook for 2011
Due to the further substantial deterioration in the exchange rate development over recent weeks and the increasing volatility on the financial markets with the associated effects on the real economy, it is difficult to makeany reliable forecast for the business year 2011 as a whole.
We are assuming that demand in all three divisions will be sluggish and will vary considerably depending on theregion and customer segment. The sharp increase in raw material prices, the uncertain general economic situationand the exchange rate trend will have a major influence on the full-year result in 2011. Provided that these factors
do not change substantially compared with the first half of 2011, we expect net income from operations in thesecond half to be more or less in line with the result in the first half of 2011.

Dr. Albert Gnägi
Chairman of the Board of Directors

Forbo Holding Ltd
Baar, August 16, 2011

This E. Schneider
Delegate of the Board of Directors and CEO

Forbo Half-Year Report 20115

Consolidated balance sheet
and income statement
Condensed consolidated balance sheet
Unaudited, CHF m
AssetsNon-current assets
Property, plant and equipment and intangible assets
Deferred tax assets, investments in associates and other non-current assets
Current assets
Inventories
Trade and other receivables, prepaid expenses and deferred charges
Marketable securities
Cash and cash equivalents
Total assets

30.6.201131.12.2010

677.1
663.5
13.6
717.7
290.1
307.5
0.1
120.0
1,394.8

743.9
720.9
23.3
750.3
260.9
270.6
47.4
171.4
1,494.2

724.4
329.1
191.5
137.6
341.3
134.9
0.5
205.9
670.4
1,394.8

729.7
360.8
196.5
164.3
403.7
135.7
65.9
202.1
764.5
1,494.2

First half 2011880.6
– 604.1
276.5– 201.0
75.5
21.4
96.9
– 22.374.6

First half 2010
918.8
– 614.3
304.5– 220.6
83.9
37.3
121.2
– 30.3
90.9

31.72
31.62

40.14
40.07

Shareholders’ equity and liabilities
Shareholders’ equity
Non-current liabilities
Non-current financial debt
Employee benefit obligations, provisions and deferred tax liabilities
Current liabilities
Trade payables
Current financial debt
Provisions and accrued expenses, tax and other liabilities
Total liabilities
Total shareholders’ equity and liabilities

Condensed consolidated income statement
Unaudited, CHF m
Net sales
Cost of goods sold
Gross profit
Operating expenses
Operating profit
Financial result
Group profit before taxes
Income taxes
Group profit
Basic earnings per share in CHF
Diluted earnings per share in CHF

6

Forbo Half-Year Report 2011

Comprehensive income statement
and consolidated shareholders’ equity
Comprehensive income statement
Unaudited, CHF m
Group profit
Components of other comprehensive income:Translation differences
Changes in fair value of financial instruments available-for-sale
Proceeds from the sale of financial instruments available-for-sale;transfer to income statement
Actuarial gain/loss (–) on pension liabilities
Fair value adjustments of cash flow hedges
Fair value adjustments of net investment hedges
Other comprehensive income, net of tax
Total comprehensive income

First half 2011
74.6

First half 2010
90.9

– 66.1–– 18.6– 34.5
4.6– 14.3

14.8
1.2
5.1
– 63.611.0– 26.5– 0.7– 3.0– 74.4
16.5

Consolidated shareholders’ equity
First half 2011

Unaudited, CHF m
As at January 1, 2011
Group profit
Other comprehensive income, net of tax
Total comprehensive income
Share-based payments
Treasury shares
Dividend payment
As at June 30, 2011

SharecapitalTreasuryshares

0.3

– 0.1

0.3

– 0.1

Reserves

962.5
74.6
14.8
89.4
3.9
8.1
– 28.3
1,035.6

Revaluation
reserve

Reserves
for AFSfinancialassetsReserves
fromcash flow
hedgesTranslationdifferences

129.2

18.6

0.0

– 380.8– 18.6– 18.6

1.2
1.2– 61.0– 61.0

129.2

0.0

1.2

– 441.8

Revaluation
reserve

Reserves
for AFSfinancialassetsReserves
fromcash flow
hedgesTranslationdifferences

136.5

21.2

– 0.2

– 256.5

– 9.7
– 9.7

– 0.7
– 0.7

– 37.5– 37.5

11.5

– 0.9

– 294.0

Total

729.7
74.6
– 63.6
11.0
3.9
8.1– 28.3724.4

Consolidated shareholders’ equity
First half 2010

Unaudited, CHF m
As at January 1, 2010
Group profit
Other comprehensive income, net of tax
Total comprehensive income
Share-based payments
Treasury shares
Dividend payment
As at June 30, 2010

Share
capitalTreasuryshares

0.3

– 0.1

0.0
0.0
0.3

– 0.1

Reserves

778.4
90.9
– 26.564.4
1.8
1.2– 13.5
832.3

136.5

Total

679.6
90.9
– 74.416.5
1.8
1.2– 13.5685.6

Forbo Half-Year Report 20117

Consolidated cash flow statement

Condensed consolidated cash flow statement
Unaudited, CHF m
Cash flow from operating activities
Cash flow from investing activities
Cash flow from financing activities
Decrease in cash and cash equivalents
Translation differences on cash and cash equivalents
Total cash and cash equivalents at beginning of year
Total cash and cash equivalents at June 30

First half 2011
2.4
41.3
– 85.3– 41.6
– 9.8
171.4
120.0

First half 2010
18.3
81.9
– 143.8– 43.6
– 4.5
198.2
150.1

8

Forbo Half-Year Report 2011

Notes to the condensed consolidated
half-year financial statements(unaudited)
01 General information
This condensed consolidated interim report covers the
six-month period from January 1, 2011 to June 30, 2011
(hereinafter ‘reporting period’) and was drawn up in­accordance with the International Accounting Standard
34 (IAS 34) ‘Interim Financial Reporting’. The conso­
lidated half-year financial statements do not include all
information reported in the consolidated full-year financial statements and should therefore be read in conjunction with the consolidated financial statements as
at December 31, 2010.

expenses, assets, liabilities, and contingent liabilities atthe date of the financial statements. If the estimates andassumptions made by management to the best of its
knowledge at the date of the financial statements differ
from the actual facts, the original estimates and assumptions will be adjusted in the reporting period inwhich the facts have changed.

The consolidated half-year financial statements havenot been audited by the statutory auditor. They wereapproved for publication by the Board of Directors on
August 9, 2011.

The consolidated half-year financial statements do notcontain any new estimates and assumptions by management compared with the consolidated financial
statements as at December 31, 2010. Earnings and expenses which are not incurred on a straight-line basis
during the business year are only deferred if such deferral was justified at year-end. Income tax expenditureis estimated on the basis of average actual tax rates­during the current business year.

02 Group accounting policies

03 Changes in the scope of consolidation

The accounting policies applied in the consolidated
half-year report are in line with the accounting policies
set out in the 2010 Annual Report with the following
exceptions:

There were no changes in the scope of consolidationin the reporting period.

The following new and revised standards and interpretations were applied by the Forbo Group for the firsttime as at January 1, 2011:

Forbo is a global producer of Flooring Systems, Bonding
Systems, and Movement Systems. The divisions reflect
the internal management structure and are run separately because the products that they manufacture,
distribute, and sell differ fundamentally in terms of production, distribution, and marketing.

– IAS 24 (revised), ‘Related party disclosures’– IAS 32 (revised ), ‘Financial instruments: presentation’– IFRIC 14/IAS 19 (revised), ‘The limit on a defined benefit asset, minimum funding requirements and theirinteraction’– IFRIC 19 (new), ‘Extinguishing financial liabilities withequity instruments’– Improvements to IFRSs (published in May 2010). The
IASB published its third collection of amendments
to various IFRSs. This affects a total of six standards
and one interpretation, although – in accordancewith the underlying idea of the collection of amendments – they do not involve fundamental changes
to the standards. In some cases, only inconsistencies
have been eliminated or formulations improved.
The application of these new and revised standards andinterpretations has no significant effect on the half-year
report presented here.
The Forbo Group has not early applied further standards, interpretations or amendments that have been
published but are not yet mandatory.
The preparation of the consolidated half-year financial
statements requires management to make estimatesand assumptions that can affect reported revenues,

04 Segment information

Flooring Systems develops, produces, and sells lino­
leum, vinyl floorings, entrance matting systems, carpet
tiles, and needle felt floor coverings as well as the various accessory products required for installing, processing, cleaning, and care of flooring. Bonding Systems
develops, manufactures, and distributes adhesives forindustrial applications and the building and construction industry as well as synthetic polymers. Movement
Systems develops, produces, and sells high-quality
power transmission belts, conveyor and processing
belts, as well as plastic modular, timing and flat belts
made of synthetic materials. Corporate encompasses
the costs of the Group headquarters and certain items
of income and expenses which are not directly attributable to a specific division.
The four segments Flooring Systems, Bonding Systems,
Movement Systems, and Corporate are reportable segments. The identification of the reportable segments isbased on internal management reporting to the Chief
Executive Officer of the Forbo Group and hence on thefinancial information used to check the performance ofthe operational units in order to reach a decision on the
allocation of resources.

Forbo Half-Year Report 2011

9

Segment information on the reportable segments for the reporting period:First half 2011
Unaudited, CHF m
Total net sales
Inter-segment sales
Net sales to third parties
Operating profit (EBIT)
Operating assets
Number of employees (June 30)

Flooring
Systems
419.3
– 1.0
418.3
50.2
637.0
2,771

Bonding
Systems
313.4– 10.8
302.6
17.5
369.6
1,398

Movement
Systems
159.7
– 0.0
159.7
15.2
228.3
1,830

Corporate
–
–
–
– 7.4
23.8
41

Elimination– 11.8
11.8
–
–
–
–

Total
880.6
–
880.6
75.5
1,258.7
6,040

Movement
Systems
165.1
– 0.0
165.1
10.5
261.3
1,769

Corporate
–
–
–
– 7.8
36.1
41

Elimination– 11.7
11.7
–
–
–
–

Total
918.8
–
918.8
83.9
1,435.7
5,995

Segment information on the reportable segments for the previous year:
First half 2010
Unaudited, CHF m
Total net sales
Inter-segment sales
Net sales to third parties
Operating profit (EBIT)
Operating assets
Number of employees (June 30)

Flooring
Systems
449.3
– 0.2
449.1
61.2
727.5
2,803

Bonding
Systems
316.1– 11.5
304.6
20.0
410.8
1,382

Management reporting is based on the same accounting principles as external reporting.
The Chief Executive Officer assesses the performance ofthe reportable segments, based on their operating result(EBIT). The net financial result is not allocated to the divisions since it is Group Treasury that in the main exercises
central control over the financial result.

Inter-segment sales are effected at arm’s length. The divisions apply the same accounting principles as the Group.
Net sales to third parties, as they are reported to the Chief
Executive Officer, are identical to the sales reported in
the income statement.

Reconciliation of segment results to the income statement and balance sheet:
Unaudited, CHF m
Operating profit (EBIT)
Financial result
Group profit before taxes

Unaudited, CHF m
Operating assets
Non-operating assets
Total assets

First half 2011
75.5
21.4
96.9

First half 2010
83.9
37.3
121.2

30.6.2011
1,258.7
136.1
1,394.8

31.12.2010
1,251.9242.3
1,494.2

10

Forbo Half-Year Report 201105 Balance sheet

06 Income statement

Total assets as at June 30, 2011 decreased by CHF 99.4
million to CHF 1,394.8 million versus the end of the previous year. Of this amount, CHF 94.8 million was due toexchange rate movements compared with the end of
the previous year. The decrease in total assets, adjusted
for currency effects, came to only about CHF 5 million.
The decrease can be explained as follows: the decline
in cash and cash equivalents (approximately CHF 42
million) and in marketable securities (approximately
CHF 47 million) was offset by a growth-driven increase
in inventories and trade receivables (approximately
CHF 109 million), which were also affected by the cutoff date. Since investments in fixed assets amounting
to about CHF 12 million were lower than the depreci­
ations of about CHF 25 million, fixed assets decreased
by about CHF 13 million. The investments were mademainly for replacements and projects to boost efficiency. Other asset items decreased cumulatively by about
CHF 12 million after currency adjustment.

Operating profit (EBIT) in the reporting period came to
CHF 75.5 million, which was CHF 8.4 million lower thanin the prior-year period. The impact of the negative currency effects stemming from the translation of the halfyear reports of subsidiaries into the Group presentation
currency came to CHF 13.5 million at the EBIT level. As
a result, operating profit (EBIT) in the reporting period
increased, after currency adjustment, by CHF 5.1 million
in comparison with the prior-year period.

The balance sheet item ‘Employee benefit obligations,provisions and deferred tax liabilities’ decreased by
CHF 26.7 million to CHF 137.6 million compared withthe end of the previous year. This decrease was due
mainly to the actuarial reduction in employee benefit
obligations.

Income tax amounted to CHF 22.3 million, corresponding to a tax rate of 23%.

Compared with December 31, 2010, shareholders’ equity decreased by CHF 5.3 million to CHF 724.4 million.
This reduction was due mainly to the losses stemmingfrom the translation of the half-year reports of subsidiaries into the Group presentation currency. The Group
profit of CHF 74.6 million generated in the first half of2011 more than offset this negative effect, but shareholders’ equity nevertheless declined slightly due to thedividend paid out to the shareholders of Forbo Holding
Ltd. The equity ratio increased further in the first half of2011 and stood at 51.9% as at June 30, 2011. Net debt
as at June 30, 2011 was CHF 71.9 million. This corresponds to an increase of CHF 28.3 million comparedwith the year-end 2010. Gearing (ratio of net debt toshareholders’ equity) stood at 9.9% as at the end ofJune 2011.

Financial result came to CHF 21.4 million in the reporting period. This sum consists mainly of CHF 29.1 million
from the sale of marketable securities and interest expense in connection with the financing of the Group.
In the first half of 2011, the remaining Rieter shares still
held as per December 31, 2010 were sold. This generated total proceeds of CHF 53.0 million for the ForboGroup, and the realized financial income came to
CHF 29.1 million before tax.

Group profit came to CHF 74.6 million. There are two
reasons for the CHF 16.3 million decline in profit ver­sus the prior-year period. Firstly, the profit from the saleof Rieter shares reported in the previous half-year’sGroup profit was about CHF 10 million higher than the
profit realized from the sale of Rieter shares in the firsthalf of 2011. Secondly, the negative currency effects
stemming from translation of the half-year statementsof subsidiaries into the Group presentation currency
caused Group profit in the first half of 2011 to reduceby about CHF 10 million. Undiluted earnings per sharein the period under review amounted to CHF 31.72.
Diluted earnings per share (adjusted for the dilution­effect of outstanding options) came to CHF 31.62.

Forbo Half-Year Report 201107 Free cash flow
The free cash flow generated in the period under review
came to CHF 43.7 million.
Operating cash flow decreased by CHF 15.9 million
in comparison with the prior-year period and came to
CHF 2.4 million. The reduction was caused on the one
hand by the decline in Group profit as a result of currency effects and on the other hand by a further increase of net working capital. There are various reasons

11

for this: financing the Group’s growth, the steep rise in
raw material prices, and the deliberate build-up of raw
material inventories ahead of expected further priceincreases. The steep drop in cash flow from investing
activities is due to the sale of marketable securities,
which gen­erated cash flows in the first half of 2010 thatwere CHF 39.4 million higher than in the first six monthsof 2011. ­Owing to high liquidity, CHF 41.6 million infunds surplus to the free cash flow of CHF 43.7 million
were used to reduce financial liabilities and pay out thedividend to shareholders.

08 Main exchange rates applied
The following exchange rates have been applied for themost important currencies concerned:
Income statement
Average exchange rate, 6 months
Currency
CHF
Euro countries
USA
United Kingdom
Japan

EUR 1
USD 1
GBP 1
JPY 100

2011
1.27
0.91
1.47
1.11

09 Events after the balance sheet date
At the Ordinary General Meeting on April 29, 2011,
shareholders voted to reduce the share capital of
CHF 271,315.20 to CHF 250,000 by destruction of the213,152 registered shares repurchased through theshare buyback program approved at the Ordinary Gen-

2010
1.44
1.08
1.65
1.18

Balance sheet
Exchange rate on balance-sheet date
30.6.2011
1.19
0.84
1.33
1.03

31.12.2010
1.25
0.94
1.46
1.15

eral Meeting of April 25, 2008. The capital reduction wascompleted with the entry in the Commercial Registerof the Canton of Zug on July 11, 2011 and was published in the SHAB (Swiss Official Gazette of Commerce)on July 14, 2011. The stock exchange adjustment took
place on the same day.

CalendarMedia and financial analysts’ conference on the 2011 business year:
Ordinary General Meeting: 

Tuesday, March 20, 2012
Friday, April 27, 2012

flooring. bonding. movement.

Forbo Holding Ltd
Lindenstrasse 8
CH-6340 Baar
Forbo International SA
Lindenstrasse 8
CH-6340 Baar
Phone + 41 58 787 25 25
Fax + 41 58 787 20 25
info@forbo.com
www. forbo. com