CONNECT.
HALF-YEAR REPORT 2017

SOLID SALES GROWTH IN LOCAL CURRENCIESOPERATING AND GROUP PROFIT BEFORE
ONE-OFF COSTS HIGHER THAN PRIOR YEARPROVISION FOR ONGOING ANTITRUST PROCEEDINGSAT FLOORING SYSTEMS IN FRANCE IMPACTS RESULTGUIDANCE BEFORE ONE-OFF COSTS
FOR 2017 CONFIRMED
SALE OF TREASURY SHARES FOR
TAX LAW-RELATED REASONS

2FORBO HALF-YEAR REPORT 2017

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 606.3 million in the first half of 2017 (prior-year period:
CHF 590.9 million). In local currency terms, this equates to a growth of 4.1% (+ 2.6%in the corporate currency). Operating profit (EBIT) before one-off costs rose by
5.6% to CHF 67.9 million (prior-year period: CHF 64.3 million). The EBIT margin before one-off costs improved to 11.2% (prior-year period: 10.9%). Forbo increased
Group profit from continuing operations before one-off costs by 4.3% to CHF 53.9
million (prior-year period: CHF 51.7 million). A provision for one-off costs for the
antitrust proceedings at Flooring Systems in France has impacted the operational
result.
Dear shareholders
The Forbo Group can again look back on an operationally strong and solid first half in 2017 overall. Both divisions
and all three regions factored into this success. Flooring Systems launched a number of innovative floor coveringcollections along with the newly developed product range of homogeneous vinyl floor coverings. Movement
Systems convinced major customers in a number of customer segments with its application-specific products
and services.
Conversion of local results into the corporate currency resulted in a negative currency effect compared with thefirst half of 2016 with respect to both sales and earnings. The main culprit in this trend was the weakness of thepound sterling. Given their geographic weighting, this currency effect affected Flooring Systems more than Movement Systems.
A provision for one-off costs arising from the antitrust proceedings at Flooring Systems in France, announced on
July 20, 2017, has impacted the operational result.
Good organic sales growth in local currencies
In the first half of 2017, Forbo generated higher net sales of CHF 606.3 million (prior-year period: CHF 590.9 million),reflecting an increase of 4.1% in local currencies (+ 2.6% in the corporate currency). Both divisions contributed tothis growth and succeeded in continuing the local-currency growth rates achieved the previous year. Flooring
Systems reported sales growth in local currencies of 3.6% (+ 1.7% in the corporate currency), while Movement
Systems was up 5.3% (+ 4.6% in the corporate currency).
Innovative product developments and capacity expansion strengthen profitability
In the first half again, both divisions invested in growth-oriented projects, enhancing their attractive portfolios
with product innovations, expanding their sales and service structures, and growing capacity along with thecorresponding headcount. The Group once more succeeded in raising profitability, thanks to investments thatwere again higher, especially compared with the first half of 2016. Streamlining of various operational processes
as well as productivity increases along the entire value chain were the two factors instrumental in this uptrend.
Operating profit before depreciation and amortization (EBITDA) before one-off costs came to CHF 86.3 million(prior-year period: CHF 82.8 million), corresponding to an increase of 4.2%. The EBITDA margin before one-off
costs improved to 14.2% (prior-year period: 14.0%). Operating profit (EBIT) before one-off costs increased by 5.6%
from CHF 64.3 million to CHF 67.9 million. The EBIT margin before one-off costs improved to 11.2% (prior-year
period: 10.9%).

FORBO HALF-YEAR REPORT 20173

It has emerged that as a result of antitrust proceedings in France initiated in 2013 against Flooring Systems andsome competitors, Flooring Systems has to expect one-off costs. We have therefore made a provision for one-off
costs in the amount of CHF 85.0 million in this year's half-year financial statement. After factoring in these one-off
costs, operating profit (EBIT) came to CHF – 17.1 million.
Increase in Group profit before one-off costs
Group profit from continuing operations before one-off costs amounted to CHF 53.9 million (prior-year period:
CHF 51.7 million). This equates to an increase of 4.3%. Following the partial release of provisions from the sale ofthe industrial adhesives activity in 2012 owing to the expiry of warranty periods, Group profit before one-off costs
came to CHF 56.1 million (prior-year period: CHF 51.7 million). After factoring in the provision for one-off costs,
Group profit from continuing operations came to CHF – 31.1 million and Group profit to CHF – 28.9 million.
Earnings per share from continuing operations (undiluted) before one-off costs rose by 4.0% to CHF 31.49(prior-year period: CHF 30.28).
Equity ratio remains highShareholders' equity declined by CHF 56.7 million to CHF 564.7 million owing to the one-off costs. The equity
ratio remained high at 56.3% (year-end 2016: 62.8%) despite the one-off costs.
Liquidity solid
Net cash came to CHF 163.2 million as at June 30, 2017. This marked a decrease of CHF 46.0 million compared withthe beginning of the year, which was due mainly to the payment of the dividend and to investments in the expansion of capacity. In addition, Forbo held treasury shares worth CHF 137.4 million, based on the share price at theend of June 2017. In the near future, for tax law-related reasons, Forbo plans to sell about 60,000 treasury shares
towards the end of the six-year holding period.
Performance of the divisions
The Forbo Flooring Systems division reported net sales of CHF 415.9 million in the first half of 2017 (prior-year
period: CHF 408.9 million), which is equivalent to a solid sales increase of 3.6% in local currencies (+ 1.7% in thecorporate currency). Almost all markets in Europe reported moderate to above-average growth, especially ourcore markets in France and the Netherlands. North America reported slightly higher growth, while Asia/Pacificposted a marginal decrease in sales following various major projects that were completed the previous year.
After a number of difficult years during the down cycle, the building and construction adhesives activity posted
a strong recovery and reported very satisfactory sales growth overall. The newly completed production facility
for high-quality homogeneous vinyl floor coverings came on stream at the end of 2016, and the corresponding
collections – along with other product innovations – were launched at the start of 2017.
Despite negative currency effects and higher raw-material prices, operating profit (EBIT) before one-off costs roseby 4.0% to CHF 52.3 million (prior-year period: CHF 50.3 million). The EBIT margin before one-off costs increased
to 12.6% (prior-year period: 12.3%). After factoring in the one-off costs, operating profit (EBIT) came to CHF – 32.7
million. The focus in the coming months will remain on systematic implementation of the strategy: we will concentrate on further developing our attractive product portfolio for customers in the relevant target segments andon custom-tailoring the portfolio to a range of applications along with supporting marketing activities. We arecounteracting the negative impact of currency effects and raw-material price trends with a consistent cost man­a­gement.
The Forbo Movement Systems division reported net sales of CHF 190.4 million in the first half of 2017 (prior-year
period: CHF 182.0 million), which is equivalent to a gratifying sales increase of 5.3% in local currencies (+ 4.6% in
the corporate currency). All regions factored into this increase. Most European markets in particular showed
above-average growth, owing to major projects in key customer segments. Contributing to this growth was also
the takeover of an existing customer in northern Italy in mid-2016. North America reported slightly higher growth,
but demand remained sluggish. Demand in Asia/Pacific, especially in our core markets, picked up speed again
after an appreciable slowdown in the second half of 2016.

4

FORBO HALF-YEAR REPORT 2017

Operating profit (EBIT) increased strongly by 10.1% to CHF 22.8 million (prior-year period: CHF 20.7 million),driven by higher sales and operational improvements. The EBIT margin came to 12.0% (prior-year period: 11.4%).
In the second half of the year, we will further pursue our strategic initiatives in all units on three fronts: driving
sales of Prolink plastic modular belts and Extremultus power transmission belts in addition to our main productgroup Transilon conveyor belts; expanding our product offering; and growing our sales and service structuresin specific areas.
Outlook for 2017
Our forecast for the full year 2017 has not changed. The overall environment remains challenging because thecurrency exchange situation and the trends on individual markets are still volatile.
As announced in the spring, barring any change in the foreign exchange situation and assuming a similar business environment, we continue to anticipate a slight increase in net sales and Group profit from continuing
operations for the full year 2017 before one-off costs. However, Group profit will be reduced by the respective
amount of the provision made therefore.

This E. Schneider
Executive Chairman

Stephan Bauer
CEO

Forbo Holding Ltd
Baar, July 28, 2017

Key figures at a glance
Unaudited, CHF m
Net salesFirst half 2017

First half 2016

Change

606.3

590.9

+ 4.1%
local currencies+ 2.6%
corporate currency

EBITDAEBITDA adjusted1)
EBIT margin
EBIT
EBIT adjusted1)
EBIT margin
Group profit from continuing operations
Group profit from continuing operations, adjusted1)
Earnings per share from continuing operations (undiluted)
Earnings per share from continuing operations (undiluted), adjusted1)

86.3
1.3
14.2%
67.9
– 17.1
11.2%
53.9– 31.1
CHF 31.49
CHF – 18.19

1) Factoring in the provision for the one-off costs resulting from the antitrust proceedings against Flooring Systems in France.

82.8
82.8
14.0%
64.3
64.3
10.9%
51.7
51.7
CHF 30.28
CHF 30.28+ 4.2%+ 5.6%+ 4.3%+ 4.0%FORBO HALF-YEAR REPORT 20175

Consolidated balance sheet andincome statement
Condensed consolidated balance sheet
Unaudited, CHF m
AssetsNon-current assets
Property, plant, and equipment, intangible assets and goodwill
Deferred tax assets and other non-current assets
Current assets
Inventories
Trade and other receivables and accrued income and deferred expenses
Cash and cash equivalents
Total assets

30.6.201731.12.2016

386.3
344.6
41.7
616.0
215.3
237.2
163.5
1,002.3

388.1
347.4
40.7
601.2
206.4
185.1
209.7
989.3

564.7
118.5
0.2
118.3
319.1
70.9
0.1
248.1
437.6
1,002.3

621.4
126.1
0.4
125.7
241.8
95.4
0.1
146.3
367.9
989.3

First half 2017

First half 2016606.3
– 369.5
236.8– 253.9– 17.10.0– 17.1– 14.0– 31.1
2.2– 28.9– 28.9590.9– 357.8
233.1– 168.8
64.3
0.8
65.1
– 13.4
51.7
0.0
51.7
51.7

Earnings per share, total
Basic earnings per share in CHF
Diluted earnings per share in CHF– 16.91– 16.91

30.28
30.27

Earnings per share from continuing operations
Basic earnings per share in CHF
Diluted earnings per share in CHF– 18.19– 18.19

30.28
30.27

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

Condensed consolidated income statement
Unaudited, CHF mContinuing operations
Net sales
Cost of goods sold
Gross profit
Operating expenses
Operating profit
Financial result
Group profit before taxes
Income taxes
Group profit from continuing operations
Group profit from discontinued operations after taxes
Group profit
Group profit attributable to shareholders of Forbo Holding Ltd

The accompanying notes are an integral part of the Half-Year Report.

6

FORBO HALF-YEAR REPORT 2017

Consolidated comprehensive income
statement and statement of changes in equity
Consolidated comprehensive income statement
Unaudited, CHF m
Group profit
Items that will not be reclassified to the income statement:
Remeasurements of employee benefit obligations, net of taxes
Items that are or may be subsequently reclassified to the income statement:
Translation differences
Other comprehensive income, net of tax
Total comprehensive income
Total comprehensive income attributable to shareholders of Forbo Holding Ltd

First half 2017
– 28.9First half 2016
51.7

3.6

– 25.3– 1.6
2.0– 26.9– 26.9– 17.3– 42.69.1
9.1

Consolidated statement of changes in equity
first half 2017
Unaudited, CHF m
January 1, 2017
Group profit
Other comprehensive income, net of tax
Total comprehensive income
Share-based payments
Treasury shares
Dividend payment
June 30, 2017

Share capital

Treasuryshares0.2– 0.1

Reserves

0.2

– 0.1

941.4
– 28.93.6– 25.32.5
0.2– 32.5886.3

Share capital

TreasurysharesReserves

0.2

– 0.1

0.0

Translationdifferences– 320.1
– 1.6
– 1.6

– 321.7

Total

621.4
– 28.92.0– 26.92.5
0.2– 32.5564.7

Consolidated statement of changes in equity
first half 2016
Unaudited, CHF m
January 1, 2016
Group profit
Other comprehensive income, net of tax
Total comprehensive income
Share-based payments
Treasury shares
Dividend payment
June 30, 2016

The accompanying notes are an integral part of the Half-Year Report.

0.0
0.2

– 0.1

852.0
51.7
– 25.326.4
2.4
1.3– 29.1853.0

Translationdifferences– 292.9– 17.3– 17.3– 310.2

Total

559.2
51.7
– 42.6
9.1
2.4
1.3– 29.1
542.9

FORBO HALF-YEAR REPORT 20177

Consolidated cash flow statement

Condensed consolidated cash flow statement
Unaudited, CHF m
Group profit
Depreciation of property, plant, and equipment, and amortization of intangible assets
Increase in net operating working capital
Other adjustments for non-cash items
Net cash flow from operating activities
Purchase/sale of property, plant, and equipment, and intangible assets
Purchase of business operations, less acquired cash and cash equivalents
Proceeds from other current financial assets
Other cash inflow from investing activities, net
Net cash flow from investing activities
Dividend payment
Cash inflow from transactions with treasury shares, net
Other cash flows from financing activities, net
Net cash flow from financing activities
Decrease in cash and cash equivalents
Translation differences on cash and cash equivalents
Cash and cash equivalents at beginning of year
Total cash and cash equivalents as at June 30

The accompanying notes are an integral part of the Half-Year Report.

First half 2017
– 28.918.4– 73.185.3
1.7– 15.3First half 2016
51.7
18.4
– 47.1
– 5.8
17.2
– 8.9
– 0.7

0.4
– 14.9– 32.50.3– 0.2– 32.4– 45.6
– 0.6
209.7
163.5

0.3
– 9.3
– 29.10.0– 29.1– 21.2
– 2.0
116.3
93.1

8

FORBO HALF-YEAR REPORT 2017

Notes to the condensed consolidated
half-year financial statements (unaudited)
01 General information
This condensed consolidated interim report of Forbo
Holding Ltd and its subsidiaries (hereinafter 'the Group')
covers the six-month period from January 1, 2017, toJune 30, 2017 (hereinafter 'reporting period'), and was
drawn up in accordance with International AccountingStandard 34 (IAS 34) 'Interim Financial Reporting'. The
consolidated half-year financial statements do not include all information reported in the consolidated fullyear financial statements and should therefore be readin conjunction with the consolidated financial statements as at December 31, 2016.
The consolidated half-year financial statements havenot been audited by the auditors. They were approvedfor publication by the Board of Directors on July 27,
2017.
02 Group accounting principles
The accounting principles applied in the consolidated
Half-Year Report are in line with the accounting policies
set out in the 2016 Annual Report with the following
exceptions:
The following new or revised standards and interpret­
ations of the International Accounting Standards
Board (IASB) were applied for the first time in the business year that began on January 1, 2017:– Disclosure Initiative (amendments to IAS 7)– Recognition of deferred tax assets for unrealized
losses (amendment to IAS 12)– Annual improvements to IFRS 2014 – 2016 cycle

The first-time adoption of the before-mentioned newor revised standards and interpretations had no signifi­
cant impact on the Half-Year Report presented here.
Standards, interpretations or amendments that havebeen published but are not yet mandatory have notbeen adopted early.
The preparation of the consolidated half-year financial
statements requires management to use estimates andassumptions that may affect reported revenues, expenses, assets, liabilities, and contingent liabilities at thedate of the financial statements. If the estimates andassumptions used by management to the best of its
knowledge at the date of the financial statements happen to differ from subsequent actual facts, the original
estimates and assumptions will be adjusted in the reporting period in which the facts have changed. The
consolidated half-year financial statements do not contain any significant new estimates and assumptions
used by management (with the exception of the provisions for the antitrust proceedings against Flooring
Systems in France described under '04 Balance sheet'and '08 Contingent liabilities') compared with the consolidated financial statements as at December 31, 2016.
Income tax expenditure is estimated on the basis ofactual average actual tax rates during the current business year.

FORBO HALF-YEAR REPORT 201703 Segment information
The Group is a global producer of Flooring Systems andMovement Systems. The divisions correspond to theinternal management structure and are run separately
because the products that they manufacture, distribute,and sell differ fundamentally in terms of production,
distribution, and marketing.
Flooring Systems develops, produces, and sells linoleum, vinyl floorings, entrance matting systems, carpet
tiles, and needle felt floor coverings as well as the vari­
ous accessory products required for installing, processing, cleaning, and care of flooring.
In the Movement Systems division, the Group develops,
produces, and sells high-quality conveyor and processing belts, as well as plastic modular belts, and drive,
timing and flat belts made of synthetic materials. Corporate includes the costs of the Group headquarters
and certain items of income and expenses which are
not directly attributable to a specific business.

9

The Flooring Systems and Movement Systems divisions
are reportable segments. The identification of report­able
segments is based on internal management reportingto the Executive Chairman and the Chief Executive­Officer and hence on the financial information used toreview the performance of the operational units in orderto reach a decision on the allocation of resources.
The Executive Chairman and the Chief Executive Officer
assess the performance of the segments based on theiroperating result (EBIT). The net financial result is notallocated to the divisions since it is Corporate Treasurythat in the main exercises central control over the financial result.

First half 2017

Unaudited, CHF m
Total net sales
Inter-segment sales
Net sales to third parties
EBIT before provision for anti-trust proceedings France
Provision for anti-trust proceedings France
EBIT
EBITDA
Operating assets
Investments
Number of employees (June 30)

Flooring
Systems
415.9
415.9
52.3
– 85.0– 32.7– 19.2
537.0
6.8
3,225

Movement
Systems
190.5
– 0.1
190.4
22.8

Corporate/
Elimination
– 0.1
0.1

22.8
27.4
240.4
8.5
2,320

– 7.2
– 6.9
19.8
0.0
41

Movement
Systems
182.0

Corporate/
Elimination
– 0.3
0.3

– 7.2

Total
606.3
606.3
67.9
– 85.0– 17.1
1.3
797.2
15.3
5,586

First half 2016

Unaudited, CHF m
Total net sales
Inter-segment sales
Net sales to third parties
EBIT
EBITDA
Operating assets
Investments
Number of employees (June 30)

Flooring
Systems
409.2
– 0.3
408.9
50.3
64.2
537.0
7.0
3,125

182.0
20.7
25.1
225.4
2.3
2,194

– 6.7
– 6.5
16.3
0.0
41

Total
590.9
590.9
64.3
82.8
778.7
9.3
5,360

10

FORBO HALF-YEAR REPORT 2017

Reconciliation of division results to the income statement and balance sheet:First half 2017

First half 2016

– 17.10.0– 17.1

64.3
0.8
65.1

30.6.201731.12.2016

797.2
205.1
1,002.3

738.9
250.4
989.3

Unaudited, CHF million
Segment result (EBIT)
Financial result
Group profit before taxes

Unaudited, CHF million
Total operating assets
Non-operating assets
Total assets

04 Balance sheet
Property, plant, and equipment was virtually unchanged at CHF 15.1 million in the first half, with investments in property, plant, and equipment coming to
CHF 227.5 million versus depreciations of CHF 15.5
million. Intangible assets declined by CHF 2.7 million
to CHF 117.1 million. Investments in intangible assets,
at CHF 0.2 million, were lower than the amortization of
CHF 2.9 million.
The CHF 8.9 million increase in inventories at June 30
versus year-end 2016 plus the CHF 52.1 million increasein trade and other receivables were mainly timingrelated.
Financial liabilities consist of leasing obligations for
fixed assets carried in the balance sheet.
In 2013, the French antitrust authorities instituted aninvestigation of Forbo Flooring Systems on suspicionof possible antitrust practices among leading manufacturers. Until now, the Group has reported this caseas a contingent liability because there was no way of
estimating the risks and the potential financial implications. As the investigations have progressed, the subjectof the investigation and the possible financial costs
have become clearer, although the ultimate figure will
not be known until the proceedings have been concluded. As reported in the media release of July 20,
2017, Forbo has set aside a provision of CHF 85.0 million.
The provision was created in the Flooring Systems div­
ision as a non-tax-deductible operating expense and isreported under current liabilities.

In the reporting period, provisions of CHF 2.8 million
accrued from the sale of the industrial adhesives activity in 2012 were released owing to the expiry of warranty periods.
Compared with December 31, 2016, shareholders'­equity decreased by CHF 56.7 million to CHF 564.7 million. The decline in shareholders' equity is due to theGroup profit of CHF – 28.9 million and to payment of
the dividend of CHF 32.5 million. The equity ratio decreased to 56.3% as at June 30, 2017.
The cash value of pension liabilities declined by a totalof CHF 4.7 million owing to slightly higher discountrates in Switzerland, Germany, and Japan. The income
recognized in the comprehensive income statement
after deferred taxes was CHF 3.6 million.

FORBO HALF-YEAR REPORT 201705 Income statement
Net sales of CHF 606.3 million were 2.6% higher thanin the prior-year period. The sales increase came to
4.1% in local currencies.
The cost of goods sold increased owing to higher
raw-material prices proportionate to net sales.
Operating profit (EBIT) in the reporting period was
negative at CHF – 17.1 million owing to the provisionof CHF 85.0 million resulting from the antitrust proceedings in France. Factoring out this effect, operating
profit (EBIT) in the period under review would havebeen CHF 67.9 million and therefore CHF 3.6 million or
5.6% higher than in the prior-year period.
Factoring out the positive currency effects in the­prior-year period, financial income broke even in thereporting period.
If the effect of the provision for the antitrust proceedings in France is factored out, the income tax of CHF
14.0 million corresponds to a tax rate of 20.6%, unchanged from the previous year. The provision for the
antitrust proceedings in France is not tax-deductible.
The resulting Group profit from continuing operations
came to CHF – 31.1 million. The resulting Group profit
from continuing operations without the effect of theprovision for the antitrust proceedings in France cameto CHF 53.9 million, which was CHF 2.2 million or 4.3%
higher than the prior-year period.
Owing to the release of provisions that had been accrued for risks in connection with the sale of the in­dustrial adhesives activity (note '04 Balance sheet'), a
profit of CHF 2.8 million before tax, or CHF 2.2 million
after tax, was generated in the reporting year from­discontinued operations.

11

Undiluted earnings per share on the basis of the­av­erage number of shares outstanding amounted
to CHF – 16.91 in the reporting period (prior-year­period: CHF 30.28). Diluted earnings per share cameto CHF – 16.91 (prior-year period: CHF 30.27).
In the previous year, diluted earnings per share were
adjusted for the dilution effect of outstanding options.
In the reporting period, no further options were outstanding, and the consideration of shares granted in
the course of the Long-Term Incentive Plan (LTI) did not
produce any dilution effect.
06 Cash flow statement
Owing to the timing-related increase in net operating
working capital, cash flow from operating activities
was only slightly positive at CHF 1.7 million. The item
'Other adjustments for non-cash items', amounting to
CHF 85.3 million in cash flow from operating activities,
comprises the creation of a provision of CHF 85.0 million for the antitrust proceedings in France.
Cash flow from investing activities consists mainly of
the cash outflow of CHF 15.3 million for investments
in property, plant, and equipment and in intangible
assets.
Cash flow from financing activities reflects primarily thepayment of the dividend of CHF 32.5 million.

07 Main exchange rates applied
The following exchange rates against the CHF havebeen applied for the most important currencies concerned:
Income statement
average exchange rate, 6 months
Exchange rates
Euro countries
USA
United Kingdom
Japan

EUR
USD
GBP
JPY

1
1
1
100

2017
1.0766
0.99481.25220.88512016
1.09620.98211.40960.8792

Exchange rateon balance-sheet date
30.6.20171.0936
0.95591.24330.852108 Contingent liabilities

09 Events after the balance sheet date

It has emerged that as a result of antitrust proceedings
in France initiated in 2013 against Flooring Systems andsome competitors, Forbo Flooring Systems France can
expect to have to pay costs in the range of CHF 85.0
million.

Between the balance sheet date and the date of publication of this Half-Year Report, no events occurred –with the exception of the provision described under'04 Balance sheet' and '08 Contingent liabilities' forthe antitrust proceedings against Flooring Systems in
France – that could have a significant effect on the2017 half-year financial statements.

The Group has always reported the antitrust investi­
gation in France as a contingent liability. Since someindication of the expected costs has now emerged, aprovision of CHF 85.0 million has been made against
operating profit in 2017. A definitive estimate of thecosts can only be made once the proceedings havebeen concluded.

CalendarMedia and financial analysts' conference for the 2017 business year:
Ordinary General Meeting 2018:	
Half-Year Report 2018:

Tuesday, March 6, 2018
Friday, April 6, 2018
Friday, July 27, 2018

Our Half-Year Report is published in German and in English translation.

Forbo Holding Ltd
Lindenstrasse 8
CH-6340 Baar

Forbo International SA
Lindenstrasse 8
CH-6340 Baar

T + 41 58 787 25 25
F + 41 58 787 20 25

info@forbo.com
www.forbo.com

31.12.2016
1.07191.0184
1.25760.8709