CONNECT.
HALF-YEAR REPORT 2020

IMPACTED BY THE COVID-19 PANDEMIC

2FORBO HALF-YEAR REPORT 2020

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 542.3 million in the first half of 2020 (prior-year period: CHF 649.4
million). This equates to a decline of 11.4% in local currencies (– 16.5% in the corpor­
ate currency), which was attributable to the COVID-19 pandemic and its impact on
the economy. Operating profit (EBIT) came to CHF 41.1 million, 46.8% lower than theprevious year (prior-year period: CHF 77.3 million). The EBIT margin declined to 7.6%
(prior-year period: 11.9%). Group profit amounted to CHF 31.7 million, 48.2% lower
than the previous year (prior-year period: CHF 61.2 million).

Dear shareholders,
The first half of 2020 was impacted severely by the economic consequences of the COVID-19 pandemic andnegative currency effects. Business performance until mid-February was good, but thereafter both divisions
began to feel the pandemic-related global challenges. The first signs and negative effects were seen in our Asian
activities as early as the extended Chinese New Year holiday. COVID-19 then spread throughout Europe andlater into the Americas region and seriously impacted our business activities.
Many of our 25 production sites and 6 assembly centers worldwide had to be closed for periods of time in order
to comply with government regulations or to protect our employees. Many markets saw building sites shut down
at short notice, while construction projects were either postponed indefinitely or canceled altogether owing to
the exceptional situation. A number of projects of our Movement Systems customers such as the expansion of
airport facilities or renewals and replacements of industrial manufacturing sites were deferred. Customers andbusiness partners were temporarily unreachable owing to local lockdown measures, especially in Europe.
We centrally coordinated far-reaching measures to protect our employees by supplying hygiene and prevention
concepts and adjusting work processes while doing everything possible to maintain business continuity; as aresult, our supply chains remained largely intact overall despite the significant restrictions.
In order to cushion the negative impact of the current business climate, we have reduced third-party costs,
adjusted operational structures, and kept employing new hires to an absolute minimum. At the same time, wehave implemented a series of cost-cutting measures.
Forbo’s solid financial structure has allowed us to pursue all the strategic projects necessary to safeguard ourmarket positions for the future even in these difficult times. In the reporting period, investments in important
operational and strategic projects (targeted investments in growth markets, new products, and innovative
product developments as well as digitization) were increased by about 20 percent compared with the first halfof 2019.
The ongoing strength of the Swiss franc meant that the translation of local results into the corporate currency
produced a negative currency effect compared with the first half of 2019. The effect came to about CHF 33
million in sales and CHF 4 million in operating profit. The trend affected all our main currencies, in particular the
euro, the pound sterling, the Chinese renminbi, and the Swedish crown.
Global slump in demand towards the end of the first quarter of 2020
In the first half of 2020, Forbo generated net sales of CHF 542.3 million (prior-year period: CHF 649.4 million) amida very challenging environment; this equates to a decline of 11.4% in local currencies (– 16.5% in the corporate
currency). For the Group as a whole, the decline in sales in local currencies was about the same in all three regions.
The timing and scale of the downturn varied in the different local markets and customer segments. Initially, orders
were canceled or deferred; sub­sequently, many projects were postponed indefinitely or canceled outright.

FORBO HALF-YEAR REPORT 2020

3

Flooring Systems reported a reduction in sales of 11.1% in local currencies (– 16.4% in the corporate currency).
The biggest contributing factors were decreases in demand – very drastic at times – in our core markets France
and the UK, as well as in Italy and Spain.
Movement Systems reported a decline in sales of 12.0% in local currencies (– 16.6% in the corporate currency).
The downturn started in the Asian markets, spread to the European businesses, and now has the core market USA
in its grip.
Profitability hit by sales downturn and strong Swiss franc
The special circumstances associated with COVID-19 plus negative currency effects made a big dent in profit­
ability. The shutdown of our customers’ construction sites and plants compounded by the weeks-long closureof our facilities with their high fixed costs led to a significant decrease in sales and earnings. Current production
and fabrication under the conditions of COVID prevention and safety measures in our plants have not yet reached
the desired level of productivity.
Operating profit before depreciation and amortization (EBITDA) came to CHF 68.4 million (prior-year period:
CHF 106.1 million), corresponding to a decline of 35.5%. The EBITDA margin declined to 12.6% (prior-year period:
16.3%). Operating profit (EBIT) decreased by 46.8% to CHF 41.1 million (prior-year period: CHF 77.3 million). The
EBIT margin declined to 7.6% (prior-year period: 11.9%).
Group profit
Owing to the lower operating profit and a slightly negative financial result, Group profit reduced to CHF 31.7
million (prior-year period: CHF 61.2 million), corresponding to a decline of 48.2%. Earnings per share (undiluted)
was down by 48.0% to CHF 19.84 (prior-year period: CHF 38.19).
Equity ratio remains strong
Equity at end of June 2020 stood at CHF 640.8 million (year-end 2019: CHF 676.6 million). The equity ratio was
60.7% (year-end 2019: 61.7%).
Balance sheet remains solid
Net cash came to CHF 186.0 million at the end of June 2020 (year-end 2019: CHF 217.5 million). The decline ismainly due to the payout of the dividend. In addition, Forbo held treasury shares valued at CHF 73.1 million, basedon the share price at end of June 2020 (year-end 2019: CHF 80.2 million).
Performance of the divisions
The Forbo Flooring Systems division reported net sales of CHF 366.2 million in the first half of 2020 (prior-year
period: CHF 438.3 million). The percentage decline in sales was just barely in the double-digit range in the Europe
and Asia/Pacific regions and in the high single-digit range in the Americas. Despite the exceptionally steep decreases in Europe, the important core market Germany maintained its prior-year level, most northern markets
reported a slight gain in sales, and the growth market Russia raised its turnover. Since demand in the core market
USA had been weaker the previous year, the downturn here was initially not very pronounced, but the trend got
more significant in the course of the second quarter. In the meantime, business activity has almost come to a
standstill in key customer segments such as retail, offices, and hospitality. In Asia/Pacific, the positive exceptions
were Japan and Australia, while all other markets reported steep declines in demand at various times.
The building and construction adhesives activity reported firm sales growth on the whole, the reason being that
there is a time lag before the impact on this activity is felt.
Operating profit (EBIT) decreased by 35.3% to CHF 36.6 million (prior-year period: CHF 56.6 million). This decline
is the result of the downturn in sales and a cost base that was too high for the sales level. The EBIT margin declined
to 10.0% (prior-year period: 12.9%). Our task in the coming months will be to play out on our competitive advantages by developing targeted marketing activities with our broad-based product portfolio and a reliable service
level.

4

FORBO HALF-YEAR REPORT 2020

The Forbo Movement Systems division reported net sales of CHF 176.1 million in the first half of 2020 (prior-year
period: CHF 211.1 million). The percentage sales decline was just barely in the double-digit range in the Europe
and Asia/Pacific regions and somewhat higher in the Americas region. In Europe, all markets – with the exceptionof a few minor ones – reported a decline in sales, in some cases steep. The hardest hit were the UK, France, Italy
and Spain. In the Americas, the USA suffered a significant downturn in the second quarter because core segments
such as sports, industrial production, and airports almost came to a standstill. The growth market Mexico maintained the prior-year level due to a well-established food segment base. Sales trends in Asia/Pacific were very
mixed. The core market China was very hard hit in the first quarter but has recovered somewhat during recent
weeks. Japan, an equally important market, has not yet recovered, likewise India, where the impact has been huge,and growth markets in Southeast Asia.
Operating profit (EBIT) decreased by 61.8% to CHF 10.2 million (prior-year period: CHF 26.7 million). The reasons
were the downturn in sales, a continuous high depreciation on investments made in the past, and a fixed-costbase that was too high. The EBIT margin came to 5.8% (prior-year period: 12.7%). In the second half of the year,
our task is to focus on close cooperation with our main customer segments in order to provide the required
products and services as efficiently and optimal as possible.
Focus on cost structure
Forbo has a solid capital structure, good liquidity, a robust cash flow, and is free of debt. We were therefore able
to pursue all our strategically important projects despite the difficult situation. Measures to adjust costs to thelower sales level were started some months ago and will be continued in the second half-year too according to
the situation. This should ensure that we can remain competitive despite the extraordinary challenges.
Outlook for 2020
The course that the COVID-19 pandemic will take and the impact on the economy it will have in the various
countries and customer segments cannot be reliably assessed. While all our sites are operational again – although
to a limited extent in some cases – further restrictions cannot be ruled out. No recovery is yet in sight at present
for our important core markets such as the USA and the UK, which have been severely impacted.
Given the unpredictability of the current situation, it is difficult to issue any qualified guidance for the coming
months. Assuming that the pandemic eases off somewhat in our important markets in the coming months andthere are no further waves of infection, we anticipate slightly higher sales in the second half of 2020 comparedwith the first half of the year plus an improvement in Group profit also due to the cost adjustments we have made.

This E. Schneider
Executive Chairman

Forbo Holding Ltd
Baar, July 28, 2020

Stephan Bauer
CEOFORBO HALF-YEAR REPORT 2020

5

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

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

30.6.2020

31.12.2019

626.8
185.7
0.3
212.8
228.0
428.2
0.3
48.8
379.1
1,055.0

652.1
217.7
0.0
198.9
235.5
445.3
0.2
45.4
399.7
1,097.4

251.2
13.0
61.4
176.8
163.0
23.4
139.6
414.2
640.8
1,055.0

257.3
13.4
98.1
145.8
163.5
26.8
136.7
420.8
676.6
1,097.4

First half 2020
542.3
– 346.1
196.2– 155.1
41.1
– 0.5
40.6
– 8.9
31.7
31.7

First half 2019649.4
– 394.8
254.6– 177.3
77.3
0.5
77.8
– 16.6
61.2
61.2

19.84
19.84

38.19
38.19

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
Group profit attributable to shareholders of Forbo Holding Ltd
Earnings per share, total
Basic earnings per share in CHF
Diluted earnings per share in CHF

The accompanying notes are an integral part of the half-year report.

6

FORBO HALF-YEAR REPORT 2020

Consolidated comprehensive
income statement and statementof 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 were or may be subsequently reclassified to the income statement:
Translation differences
Other comprehensive income, net of tax
Total comprehensive income
Share of Forbo Holding Ltd shareholders in total comprehensive income

First half 2020
31.7

First half 2019
61.2

0.9

– 3.1

– 26.2– 25.3
6.4
6.4

– 7.3
– 10.450.8
50.8

Consolidated statement of changes in equity
first half 2020
Unaudited, CHF m
January 1, 2020
Group profit
Other comprehensive income, net of tax
Total comprehensive income
Share-based payments
Treasury shares
Dividend payment
June 30, 2020

Share capital

Treasuryshares0.2– 0.1

Reserves

0.2

– 0.1

1,002.6
31.7
0.9
32.6
1.7
– 7.1
– 36.8993.0

Share capital

TreasurysharesReserves

0.2

– 0.1

0.2

– 0.1

– 0.0

Translationdifferences– 326.1– 26.2– 26.2– 352.3

Translationdifferences

Total

676.6
31.7
– 25.3
6.4
1.7
– 7.1
– 36.8640.8

Consolidated statement of changes in equity
first half 2019
Unaudited, CHF m
January 1, 2019 (before application of IFRS 16)
Effect of application of IFRS 16 (net of tax)
January 1, 2019 (restated)
Group profit
Other comprehensive income, net of tax
Total comprehensive income
Share-based payments
Treasury shares
Dividend payment
June 30, 2019

The accompanying notes are an integral part of the half-year report.

– 0.0

0.0

0.2

– 0.1

905.1
– 1.4
903.7
61.2
– 3.1
58.1
2.3
0.4
– 33.7930.8– 313.6– 313.6
– 7.3
– 7.3

– 320.9

Total

591.6
– 1.4
590.2
61.2
– 10.450.8
2.3
0.4– 33.7
610.0

FORBO HALF-YEAR REPORT 2020

7

Consolidated cash flow statement

Condensed consolidated cash flow statement
Unaudited, CHF m
Group profit
Depreciation of property, plant, and equipment, right-of-use assets
and amortization of intangible assets

First half 2020
31.7
27.3

First half 2019
61.2
28.8

Increase in operating working capital
Other adjustments for non-cash items
Net cash flow from operating activities
Purchase of property, plant, and equipment and intangible assets
Other cash flows from investing activities
Net cash flow from investing activities
Dividend payment
Cash outflow from transactions with treasury shares, net
Cash outflow from leases
Other cash flows from financing activities
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– 27.39.2
40.9– 15.6
0.5– 15.1– 36.8
– 7.0
– 8.5
– 0.0
– 52.3– 26.5
– 5.5
217.7
185.7

– 80.4
15.5
25.1– 13.00.6– 12.4– 33.7

The accompanying notes are an integral part of the half-year report.

– 9.1
– 0.0
– 42.8– 30.1
– 1.3
127.4
96.0

8

FORBO HALF-YEAR REPORT 2020

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, 2020, toJune 30, 2020 (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, 2019.
The consolidated half-year financial statements havenot been audited by the auditors. They were approvedfor publication by the Board of Directors on July 27,
2020.
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 2019 Annual Report with the exceptions
listed below.
The following relevant new standards of the International Accounting Standards Board (IASB) were applied
for the first time in the business year that began on
January 1, 2020:– Amendments to IFRS 3‘Definition of a business’– Amendments to IAS 1 and IAS 8‘Definition of material’– Amendments to IFRS 9, IAS 39 and IFRS 7‘Interest rate benchmark reform’– Amendments to references to theconceptual framework in IFRS Standards

Standards, interpretations or amendments that havebeen published but are not yet mandatory have notbeen adopted early. The first-time adoption of the­before-mentioned revised standards and interpret­
ations had no appreciable impact on the half-year
report presented here.
The preparation of the consolidated half-year financial
statements requires management to use estimatesand assumptions that may affect reported revenues,
expenses, assets, liabilities, and contingent liabilities atthe date of the financial statements. If the estimatesand assumptions used by management to the best of
its knowledge at the date of the financial statements
happen to differ from subsequent actual facts, theoriginal estimates and assumptions will be adjusted in
the reporting period in which the facts have changed.
The consolidated half-year financial statements do notcontain any significant new estimates and assumptions used by management compared with the consolidated financial statements as at December 31,
2019.
Income tax expenditure is estimated on the basis of
average actual tax rates during the current business
year.

FORBO HALF-YEAR REPORT 2020

03 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 lino­
leum, vinyl floorings, entrance flooring systems, carpet
tiles, and needle felt floor coverings, Flotex – the washable textile flooring –, as well as the various 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 modu­
lar belts, and drive, timing and flat belts made of synthetic materials. Corporate includes the costs of theGroup headquarters and certain items of income andexpenses which are not directly attributable to a specific business.

The Flooring Systems and Movement Systems divisions
are reportable segments. The identification of report­
able segments is based on internal management reporting to the Group’s Executive Chairman and its Chief
Executive Officer and hence on the financial information used to review the performance of the operational units in order to 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 exercises central control over the financial result.

910

FORBO HALF-YEAR REPORT 2020

First half 2020

Unaudited, CHF m
Total sales
Inter-segment sales
Net sales to third parties
Operating profit (EBIT)
EBITDA1)
Operating assets
Capital expenditure
Number of employees (June 30)

Flooring
Systems
366.2
366.2
36.6
53.8
503.3
7.8
3,003

Movement
Systems
176.3
– 0.2
176.1
10.2
19.8
292.1
7.8
2,415

Corporate/
Elimination
– 0.2
0.2

Movement
Systems
211.2
– 0.1
211.1
26.7
36.5
305.4
2.5
2,512

Corporate/
Elimination
– 0.1
0.1

– 5.7
– 5.2
24.6
0.0
39

Total
542.3
542.3
41.1
68.4
820.0
15.6
5,457

1) Operating profit before depreciation and amortization

First half 2019

Unaudited, CHF m
Total net sales
Inter-segment sales
Net sales to third parties
Operating profit (EBIT)
EBITDA1)
Operating assets
Capital expenditure
Number of employees (June 30)

Flooring
Systems
438.3
438.3
56.6
75.1
572.7
10.5
3,170

Total
649.4

42

649.4
77.3
106.1
903.4
13.0
5,724

First half 2020
41.1
– 0.5
40.6

First half 2019
77.3
0.5
77.8

30.6.2020
820.0
235.0
1,055.0

31.12.2019
834.1
263.3
1,097.4

– 6.0
– 5.5
25.3

1) Operating profit before depreciation and amortization

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

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

FORBO HALF-YEAR REPORT 202011

The following table shows revenue broken down bygeographic region and by the two product groups thatare identical with the reportable segments.
Net sales per segment by region

Unaudited, CHF m
Regions
EuropeAmericasAsia/Pacific and Africa
Total net sales to third parties

04 Changes in the scope of consolidation
In the reporting period, the sales company Forbo Flooring Ukraine LLC was founded in Kiev, Ukraine, within
the Flooring Systems division.
05 Balance sheet
Details regarding the change in cash and cash equiva­
lents can be found in the consolidated cash flow statement. The CHF 13.9 million increase in trade and otherreceivables versus year-end 2019 was due to other­receivables and timing-related. The latter also applies
to the change in inventories, while they declined owing
to the decrease in demand.
Property, plant, and equipment declined to CHF 279.8
million in the first half of 2020, with investments inproperty, plant, and equipment coming to CHF 15.6
million versus depreciation of CHF 25.0 million in total.
Depreciation on leased property, plant, and equipmentin the first half of 2020 came to CHF 8.1 million, while
the carrying amount of the leased property, plant, andequipment as at June 30, 2020, came to CHF 38.2 million. Intangible assets declined to CHF 99.3 million owing to amortization of CHF 2.3 million. Selective testingfor impairment of property, plant, and equipment, intangible assets, and goodwill at the cash-generating
unit level did not result in any impairment.
The total financial liabilities of CHF 36.4 million are, as in
the prior-year period, related solely to leasing liabilities,of which CHF 13.0 million will fall due within less than
12 months.

First half 2020

Flooring Systems
First half 2019

279.0
59.7
27.5
366.2

335.7
68.4
34.2
438.3

Movement Systems
First half 2020
First half 2019

The CHF 36.7 million decrease in trade accounts pay­able, like the increase in trade and other receivables,
was timing-related. The other non-financial positions
in current liabilities increased by CHF 31.0 million, especially for accrued expenses.
Non-current non-financial liabilities increased by CHF
2.9 million owing to provisions. Pension liabilities decreased by CHF 1.1 million mainly owing to higher plan
assets in the UK. The remeasurement of employee
benefit obligations, amounting to CHF 0.9 million aftertax, was credited to the consolidated comprehensive
income statement.
Compared with December 31, 2019, shareholders’­equity decreased by CHF 35.8 million to CHF 640.8
million. The increase in shareholders’ equity by theamount of Group profit of CHF 31.7 million was offset
mainly by the dividend payment of CHF 36.8 million
and the other comprehensive income, net of tax, of
CHF 25.3 million. The equity ratio stood at 60.7% as per
June 30, 2020.

70.8
58.2
47.1
176.1

82.9
72.9
55.3
211.1

12

FORBO HALF-YEAR REPORT 2020

06 Income statement

07 Cash flow statement

Net sales of CHF 542.3 million were 16.5% lower than in
the prior-year period owing to restrictions connectedwith the COVID-19 pandemic. The sales decline stoodat 11.4% in local currencies. The impact on the individu­
al countries varied in timing and scale, but the per­centage sales declines were similar across the regions
Europe, Americas and Asia/Pacific and Africa.

Cash flow from operating activities came to CHF 40.9
million; the gain of CHF 15.8 million versus the prior-year period was due to the smaller increase in net
operating working capital.

Proportionate to net sales, the cost of goods sold increased versus the prior-year period owing to fixed
costs. Operating expenses decreased owing to efficiency measures in comparison with the prior-year period.
Operating profit (EBIT) in the reporting period came to
CHF 41.1 million, which was CHF 36.2 million lower thanthe prior-year period.
The financial result of CHF – 0.5 million mainly reflectsinterest expenses for leasing obligations. The financial
result the previous year came to CHF 0.5 million owing
to foreign exchange gains.
Income tax amounted to CHF 8.9 million, corresponding to a tax rate of 21.9%. In the prior-year period, thetax rate was 21.3%.
The resulting Group profit came to CHF 31.7 million andwas thus CHF 29.5 million, or 48.2%, lower than in theprior-year period.
Undiluted earnings per share on the basis of the average number of shares in circulation amounted to
CHF 19.84 in the reporting period (prior-year period:
CHF 38.19). The Long-Term Incentive Plan (LTI) did not
result in any significant dilution effect. Diluted earnings per share also came to CHF 19.84 (prior-year period: CHF 38.19).

Cash flow from investing activities consists of the cash
outflow of CHF 15.6 million for investments in prop­
erty, plant, and equipment and intangible assets alongwith interest income of CHF 0.5 million.
Cash flow from financing activities reflects the cash
outflow of CHF 36.8 million for the dividend payment,
payments of CHF 8.5 million for leasing obligations, andthe purchase of treasury shares amounting to CHF 7.0
million.

FORBO HALF-YEAR REPORT 2020

13

08 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
China
Sweden

EUR
USD
GBP
JPY
CNY
SEK

1
1
1
100
100
100

2020
1.06420.96591.21610.892513.7333
9.98192019
1.12940.99981.29340.908514.7300
10.7466

Balance sheeton balance-sheet date
30.6.2020
1.06920.9515
1.17070.883313.4376
10.1952

09 Events after the balance sheet date
Between the balance sheet date and the date of publication of this half-year report, no events occurred that
could have a significant effect on the 2020 half-year
financial statements.

CalendarMedia and financial analysts’ conference for the 2020 business year:	2021 Ordinary General Meeting:
2021 half-year report:		

Thursday, March 4, 2021
Thursday, April 1, 2021
Friday, July 30, 2021

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

31.12.2019
1.08590.9682
1.27220.8912
13.9100
10.3745