CONNECT.
HALF-YEAR REPORT 2019

CURRENCY-ADJUSTED SALES STABLE
EBIT MARGIN IMPROVED AGAIN
FURTHER INCREASE IN OPERATINGAND GROUP PROFIT2

FORBO HALF-YEAR REPORT 2019

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 649.4 million in the first half of 2019 (prior-year period: CHF 668.8
million). This equates to a slight decline of 0.6% in local currencies (– 2.9% in the corporate currency). Operating profit (EBIT) came to CHF 77.3 million, 2.7% higher thanthe previous year’s level (prior-year period: CHF 75.3 million). The EBIT margin improved to 11.9% (prior-year period: 11.3%). Group profit amounted to CHF 61.2 million, 4.3% higher than the previous year’s level (prior-year period: CHF 58.7 million).

Dear shareholders,Compared with a strong prior-year period, Forbo reported stable currency-adjusted sales in the first half of 2019
amid a globally heterogeneous and weaker economy. At the same time, earnings were further increased. The so
far positive growth path at Flooring Systems was held back by various factors. In contrast, Movement Systems
continued to post sales growth and improved its operating performance.
The strengthening 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 2018. The main factors causing this effect were
the weakening of the euro and the pound sterling. The currency effect had more of an impact on Flooring Systems
than on Movement Systems owing to the geographic distribution of their businesses.
The application of the new IFRS 16 accounting standard in 2019 had a positive impact of about CHF 8 million on
EBITDA in the first half of 2019. IFRS 16 did not have any other material effect on earnings.
Stable currency-adjusted sales
In the first half of 2019, Forbo generated net sales of CHF 649.4 million (prior-year period: CHF 668.8 million),reflecting a slight decline of 0.6% in local currencies (– 2.9% in the corporate currency).
Flooring Systems reported a sales decline of 2.3% in local currencies (– 5.3% in the corporate currency). Both internal and external factors impacted the sales result. On the one hand, sales growth was hampered by various operational challenges; on the other hand, a slowdown in the construction industry curbed business in a numberof countries.
Movement Systems reported a sales increase of 3.2% in local currencies (+ 2.4% in the corporate currency), due
mainly to firm demand in the logistics segment in North America and China. In addition, some of the smaller
growth markets on which efforts have been focused in recent years continued to perform positively.

FORBO HALF-YEAR REPORT 20193

Increased operating profit with higher margins
In the first half of 2019, Forbo once again succeeded in improving its margins and raising its operating profit thanks
to high-quality products. This is all the more remarkable as the business climate has deteriorated in recent months.
Operating profit before depreciation and amortization (EBITDA) came to CHF 106.1 million (prior-year period:
CHF 95.1 million), corresponding to an increase of 11.6%. The EBITDA margin improved to 16.3% (prior-year period:
14.2%). Operating profit (EBIT) rose by CHF 2.7% to CHF 77.3 million (prior-year period: CHF 75.3 million). The EBIT
margin increased to 11.9% (prior-year period: 11.3%).
Group profit increased again
Group profit rose by 4.3% to CHF 61.2 million (prior-year period: CHF 58.7 million), driven by the higher operating
profit and positive financial income.
Double-digit growth in earnings per share
Earnings per share (undiluted) was up by 10.7% to CHF 38.19 (prior-year period: CHF 34.49).
Strong equity ratio
Equity at the end of June 2019 stood at CHF 610.0 million (year-end 2018: CHF 591.6 million). The equity ratio wasa solid 58.3% (year-end 2018: 60.4%).
Liquidity and treasury shares at a high level
Net cash came to CHF 96.0 million at June 30, 2019 (year-end 2018: CHF 127.4 million). This reduction was mainly
due to the distribution of the dividend; and was positively impacted by the increase in operating cash flow. In
addition, Forbo held treasury shares valued at CHF 81.0 million, based on the share price at the end of June 2019
(year-end 2018: CHF 273.8 million). The reason for this decrease was the cancelation of 150,000 treasury shares inJune 2019 from the share buyback program completed in March 2019.
Performance of the divisions
The Forbo Flooring Systems division reported net sales of CHF 438.3 million in the first half of 2019 (prior-year
period: CHF 462.7 million), which is equivalent to a sales decrease of 2.3% in local currencies (– 5.3% in the­corporate currency). The situation described before affected all regions. The markets in Europe faced a variety ofchallenges. Eastern Europe stood out for its positive performance. The construction industry in the USA slowed
down after the strong showing in the previous year; major projects and school building renovations were either
scaled back or postponed. In the Asia/Pacific region, we felt a restrained demand in China; A­ ustralia, Japan, andSouth Korea merit special mention on their positive development.
The building and construction adhesives activity posted encouraging sales growth on the whole.
Operating profit (EBIT) decreased by CHF 3.1% to CHF 56.6 million (prior-year period: CHF 58.4 million). This decline
was due to the sales downtrend and to higher costs for logistics and personnel. The division raised its EBIT margin
to 12.9% (prior-year period: 12.6%) on the back of high-quality products with corresponding price acceptance. In
the second half, the focus will be on stronger efforts on the sales front as well as successfully dealing with thechallenges in the areas of production and logistics.

4

FORBO HALF-YEAR REPORT 2019

The Forbo Movement Systems division reported net sales of CHF 211.1 million in the first half of 2019 (prior-year
period: CHF 206.1 million), which is equivalent to a sales increase of 3.2% in local currencies (+ 2.4% in the corporate currency). Asia/Pacific and Americas delivered above-average contributions to this positive trend. Following
a strong prior-year period, growth in Europe was down slightly; this was mainly due to the slump in demand in
Italy and to the postponement of major orders by OEMs and plant manufacturers in Germany. In Americas, theUSA and Mexico deserve special mention for their good business performance. In Asia/Pacific, core markets such
as Japan and China performed very well, India continues to hold its own in an economic environment that remains
volatile, and other growth markets such as Turkey, South Korea, Indonesia, and Thailand made gratifying contributions to growth.
Operating profit (EBIT) rose by 10.8% to CHF 26.7 million (prior-year period: CHF 24.1 million), despite slightly
higher raw material prices, rising logistics and wage costs; and also as a result of the nonrecurring buildup costsof our additional plant in China. The EBIT margin improved to 12.7% (prior-year period: 11.7%). In the second half,
we will devote ourselves to global operational fine-tuning in order to further improve the quality of our delivery
service.
Outlook for 2019
The outlook for the performance of the whole year 2019 remains challenging. In the second half, we anticipate
a further economic slowdown in a number of countries. We will counteract the weaker demand by taking targetedmeasures in sales/distribution and making further efficiency improvements.
For 2019, we still expect a further slight increase in Group profit, assuming no change in the currency situation
and a largely unchanged economic environment.

This E. Schneider
Executive Chairman

Forbo Holding Ltd
Baar, July 26, 2019

Stephan Bauer
CEOFORBO HALF-YEAR REPORT 20195

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

30.6.201931.12.2018

598.8
96.0
259.5
243.3
447.1
0.3
46.2
400.6
1,045.9

567.3
127.4
0.1
209.7
230.1
412.7
0.3
39.9
372.5
980.0

272.8
17.1
77.9
177.8
163.1
24.5
138.6
435.9
610.0
1,045.9

261.9
0.1
109.2
152.6
126.5
0.0
126.5
388.4
591.6
980.0

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

First half 2018668.8
– 411.7257.1– 181.8
75.3
– 0.3
75.0
– 16.3
58.7
58.7

38.19
38.19

34.49
34.49

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 2019

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 2019
61.2

First half 2018
58.7

– 3.1

1.5

– 7.3
– 10.4
50.8
50.8

– 8.8
– 7.3
51.4
51.4

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 (after 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

Share capital

Treasuryshares

0.2

– 0.1

0.2

– 0.1

Reserves

– 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

Share capital

TreasurysharesReserves

0.2

– 0.1

0.2

– 0.1

Translationdifferences– 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– 33.7610.0

Consolidated statement of changes in equity
first half 2018
Unaudited, CHF m
January 1, 2018 (before application of IFRS 9)
Effect of application of IFRS 9 (net of tax)
January 1, 2018 (restated)
Group profit
Other comprehensive income, net of tax
Total comprehensive income
Share-based payments
Treasury shares
Dividend payment
June 30, 2018

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

– 0.0
0.2

– 0.1

945.1
– 0.4
944.7
58.7
1.5
60.2
2.6
– 34.3– 32.4940.8

Translationdifferences– 284.0– 284.0
– 8.8
– 8.8

– 292.8

Total

661.2
– 0.4
660.8
58.7
– 7.3
51.4
2.6
– 34.3– 32.4
648.1

FORBO HALF-YEAR REPORT 20197

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 operating working capital
Other adjustments for non-cash items
Net cash flow from operating activities
Purchase of property, plant, and equipment and intangible assets
Purchase of business operations, less acquired cash and cash equivalents
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

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

First half 2019
61.2
28.8
– 80.4
15.5
25.1– 13.00.6– 12.4– 33.7– 9.1– 0.0– 42.8– 30.1
– 1.3
127.4
96.0

First half 2018
58.7
19.9
– 82.35.3
1.6– 10.2– 1.4
0.5– 11.1– 32.4– 24.4– 0.2– 57.0– 66.5
– 3.2
195.4
125.7

8

FORBO HALF-YEAR REPORT 2019

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, 2019 toJune 30, 2019 (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, 2018.
The consolidated half-year financial statements havenot been audited by the auditors. They were approvedfor publication by the Board of Directors on July 25,
2019.
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 2018 Annual Report with the following
exceptions:
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, 2019:– IFRS 16 ‘Leases’– IFRIC 23 ‘Uncertainty over income tax treatments’– Amendments to IAS 28 ‘Long-term interests
in associates and joint ventures’– Amendment to IAS 19 ‘Plan amendment,­curtailment or settlement’– Annual improvements to the IFRS 2015 – 2017 cycle:– Amendments to IFRS 3 ‘Business combinations’and IFRS 11 ‘Joint arrangements’– Amendments to IAS 12 ‘Income taxes’

Standards, interpretations or amendments that havebeen published but are not yet mandatory have notbeen adopted early. With the exception of IFRS 16 ‘Leases’, the first-time adoption of the above-mentioned newor revised standards and interpretations had no significant impact on the half-year report presented here.
IFRS 16 introduced a uniform accounting model inwhich leases are to be recognized in the lessee’s balance sheet. IFRS 16 defines a contract as a lease if thecontract conveys the right to control an identified asset
for a period of time in exchange for consideration. A lessee recognizes a right-of-use asset that represents his
right to use the underlying asset, plus a debt from thelease that represents his obligation to make leasing
payments. Vehicles and buildings constitute the vast
majority of leasing agreements in the Group.
The leasing obligation is initially recognized on a present
value basis. The lease payments are discounted at the
implicit interest rate of the leasing arrangement or, if
this is not available, at the incremental borrowing rate.
The asset is recognized at the corresponding value andamortized on a straight-line basis over the lease term.
The lease term for leasing agreements that contain a renewal option or no explicitly stated end date is at thediscretion of the company within certain limits. Exceptions are made for short-term leases and for leases of
low-value assets used by the company. These lease
payments are recognized as expenditure over the lease
term.

FORBO HALF-YEAR REPORT 2019

The Group applied the new standard as of January 1,
2019, in accordance with the modified retrospective
approach, recognizing the cumulative restatement effect at the date of initial application in shareholders’equity. Accordingly, the comparative figures for theprevious periods were not restated. The assessment of
the right-of-use assets on the one hand and of the leasing obligation and cumulative restatement effect inshareholders’ equity on the other resulted in an increasein the balance sheet of CHF 40.1 million at June 30, 2019.
Depreciation and hence operating profit before depreciation and amortization (EBITDA) increased by CHF 8.5
million in the reporting period. Financial expenses include interest on leasing obligations of CHF 0.5 million,
which had a positive impact on operating profit. The
effect of the application of IFRS 16 on the consolidated
cash flow statement was a reduction of cash flow fromfinancing activities and an increase of cash flow fromoperating activities by CHF 9.1 million.
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 compared with the consolidated
financial statements as at December 31, 2018.
Income tax expenditure is estimated on the basis of
average actual tax rates during the current business year.

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 linoleum, vinyl floor coverings, entrance matting systems,
carpet tiles, needle felt floor coverings, Flotex – thewashable textile flooring – and building and construction adhesives as well as the various accessory products
required for installing, processing, cleaning, and care offlooring. In the Movement Systems division, the Groupdevelops, produces, and sells high-quality conveyor andprocessing belts, as well as plastic modular belts, anddrive, 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.
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 2019

First half 2019

Unaudited, CHF m
Total sales
Inter-segment sales
Net sales to third parties
Operating profit (EBIT)
EBITDA
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

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

Corporate/
Elimination
– 0.1
0.1

Movement
Systems
206.2
– 0.1
206.1
24.1
29.3
292.2
3.4
2,439

Corporate/
Elimination
– 0.1
0.1

– 6.0
– 5.5
25.3
42

Total
649.4
649.4
77.3
106.1
903.4
13.0
5,724

First half 2018

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

Flooring
Systems
462.7
462.7
58.4
72.6
574.1
6.8
3,276

Total
668.8

– 7.2
– 6.8
22.6
0.0
42

668.8
75.3
95.1
888.9
10.2
5,757

First half 2019
77.3
0.5
77.8

First half 2018
75.3
– 0.3
75.0

30.6.2019
903.4
142.5
1,045.9

31.12.2018
812.4
167.6
980.0

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 201911

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 period under review, Forbo Finanz II AG in the
Corporate segment was liquidated in order to streamline the Group structure.
In the prior-year period, Forbo Finanz AG acquired 100%of the capital of Transmeca AS in Oslo, Norway, effective
May 2, 2018. Transmeca AS was an existing customer ofForbo that sells and distributes fabric conveyor belts.
Transmeca AS has now become an additional service
point for the Movement Systems division in Norway.

First half 2019

Flooring Systems
First half 2018

335.7
68.4
34.2
438.3

353.4
71.9
37.4
462.7

Movement Systems
First half 2019
First half 2018

Intangible assets declined to CHF 108.8 million, mainly
owing to amortization of CHF 2.6 million.
Owing to the application of IFRS 16, the Group had­liabilities for leases in the reporting period totaling
CHF 41.6 million, of which CHF 17.1 million was due
within less than 12 months.
The CHF 31.3 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 25.2 million, especially for accrued expenses and other liabilities.

05 Balance sheet
The change in cash and cash equivalents can be foundin the consolidated cash flow statement. The CHF 49.8
million increase in trade and other receivables plus the
CHF 13.2 million increase in inventories versus year-end
2018 were mainly timing-related.
Property, plant, and equipment declined to CHF 251.7
million in the first half of 2019, with investments in property, plant, and equipment coming to CHF 13.0 million
versus depreciation of CHF 17.6 million. The applicationof IFRS 16 additionally resulted in the capitalization ofleased property, plant, and equipment amounting to
CHF 42.9 million being recognized for the first time. The
depreciation on leased property, plant, and equipmentin the first half came to CHF 8.5 million, and the bookvalue of the leased property, plant, and equipment atJune 30, 2019, came to CHF 40.1 million.

Non-current non-financial liabilities increased owing tohigher pension liabilities and provisions by a total of
CHF 12.1 million. Pension liabilities increased by CHF 3.8
million mainly owing to lower discount rates in Switzerland, Germany, Sweden and the UK. The remeasurement of employee benefit obligations, amounting to
CHF 3.1 million after tax, was charged to the consolidated comprehensive income statement. The pension
fund of the Swiss Group companies changed on January 1, 2019, from a fully-insured to a semi-autonomous
collective foundation. The pension liability of the Swiss
Group companies did not undergo any significant
change compared with year-end because the pension
liabilities rose owing to lower discount rates in step with
the increase of the plan assets.

82.9
72.9
55.3
211.1

86.1
67.8
52.2
206.1

12

FORBO HALF-YEAR REPORT 2019

Compared with December 31, 2018, shareholders’ equity increased by CHF 18.4 million to CHF 610.0 million.
The increase in shareholders’ equity by the amount ofGroup profit of CHF 61.2 million was partially offset by
the dividend payout of CHF 33.7 million and other comprehensive income, net of tax, of CHF 10.4 million. The
equity ratio stood at 58.3% as per June 30, 2019.
At the Ordinary General Meeting of Forbo Holding Ltd
on April 5, 2019, the shareholders approved a reduction
in capital from CHF 180,000 to CHF 165,000 by cancelation of 150,000 shares with a nominal value of CHF 0.10
each. These shares had been purchased at a fixed priceand via the second trading line of the SIX Swiss Exchange as part of the 2017 – 2020 share buyback­program authorized by the Ordinary General Meetingof April 6, 2017. The shareholders also approved the­corresponding amendment to the Articles of Association. The capital reduction was completed with theentry in the Commercial Register of the Canton of Zug
on June 25, 2019, and was published in the SHAB on
June 27, 2019. The exchange adjustment took place onJune 28, 2019.
06 Income statement
Net sales of CHF 649.4 million were 2.9% lower than in
the prior-year period. The sales decrease came to 0.6%
in local currencies.
The cost of goods sold fell slightly versus the prior-year
period proportionate to net sales.
Operating profit (EBIT) in the period under review cameto CHF 77.3 million, which was CHF 2.0 million higher
than the prior-year period.
In contrast to the previous year, financial expense now
includes interest expenses for leasing obligations of
CHF 0.5 million. The financial result in the reporting­period came to CHF 0.5 million owing to foreign exchange gains, compared with CHF – 0.3 million in theprior-year period owing to foreign exchange losses.
Income tax amounted to CHF 16.6 million, corresponding to a tax rate of 21.3%. In the prior-year period, thetax rate was 21.7%.

The resulting Group profit came to CHF 61.2 million andwas thus CHF 2.5 million, or 4.3%, higher than in theprior-year period.
Undiluted earnings per share on the basis of the av­
erage number of shares in circulation amounted to
CHF 38.19 in the reporting period (prior-year period:
CHF 34.49). The Long-Term Incentive Plan (LTI) did not
result in any significant dilution effect. Diluted earnings
per share also came to CHF 38.19 (prior-year period:
CHF 34.49).
07 Cash flow statement
Cash flow from operating activities came to CHF 25.1
million, which was CHF 23.5 million higher than theprior-year period. An increase of CHF 9.1 million was dueto the application of IFRS 16 ‘Leases’, because payments
for leasing obligations are now reported as cash flowfrom financing activities. The increase in net operating
working capital was timing-related as in the prior-year
period.
Cash flow from investing activities consists of the cash
outflow of CHF 13.0 million for investments in property,
plant, and equipment along with interest income of
CHF 0.6 million.
Cash flow from financing activities reflects the dividend
payment of CHF 33.7 million and payments for leasing
obligations of CHF 9.1 million.

FORBO HALF-YEAR REPORT 20191308 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

2019
1.12940.99981.29340.90852018
1.17000.96711.33000.8890

Balance sheeton balance-sheet date
30.6.2019
1.10990.97491.23490.905709 Events after the balance sheet date
Between the balance sheet date and the date of publication of this half-year report, no events occurredthat could have a significant effect on the 2019 halfyear ­financial statements.

CalendarMedia and financial analysts’ conference for the 2019 business year:	2020 Ordinary General Meeting:
Half-year report 2020:		

Tuesday, March 3, 2020
Friday, April 3, 2020
Tuesday, July 28, 2020

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

31.12.2018
1.12750.9853
1.25960.8959