CONNECT.
HALF-YEAR REPORT 2022

DOUBLE-DIGIT SALES GROWTH IN LOCAL CURRENCIESIN ALL REGIONSNEGATIVE CURRENCY EFFECTS ON SALES AND EARNINGSRESULTS ALSO HIT BY SIGNIFICANT RISE IN COST OF
RAW MATERIALS2FORBO HALF-YEAR REPORT 2022

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 667.3 million in the first half of 2022 (prior-year period:
CHF 623.1 million), which reflects growth of 11.4% in local currencies (7.1% in thecorporate currency). Operating profit (EBIT) decreased by 4.3% to CHF 78.6 million(prior-year period: CHF 82.1 million). The EBIT margin came to 11.8% (prior-year­period: 13.2%). Group profit saw a decline of 5.0% to CHF 60.3 million (prior-year
period: CHF 63.5 million).

Dear shareholders,
Forbo made a good start to 2022 after the pandemic-affected performances of previous years. However, recent
months have been characterized by the major challenge of persistent steep increases in raw material prices.
Negative currency effects, significant increases in the cost of raw materials, transport and energy, along withincreases in personnel and other costs, combined to strongly impact profitability. It was possible to reduce theextent of this, albeit with a certain time lag, through the implementation of sales price increases on our part. In
addition, sales growth in Asia/Pacific was affected by the renewed imposition of COVID lockdowns in China.
On the whole, Forbo responded with considerable success to these challenges in an increasingly difficult­environment. The short-term bottlenecks in the supply chains were successfully rectified and this, combinedwith raising the minimum stock levels of raw materials, ensured that the availability of our products was guaranteed to the greatest possible extent.
Double-digit sales growth in all regions
In the first half of 2022, Forbo achieved a considerable increase in sales in local currencies of 11.4% to CHF 667.3
million (prior-year period: CHF 623.1 million), which equates to a rise of 7.1% in the corporate currency. All regions
contributed to this growth in local currencies: + 14.0% in Asia/Pacific, + 11.1% in Europe and + 10.7% in the­Americas. These increases are primarily attributable to sales price rises. In many customer segments, demandplateaued at pre-pandemic levels.
The conversion of local sales into the corporate currency reveals the trends of the individual currencies in­combination with the respective geographical market presence of the divisions. Overall, Flooring Systems was
harder hit by the negative currency effects than Movement Systems, with the pound sterling, the Swedishkrona and the Turkish lira having a particularly significant impact. Overall, the currency-related decline in sales
amounted to around CHF 27 million, which is largely attributable to the euro when viewed across the Group asa whole.
Flooring Systems reported sales growth of 12.9% in local currencies (7.8% in the corporate currency). Projects inthe transport, retail, gastronomy, hotel and leisure facilities segments as well as in healthcare saw increased
growth.
Movement Systems reported a sales increase of 8.3% in local currencies (5.5% in the corporate currency). The
contributions of very diverse customer segments were evenly balanced. In the logistics segment, demand forextensions and new plants levelled off, whereas the maintenance and service business for online commerce
continued at a high level.

FORBO HALF-YEAR REPORT 2022

3

Profitability impacted by strong increases in raw material prices
Negative currency effects and distinctly higher costs for raw materials, transport and energy, along with higher
personnel and other cost increases, significantly impacted profitability compared with the prior-year period. Dueto the proportion of the overall value chain including assembly and services accounted for by raw materials, theeffect on Movement Systems was less marked than on Flooring Systems. Sales price rises reduced the scale ofthe impact, but there was a time lag before their effect was felt on sales, especially in Flooring Systems, due tothe high proportion of project business.
Operating profit before depreciation and amortization (EBITDA) came to CHF 106.3 million (prior-year period:
CHF 109.9 million), corresponding to a decline of 3.3%. The EBITDA margin stood at 15.9% (prior-year period:
17.6%). Operating profit (EBIT) decreased by 4.3% to CHF 78.6 million (prior-year period: CHF 82.1 million), result­ing in an EBIT margin of 11.8% (prior-year period: 13.2%).
Group profit
On the basis of the lower operating profit, a marginally higher tax rate and a slightly higher financial expense,
Forbo posted a Group profit of CHF 60.3 million (prior-year period: CHF 63.5 million), corresponding to a declineof 5.0%. Due to the share buyback program completed in 2022 and the associated cancelation of shares, earnings
per share (undiluted) increased by 5.1% and amounted to CHF 42.60 (prior-year period: CHF 40.52).
Equity ratio remains strong
Equity at end of June 2022 stood at CHF 532.4 million (year-end 2021: CHF 521.8 million), corresponding to anincrease of 2.0%. The equity ratio was 52.2% (year-end 2021: 53.2%).
Solid balance sheet
After cancelation of the 165,000 treasury shares from the share buyback program 2019–2022 in the second
quarter of 2022, Forbo held net cash in the amount of CHF -36.0 million (year-end 2021: CHF 56.2 million). This
reduction is largely attributable to the dividend payment, the share buyback and the distinctly higher operating
working capital due to the substantial increase in raw material prices. In addition, Forbo held treasury sharesworth CHF 93.2 million, based on the share price at end of June 2022.
Performance of the divisions
The Forbo Flooring Systems division reported net sales of CHF 456.2 million in the first half of 2022 (prioryear period: CHF 423.1 million). All regions reported a double-digit sales growth in local currencies: Asia/Pacificshowed the clearest increase, followed by the Americas and then Europe, which just reached double digit figures.
The increase was achieved despite construction materials becoming scarcer and more expensive again, which
led to the postponement of some projects. In Europe, France, Italy, Spain, Portugal and Poland recorded aboveaverage growth. Sweden and Great Britain were also very successful. Growth in high single-digit figures wasachieved by the DACH region. The Netherlands saw moderate growth. In the Americas, the USA, Canada andBrazil continued to show pleasing positive momentum. In Asia/Pacific, sales presented a very mixed picture.
Japan, South Korea, Southeast Asia and Turkey saw above-average growth, Australia remained at the previous
year‘s level and China recorded a strong decline in sales due to the COVID lockdowns.
The building and construction adhesives activity reported good overall sales growth in an increasingly challenging
market environment.
Operating profit (EBIT) decreased by 5.8% to CHF 58.2 million (prior-year period: CHF 61.8 million). This ­reductionis due to the substantial increases in the cost of raw materials and transport, along with higher energy andpersonnel costs. Due to the high proportion of project business, sales price adjustments could be i­mplemented
only with a certain time lag, meaning that the additional costs were not offset in full. Negative currency effects
also reduced profit when translated into the corporate currency. The EBIT margin decreased accordingly to 12.8%(prior-year period: 14.6%). Following the successful launch of the new “TopshieldPro” ­linoleum coating, the second
half-year will see a focus on attractive new collections of vinyl and textile floor coverings, which will be ac­companied by a global sustainability initiative. At the same time, it will be necessary to address the respective
market environments by applying strict cost management and adopting a flexible approach.

4

FORBO HALF-YEAR REPORT 2022

The Forbo Movement Systems division reported net sales of CHF 211.1 million in the first half of 2022 (prioryear period: CHF 200.0 million). All regions reported pleasing sales growth in local currencies: in Europe this wasin the double-digit range, in the Americas somewhat more moderate and in Asia/Pacific well above the level ofthe previous year. In Europe, Germany, Switzerland, Denmark, France, Italy and Spain recorded double-digit
growth. Pleasing progress was also made in Sweden and the Netherlands. In the Americas, the main market USA
saw a moderate growth in sales in the face of various market challenges, as did Canada. Mexico, with a strong
customer base in the food segment, showed pleasing growth, as did Columbia, a growth market. Asia/Pacificshowed a mixed trend. Growth drivers were Japan, India, Southeast Asia and Turkey. Sales in core m­ arkets suchas China and Australia declined slightly below those of the previous year.
Operating profit (EBIT) rose by 8.3% to CHF 27.4 million (prior-year period: CHF 25.3 million). Movement Systems
was also affected by the increased cost of raw materials, transport, energy and personnel, as well as negative
currency effects. Sales price adjustments served to offset these impacts. The EBIT margin came to 13.0% (prioryear period: 12.7%). The focus for the second half-year will be on completing the launch of the new Fullsan
product line of homogenous conveyor belts with the introduction of two further innovative and more sophisticated belt types. Additional production capacity for Transilon belts is in preparation. Combined with strict costmanagement, the key elements for success will be optimal operational planning and coordination along thevalue chain.
Russia/Ukraine
At our two local production plants for Flooring Systems in Kaluga and Stary Oskol, we produce vinyl floor­coverings and building and construction adhesives primarily for the local market. We are in regular contact withlocal management in both divisions and are doing everything possible to support our employees and business
operations in Russia and Ukraine at a local level. In this we adhere at all times to the applicable legal provisions.
We are continuously monitoring the situation and adapting our considerations and measures accordingly.

FORBO HALF-YEAR REPORT 2022

5

Outlook for 2022
Due to the extremely volatile market environment and a difficult geo and fiscal political situation, Forbo will notforecast sales or earnings for 2022 overall.
Despite the challenging situation, Forbo has consistently implemented the strategy and remains on track.
Based on many years of successful business and a solid and health financial foundation, Forbo is in a strong
position to meet the challenges that lie ahead and ensure the long-term success of the company.
With its strong brand, Forbo is able to contribute to the reduction of the global carbon footprint with its sustain­
able, high-quality products and innovative solutions in both divisions, and thanks to its technical expertise,leading market positions and global presence is well placed to forge ahead with its key strategy areas.
Elections to the Board of Directors at the Ordinary General Meeting 2023
In view of the geopolitical challenges, This E. Schneider, Executive Chairman of the Board of Directors since 2014,
will, at the request of the Board of Directors, stand for election at the Ordinary General Meeting in spring 2023 as
full-time Chairman of the Board of Directors.

This E. Schneider
Executive Chairman

Forbo Holding Ltd
Baar, July 29, 2022

Michael Schumacher
CEO6

FORBO HALF-YEAR REPORT 2022

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

30.6.2022

31.12.2021

621.7
54.7
259.4
307.6
398.0
367.9
28.9
1.2
1,019.7

553.6
93.3
197.4
262.9
428.0
390.4
37.4
0.2
981.6

372.7
103.8
95.8
173.1
114.6
31.2
83.4
487.3
532.4
1,019.7

314.5
50.8
112.2
151.5
145.3
31.6
113.7
459.8
521.8
981.6

First half 2022
667.3
– 434.3
233.0– 154.4
78.6
– 0.7
77.9
– 17.660.3
60.3

First half 2021
623.1
– 391.3
231.8– 149.7
82.1
– 0.1
82.0
– 18.5
63.5
63.5

42.60
42.60

40.52
40.52

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.

FORBO HALF-YEAR REPORT 2022

7

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
Total comprehensive income attributable to the shareholders of Forbo Holding Ltd

First half 2022
60.3

First half 2021
63.5

21.8

7.3

– 13.5
8.3
68.6
68.6

20.1
27.4
90.9
90.9

Consolidated statement of changes in equity
first half 2022
Unaudited, CHF m
January 1, 2022
Group profit
Other comprehensive income, net of tax
Total comprehensive income
Share-based payments
Treasury shares
Dividend payment
June 30, 2022

Share capital

Treasuryshares0.2– 0.1

Reserves

– 0.1

0.1

0.1

– 0.0

882.7
60.3
21.8
82.1
2.0
– 24.7– 35.3906.8

Share capital

TreasurysharesReserves

0.2

– 0.1

Translationdifferences– 361.0– 13.5– 13.5– 374.5

Translationdifferences

Total

521.8
60.3
8.3
68.6
2.0
– 24.7– 35.3532.4

Consolidated statement of changes in equity
first half 2021
Unaudited, CHF m
January 1, 2021
Group profit
Other comprehensive income, net of tax
Total comprehensive income
Share-based payments
Treasury shares
Dividend payment
June 30, 2021

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

– 0.0
0.2

– 0.1

1,032.8
63.5
7.3
70.8
2.8
– 68.1– 31.4
1,006.9– 349.4
20.1
20.1– 329.3

Total

683.5
63.5
27.4
90.9
2.8
– 68.1– 31.4677.7

8FORBO HALF-YEAR REPORT 2022

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 of property, plant, and equipment, and intangible assets
Other cash flows from investing activities
Net cash flow from investing activities
Payment of lease liabilities
Increase in current financial liabilities
Purchase of treasury shares
Dividend payment
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 2022
60.3
27.7
– 106.8
8.8– 10.0
– 8.7
0.6
– 8.1
– 8.4
50.1
– 27.5– 35.3– 21.1– 39.2
0.6
93.3
54.7

First half 2021
63.5
27.8
– 82.726.1
34.7– 10.60.2– 10.4– 8.9– 60.9– 31.4– 101.2– 76.9
4.3
255.8
183.2

FORBO HALF-YEAR REPORT 2022

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 'theGroup') covers the six-month period from January 1,
2022 to June 30, 2022 (hereinafter 'reporting period')
and was drawn up in accordance with International
Accounting Standard 34 (IAS 34) 'Interim Financial­Reporting'. The consolidated 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, 2021. During
the reporting period, the two sales organizations­Forbo Tema S.r.l. and Realbelt GmbH in the Movement
Systems segment were absorbed by their parent companies Forbo Siegling Italia S.p.A. and Forbo Siegling
GmbH respectively for the purpose of simplifying theGroup structure.
The consolidated half-year financial statements havenot been audited by the auditor. They were approvedfor publication by the Board of Directors on July 28,
2022.
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 annual report 2021, with the exceptions
listed below:
The following relevant amended standards and interpretations of the International Accounting Standards
Board (IASB) were applied for the first time in the business year that began on January 1, 2022:– Amendments to IAS 16 ‘Property, Plant and Equipment: Proceeds before Intended Use’– Amendments to IAS 37 ‘Onerous Contracts – Cost of
Fulfilling a Contract’– Amendments to IFRS 3 ‘Reference to the Conceptual
Framework’– Annual improvements to IFRS 2018–2020

Standards, interpretations or amendments that havebeen published but are not yet mandatory have notbeen adopted early. The first-time adoption of the above­
mentioned amended standards and interpretations had
no impact on the half-year report presented here.
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 statements­happen 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 discretionary decisions andestimates used by management compared with theconsolidated financial statements as at December 31,
2021.
Income tax expenditure is predicted on the basis of
average actual tax rates during the current business
year.

9

10

FORBO HALF-YEAR REPORT 2022

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.
In the Flooring Systems division, the Group develops,
produces, and sells linoleum, vinyl floor coverings, en­trance flooring systems, carpet tiles, needle felt floor
coverings, Flotex, the washable textile flooring, andbuilding and construction adhesives, as well as various
accessory ­products required for laying, processing,cleaning, and care of flooring. In the Movement Systems
division, the Group develops, produces, and sells highquality conveyor and processing belts, as well as plastic
modular belts, and drive, timing and flat belts made ofsynthetic materials. Corporate includes the costs of theGroup headquarters and certain items of income andexpenses that are not directly attributable to a specificsegment.

The Flooring Systems and Movement Systems divisions
are reportable segments. The identification of the reportable segments is based on internal management
reporting to the Executive Chairman of the Board of
Directors and to the Chief Executive Officer of theGroup, and hence on the financial information used toreview the performance of the operational units in­order to reach a decision on the allocation of resources.
The Executive Chairman of the Board of Directors andthe Chief Executive Officer assess the performance ofthe segments based on their operating result (EBIT). The
net financial result is not allocated to the segments­since it is Corporate Treasury that exercises central­control over the financial result.

FORBO HALF-YEAR REPORT 2022

11

First half 2022

Unaudited, CHF m
Total sales
Inter-segment sales
Net sales to third parties
Operating profit (EBIT)
EBITDA1)
Operating assets
Capital expenditure 2)
Number of employees (June 30)

Flooring
Systems
456.2
456.2
58.2
75.0
578.1
6.5
3,134

Movement
Systems
211.2
– 0.1
211.1
27.4
38.0
335.4
2.2
2,564

Corporate/
Elimination
– 0.1
0.1

Movement
Systems
200.1
– 0.1
200.0
25.3
35.1
326.5
3.6
2,424

Corporate/
Elimination
– 0.1
0.1

– 7.0
– 6.7
22.6
0.0
38

Total
667.3
667.3
78.6
106.3
936.1
8.7
5,736

1) Operating profit before depreciation and amortization
2) Purchase of property, plant, and equipment, and intangible assets (excluding leasing)First half 2021

Unaudited, CHF m
Total sales
Inter-segment sales
Net sales to third parties
Operating profit (EBIT)
EBITDA1)
Operating assets
Capital expenditure 2)
Number of employees (June 30)

Flooring
Systems
423.1
423.1
61.8
79.2
554.7
7.0
3,055

– 5.0
– 4.4
19.3
0.0
40

Total
623.1
623.1
82.1
109.9
900.5
10.6
5,519

1) Operating profit before depreciation and amortization
2) Purchase of property, plant, and equipment, and intangible assets (excluding leasing)

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

First half 2022
78.6
– 0.7
77.9

First half 2021
82.1
– 0.1
82.0

30.6.2022
936.1
83.6
1,019.7

31.12.2021
850.9
130.7
981.6

12

FORBO HALF-YEAR REPORT 2022

Operating assets include ‘Trade and other receivables
and accrued income’, ‘Inventories’, ‘Property, plant, andequipment, intangible assets and goodwill’, and ‘Other
non-current assets’. Non-operating assets include ‘Cashand cash equivalents, and ‘Deferred tax assets’.

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

First half 2022

Flooring Systems
First half 2021

342.4
75.2
38.6
456.2

326.9
63.0
33.2
423.1

04 Balance sheet
The change in cash and cash equivalents can be foundin the consolidated cash flow statement.
Trade and other receivables and accrued income, as
well as inventories, showed an increase compared with
year-end 2021. Trade receivables increased as a resultof higher sales. Inventories increased primarily due tothe higher costs for raw materials and were also subject
to the usual build-up in the first half of the year.
Property, plant, and equipment reduced from CHF
294.8 million to CHF 278.5 million in the first half of2022 (of which CHF 44.8 million for leased property,
plant, and equipment). Investments in property, plant,
and equipment of CHF 15.5 million (of which CHF 6.8
million for leased property, plant, and equipment) wereoffset by depreciation of CHF 25.6 million (of which
CHF 8.0 million for leased property, plant, and­equipment). Intangible assets and goodwill decreased
with amortization of CHF 2.1 million (prior-year period:
CHF 2.3 million) to CHF 89.4 million (end of previous
year: CHF 95.6 million).
Due to the sanctions against Russia and other measurestaken in connection with the situation in Ukraine, assets in Russia and Ukraine were tested for impairment.
The expected recoverable amounts of the assets­exceeded their carrying amounts.

Movement Systems
First half 2022
First half 2021
87.5
69.9
53.7
211.1

81.9
63.9
54.2
200.0

The total current financial liabilities of CHF 103.8 million(end of previous year: CHF 50.8 million) include leasing
liabilities of CHF 13.1 million (end of previous year: CHF
13.7 million), money market financing of CHF 86.3
­million (end of previous year: CHF 36.2 million) andliabilities from derivative financial instruments of­
CHF 4.4 million (end of previous year: CHF 0.8 million).
The non-current financial liabilities include leasing­liabilities only.
Trade payables decreased by CHF 16.4 million. Thischange was timing-related. The other non-financial
positions in current liabilities increased by CHF 21.6
million. This increase is largely attributable to higher
accrued expenses.
Employee benefit obligations, non-current provisions,and deferred tax liabilities reduced by CHF 30.3 million,of which CHF 28.2 million was accounted for by theemployee benefit obligations contained therein. These
decreased due to higher discount rates. The remeasurements of employee benefit obligations was credited tothe consolidated comprehensive income statement.

FORBO HALF-YEAR REPORT 2022

Shareholders’ equity increased by CHF 10.6 million to
CHF 532.4 million compared with December 31, 2021.
Due to the higher total assets, the equity ratio saw a­decline from 53.2% on December 31, 2021 to 52.2% onJune 30, 2022. The increase in equity by the total­comprehensive income of CHF 68.6 million was offset
mainly by the dividend payment of CHF 35.3 million andthe repurchase of treasury shares in the amount of
CHF 24.7 million under the share buyback program
2019–2022.
Under the share buyback program authorized by theOrdinary General Meeting of April 5, 2019, Forbo repurchased a total of 165,000 Forbo registered shares
between March 22, 2021, and March 16, 2022, either via
the second trading line of the SIX Swiss Exchange(90,165 shares) or at a fixed price (74,835 shares). At theOrdinary General Meeting of April 1, 2022, the share­
holders of Forbo Holding Ltd approved the capital­reduction of 10% of the share capital from CHF 165,000
to CHF 148,500 with the corresponding amendment to
the Articles of Association. The capital reduction wascompleted with the entry in the Commercial Registerof the Canton of Zug on June 16, 2022 and was pub­lished in the SHAB on June 21, 2022. The exchange
adjustment took place on the same day.

05 Income statement
Net sales increased by 7.1% in the corporate currency
to CHF 667.3 million. In local currencies, the sales increase came to 11.4%, largely attributable to price rises.
All regions contributed to the sales trend with doubledigit growth rates.
The cost of goods sold saw a disproportionate increase
due to the significantly higher prices of raw materials.
Year on year, operating expenses were slightly higher.
Operating profit (EBIT) in the reporting period cameto CHF 78.6 million, which was CHF 3.5 million (4.3%)
lower than the same period the previous year.
In both periods, the financial result included the interest
expense for leased assets of CHF – 0.4 million and interest receipts of almost CHF 0.2 million. It also included
foreign exchange gains and losses.

Income tax amounted to CHF 17.6 million, corresponding to a tax rate of 22.6%. The tax rate was slightly
higher than for the same period the previous year.
The resulting Group profit came to CHF 60.3 million andwas thus CHF 3.2 million lower than in the same period
the previous year.
Undiluted earnings per share on the basis of the­average number of shares in circulation amounted to
CHF 42.60 in the reporting period (prior-year period:
CHF 40.52). Diluted earnings per share also came to
CHF 42.60 (prior-year period: CHF 40.52).

06 Cash flow statement
Cash flow from operating activities came to CHF – 10.0
million, which was therefore substantially lower than
the same period the previous year. This was the resultof the sales-related increase in capital tied up in tradereceivables on the one hand and on the other hand
the increase of inventories due to the rise in purchasing
prices and the deliberate build-up of raw materials.
As in the same period the previous year, cash flow frominvesting activities reflects the cash outflow for investments in property, plant, and equipment and in intangible assets. The cash flows are subject to the payment
terms of the projects and therefore differ during thecourse of the year.
In the reporting year, in addition to the cash outflow of
CHF 35.3 million for the dividend, payments of CHF 8.4
million for leasing obligations, and the purchase of­treasury shares amounting to CHF 27.5 million, cash
flow from financing activities also included an inflowof CHF 50.1 million from money market financing.

13

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FORBO HALF-YEAR REPORT 2022

07 Main exchange rates applied
The following exchange rates against the CHF have been
applied for the most important currencies concerned:
Income statement
Average exchange rate, 6 months
Exchange rates
Eurozone
USA
Great Britain
Japan
China
Sweden

EUR
USD
GBP
JPY
CNY
SEK

1
1
1
100
100
100

2022
1.03200.94381.22600.7685
14.58159.84482021
1.09450.90801.2606
0.843014.032310.8043

Balance sheet
On balance sheet date
30.6.2022
0.9972
0.95411.1571
0.698414.23969.330331.12.2021
1.03430.91401.23370.794214.3418
10.104108 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 half-year fi­ nancial
statements 2022.

CalendarMedia and financial analysts’ conference for the business year 2022:	
Ordinary General Meeting 2023:
Half-year report 2023:		

Thursday, March 2, 2023
Thursday, March 30, 2023
Friday, July 28, 2023

Our half-year report is published in German and in English translation. The German version is authoritative.

Forbo Holding Ltd
Lindenstrasse 8
CH-6340 Baar

Forbo Management SA
Lindenstrasse 8
CH-6340 Baar

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

info@forbo.com
www.forbo.com