Negative currency effects are spoiling results
Swiss Forbo Group one of the leading producer of floor coverings, building and construction adhesives with global distribution achieved in 2011 group sales of CHF 1707.2 (CHF1789.7) million or -4.6 % but in local currency a plus of 7.5 % would have resulted
Flooring Systems reported a 6.8 % in CHF or from CHF 1291.2 to CHF 1203.8 million whereas in local currency a 4.4 % plus. Bonding Systems contributed sales of CHF 484.9 (CHF 584.7) million and in local currency a plus of 14.0 % and Movement Systems hat sales of CHF 317.3 (CHF331.1) million, in CHF minus 4.2 % and in local currency a plus of 7.7 %. The operational result of ongoing operations dropped from CHF 168.7 million to CHF 148.9 million or – 11.7 % resulting also in a lower EBIT margin of 9.3 (10.4) %. It has to be recalled that Forbo sold from its Bonding System its industrial adhesives activity (including synthetic polymers) on March 5, 2012. The group’s profit from continuing operations dropped by 7.9 % or from CHF 149.2 to CHF 137.4 million and the group’s profit by 5.3 % or from CHF 131.1 to CHF 124.1 million. Forbo’s management voices that the company and its systems are well positioned in their markets and offer also 2012 promising business opportunities.