Key figures Forbo Group
Below you find some financial key figures for the Forbo Group.
Our responsibility towards our shareholders
We see it as our responsibility to safeguard the interests of our shareholders by being transparent and issuing regular reports on the activities of our business.
Group profit slightly higher than previous year
Based on the slightly lower operating result, a comparable tax rate of 22.4% (previous year: 22.6%) and a positive financial result of CHF + 1.9 million (previous year: CHF – 1.6 million) due to foreign exchange gains and interest income, the Group profit increased by 0.9% or CHF 0.9 million to CHF 102.3 million (previous year: CHF 101.4 million).
Earnings per share
Undiluted earnings per share reflect the slight improvement in earnings and increased by 1.1% to CHF 72.55 (previous year: CHF 71.76).
Earnings per share are calculated by dividing the net profit or loss for the year attributable to registered shareholders by the weighted average number of registered shares issued and outstanding during the year, less the average number of treasury shares.
Significantly more invested
In the reporting year, both divisions invested in important activities and strategic projects relating to product portfolio, technology, infrastructure, and capacity expansion projects. Total Group investments in property, plant, and equipment and intangible assets in 2023 were CHF 45.3 million (previous year: CHF 30.9 million), corresponding to a significant increase of 46.6%. Overall, 52% of the investments were replacement investments and 48% went towards rationalization and expansion programs.
In the reporting period, Flooring Systems invested CHF 26.8 million (previous year: CHF 17.9 million), corresponding to a marked increase of 49.7%. A significant proportion of this amount went into the expansion of the production plant for Flotex floor coverings in the USA. Further funds were deployed for new technology for vinyl floorings, designed to transform used floor coverings into recyclate, thereby supporting initiatives to optimize the circular economy. The conversion to new mist filter technology at the Coevorden plant progressed according to plan during the reporting year and will achieve significant reductions in gas use and CO2 emissions. In addition, a diverse range of modernizations were introduced at a number of production plants to support more efficient production processes and simplify work steps.
Investment in property, plant, and equipment at Movement Systems came to CHF 17.8 million (previous year: CHF 13.0 million), corresponding to a significant increase of 36.9%. The majority of the funds went towards the additional production line for Transilon belts at the manufacturing site in Pinghu/China and the modernization of the production plant in Fukuroi/Japan. New high-frequency welding machines for fabricating extra-wide roller shutters were installed at the fabrication plants in the USA and Slovakia. At the US plants, further camera-based product inspection systems were introduced to increase efficiency in the quality assurance process. Other investments included modernizations of production facilities, the establishment of new service centers and the installation of further photovoltaic systems in Europe.
Consolidated income statements 2019 - 2023
| 2023 | 2022 | 2021 | 2020 | 2019 | |
| CHF million | |||||
| NET SALES | 1,175.2 | 1,293.2 | 1,254.0 | 1,117.7 | 1,282.2 |
| Cost of goods sold | -773.5 | -852.4 | -803.0 | -707.5 | -788.6 |
| GROSS PROFIT | 401.7 | 440.8 | 451.0 | 410.2 | 493.6 |
| Development costs | -15.7 | -15.6 | -15.9 | -15.2 | -16.0 |
| Marketing and distribution costs | -168.5 | -178.6 | -175.3 | -171.3 | -191.4 |
| Administrative costs | -80.1 | -94.2 | -92.8 | -86.4 | -92.8 |
| Other operating expenses | -17.2 | -27.7 | -7.2 | -15.2 | -26.2 |
| Other operationg income | 9.7 | 7.9 | 19.2 | 14.9 | 9.1 |
| OPERATING PROFIT | 129.9 | 132.6 | 179.0 | 137.0 | 176.3 |
| Financial income | 5.7 | 0.9 | 3.0 | 0.7 | 0.8 |
| Financial expenses | -3.8 | -2.5 | -0.8 | -1.6 | -1.8 |
| GROUP PROFIT BEFORE TAXES | 131.8 | 131.0 | 181.2 | 136.1 | 175.3 |
| Income taxes | -29.5 | -29.6 | -40.0 | -29.9 | -37.0 |
| GROUP PROFIT FOR THE YEAR | 102.3 | 101.4 | 141.2 | 106.2 | 138.3 |
