Forbo Flooring Systems' Operating Earnings Rise

Baar, Switzerland, March 17, 2009--The Forbo Group said it posted sales of $1.64 billion in 2008, just below the previous year’s level of $1.69 billion.

Forbo said that growth from the takeover of Bonar Floors and Transtex Belting was 3.6%.

Operating profit before depreciations and amortizations (EBITDA) stood at $174 million, below the 2007 figure of $187 million.

Operating profit (EBIT) came to CHF $98.9 million compared to $136.9 millon in 2007.

The Flooring Systems division generated net sales of $754 million in 2008. This is equivalent to a growth of 3.3% versus the previous year. However, the acquisition of Bonar Floors contributed 6.8% to the growth.

Operating profit rose to $94.3 million, compared to $80.2 million the previous year.

The purchase of Bonar Floors enabled Forbo to complement expand its product portfolio in the commercial floorings business in Europe.

Forbo said it does not anticipate a quick recovery of the markets and believes that 2009 will be significantly more challenging than 2008.