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ISS Earnings Release 2022
3368_rns_2022-11-02_0099e027-4985-442d-9454-8ea078891bd0.pdf
Earnings Release
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ISS
Company announcement no. 17/2022
Copenhagen, 2 November 2022
Trading update for 1 January – 30 September 2022
ISS enters the next phase of the OneISS strategy with strong growth momentum
Highlights
- Organic growth was 8.1% in Q3 2022 (Q3 2021: 2.8%) and 7.2% in the first nine months of 2022. The total revenue in Q3 2022 amounted to DKK 19.3 billion.
- The strong organic growth in Q3 2022 was driven by price and scope increases as well as solid project revenue. In Q3 2022, portfolio revenue grew organically by around 10% and projects and above-base revenue remained flat.
- Tight inflationary management continued, resulting in a positive effect on organic growth with the operating margin generally remaining unaffected.
- ISS is now entering the next phase of the OneISS strategy. The financial turnaround targets announced in 2020 have been achieved, and ISS has structurally improved the operating model for sustainable long-term performance. An update of the strategic direction as well as new financial targets will be presented at ISS' Capital Markets Day on 7 November 2022.
- The commercial momentum continued to improve. ISS won a key account contract with a US-based pharmaceutical company and extended and expanded the key account contract with a manufacturing customer in Denmark. In addition, a number of other key account contracts were extended in the quarter.
- ISS has completed the acquisition of the Swiss facility management provider, Livit FM, which will increase Group revenue with around 0.5%. The integration of the acquired company is expected to be completed in Q1 2023.
- On the back of the performance in Q3 2022, the outlook for the full year is updated. Organic growth is now expected to be around 6.5% (previously above 5%). Operating margin is expected to be around 3.8% (previously above 3.75%), and free cash flow is expected to be around DKK 1.5 billion (previously above DKK 1.5 billion). The outlook is before any effects from IAS 29.
Jacob Aarup-Andersen Group CEO, ISS A/S, says:
"Q3 2022 marks the point where we formally have reached our financial turnaround targets. The organic growth accelerated compared to the first half and ISS continues to gain strength operationally and financially, making us poised to set new ambitions and targets.
At our Capital Markets Day, we will announce our future journey in an unpredictable macroeconomic environment and with risk of an imminent recession in key markets. I have confidence that we will continue our positive development as we build on the inherent resilient and stable characteristics of our business model.
Once again, I want to thank the organisation and our dedicated placemakers across the world. During the last two years, they have proved that we are a learning and developing organisation. An organisation that continues to adapt and grow even in the most challenging environments".
Revenue overview
| DKK million | Q3 2022 | Q3 2021 1) | YTD 2022 | YTD 2021 1) |
|---|---|---|---|---|
| Revenue | 19,311 | 17,723 | 56,254 | 52,616 |
| Organic growth | 8.1% | 2.8% | 7.2% | 0.7% |
| Acquisitions & Divestments | (1.7)% | (0.2)% | (1.8)% | (0.4)% |
| Currency & other adjustments | 2.6% | 0.7% | 1.5% | (1.3)% |
| Revenue growth | 9.0% | 3.3% | 6.9% | (1.0)% |
1) Restated due to Chile being reclassified to continuing operations as of 31 December 2021.
ISS A/S – Trading update for 1 January – 30 September 2022
Strategic update
In December 2020, the OneISS strategy was announced, outlining the strategic direction with dual priorities of ensuring long-term operational improvements, while simultaneously delivering a short-term financial turnaround.
During the first nine months of 2022, the execution of the strategy has shown solid progress and the turnaround targets have been achieved earlier than expected. The operating run-rate margin is at approximately 4%. Positive cash flow generation in H2 2022 is expected to reduce the financial leverage to below 3x pro forma adjusted EBITDA (LTM).
The structural improvements of the commercial processes and the operating model continue. The new operating model provides the foundation for the next phase of the OneISS strategy to be announced at the Capital Markets Day.
ISS has completed the acquisition of the facility management company in Switzerland, Livit FM. With the acquisition, ISS will expand and develop the service delivery to the real estate industry segment, as Levit FM services a large part of Swiss Life's properties in Switzerland. The acquired company comprises key account contracts within cleaning and technical services and represent around 0.5% of Group revenue. The acquisition fits well with the OneISS strategy, and the activities are margin accretive post synergies with an attractive Return On Invested Capital (ROIC). The acquisition is considered a low-risk and bolt-on business addition in a country with an experienced management team and strong operational and financial performance.
Turnaround initiatives
The recovery of the underperforming contracts and countries continued in line with previous quarters.
At the Capital Markets Day on 7 November 2022, new ambitions and targets will be announced, and the detailed margin reporting per underperforming area will be replaced by a format aligned to the new targets.
The UK continued the positive development with further margin improvements during Q3 2022 after reaching the turnaround target of a low single-digit run-rate margin in Q1 2022. The simplification of the business and implementation of the OneISS organisational blueprint continues to have a positive impact on productivity and financial performance at both the contract and country levels.
In France, the planned restructuring and cost optimisation programme has been finalised. Costs have been reduced, but the operating run-rate margin will end the year slightly behind target, as the commercial momentum in the business has been muted. During 2022, the country leadership team has been strengthened with enhanced operational and commercial competences.
The execution of the restructuring and gap closing programme for the Deutsche Telekom contract developed largely as planned. The contract continues to be structurally challenging, and there are ongoing contractual disagreements that the parties are trying to resolve.
The contract with Danish Defence was successfully exited in Q2 2022. No revenue was recognised from the contract in Q3 2022.
Divestment programme
The divestment programme is completed with Brunei being the only country remaining as assets held for sale. The targeted net proceeds of DKK 2 billion have been secured. Activities in three countries were divested during the first half of 2022.
ISSN
Company announcement no. 17/2022
Copenhagen, 2 November 2022
Group performance
Group revenue
January – September 2022
Group revenue in the first nine months of 2022 was DKK 56.3 billion, an increase of 6.9% compared with the same period last year. Organic growth was 7.2% and thereby accelerating compared to the organic growth in H1 2022. The impact from acquisitions and divestments, net was (1.8)% and currency effects increased revenue by 1.5%, whereof the net impact from hyperinflation restatement in Turkey (IAS 29) was 0.4%.
Organic growth of 7.2% (H1 2022: 6.7%) was driven by portfolio revenue growth of 9.3% as customers returned to the offices, price increases and increased investments in the attractiveness of the post Covid-19 workplace. The higher activity level impacted most industries positively with the largest contribution from Retail, Hotels, Leisure and Transportation. Revenue from key account customers grew organically by 7.9% and maintained their strong growth level from the first half of 2022.
Across the Group, price increases have been implemented to offset the increasing cost inflation. This had a positive effect on organic growth of more than 2%-point and price increases implemented in Turkey contributed around 1.5%-point of that growth.
Revenue from projects and above-base work declined organically by 1.8% driven by lower demand for deep cleaning and disinfection services as Covid-19 restrictions are generally being lifted. The demand for projects and above-base services remain high and above the pre-pandemic level.
ISS has throughout the first nine months of 2022 generated revenue above 2019 levels (pre Covid-19). Revenue is gradually recovering for the services that are dependent on people being physically at the workplaces, most pronounced within food services. YTD 2022, revenue from food services increased by approximately 34%, mainly driven by the US, where food services grew by more than 75%. On a Group level, food services accounted for 13% (YTD 2021: 10%) of revenue.
All regions reported positive organic growth and contributed to the solid Group development in the first nine months of 2022. The higher exposure to food services in the Americas resulted in organic growth for the region of 29%. The growth rates in Europe remained strong and the organic growth in Asia & Pacific improved during the year as activity levels increased due to easing of Covid-19 restrictions.
Revenue and growth YTD September 2022
| DKK million | 2022 | 2021^{1)} | Organic growth | Acq./ div. | Currency & other adj. | Revenue Growth |
|---|---|---|---|---|---|---|
| Northern Europe | 21,202 | 20,337 | 4% | (0)% | 0% | 4% |
| Central & Southern Europe | 18,155 | 17,520 | 6% | (0)% | (2)% | 4% |
| Central & Southern Europe, excl IAS 29 | 17,940 | 17,520 | 6% | (0)% | (4)% | 2% |
| Asia & Pacific | 10,356 | 9,215 | 5% | (1)% | 8% | 12% |
| Americas | 6,157 | 5,143 | 29% | (15)% | 6% | 20% |
| Other countries | 425 | 433 | (3)% | - | 1% | (2)% |
| Corporate / eliminations | (41) | (32) | - | - | - | - |
| Group^{2)} | 56,254 | 52,616 | 7.2% | (1.8)% | 1.5% | 6.9% |
1) Restated due to Chile being reclassified to continuing operations as of 31 December 2021.
2) The net impact from hyperinflation restatement in Turkey (IAS 29) was 0.4% on Group-level, that has been included in Currency & other adj.
ISS A/S – Trading update for 1 January – 30 September 2022
ISSN
Company announcement no. 17/2022
Copenhagen, 2 November 2022
Group revenue
Q3 2022
Group revenue in Q3 2022 was DKK 19.3 billion, an increase of $9.0\%$ compared with the same period last year. Organic growth was $8.1\%$ (Q3 2021: $2.8\%$ ), slightly higher than Q2 2022. The impact from acquisitions and divestments, net was $(1.7)\%$ and currency effects increased revenue by $2.6\%$ , whereof the net impact from hyperinflation restatement in Turkey (IAS 29) was $0.5\%$ .
The strong organic growth in Q2 2022, was maintained in Q3 2022 despite lower growth contribution from return-to-office due to the comparison (return-to-office started to have effect from Q3 2021). The strong growth was driven by positive effect from price and scope increases among current customers. Demand for projects and above-base services remained solid during the quarter.
In Q3 2022, the organic growth for portfolio revenue was $9.6\%$ , while projects and above-base revenue remained at a healthy level and only declined by $0.2\%$ organically.
The Americas region reported the highest growth with $28\%$ organic growth, as a result of new contract wins and food services which are still benefitting from continued return-to-office trends. Compared to Q2 2022, the growth in the Central & Southern Europe and Asia & Pacific regions accelerated. The growth in Northern Europe declined, mainly driven by the completed exit of the Danish Defence contract.
Compared to the activity level before the pandemic in Q3 2019, organic growth was $1\%$ , representing a slight relative decline compared to Q2 2022, as revenue from the Deutsche Telekom contract is now fully reflected in the comparison base. Revenue from food services continued the solid recovery and improved to index 90 in Q3 2022 from index 82 in Q2 2022.
Revenue and growth Q3 2022
| DKK million | Q3 2022 | Q3 2021 1) | Organic growth | Acq./ div. | Currency & other adj. | Revenue growth |
|---|---|---|---|---|---|---|
| Northern Europe | 6,988 | 6,888 | 2% | (0)% | (1)% | 1% |
| Central & Southern Europe | 6,284 | 5,810 | 9% | 1% | (2)% | 8% |
| Central & Southern Europe, excl IAS 29 | 6,198 | 5,810 | 9% | 1% | (3)% | 7% |
| Asia & Pacific | 3,622 | 3,054 | 7% | (1)% | 13% | 19% |
| Americas | 2,285 | 1,833 | 28% | (15)% | 12% | 25% |
| Other countries | 150 | 148 | 1% | - | - | 1% |
| Corporate / eliminations | (18) | (10) | - | - | - | - |
| Group 2) | 19,311 | 17,723 | 8.1% | (1.7)% | 2.6% | 9.0% |
1) Restated due to Chile being reclassified to continuing operations as of 31 December 2021.
2) The net impact from hyperinflation restatement in Turkey (IAS 29) was $0.5\%$ on Group-level, that has been included in Currency & other adj.
ISS A/S - Trading update for 1 January - 30 September 2022
ISSN
Company announcement no. 17/2022
Copenhagen, 2 November 2022
Commercial development
In the first nine months of 2022, the commercial momentum improved, and ISS benefitted from the focus to engage strongly with our customers. The revenue growth in Q3 2022 was driven by current customers and the largest drivers were price increases and scope increases. The effect from return-to-office is still positive but lower than in previous quarters due to the comparison.
The demand for above-base revenue continued at a high level and organic growth was flat in Q3. Regular above-base work such as service related to projects and events are offsetting the decline in deep cleaning and disinfection services.
The commercial pipeline continues to be solid within our prioritised segments. Commercial processes continue to be longer and more complex than before Covid-19, likely as a result of global macroeconomic uncertainties which delay long-term decisions. ISS maintains strong pricing discipline in commercial processes and is not accepting any uncapped inflation risk.
The retention of existing customers continues to be a key component of ISS' commercial targets.
Successful extensions and expansions of larger contracts were achieved in the quarter, and as a result, the retention rate increased again in Q3 (LTM) and was at a new historically high level of around $94\%$ , excluding the deliberate exit of the Danish Defence contract (93% incl. the exit of the Danish Defence contract). In addition to the list of extensions in the quarter, ISS was awarded a new key account contract with a US-based pharmaceutical company in October 2022 and extended and expanded the contract with a manufacturing customer in Denmark.
Revenue from key accounts was $71\%$ of Group revenue in the first nine months of 2022 (2021: $69\%$ ) and generated organic growth of $7.9\%$ , which was better than the Group's organic growth. As such, key accounts contributed to the overall development and benefitted from the general return-to-office trends and price increases implemented across the customer portfolio.
| Major key account developments1) | Countries | Segment | Term | Effective |
|---|---|---|---|---|
| Wins | ||||
| Aviation Customer | Austria | Transportation & Infrastructure | 5.5 years | Q2 2022 |
| Manufacturing Customer | Sweden & Belgium | Industry & Manufacturing | 5 years | Q2 2022 |
| Retail and Wholesale Customer | US & Canada | Retail and Wholesale | 5 years | Q3 2022 |
| PT Amman Mineral Nusa Tenggara (PTAMNT) | Indonesia | Energy & Resources | 3 years | Q4 2022 |
| Extensions/expansions | ||||
| Technology Customer | United Kingdom | Business Services & IT | 1 year | Q1 2022 |
| Pharmaceutical Customer | Spain | Pharmaceuticals | 2 years | Q1 2022 |
| Sailing Group | Denmark | Retail and Wholesale | 3 years | Q1 2022 |
| Government Customer | United Kingdom | Public Administration | 1.5 years | Q2 2022 |
| Pharmaceutical Customer | Global | Pharmaceuticals | 5 years | Q2 2022 |
| Aviation Customer | Australia | Transportation & Infrastructure | 4 years | Q2 2022 |
| Pharmaceutical Customer | Denmark | Pharmaceuticals | 4 years | Q2 2022 |
| Healthcare Customer | Singapore | Healthcare | 5 years | Q2 2022 |
| South London and Maudsley NHS Foundation Trust | United Kingdom | Healthcare | 2 years | Q2 2022 |
| SingHealth Cluster | Singapore | Healthcare | 3 years | Q2 2022 |
| Victorian Department of Education and Training | Australia | Public Administration | 1.5 years | Q3 2022 |
| Danske Bank | Northern Europe (5 countries) | Business Services & IT | 5 years | Q3 2022 |
| Mining Service Customer | Australia | Energy & Resources | 2 years | Q3 2022 |
| National University Hospital | Singapore | Healthcare | 3 years | Q3 2022 |
| Professional Services Customer | United Kingdom | Business Services & IT | 1 year | Q4 2022 |
| Public Administration Customer | Finland | Public Administration | 5.5 years | Q4 2022 |
| Energy Customer | Germany | Energy & Resources | 5 years | Q1 2023 |
| Healthcare Customer | United Kingdom | Healthcare | 2 years | Q1 2023 |
| Exits/losses | ||||
| Aviation Customer | United States | Transportation & Infrastructure | Q1 2022 | |
| Retail and Wholesale Customer (Partly lost) | Chile | Retail and Wholesale | Q2 2022 | |
| Ministry of Defence | Singapore | Public Administration | Q4 2022 |
1) Annual revenue above DKK 100 million.
ISS A/S - Trading update for 1 January - 30 September 2022
ISSN
Company announcement no. 17/2022
Copenhagen, 2 November 2022
Regional performance
Northern Europe
January – September 2022
Revenue amounted to DKK 21,202 million in the first nine months of 2022, which was an increase of 4% compared with the same period last year. Organic growth was 4% (H1 2022: 5%), as the effect from both acquisitions and divestments, net and currency were neutral.
Organic growth in Northern Europe was driven by increased activity levels due to strong return-to-office trends, and price increases implemented across the portfolio. In the region, portfolio revenue grew organically by 7%, while revenue from projects and above-base work declined, due to reduced demand for Covid-19 related services. Norway contributed significantly to the organic growth due to contract wins, customers returning to offices and increasing activity level especially within the Hotels segment. Organic growth in Denmark was negative, as the last part of the contract with the Danish Defence was exited in May 2022.
Q3 2022 Revenue amounted to DKK 6,988 million, an increase of 1% compared to same quarter last year. Organic growth was 2% (Q2 2022: 6%), while acquisitions and divestments, net, were neutral and currency effects decreased revenue by 1%. Organic growth was driven by continued return-to-office trends and price increases implemented across the region. Portfolio revenue showed organic growth of 4%. Growth was the highest in Norway and several countries reported double-digit organic growth. Denmark and the UK reported negative organic growth due to the exit of the contract with the Danish Defence in May 2022 and comparison effect from Q3 2021 in UK, where revenue was recognised for 9 months from a PFI contract following a resolved dispute.
Central & Southern Europe
January – September 2022
Revenue amounted to DKK 18,155 million in the first nine months of 2022, which was an increase of 4% compared with the same period last year. Organic growth was 6% (H1 2022: 5%), the effect from acquisitions and divestments, net was neutral, while currency effects impacted growth negatively by 2%. The net impact from hyperinflation restatement in Turkey (IAS 29) was 1.1%.
The organic growth in the region was mainly driven by strong growth in Turkey both as a result of price increases successfully implemented to offset the effects from high cost inflation and underlying growth in the healthcare segment. Austria delivered double-digit organic growth primarily driven by the start-up of the contract with Vienna Airport. Portfolio revenue grew organically by 8% for the region. Across the region, exposure to food services is relatively low, and therefore the positive effects from return-to-office trends were limited, while organic growth from projects and above-base work was positive.
Q3 2022 Revenue amounted to DKK 6,284 million, an increase of 8% compared to the same quarter last year. Organic growth was 9% (Q2 2022: 5%). The effect from acquisitions and divestments, net, was 1%, while currencies decreased revenue by 2%. The organic growth in the region was driven by price increases in Turkey and the above-mentioned contract start-up in Austria. The portfolio revenue continued to improve compared to previous quarters and the portfolio grew organically by 9%. The net impact from hyperinflation restatement in Turkey (IAS 29) was 1.4%.
ISS A/S – Trading update for 1 January – 30 September 2022
ISSN
Company announcement no. 17/2022
Copenhagen, 2 November 2022
Asia & Pacific
January – September 2021
Revenue amounted to DKK 10,356 million in the first nine months of 2022, which was an increase of 12% compared with the same period last year. Organic growth was of 5% (H1 2022: 3%) and the effect from acquisitions and divestments, net was (1)%, while currency effects were 8%.
Organic growth in the region was driven by generally increased customer activity levels as a result of continued return-to-office trends in all countries benefitting from lifted Covid-19 restrictions. Price increases continued to contribute positively, and portfolio revenue showed an improved organic growth compared to previous quarters and grew by 7%. Projects and above-base revenue declined as a result of lower demand for deep cleaning and disinfection services. The strongest growth was seen in India and Australia driven by a number of local contract wins and continued increase of activity levels in sectors impacted by Covid-19.
Q3 2022 Revenue amounted to DKK 3,622 million, an increase of 19% compared to the same quarter last year. Organic growth was 7% (Q2 2022: 5%), while acquisitions and divestments, net were (1)% and currency effects were 13%. All countries in the region delivered solid positive organic growth in the quarter. India, Hong Kong and Australia delivered strong organic growth, from a number of smaller contract wins and a high level of project work with current customers.
Americas
January – September 2022
Revenue amounted to DKK 6,157 million in the first nine months of 2022, which was an increase of 20% compared with the same period last year. Organic growth was 29% (H1 2022: 29%), the effect from acquisitions and divestments, net was (15)% due the divestment of US Specialized Services, while currency effects impacted growth positively by 6%.
The Americas region reported a strong organic growth driven mainly by food services as customers returned to the offices. Food services in the US grew organically by 77% in the first nine months of 2022, and revenue was at index 79 compared to pre-Covid-19 levels in Q3 2019. Growth in the region was supported by ramp-up of a contract awarded by a major retailer which is expected to be fully operational during Q4. Price increases were successfully implemented to offset rising cost inflation and both portfolio and above-base revenue showed double-digit organic growth.
Q3 2022 Revenue amounted to DKK 2,285 million, an increase of 25% compared to the same period last year, driven by organic growth of 28% (Q2 2022: 30%), positive currency effects of 12% while acquisitions and divestments, net were (15)%. Organic growth was mainly driven from the US and Chile as the return-to-office trends continued with the revenue from food services almost doubling.
ISS A/S – Trading update for 1 January – 30 September 2022
ISSN
Company announcement no. 17/2022
Copenhagen, 2 November 2022
Hyperinflation in Turkey
Countries, where the cumulative three-year inflation exceeds 100%, are generally considered highly inflationary, and application of IAS 29 "Financial Reporting in Hyperinflationary Economies" must be considered. ISS has in Q2 2022 implemented IAS 29 for ISS entities in Turkey with effect from 1 January 2022.
Overall, the implementation of IAS 29 does not have a material impact on the Group's profit or loss and cash flow statements, and consequently the effect on our three key KPIs in YTD 2022 is immaterial. The total adjustment on revenue amounted to DKK 214 million in YTD 2022 equivalent to 0.4%.
Management changes
No later than 1 January 2023, Agostino Renna will take up the position as Group Chief Commercial Officer.
ISS A/S – Trading update for 1 January – 30 September 2022
ISSN
Company announcement no. 17/2022
Copenhagen, 2 November 2022
Outlook
Outlook 2022
This section should be read in conjunction with "Forward-looking statements" as shown in the table on page 10. The outlook is excluding any effects of IAS 29.
Based on the financial performance in the first nine months of 2022, the financial outlook is updated for all three financial KPI's. The financial performance is generally developing in line with plan and the underlying health of the business is improving despite of the challenging and dynamic market environment.
Organic growth outlook is updated and now expected to be around 6.5% compared to previously "above 5%" (2021: 2.0%). Portfolio revenue increased again in Q3, and this trend is expected to continue in Q4. Projects and above-base revenue is inherently subject to high uncertainty and particularly towards the end of the year. In Q4 2021, projects and above-base revenue was historically high.
Operating margin is now expected to be around 3.8% in 2022 compared to previously expected "above 3.75%" (2021: 2.5%). The update reflects that the turnaround of the underperforming contracts and countries continue to progress. Operating leverage from higher revenue is supporting the margin, but the effect is roughly offset by higher costs related to hiring and the mobilisation of new customers due to a challenging labour market. Cost inflation is managed tightly through price increases and cost reductions and the operating margin is therefore generally expected to be unaffected from this.
Free cash flow is now expected to be around DKK 1.5 billion in 2022 compared to previously "above DKK 1.5 billion" (2021: DKK 1.7 billion). The update is a result of roughly unchanged profit expectations but a slightly lower inflow from working capital, mainly as a result of higher organic growth.
| Outlook 2022 | ||||
|---|---|---|---|---|
| Annual Report 2021 | Trading update Q1 2022 | Interim report H1 2022 | Trading update Q3 2022 | |
| Organic growth | >2% | >4% | >5% | ~6.5% |
| Operating margin* | >3.5% | >3.5% | >3.75% | ~3.8% |
| Free cash flow | >DKK 1.3bn | >DKK 1.3bn | >DKK 1.5bn | ~DKK 1.5bn |
- Based on operating profit before other items
Financial targets
ISS has achieved the financial turnaround targets announced as part of the launch of the OneISS strategy in December 2020:
- Operating margin above 4% as run-rate when entering 2023
- Net debt / Pro forma adjusted EBITDA to be reduced to below 3x by the end of 2022
New financial targets will be announced at the Capital Markets Day in London on 7 November 2022.
ISS A/S - Trading update for 1 January - 30 September 2022
ISS
Company announcement no. 17/2022
Copenhagen, 2 November 2022
Expected revenue impact from divestments, acquisitions and foreign exchange rates in 2022
Divestments and acquisitions completed by 31 October 2022 (including in 2021) are expected to have a negative impact on revenue growth in 2022 of 1.5–2.0%-point. Countries to be divested continue to be reported as discontinued operations and will not impact revenue growth upon divestment.
Based on the relevant exchange rates, a positive impact on revenue growth of 1.0–1.5%-point is expected in 2022 from the development of foreign exchange rates, excluding any effects of IAS 29.
The forecasted average exchange rates for the financial year 2022 are calculated using the realised average exchange rates for the first ten months of 2022 and the average forward exchange rates (as of 1 November 2022) for the remaining two months of 2022.
Forward-looking statements
This report contains forward-looking statements, including, but not limited to, the guidance and expectations in Outlook. Statements herein, other than statements of historical fact, regarding future event or prospects, are forward-looking statements. The words may, will, should, expect, anticipate, believe, estimate, plan, predict, intend or variations of such words, and other statements on matters that are not historical fact or regarding future events or prospects, are forward-looking statements. ISS has based these statements on its current views with respect to future events and financial performance. These views involve risks and uncertainties that could cause actual results to differ materially from those predicted in the forward-looking statements and from the past performance of ISS.
Although ISS believes that the estimates and projections reflected in the forward-looking statements are reasonable, they may prove materially incorrect, and actual results may materially differ, e.g. as the result of risks related to the facility service industry in general or ISS in particular including those described in this report and other information made available by ISS. As a result, you should not rely on these forward-looking statements. ISS undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, expect to the extent required by law.
The Annual Report of 2021 of ISS A/S is available at the Group's website, www.issworld.com.
ISS A/S – Trading update for 1 January – 30 September 2022
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ISSN
Company announcement no. 17/2022
Copenhagen, 2 November 2022
Contacts
Conference Call
A conference call will be held on 3 November 2022 at 10:00 am CEST. Presentation material will be available online prior to the conference call.
Dial-in details
DK: +45 7876 8490
SE: +46 4 0682 0620
UK: +44 203 7696 819
US: +1 646 787 0157
PIN code for all countries: 283234
Link: https://issworld.eventcdn.net/events/2022q3
For investor enquiries
Jacob Johansen, Head of Group Investor Relations
Phone: +45 21 69 35 91
E-mail: [email protected]
Kristian Tankred, Senior Investor Relations Manager
Phone: +45 30 67 35 25
E-mail: [email protected]
For media enquiries
Kenni Leth, Global Press & Media Relations
Phone: +45 38 17 66 21
E-mail: [email protected]
Contact information
ISS A/S
Buddingevej 197
DK-2860 Søborg
Tel.: +45 38 17 00 00
Fax.: +45 38 17 00 11
www.issworld.com
CVR 28 50 47 99
ISS A/S – Trading update for 1 January – 30 September 2022
ISSN
Company announcement no. 17/2022
Copenhagen, 2 November 2022
Our global footprint
ISS is a leading, global provider of workplace and facility service solutions. In partnership with customers, ISS drives the engagement and well-being of people, minimises the impact on the environment, and protects and maintains property. ISS brings all of this to life through a unique combination of data, insight and service excellence at offices, factories, airports, hospitals and other locations across the globe. In 2021, Group revenue was DKK 71.4 billion.
ISS A/S – Trading update for 1 January – 30 September 2022
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