Income Statement
Income Statement
DKK million H1 H2 FY H1
2019 2019 2019 2020
Revenue 37,469 40,229 77,698 35,481
Operating expenses incl. restructuring costs (36,066) (38,380) (74,446) (36,243)
Operating profit before other items 1,403 1,849 3,252 (762)
Other income and expenses, net (51) (40) (91) (794)
Goodwill impairment (144) (160) (304) (416)
Amortisation/impairment of brands and customer contracts (168) (167) (335) (48)
Operating profit 1,040 1,482 2,522 (2,020)
Financial income and expenses, net (327) (376) (703) (289)
Profit before tax 713 1,106 1,819 (2,309)
Income taxes (221) (445) (666) (231)
Net profit from continuing operations 492 661 1,153 (2,540)
Net loss from discontinued operations (90) 308 218 (137)
Net profit (reported) 402 969 1,371 (2,677)
Operating margin before other items 3.7% 4.6% 4.2% -2.1%
Cash Flow Statements
Cash Flow Statement
DKK million H1 H2 FY H1
2019 2019 2019 2020
Operating profit before other items 1,403 1,849 3,252 (762)
Operating profit before other items from discontinued operations 45 82 127 26
Depreciation and amortisation 766 851 1,617 816
Share-based payments 57 (39) 18 2
Changes in working capital (3,230) 1,211 (2,019) (730)
Changes in provisions, pensions and similar obligations (77) 302 225 81
Other expenses paid (10) (6) (16) (136)
Interest received 16 29 45 40
Interest paid (284) (388) (672) (233)
Income taxes paid (502) (11) (513) (254)
Cash flow from operating activities (1,816) 3,880 2,064 (1,150)
Acquisition of businesses (75) - 0 (75) (103)
Divestment of businesses (97) 788 691 (5)
Investments in equity-accounted investees (26) (14) (40) (10)
Acquisition of intangible assets and property, plant and equipment (541) (592) (1,133) (382)
Disposal of intangible assets and property, plant and equipment 42 (4) 38 41
Other (Acquisition)/disposal of financial assets 6 (17) (11) (7)
Cash flow from investing activities (691) 161 (530) (466)
Proceeds from bonds 3,695 - 0 3,695 - 0
Repayment of senior facilities - 0 (6,717) (6,717) - 0
Repayment of lease liabilities (535) (545) (1,080) (504)
Other financial payments, net (114) (223) (337) 3,319
Dividends paid to shareholders (1,422) - 0 (1,422) - 0
Dividends paid to non-controlling interests (1) (9) (10) - 0
Cash flow from financing activities 1,623 (7,494) (5,871) 2,815
Total cash flow (884) (3,453) (4,337) 1,199
Addition of right-of-use assets, net 337 255 592 232
Free Cash Flow (2,646) 3,012 366 (1,730)
Regional Performance
Regional Performance
H1 H2 FY H1
2019 2019 2019 2020
Revenue
Continental Europe 14,110 15,958 30,068 13,702
Northern Europe 12,344 12,693 25,037 11,343
Asia & Pacific 6,478 6,757 13,235 6,414
Americas 4,107 4,352 8,459 3,708
Other countries 457 491 948 324
Corporate / eliminations (27) (22) (49) (10)
Continuing operations 37,469 40,229 77,698 35,481
Operating profit before other items
Continental Europe 638 864 1,502 - 344
Northern Europe 489 630 1,119 - 535
Asia & Pacific 336 388 724 247
Americas 162 286 448 114
Other countries 16 44 60 15
Corporate costs etc. (238) (363) (601) (259)
Continuing operations 1,403 1,849 3,252 - 762
Operating margin
Continental Europe 4.5% 5.4% 5.0% -2.5%
Northern Europe 4.0% 5.0% 4.5% -4.7%
Asia & Pacific 5.2% 5.7% 5.5% 3.9%
Americas 3.9% 6.6% 5.3% 3.1%
Continuing operations 3.7% 4.6% 4.2% -2.1%
Regional Revenue Performance
Regional revenue performance (quarters)
Q1 Q2 Q3 Q4 2019 Q1 Q2 Q3
2019 2019 2019 2019 FY 2020 2020 2020
Revenue
Continental Europe 6,952 7,158 7,853 8,105 30,068 7,352 6,350 6,951
Northern Europe 6,061 6,283 6,068 6,625 25,037 5,948 5,395 5,508
Asia & Pacific 3,239 3,239 3,337 3,420 13,235 3,316 3,098 2,983
Americas 2,013 2,094 2,122 2,230 8,459 2,115 1,593 1,446
Other countries 225 232 233 258 948 164 160 67
Corporate / eliminations (12) (15) (10) (12) (49) (10) - (12)
Continuing operations 18,478 18,991 19,603 20,626 77,698 18,885 16,596 16,943
Organic growth
Continental Europe 8% 9% 16% 15% 12% 10% -7% -5%
Northern Europe 5% 4% 3% 3% 4% -1% -12% -9%
Asia & Pacific 7% 5% 5% 4% 5% 3% -2% -5%
Americas 2% 2% 1% 4% 2% 2% -24% -27%
Continuing operations 6.1% 5.8% 8.4% 7.8% 7.1% 3.9% -9.9% -8.8%
Currency impact
Continental Europe -2% -2% 1% 0% -1% -0% 0% -2%
Northern Europe -0% 0% -1% 0% 0% -1% -2% 0%
Asia & Pacific 2% 2% 3% 3% 3% -1% -1% -5%
Americas 9% 7% 5% 3% 6% 3% 0% -5%
Continuing operations 0.5% 0.5% 1.1% 1.0% 0.7% 0.0% -1.0% -2.5%
Acquisitions/Divestments, net
Continental Europe -3% -2% -1% -2% -2% -4% -4% -4%
Northern Europe -2% -1% -0% -0% -1% -0% -0% 0%
Asia & Pacific -0% -0% -0% -0% 0% -0% -1% -1%
Americas -1% -0% -0% -0% 0% 0% 0% 0%
Continuing operations -2.9% -2.4% -1.8% -1.9% -2.2% -1.7% -1.7% -2.3%
Total growth
Continental Europe 3% 5% 16% 13% 9% 6% -11% -11%
Northern Europe 3% 3% 2% 3% 3% -2% -14% -9%
Asia & Pacific 9% 7% 8% 7% 8% 2% -4% -11%
Americas 10% 9% 6% 7% 8% 5% -24% -32%
Continuing operations 3.7% 3.9% 7.7% 6.9% 5.6% 2.2% -12.6% -13.6%

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ISS A/S published this content on 29 January 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 January 2021 15:47:02 UTC.