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"value": "Significant changes and events In 2022, the Group's performance and financial position was affected by the significant changes and events highlighted below. A detailed review of the Group's performance is provided in the Management's Review on pp. 15-19.Macroeconomic environmentIn 2022, we saw significant macroeconomic uncertainties (among others due to the Russia-Ukraine war) leading to increased interest and inflation rates. These develop-ments have impacted certain accounting estimates and judgements, including assumptions made by management, most significantly in relation to:\u2022 Impairment tests, note 3.2\u2022 Pensions and similar obligations, note 7.1\u2022 Onerous contracts, note 2.5Russia-Ukraine warIn March 2022, we divested our busi-ness in Russia as part of the strategic divestment programme. In addition, ISS has no material activities in Ukraine. Consequently, the Russia-Ukraine war did not have a material impact on the results of the Group\u2019s operations and financial position in 2022. However, the impact of the war led to increased operating costs due to generally increased inflation rates which were in all material respects mitigated through price increases in our customer contract portfolio.Divestment programme In 2022, the strategic divestment pro-gramme was successfully completed as we divested Taiwan, Russia and Portugal as well as two business units in Hong Kong and the UK. As a result, a net gain of DKK 201 million was recognised in profit or loss in 2022.See 3.4, Divestments, assets held for sale and discontinued operations for further details. Hyperinflation in TurkeyEffective 1 January 2022, the Group implemented IAS 29, Financial Reporting in Hyperinflationary Economies as the cumulative three-year inflation in Turkey exceeded 100%.As a result, the financial statements of ISS Turkey for 2022 have been restated based on changes in the general price index and by applying end-of period exchange rates. Comparative figures were not restated.The implementation did not have a materi-al impact on the Group\u2019s key financial KPIs. Impact and applied accounting policies are disclosed in 7.2, Hyperinflation in Turkey.Estimates and judgements The preparation of the Group\u2019s consolidated financial statements required management to make judgements, estimates and assumptions that affected the reported amounts of assets, liabilities, income and expenses, the accom-panying disclosures, including contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities in future periods. Estimates and assumptions are reviewed on an ongoing basis and have been prepared taking macroeconomic developments into consid-eration, but still ensuring that one-off effects which are not expected to exist in the long term do not affect estimation and determina-tion of these key factors, including discount rates and expectations for the future.The table to the right provides an overview of the Group's significant accounting estimates and judgements and the significance of impact on the consolidated financial statements. Note Significant estimates and judgements Estimate/Judgement Impact1.2 Revenue \u2022 Revenue recognition \u2013 impact from contract modifications and variable consideration Estimate/Judgement\u2022 Gross or net presentation Judgement2.2 Other receivables \u2022 Capitalisation of transition and mobilisation costs Judgement2.5 Provisions \u2022 Onerous contracts \u2013 future profitability Estimate/Judgement\u2022 Assumptions for claims, disputes and legal proceedings Judgements2.6 Right-of-use assets \u2022 Lease term, including extension options mainly related to buildings Judgements3.1 Intangible assets \u2022 Cloud-based arragements \u2013 assessment of control Judgements\u2022 Capitalisation of configuration and customisation costs for software Judgements3.2 Impairment tests \u2022 Key assumptions in impairment test of goodwill and other intangible assets Estimate5.2 Deferred tax \u2022 Recognition of deferred tax assets \u2013 future taxable profit available Estimate\u2022 Uncertain tax positions \u2013 estimate of the amount required to settle the obligation Estimate/Judgement7.1 Pensions and \u2022 Assumptions for actuarial gains and losses, e.g. inflation and discount rates, Estimatesimilar obligationsfuture salary and pension increases\u2022 Low \u2022\u2022 Medium \u2022\u2022\u2022High1 Operating profit ISS is a leading, global provider of integrated facility service (IFS) to key account customers and the absolute leader in cleaning. With operations in 60+ countries of which 30+ are core self-delivery countries, we have a strong global footprint.In recent years, we have successfully trimmed our business. Today, we have a global platform, and the growth agenda will be focused on providing IFS to key accounts in three prioritised segments; office-based, production-based and healthcare. Our core service offering to customers consists of cleaning, food, technical and workplace services. In 2022, revenue was DKK 76,538 million. Reve-nue from key accounts increased to 71% (2021: 69%) of Group revenue and generated higher organic growth than non-key accounts. IFS share of revenue has consistently increased over the last decade and comprised 51% in 2022. The majority of revenue comprises portfolio revenue which is contractually committed at the inception of the contract and recurring. The remaining revenue is demanded on a non-recurring basis and agreed as separate transactions.Portfolio revenue grew organically by 10%, pos-itively impacted by price increases to offset the rising cost inflation. Revenue from projects and above-base work was in line with 2021 despite a decline in deep-cleaning and disinfection services.Operating profit before other items was DKK 2,876 million for an operating margin of 3.8% excluding impact from IAS 29 (2021: 2.5%).Our business model is based on self-delivery of our core services by our placemakers \u2013 our most important resource. As a result, we incur a sig-nificant amount of employee costs to generate revenue. In 2022, employee costs comprised 66% of total operating costs, and remained at the level of 2021.Our strategic focusKey Account \u2013 IFS for key accountsshare29%71%1)71 76.5KKbnDKKbn51%Key accounts IFS Other1) Group revenueOur revenuRevenue\u2013 high level of recurring revenue18%1)76.5DKKbn82%Portfolio Projects and above-base1) Group revenueOur cost base\u2013 self-delivery by our placemakers1)73.7DKKbn66%m Employee costs1) Total operating costs1.1 Segments 1.1.1 Operating segmentsISS is a leading, global provider of workplace and facility service solutions operating in 30+ countries. Operations are generally managed based on a geographical structure in which countries are grouped into regions. The regions have been identified based on a key principle of grouping countries that share market conditions and cultures. Countries where we do not have a full country-based support structure, which are managed by our Global Key Account Organisation, are combined in a separate segment \u201cOther countries\u201d.An overview of the grouping of countries into regions is presented in 8.4, Group companies. Central &OtherTotal Unal-Northern Southern Asia & Ameri-coun-seg-located/ Total (DKKm)EuropeEuropePacificcastriesmentseliminationGroup1)2022 2)Revenue, excl. IAS 29 28,694 24,538 14,012 8,585 606 76,435 (51) 76,384 Revenue 28,694 24,692 14,012 8,585 606 76,589 (51) 76,538 Depreciation and amortisation (557) (575) (147)(97)(4)(1,380)(137)(1,517)Operating pro\uedaft before other2) items, excl. IAS 29 1,519 1,108 882 445 27 3,981 (1,105)2,876Operating profit before other items 1,519 1,079 882 445 27 3,952 (1,105) 2,847 Operating margin 5.3% 4.4% 6.3% 5.2% 4.5% 5.2% - 3.7%Operating margin, excl. IAS 29 5.3% 4.5% 6.3% 5.2% 4.5% 5.2% - 3.8%Other income and expenses, net 45 (13) 156 (124) - 64 (7) 57 Amortisation/impairment of brands and customer contracts (16)(27)(4)(22) - (69) - (69)Operating profit 1,548 1,039 1,034 299 27 3,947 (1,112) 2,835 2021Revenue 27,675 23,585 12,381 7,141 626 71,408 (45) 71,363 Depreciation and amortisation(659)(581)(212)(109)(3)(1,564)(196)(1,760)Operating profit before other items 1,290 584 735 393 16 3,018 (1,242) 1,776 Operating margin4.7% 2.5% 5.9% 5.5% 2.6% 4.2% - 2.5%Other income and expenses, net (2) 431 (2) 78 - 505 (66) 439 Goodwill impairment - (450) - - - (450) - (450)Amortisation/impairment of brands and customer contracts (21)(11)(6)(26) - (64) - (64)Operating profit 1,267 554 727 445 16 3,009 (1,308) 1,701 1) Effective 1 January 2022, the Group reorganised its European business into the regions Northern Europe and Central & Southern Europe consistent with the Group\u2019s internal management and reporting structure. As a result, the Netherlands, Belgium & Luxembourg, Poland and Lithuania were moved from Central & Southern Europe (previously Continental Europe) to Northern Europe. Asia & Pacific and Americas remained unchanged. Comparative figures for 2021 were restated accordingly.2) Effective 1 January 2022, ISS Turkey was restated for hyperinflation in accordance with IAS 29, cf. 7.2, Hyperinflation in Turkey.Regional RevenueRevenue76.5DKKbn38% Northern32% Central & Southern18% Asia & Pacific11% Americas1% Otherprofit1)Operating profit 3.9DKKbn39% Northern26% Central & Southern26% Asia & Pacific08% Americas1% Other1) Based on total segments1.1.2 Geographical distributionRevenue(DKKm)2022 2021UK & Ireland 10,396 10,634 US & Canada 6,387 5,298 Switzerland 5,729 5,212 Germany 5,556 5,429 Australia & New Zealand 4,868 4,349 Spain 4,122 4,420 Norway 4,016 3,181 Denmark (country of domicile) 3,169 3,661 \u200a 1)Other countries 32,295 29,179 Total 76,538 71,363 1) Including unallocated items and eliminations.Group revenue per country is disclosed on p. 119. 2)Non-current assets\u200a(DKKm)2022 2021UK & Ireland 3,052 3,275 US & Canada 2,492 2,362 Switzerland 2,134 1,723 Denmark (country of domicile) 1,737 1,804 Norway 1,434 1,501 Australia & New Zealand 1,396 1,411 Spain 1,196 1,178 Germany 997 989 \u2009 1)Other countries 13,314 12,329 Total 27,752 26,572 1) 2) Excluding deferred tax assets. RevenueRevenue76.5DKKbn14%UK & Ireland8%US & Canada7%Switzerland7%Germany6%Australia & NZ5%Spain5%Norway4%Denmark 44%Other countriesNon-current assetsNon-current assets27.8DKKbn11%UK & Ireland9%US & Canada8%Switzerland6%Denmark5%Norway5%Australia & NZ4%Spain4%Germany48%Other countriesAccounting policyThe segmentation is consistent with the Group\u2019s strategic management and reporting structure applied by the Executive Group Management, and excludes discontinued operations. Segments are managed primarily based on business perfor-mance measured by Operating profit.Segment revenue and costs comprise items that are directly attributable to the individual seg-ments. Unallocated items mainly consist of rev-enue and cost relating to the Group\u2019s corporate functions. Decisions on financing (financial income and expenses) as well as tax planning (income tax) are managed at Group level and are therefore not managed and allocated to segments. Segment revenue is presented including internal revenue which due to the nature of the business is insignificant and therefore not disclosed. Trans-actions between operating segments are made on market terms.The geographical distribution of segment revenue and non-current assets is based on the geograph-ical location of the individual subsidiary from which the sales transaction originates. Significant countries are defined as countries representing more than 5% of Group revenue as well as the do-micile country, Denmark. No customer comprise more than 10% of Group revenue.1.2 Revenue1.2.1 Performance obligations Revenue is generated from rendering of workplace and facility service solutions. Our services are provided at the customer's site on a daily basis continuously over the term of the contract. The customer simultaneously receives and consumes the benefits provided by the Group. Thus, performance obligations are satisfied over time. Revenue is split between portfolio and projects and above-base work, with the vast majority stemming from portfolio revenue, approx. 82% (2021: 81%). (DKKm)2022 2021Portfolio revenue 62,872 57,479 Projects and above-base work 13,666 13,884 Total 76,538 71,363 Portfolio revenue comprises revenue from contracts with customers that is contractually agreed (committed) at inception and relates to services that we are obligated to render on a recurring basis over the term of the con-tract. Revenue from projects and above-base work (e.g. capital projects) is demanded on a non-recurring basis and agreed separately with the customer.1.2.2 Disaggregation of revenueAligned with our strategy to focus on key accounts in three prioritised segments, where we deliver our core services, we disaggregate revenue based on: \u2022 customer category;\u2022 customer segment;\u2022 services; and\u2022 geographical region.We believe that these best depict how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. (DKKm)2022 2021Customer category Key accounts 54,666 49,238 Large and medium 17,387 17,958 Small and route-based 4,485 4,167 Total 76,538 71,363 Customer segments Office-based 30,647 n/a Production-based 18,094 n/a Healthcare 10,046 n/a Other 17,751 n/a Total 76,538 n/a Core services Cleaning 34,693 34,416 Technical 16,640 16,226 Food 10,170 7,535 Workplace, incl. Other 15,035 13,186 Total 76,538 71,363 Disaggregation of revenue based on geographical region is disclosed in 1.1, Segments. 1.2.3 Costs to fulfill a contract The size and complexity of key account contracts often requires ISS to incur significant transition and mobilisation costs before service delivery commences in order to be able to fulfill the performance obligations under the con-tracts. Transition and mobilisation costs comprise costs, directly related to launching certain large long-term contracts such as transfer of employ-ees from previous suppliers, site due diligence, planning and developing service plans. The cost includes internal direct costs and external costs, e.g. to consultants.At 31 December 2022, capitalised transition and mobilisation costs amounted to DKK 36 million (2021: DKK 62 million). No significant additional costs were capitalised in 2022. Capitalised transition and mobilisation costs arepresented in 2.2, Other receivables.CustomersCustomer category76.5DKKbn71% Key accounts 23% Large and medium06% Small and route-basedsegmentsCustomer segments76.5DKKbn40% Office-based24% Production-based13%Healthcare23% OtherservicesCore services76.5DKKbn45% Cleaning22% Technical13%Food20% Workplace, incl. Other1.2.4 Revenue backlog Our revenue base consists of a mix of yearly con-tracts, which are renewed tacitly, and thousands of multi-year contracts, the majority of which have an initial term of three to five years. Depending on the size and complexity of the contract, the transition and mobilisation period is normally between six and twelve months for our key accounts. Contracts regularly include options for the customer to terminate for convenience within three to nine months. However, we maintain a high retention rate of 94% (excl. the planned exit of the Danish Defence contract), both for key accounts and overall, supporting that these options are rarely exercised.As described in 1.2.1, Performance obligations, the vast majority of our revenue is portfolio revenue and the remaining part is non-recurring in the form of projects and above-base work. Projects and above-base work is not committed as part of the main customer contract and is therefore excluded from the transaction price to be allocated to the remaining performance obligation (revenue backlog). In addition, the Group has applied the exemptions of IFRS 15, and excluded the following from the backlog:\u2022 contracts with a term of less than 12 months; and\u2022 contracts where the Group invoices a fixed amount for each hour of service provided.As a result, the amounts disclosed in the matu-rity table are significantly lower than reported revenue and will likely not reflect the degree of certainty in future revenue (and cash inflows) to the Group. As a supplement, in the manage-ment review, p. 20, a maturity overview for our largest key accounts (> DKK 200 million of annual revenue) is presented.(DKKm)2022 2021< 1 year 34% 21,413 33% 20,3101-5 years 54% 34,407 50% 30,586> 5 years 12% 7,352 17% 10,148Total100% 63,172 100% 61,044Accounting policyRevenue from contracts with customers is recognised when control of the services is transferred to the cus-tomer at an amount that reflects the expected con-sideration for those services. Control is transferred over time as the customer simultaneously receives and consumes the benefits provided by the Group. Services are typically invoiced on a monthly basis at an amount corresponding to the value of the com-pleted performance obligation.Revenue excludes amounts collected on behalf of third parties, e.g. VAT and duties.The input method is used to measure progress towards complete satisfaction of the service due to the direct relationship between labour hours and costs incurred, and the transfer of services to the customer. The Group recognises revenue on the basis of the labour hours and costs expensed relative to the total expected labour hours and costs to complete the service.Significant accounting estimates and judgementsOur customer contracts are based on three different commercial models requiring varying levels of man-agement estimates and judgement in determining the transaction price:1) Fixed price contracts;2) Cost-plus contracts; and3) Cost-plus variations (typically capped)For fixed price contracts, revenue is recognised based on the transaction price stated in the contract, and thus require limited judgement from management.For cost-plus contracts, including variations e.g. with a cap, ISS\u2019s transaction price is determined based on costs incurred with the addition of an agreed mark-up/management fee. Determining the transaction price requires management to assess, which costs may be included in the calculation basis and if rele-vant, whether within the capped maximum.For key accounts and other large contracts, the transaction price may also include a variable consideration based on achievement of certain key performance indicators and gain share. Manage-ment estimates variable consideration based on the most likely amount to which it expects to be entitled on a contract-by-contract basis. Management makes a detailed assessment of the amount of revenue expected to be received and the probability of suc-cess in each case. Variable consideration is included in revenue as services are performed to the extent that it is highly probable that the amount will not be subject to significant reversal.Price adjustment mechanisms in our customer contracts vary in terms of content and extent. Judgement is required by management to determine the amount of revenue expected to be received as a result of inflationary pressure on costs of delivery.Contract modifications regularly occur, particularly for key account customers, in order to ensure that service solutions reflect their current needs. Such modifications are generally agreed with the cus-tomer in advance as per the contract in accordance with a specified change management procedure and accounted for going forward with no impact on recognised revenue up to the date of modification. Management assess how quickly ISS would be able to implement the scope changes of the service.Gross or net presentation of revenue Management uses judgement to determine whether the nature of ISS\u2019s promise is to provide the specified services (ISS is the principal), or to arrange for another party to provide the services (ISS is acting as an agent). This assessment is based on an evaluation of whether ISS controls the specified services before transfer to the customer. The Group has concluded that as a main rule it is the principal in its revenue arrangements, because it typically controls the services before trans-ferring them to the customer, and consequently as a main rule recognises revenue on a gross basis.1.3 Employee costs(DKKm)Note 2022 2021Wages and salaries 38,803 37,214 Social security costs 5,950 5,581 Pensions 7.1 1,448 1,376 Share-based payments 6.2 80 62 Other 2,048 2,136 Total 48,329 46,369 Average number of employees 352,792 362,789 Our strategy is based on self-delivery of our core services by our placemakers. Our business model is asset light and therefore employee costs is our single largest cost category.In 2022, employee costs comprised 66% of the total operating costs (2021: 67%) and were positively impacted by a refund of collective insurance premiums paid in prior years in Swe-den of DKK 23 million (2021: DKK 78 million).Government grants In 2022, the Group recognised government grants of DKK 159 million (2021: DKK 135 million) in the form of wage subventions, which have been recognised as a reduction of employee costs. The grants compensate the Group primar-ily for social security, wage increases as well as employing certain categories of employees such as trainees, disabled persons, long-term unem-ployed and employees in certain age groups.In addition, the Group received Covid-19 grants during the pandemic to compensate costs relat-ed to e.g. employees on furlough, social security contribution and sick pay compensation. With the cessation of the pandemic, the grants have gradually lapsed. In 2022, the Group recognised Covid-19 related grants of DKK 122 million (2021: DKK 432 million), mainly in the US, Hong Kong and Sweden.1.4 Other income and expenses, net (DKKm)2022 2021Gain on divestments 206 604 IT security incident - 7 Other income 206 611 Loss on divestments (124)(34)Integration costs (7) - Acquisition costs (4) (77)Ceased held for sale classification - (59)Other (14)(2)Other expenses (149)(172)Other income and expenses, net 57 439 Gain on divestments mainly related to the Waste Management business in Hong Kong and the damage control business in the UK. In 2021, gain on divestments mainly related to Kanal Services in Switzerland and Specialized Services in the US. Loss on divestments mainly comprised to a withdrawal liability on a multiemployer plan in the US related to the divestment of the Specialized Services business in December 2021. In 2021, the loss mainly related to adjustments to prior years\u2019 divestments and the divestment of the Fruit Baskets business in Sweden.Acquisition costs mainly related to the acquisi-tion of Livit FM Services AG in Switzerland (2021: R\u00f6nesans Facility Management Company). Accounting policyOther income and expenses, net consists of recurring and non-recurring items that manage-ment does not consider to be part of the Group\u2019s ordinary operating activities, i.e. gains and losses on divestments, remeasurement of disposal groups classified as held for sale, carrying amount adjustments regarding ceased held for sale classi-fication, the winding-up of operations, disposal of property and acquisition and integration costs.Other income and expenses, net are presented separately from the Group's ordinary operating activities as management believes that this best reflects the Group's financial performance.Integration costs related to the acquisition of Livit FM Services AG in Switzerland.Ceased held for sale classification comprised depreciation and amortisation for the years 2019 to 2020 due to the ceased held for sale classification of Chile in 2021. Other comprised mainly costs related to wind-ing-up of a minor business in Germany. 2 Operating assets, liabilities and free cash flow Our ability to manage our working capital and secure the liquidity required to operate, grow and improve our business is paramount, and driving strong cash flow remained a key priority for ISS in 2022.In 2022, we generated nominal free cash flow (non-IFRS) of DKK 1.7 billion (2021: DKK 1.7 billion) driven by solid operating profit and continued tight management of working capital. Investments in property, plant and equipment (including right-of-use assets) remained low and comprised 1.5% of Group revenue (2021: 1.7%) reflecting our asset-light business model.To improve capital efficiency, we continued to focus on the development in trade receivables, especially overdue receivables and unbilled receivables. As a result, the ageing profile of our trade receivables remained strong with 89% of receivables in the not past due category (2021: 90%).Trade receivablesTrade receivablesDKKbnDKKbn%1295109088568047520222021202020192018Trade receivablesNot past due, %Free cash floFree cash flowDKKbn32.421.7 1.710.4(1.8)0-1-220222021202020192018Free cash \ufb02ow (non-IFRS) (DKKbn)Asset-light business model1)47.0DKKbn7%Abuodel Fixed assets, incl. right-of-use1) Total assets2.1 Trade receivables and credit risk 2022 2021ExpectedCarrying ExpectedCarrying (DKKm)Grosscredit lossesamount Grosscredit lossesamountCentral & Southern Europe 4,553 (50) 4,503 4,355 (64) 4,291 Northern Europe 3,218 (24) 3,194 3,303 (37) 3,266 Asia & Pacific 2,072 (38) 2,034 1,852 (49) 1,803 Americas 1,171 (12) 1,159 964 (12) 952 Other countries 106 - 106 94 - 94 Total 11,120 (124) 10,996 10,568 (162) 10,406 Not past due 9,762 (6) 9,756 9,418 (4) 9,414 Past due 1 to 60 days 1,073 (4) 1,069 866 (6) 860 Past due 61 to 180 days 179 (14) 165 138 (12) 126 Past due 181 to 360 days 22 (20) 2 37 (34) 3 More than 360 days 84 (80) 4 109 (106) 3 Total 11,120 (124) 10,996 10,568 (162) 10,406 Expected credit losses (DKKm)2022 2021At 1 January (162)(299)Foreign exchange adjustments 6 1Divestments 2 0 Additions (59)(45)Unused amounts reversed 74 120 Unrecoverable amounts written off 15 64 Reclassification to Assets held for sale - (3)At 31 December (124)(162)Development in 2022 In 2022, trade receivables increased to DKK 10,996 million (2021: DKK 10,406 million) mainly as a result of organic growth driven by return-to-office trends and food service recovery. At 31 December 2022, commercial use of fac-toring with certain large key account customers and participation in certain customers' supply chain finance arrangements was DKK 1.3 billion (31 December 2021: DKK 1.1 billion). At 31 December 2022, expected credit losses were 1.1% (2021: 1.5%) of trade receivables (gross) and trade receivables not past due was 89% of trade receivables, net (2021: 90%).Credit risk\u2013 low exposureThe Group\u2019s exposure to credit risk is inherently relatively low due to its business model and strategic choices leading to a diversified customer port folio, both in terms of geography, industry sector, customer size and services. Also, the completion of our di-vestment programme has contributed to the low risk assessment as higher-risk countries and business units have been divested.Risk managementExposure to credit risk and expected credit losses are managed locally in the operating entities.We have a strong ongoing assessment and monitoring of customers' creditworthiness and the credit limits are set as deemed appropriate taking into account the cus-tomer\u2019s financial position and the current market conditions. In 2022, the increased inflation rates were managed tightly through price increases. The vast majority of cost increases were passed on to customers as per the agreed contractu-al terms with no increase in credit losses. Generally, the Group does not hold collater-al as security for trade receivables. Accounting policyTrade receivables comprise invoiced and unbilled revenue. Unbilled revenue represents service deliv-eries where the performance obligation has been fulfilled, but not yet invoiced.Trade receivables are recognised initially at the transaction price and subsequently measured at am-ortised cost. Due to its short-term nature, amortised cost will equal the invoiced amount less expected credit losses. An impairment analysis is performed at each reporting date using a provision matrix to measure expected credit losses. The provision rates are based on days past due for grouping of customer segments with similar loss patterns, e.g. by geographical region, customer type and rating. The calculation reflects the probability-weighted outcome, the time value of money, reasonable and supportable information about past events, current conditions and forecasts of future economic conditions.Trade receivables are generally written off if they are past due more than 180 days or when there is no reasonable expectation of recovery. Write-offs are presented in Other operating expenses. Subsequent recovery of write-offs or reversal of expected credit losses are credited against the same line item.Factoring and participation in customers\u2019 supply chain finance arrangements (factoring) are mainly used to optimise cash collection and to finance working capital impacts related to growth with certain key account customers, including from general pressure for longer payment terms and necessary investments in transition and mobilisation of such contracts. Trade receivables subject to factoring agreements are derecognised once the derecognition criteria have been met and all substantial risks and rewards have been transferred to the factor. Once the trade receivables have been derecognised, the Group does not carry any risk and has no continuing involvement in these trade receivables.2.2 Other receivables (DKKm)2022 2021Supplier rebates and bonuses 424 352 Prepayments to suppliers 392 359 Receivable divestment proceeds 114 155 Sign-on fees 110 134 Securities 104 103 Government grants 103 27Derivatives 50 - Transition and mobilisation costs 36 62 Other 362 390Total 1,695 1,582 Supplier rebates and bonuses comprised volume related discounts obtained from suppliers and re-flects the Group\u2019s efforts to consolidate the numberof suppliers and drive synergies and cost savings. The increase in 2022 was due to the general pick-upin activity, especially driven by the return-to-office trends and recovery of food services.Prepayments to suppliers comprised various payments mainly related to IT licences, utilities and insurance.Receivable divestment proceeds mainly related to the divestment of Specialized Services in the US, where part of the consideration is subject to customer consent. Sign-on fees comprised upfront discounts to certain large customers, most significantly in the UK and on certain global key accounts. Significant accounting judgementsCapitalisation of transition and mobilisation costs involves management\u2019s judgement to assess if the criteria for capitalisation are fulfilled. Management uses judgement to determine if the costs relate directly to the contract and are incurred in order for ISS to be able to fulfill the contract. In addition, management determines if the costs generate resources that will be used in satisfying the performance obligations and are expected to be recovered, i.e. reflected in the pricing of the contracts.Securities related to a savings plan in the US administered by ISS on behalf of certain senior employees.Government grants related to various receiv-ables, including Covid-19 related, mainly in the US, Spain and Denmark. Transition and mobilisation costs comprised directly related costs incurred to fulfill the perfor-mance obligations under certain large contracts, cf. 1.2, Revenue. The decrease in 2022 was due to ordinary amortisation, mainly in Denmark, Sweden and the UK. Other comprised refunds from customers, accrued interest, VAT, employee-related taxes and other recoverable amounts.Accounting policyOther receivables comprise various items of different nature and thus different measurement methods are applied. As these items are consid-ered individually immaterial they are presented together as Other receivables.Except for the items described below, other receivables are recognised initially at cost and subsequently at amortised cost. Due to the short-term nature of other receivables, amortised cost will equal the cost. Transition and mobilisation costs (costs to fulfill a contract) comprise costs directly related to start-up of operations of certain large contracts, e.g. transfer of employees from previous suppliers, site due diligence, planning and developing ser-vice plans. The costs include internal direct costs and external costs e.g. to consultants.Transition and mobilisation costs are capitalised and amortised over the initially secured contract term consistent with ISS\u2019s transfer of the related services to the customer. Bid-related costs, in-cluding costs relating to sales work and securing contracts, are expensed as incurred.Sign-on fees comprise upfront discounts to certain large customers incurred in the ordinary course of business. Sign-on fees are capitalised and amortised over the initial secured contract term consistent with ISS\u2019s transfer of the related services to the customer. Securities and derivatives are recognised at fair value.2.3 Other liabilities (DKKm)2022 2021Accrued wages, pensions and holiday allowances 5,589 5,514 Tax withholdings, VAT etc. 1,671 1,503 Prepayments from customers 805 868 Savings plan 104 103Contingent consideration and deferred payments 12 31 Other 533 711Total 8,714 8,730 Savings plan related to a plan in the US which is administered by ISS on behalf of certain senior employees.Other comprised customer discounts, accrued interests, etc. 2.4 Changes in working capital(DKKm)2022 2021Changes in inventories (61) 4 Changes in receivables (882)(110)Changes in payables 1,387 1,162 Total 444 1,056 2.5 Provisions, contingent assets and liabilities, and guaranteesISS is exposed to various risks and uncertainties, and party to certain disputes, claims, investiga-tions and legal proceedings arising out of the normal conduct of its business. These are mainly within the following areas:\u2022 Commercial/contractual matters\u2022 Labour-related\u2022 Divestments and M&A\u2022 Tax/social regulationsProvisions have been recognised in relation to such obligations for probable losses, that management deems reasonable and appropriate at 31 December 2022 as reflected in the table to the right.In addition, ISS is exposed to possible obligations in relation hereto as described below under 2.5.2 Contingent assets and liabilities.2.5.1 Provisions Legal claims and disputesThe provision primarily relates to labour-related claims and disputes regarding wages, overtime,holiday, severance etc. as well as claims and dis-putes in relation to contractual disagreementswith customers and suppliers. In addition, the provision includes claims and disputes associ-ated with our divestment activities. Such claims and disputes arise out of the normal conduct of business. At 31 December 2022, the majority related to the UK, the US, France and Spain.Self-insuranceThe provision for self-insurance mainly relates to employers\u2019 liability and/or workers compensation in certain countries and covers claims by employ-ees for medical benefits and lost wages associated with injuries/illness incurred in the course of their employment. The relevant countries, including self-insurance limits are listed below:\u2022 Hong Kong: DKK 26.8m (2021: DKK 25.2m) yearly\u2022 UK: DKK 25.2m (2021: DKK 26.6m) yearly aggregated limit and DKK 4.2m (2021: DKK 4.4m) per claim\u2022 Australia: DKK 4.7m (2021: DKK 3.6m) per claim\u2022 US: DKK 3.5m (2021: DKK 3.3m) per claimThe provision also includes obligations not covered by the global general business liability insurance in relation to damage caused in the ordinary course of service delivery, e.g. property damage and bodily injury. The Group is self-in-sured for claims below DKK 7.4 million (EUR 1 million per claim).Restructuring projectsThe provision mainly covers restructuring projects initiated in 2020 in several countries. The purpose was to adjust our cost base on the back of Covid-19 and involved overhead reductions, including termination of employees and contract exits.In 2022, execution of the projects continued, which led to a decrease of DKK 303 million mainly due to severance payments in Germany, France and Spain.Onerous contractsThe provision covers the unavoidable costs for certain loss-making contracts. The increased in-flation during 2022, and resulting cost increases, was generally managed through price increases and cost reductions. Consequenly, inflation did not lead to identification of any significant new onerous contracts or increased provision for contracts already recognised as onerous.Legal claims and Self- Restruc-Onerous (DKKm)disputesinsuranceturingscontracts Other Total2022At 1 January 235 262 374 330 515 1,716 Foreign exchange adjustments (9) 6 - 3 4 4 Additions 109 142 6 15 99 371Used during the year(41) (149)(263)(191)(90) (734)Unused amounts reversed(28)(15)(46)(80)(8)(177)Reclass (to)/from other liabilities 2 (1) - - (110) (109)At 31 December 268 245 71 77 410 1,071Non-current 47 129 - 23 266 465Current 221 116 71 54 144 6062021At 1 January 133 261 787 285 460 1,926 Foreign exchange adjustments (6) 15 4 6 7 26 Additions 141 225 7 73 45 491 Used during the year (62)(232)(373)(21)(11)(699)Unused amounts reversed (55)(2)(52)(16)(10)(135)Reclass (to)/from other liabilities 84 (5) 1 3 24 107 At 31 December 235 262 374 330 515 1,716 Non-current 121 127 142 78 287 755 Current 114 135 232 252 228 961 In 2022, the decrease of DKK 253 million was mainly related to the exit from the Danish Defence contract, including payment of an exit fee, termination of lease obligations and disposal of equipment as well as utilisation of the provision for a key account contract in Hong Kong. Furthermore, in France and the UK improvement initiatives on a few minor loss-making contracts led to reversal of amounts provided in prior years.At 31 December 2022, the remaining provision related to a key account contract in Hong Kong and a few minor contracts in a few countries.Other provisionsOther provisions comprise various other risks and obligations incidental to our business, most significantly related to divestments and customer and contract-related risks and disputes and decommissioning liabilities.In 2022, the addition was mainly due to recogni-tion of a withdrawal liability on a multiemployer plan in the US related to the divestment of Specialized Services in 2021.At 31 December 2022, the provision mainly related to Germany, the US, UK and France.2.5.2 Contingent assets andliabilities ISS is party to pending disputes, claims, investi-gations and litigations arising out of the normal conduct of its business and is therefore exposed to possible obligations. Management believes that these will not have a material impact on the Group\u2019s financial position beyond the assets and liabilities recognised in the statement of financial position at 31 December 2022. However, the existence of such possible obligations will only be confirmed by the occurrence of future events, not entirely within ISS\u2019s control. Due to the inherent uncertainty, future events may lead to material adverse effects on the Group\u2019s profit or loss and financial position from one or more of these possible obligations.Contractual disagreementsContractual disagreements with customers arise on a recurring basis in the ordinary course of ISS\u2019s business. While most are resolved as part of the daily contract management procedures, in some cases the contractual disagreements will lead to legal proceedings.The Group is currently party to certain disputes and legal proceedings, including in relation to the contract with Deutsche Telekom. The contract continues to be structurally challenging. Follow-ing an agreed dispute resolution mechanism, certain contractual disagreements are subject to arbitration proceedings initiated by ISS. Labour-related risksBeing a people company operating across differ-ent geographies and service areas exposes us to varying and changing labour laws, especially across Europe. Although we have policies and procedures in place to ensure that we comply with current regulations, interpretations and procedures applied by ISS could be challenged in certain jurisdictions and result in disputes and possibly liabilities.The Group is currently party to certain labour-related claims, disputes and legal proceedings, e.g. around wages, overtime, holiday and severance. Management believes that these would not have a material impact on the Group\u2019s financial position beyond the assets and liabili-ties already recognised at 31 December 2022.DivestmentsThe Group makes provisions for claims from purchasers or other parties in connection with divestments and the representations and warranties given in relation to such divestments. In addition, the Group\u2019s divestment activities can give rise to possible obligations, mainly labour-related, including pension plans, and related to disputes in relation to sales price.Restructuring projectsRestructuring projects are being undertaken on an ongoing basis across different geographies and service areas, currently mainly in Germany, France and Spain. Labour laws especially in Europe include restrictions on dismissals and procedural rules to be followed. The procedures applied by ISS could be challenged in certain jurisdictions resulting in disputes and possibly lia-bilities. Management believes that this would not have a material impact on the Group\u2019s financial position beyond the assets and liabilities already recognised at 31 December 2022.2.5.3 Guarantees ISS has issued certain guarantees in the normal course of business. Guarantees do not repre-sent legal or constructive obligations and are not recognised in the statement of financial position at 31 December 2022.(DKKm)2022 2021Bank-guaranteed 1,755 1,761 performance bondsOther performance bonds 1,831 1,819Performance guarantees (service contracts)3,586 3,580Indemnity and guarantee commitments 472 479Performance guarantees ISS regularly issues performance guarantees to customers to guarantee satisfactory completion of work in accordance with the service contract. Such guarantees are issued in the ordinary course of business, either in the form of bank guarantees, parent guarantees or insurances. Indemnity and guarantee commitmentsOther guarantees are mainly issued to insurance companies towards self-insurance liabilities as well as to owners of rental property occupied by ISS in certain countries. Furthermore, in a few instances guarantees have been issued to public authorities towards tax withholding liabilities.Significant accounting estimates and judgementsOur strategic choice to focus on key accounts increasingly leads to a customer case comprising large, more complex contracts in terms of perfor-mance obligations towards our customers. Addition-ally, the size and complexity of such contracts often requires ISS to incur significant transition and mo-bilisation costs before service delivery commences to enable fulfillment of the performance obligations. Furthermore, complex restructuring projects may need to be initiated and recognised as a provision. Onerous contracts Management assesses whether contracts may be onerous by estimating the ex-pected future profitability. This involves estimating total contract revenue and the unavoidable costs of meeting the performance obligations under the con-tract, including any transition and mobilisation costs incurred. In estimating the expected future profit-ability, management makes judgements, including in relation to termination and extension options.Certain contracts are large, complex and longer term facility service partnerships. In estimating unavoid-able costs in relation to such contracts, management makes assumptions around future realisation of costs taking estimated optimisations and efficiency gains from improvement initiatives into consider-ation. While ISS has inherent risk in this respect, ISS is by nature also dependent on aligning interest with the customer within the framework of the agree-ment for the benefit of both parties. The outcome may vary significantly should the assumptions and judgements applied not be realised as expected by management and applied as basis for their assess-ment of whether a contract is onerous.Restructurings and other provisions Management makes judgements related to various other matters and obligations, primarily relating to planned/initiated restructurings, and complex customer and contract-related risks and disputes, including ongoing lawsuits. Management\u2019s assessment of the likely outcome of lawsuits, tax disputes, etc., is based on external legal assistance and established precedents.For large, complex contracts, the outcome may vary significantly should the judgements and assump-tions applied by management in their assessment of the risks and disputes not be realised as expected.Accounting policyProvisionsProvisions are recognised when the Group, as a result of a past event, has a present legal or con-structive obligation, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The costs required to settle the obligation are discounted using the entity\u2019s average borrowing rate, if this significantly impacts the measurement of the liability. Legal disputes and claims, e.g. lawsuits and other disputes, based on external legal assistance and established precedents.Self-insurance on employers\u2019 liability and/or workers compensation based on valuations from external actuaries. Restructurings when a detailed, formal restructuring plan is announced to the affected parties on or before the reporting date. The plan must identify the busi-ness concerned, the location and number of employ-ees affected, and a detailed estimate of the associated costs, as well as the timeline must be in place. Onerous contracts, when the unavoidable costs, including directly allocated overhead costs, of meet-ing the obligations under the contract exceed the economic benefits expected to be received under it, corresponding to the lower of the costs to fulfil the obligations under the contract and the costs of exiting the contract. Customer and contract-related disputes based on an assessment of available facts and circumstances in respect of the specific risks or disputes, when it is deemed that a contractual, non-contractual or constructive obligation exists, and it is probable that this will lead to an outflow of economic resources from the Group. Decommissioning liabilities, if the Group has a legal obligation to dismantle or remove an asset or restore a site or leased facilities when vacated. The provision corresponds to the present value of expected costs to settle the obligation.The present value of the obligation is included in the cost of the relevant tangible or right-of-use asset and depreciated accordingly. The estimated future costs of decommissioning are reviewed annually and adjusted as appropriate. Changes in the estimated future costs, or in the discount rate applied, are added to or deducted from the cost of the relevant asset.Contingent assets and liabilitiesContingent liabilities comprise: 1) possible obligations that arise from a past event and whose existence will only be confirmed by the occurrence or non-occurrence of future events; and2) obligations that are not recognised as the amount cannot be measured sufficiently reliable or it is not probable that economic benefits will be required to settle the obligation.Contingent assets are possible assets whose existence will be confirmed by the occurrence or non-occurrence of uncertain future events that are not wholly within the control of the entity.Contingent assets and liabilities are not recognised, but disclosed in the notes.2.6 Right-of-use assets and property, plant and equipment ISS is a people business operating based on an asset light business model. Operating assets (leased and owned) comprised only 7% of the Group\u2019s total assets at 31 December 2022. Our model is based on leasing, rather than owning, property, vehicles and equipment. Right-of-use assets At 31 December 2022, ISS was party to around 18,500 lease agreement of which the majority related to vehicles, whereas in terms of asset value, the main part related to property.Additions amounted to DKK 765 million in 2022, which was impacted by new country head office leases in Austria and Singapore and extensions in a few other countries. This was slightly lower than 2021 where additions of DKK 859 million included new head office leases in France and Norway and additional new vehicle leases due to contract wins in the UK, Germany, Norway, Mexico and Finland.Property plant and equipment Additions of DKK 345 million in 2022 primarily related to equipment for new and existing contracts and was broadly in line with 2021.20222021Right-of-use assets Property,Right-of-use assets Property,plant andplant and(DKKm)Properties Vehicles Other Total equipment equipment Properties Vehicles Other Total Cost at 1 January 2,582 1,307 577 4,466 3,455 2,411 1,313 673 4,397 3,615 Prior year adjustments - - - - - (117)(203)(94)(414) - Foreign exchange adjustments 4 (9)(35)(40)(39) 51 17 (46) 22 45 Hyperinflation restatement - 20 57 77 183 - - - - -Additions 264 312 189 765 345 347 372 140 859 335 Acquisitions 5 34 - 39 7 - - 6 6 27 Divestments - - - - (16) - - - - (122)Disposals (198)(252)(81)(531)(654)(127)(199)(96)(422)(489)Reclass - - - -(6) 17 7 (6)18 44Cost at 31 December 2,657 1,412 707 4,776 3,275 2,582 1,307 577 4,466 3,455 Depreciation at 1 January (1,071)(669)(281)(2,021)(2,524)(842)(689)(354)(1,885)(2,581)Prior year adjustments - - - - - 117 203 94 414 - Foreign exchange adjustments (1) 7 19 25 30(18)(12) 21 (9)(57)Hyperinflation restatement - (7) (13) (20) (107)- - - - -Impairment - - - - (22) (32) - - (32) (5)Depreciation (398)(356)(134)(888)(376)(412)(368)(142)(922)(422)Divestments - - - - 15 - - - - 109 Disposals 198 252 81 531 626 126 199 95 420 456 Reclass - - - - - (10) (2)5(7) (24)Depreciation at 31 December (1,272)(773)(328)(2,373)(2,358)(1,071)(669)(281)(2,021)(2,524)Carrying amount at 31 December 1,385 639 379 2,403 917 1,511 638 296 2,445 931 Significant accounting judgementsLease term Several of ISS\u2019s lease contracts (office buildings) have no contractual fixed lease term or contains an extension option. Management exercises judgement in determining whether these extension options are reasonably certain to be exercised. Management considers all relevant facts and circumstances that create an economic incen-tive for the Group to exercise the extension option.The lease term for contracts without an end date is set to ten years for head office and accessory buildings, whereas all other leases with no definite end date are set to five years. Lease liabilityThe carrying amount of lease liabilities and the movements in the year are disclosed in 4.2, Loans and borrowings. The maturity profile is disclosed in 4.6, Liquidity risk. Lease-related costs in profit or loss(DKKm)2022 2021Depreciation of right-of-use assets 888 922 Interest expenses on lease liabilities 82 69 Leases of low-value assets 203 168 Short-term leases 88 88 Variable lease payments 11 13 Recognised in profit or loss 1,272 1,260 Hereof cash outflow 384 338 Accounting policyRight-of-use assets are recognised at the com-mencement date of the lease and measured at cost less accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities, including extension options. Cost comprises the amount of lease liabilities recognised, initial direct costs, dismantling and restoration costs incurred and lease payments made at or before the commencement date less any lease incentives received.Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful life of the asset. Estimated useful lifeProperties 5-10 yearsCars3-5 yearsOther equipment 2-5 yearsCertain leases have a term of 12 months or less or are leases of low-value assets, such as minor cleaning and IT equipment and office furniture. The recognition exemptions are applied for these leases and lease payments are recognised in Other operating expenses on a straight-line basis over the lease term. Property, plant and equipment is measured at cost, less accumulated depreciation and impairment losses. Cost comprises the purchase price and costs directly attributable to the acquisition until the date when the asset is ready for use. The net present value of estimated liabilities related to dismantling and removing the asset and restoring the site on which the asset is located is added to the cost.Subsequent costs, e.g. for replacing parts of an item, are recognised in the cost of the asset if it is probable that the future economic benefits embod-ied by the item will flow to the Group. The carrying amount of the item is derecognised when replaced and transferred to profit or loss. All other costs for common repairs and maintenance are recognised in profit or loss when incurred. Depreciation is based on the cost of an asset less its residual value. When parts of an item of property, plant and equipment have different useful lives, they are accounted for separately. The estimated useful life and residual value are determined at the acquisi-tion date. If the residual value exceeds the carrying amount depreciation is discontinued. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets.Estimated useful lifePlant and equipment 3-10 yearsLeasehold improvements (lease term)3-10 yearsBuildings 20-40 yearsLand is not depreciated.Depreciation methods, useful lives and residual values are reassessed at each reporting date and adjusted prospectively, if appropriate. Gains and losses arising on the disposal or retirement of property, plant and equipment are measured as the difference between the selling price less direct sales costs and the carrying amount, and are recognised in Other operating expenses in the year of sale, except gains and losses arising on disposal of property, which are recognised in Other income and expenses, net. 2.7 Free cash flow Free cash flow as defined by management, cf. 8.5, Definitions, is summarised below. Free cash flow is not a financial performance measure defined by IFRS. Accordingly, the measure and its calculation is presented as it is used by management as an alternative performance measure in managing the business. The free cash flow measure should not be considered a substitute for those measures required by IFRS and may not be calculated by other companies in the same manner. As such, reference is made to the IFRS measures included in the consolidated statement of cash flows of the consolidated financial statements. (DKKm)2022 2021Cash flow from operating activities 3,333 3,221 Acquisition of intangible assets and property, plant and equipment (809)(628)Disposal of intangible assets and property, plant and equipment 30 42 \u20091)Acquisition of financial assets, net(51)(30)\u20092)Addition of right-of-use assets, net(769)(870)Free cash flow 1,734 1,735 1) Excluding investments in equity-accounted investees which in 2022 was DKK (22) million (2021: DKK (24) million). 2) Including DKK 4 million (2021: DKK 13 million) related to discontinued operations, cf. 2.6, Right-of-use assets and property, plant and equipment.3 Strategic investments and divestments Acquisition agendaOur asset base is the result of our expansion strategy in the 00s, where acquisitions were used to scale and rapidly expand the business across services and geographies.Learning from history \u2013 and a decade of divestments of non-strategic businesses \u2013 we will over the next years initiate selective acquisition assessments to scale our OneISS platform in a disciplined and controlled manner. With that in mind, we acquired the facility manage-ment company Livit FM in Switzerland in October 2022. The acquisition supports the OneISS strategy by expanding and developing our services to the prioritised real estate industry segment.Divestment programme completedIn 2022, we divested our businesses in Taiwan, Russia and Portugal as well as two business units in the UK and Hong Kong. Furthermore, the busi-ness in Brunei was divested in February 2023. Our strategic divestment programme was therefore completed and the targeted proceeds of DKK 2.0 billion were secured. The total impact on profit or loss from divestments in 2022 was a net gain of DKK 201 million (2021: DKK 591 million).Investing in technologyWe have a strategic ambition of becoming technology leader in our industry by focusing on three strategic pillars: 1) the right digital applications for our customers and placemakers;2) scalable and cybersecure \u201ccloud-first\u201d infra-structure; and3) managed by inhouse global technology teams.In recent year, we have therefore invested more in IT, and will continue to do so in the coming years. Our newly established software develop-ment centre in Portugal will play an important role in supporting our strategy by developing and operating apps, platforms and data analytics among others.Intangible assets\u2013 our largest asset category1)1)47.0DKKbnInt51%Intangibles1) Total assetsDivestment programme completed 5 businesses divested201 DKKm net gain realisedAcquisition agenda initiatedLivit FM\ue838acquired in SwitzerlandInvesting in technologySoftware addit\u2013 software additionsDKKbn %DKKbn50040030020010020222021202020192018Software additions3.1 Intangible assets 20222021Customer SoftwareCustomer Software1)2)1)TotalGoodwill Brands contractsand other (DKKm)Goodwill Brands contractsand other TotalCost at 1 January 23,178 1,666 9,098 2,589 36,531 22,643 1,663 8,626 2,505 35,437 Foreign exchange adjustments (112) 5 (107) (9)(223) 402 3 112 19 536 Hyperinflation restatement 644 - 235 5 884 - - - - -Additions - - - 454 454 - - - 248 248 Acquisitions 203 - 161 - 364 97 - 428 7 532 Divestments (46) - (1)(2)(49)(20) - (106)(1)(127)Disposals - - (93)(118)(211) - - (12)(174)(186)Reclass (to)/from Property, plant and equipment - - - 6 6 - - - - -Reclass to Assets held for sale - - - - - 56 - 50 (15) 91 Cost at 31 December 23,867 1,671 9,293 2,925 37,756 23,178 1,666 9,098 2,589 36,531 Amortisation and impairment losses at 1 January (3,425)(74)(8,501)(1,792)(13,792)(2,981)(61)(8,302)(1,575)(12,919)Foreign exchange adjustments 8 (4) 38 8 50 6 (3)(218)(15)(230)Hyperinflation restatement - - (2)(3)(5)- - - - -Amortisation - (4)(65)(207)(276) - (10)(54)(289)(353)Impairment - - - (24)(24)(450) - - (92)(542)Divestments - - 1 2 3 - - 101 1 102 Disposals - - 93 115 208 - - 12 169 181 Reclass to Assets held for sale - - - - - - - (40) 9 (31)Amortisation and impairment losses at 31 December (3,417)(82)(8,436)(1,901)(13,836)(3,425)(74)(8,501)(1,792)(13,792)Carrying amount at 31 December 20,450 1,589 857 1,024 23,920 19,753 1,592 597 797 22,739 1) Of which DKK 133 million related to software under development at Group level (2021: DKK 93 million).2) The impairment loss in 2021 of DKK 450 million related to France.Hyperinflation restatement Implementation of IAS 29 in Turkey led to a significant increase of the Group\u2019s intangible assets, in total DKK 879 million, net. The increase related to goodwill (DKK 644 million), customer contracts (DKK 233 million) and software (DKK 2 million). Further details are provided in 7.2, Hyperinflation in Turkey.Livit FM, Switzerland The acquisition in October 2022 added DKK 347 million to the Group\u2019s intangibles relating to goodwill (DKK 191 million) and customer contracts (DKK 156 million). Further details are provided in 3.3, Acquisitions.Software and other In line with the Group\u2019s stra-tegic ambition of becoming the technology leader in the industry, we are investing more in software, e.g. digital applications for our customers and employees as well as cybersecure infrastructure. In 2022, additions amounted to DKK 454 million (2021: DKK 248 million), the majority related to Group-wide systems and applications. Significant accounting judgementsCloud-based arrangement At the commencement date, management assesses whether the Group ac-quires an intangible asset, a leased asset or receives a service over the term of the contract. If the Group receives a right to access the cloud provider's appli-cation without further rights or control it is neither a lease nor an intangible asset. However, the Group may acquire an intangible asset if the Group has the contractual right to take possession of the software during the contract period without significant penal-ty and it is feasible for the Group to run the software on its own hardware or with another cloud provider.In SaaS arrangements, where the provider controls the application software, the assessment of whether configuration or customisation of the software results in an intangible asset for the Group depends on the output of the configuration or customisation activities performed. Part of the activities undertaken may entail the development of software code that enhances or modifies, or creates additional capability to the existing on-premise software to enable it to connect with the cloud-based software applications. If activities are performed on the Group\u2019s infrastruc-ture and applications, they likely represent assets that the Group controls because they enhance, improve or customise existing software assets.Accounting policyGoodwill is initially recognised at cost and subse-quently at cost less accumulated impairment losses. Goodwill is not amortised. Goodwill relates mainly to assembled workforce, technical expertise and technological knowhow.Acquisition-related brands and customer contracts are recognised at fair value at the acquisition date. Subsequently, brands with indefinite useful lives are measured at cost less accumulated impairment losses. Brands with finite useful lives and customer contracts are measured at cost less accumulated amortisation and impairment losses. Acquired software and other intangible assets are measured at cost less accumulated amortisation and impairment losses. The cost of software developed for internal use includes external costs to consul-tants and software as well as internal direct and indirect costs related to the development. Other development costs for which it cannot be demon-strated that future economic benefits will flow to the Group are recognised in profit or loss as and when incurred. Amortisation of intangible assets with finite useful lives is calculated on a straight-line basis over the estimated useful lives except for certain customer contracts where the unit of production method bet-ter reflects the expected pattern of consumption.Estimated useful lifeBrands (finite useful life) 2-5 yearsCustomer contracts 10-24 yearsSoftware and other 5-10 yearsAmortisation methods and useful lives are reas-sessed at the reporting date and adjusted prospec-tively, if appropriate.Cloud-based arrangements Software within a cloud-based arrangement is recognised as either an intangible asset, a leased asset or as a service received (Software as a Service) based on the contact and facts and circumstances of the software.Software as a Service (SaaS) arrangements are ser-vice contracts providing the Group with the right to access a cloud provider's application software over the contract period. Costs incurred to configure or customise, and the ongoing fees to obtain access to the cloud provi-der\u2019s application software are recognised as Other operating expenses when the services are received. Also, internal costs such as costs related to selection of cloud provider, data conversion, training and testing are expensed as incurred in Other operating expenses. In some arrangements, certain configuration and customisation activities undertaken in implement-ing SaaS arrangements may give rise to a separate asset, i.e. the development of a software code that enhances, modifies or creates additional capability to the Group\u2019s existing on-premise systems. Costs incurred for these activities are recognised as intangible assets if they are identifiable and meet the recognition criteria and amortised over the useful life of the software similar to other intangible assets.3.2 Impairment tests3.2.1 Impairment test results 2022 The impairment tests of goodwill, customer con-tracts and brands performed at 31 December 2022 did not result in recognition of impairment losses (2021: DKK 450 million in France).Except for France, it is management\u2019s opinion that excess values in the Group\u2019s CGUs are fairly resilient to any likely and reasonable deteriora-tions in the key assumptions applied.France is further described on p. 74.3.2.2 Goodwill and customer contracts The carrying amounts of intangibles for CGUs representing more than 5% of intangibles, or CGUs considered to be at high risk of impair-ment are disclosed below.2022 2021Customer Customer (DKKm)Goodwillcontracts Total Goodwillcontracts TotalUK & Ireland 2,562 99 2,661 2,748 121 2,869 US & Canada 2,197 155 2,352 2,068 161 2,229 Finland 2,098 - 2,098 2,098 - 2,098 Switzerland 1,598 157 1,755 1,334 - 1,334 Denmark 1,620 - 1,620 1,652 - 1,652 Australia & NZ 1,327 2 1,329 1,336 4 1,340 Belgium & Lux. 1,319 - 1,319 1,319 - 1,319 Turkey 848 434 1,282 260 295 555 Norway 1,228 - 1,228 1,295 - 1,295 France 936 - 936 936 - 936 Other 4,717 10 4,727 4,707 16 4,723 Total 20,450 857 21,307 19,753 597 20,350 Revenue1)Acquisition-related intangibles2)\u2013 by risk category 22.9DKKbn96% Low risk04% High risk1) Comprise goodwill, customer contracts and brands. 2) Internal assessment of likelihood of incurring a material impairment loss.Cash-generating units (CGUs)Consistent with the Group's management and reporting structure, the lowest level of CGUs is the individual countries, as cash inflows are generated largely independent of cash inflows in other ISS countries (the majority of our contract portfolio is locally based with no cross-border ac-tivities). Accordingly, impairment tests are carried out per country, and intangibles (i.e. goodwill and customer contracts) are allocated to these.Management of certain countries has been combined to take advantage of similarities in terms of markets, shared customers and cost synergies. In such exceptional cases, the coun-tries are regarded as one CGU when performing the impairment test.Calculating recoverable amounts The recoverable amount of each CGU is calculat-ed on the basis of its value-in-use using certain key assumptions per CGU, i.e. revenue growth, operating margin and discount rate as shown in the table to the right.Value-in-use cash flow projections for the individual CGUs are based on financial forecasts for the following year as approved by man-agement. Assumptions applied in the short to medium term (forecasting period of five years) generally reflect management\u2019s expectations considering all relevant factors, including the Group\u2019s strategic initiatives, local initiatives, past experience and external sources of information, where possible and relevant. This also includes expected development in local markets in terms of competition, inflation and growth.More specifically, management has considered the expected impacts from the OneISS strategic priorities, especially around continued key account focus, investments in technology and the global operating model. Where relevant, initiated restruc-turings and other improvement initiatives, have also been taken into consideration when estimating the expected future performance and cash flows.In 2022, the Group reached its turnaround target fol-lowing improved financial performance in the UK, on the Deutsche Telekom contract and with the exit fromthe Danish Defence contract. Management carefully considered the expected continued improvement to ensure that it is properly reflected in determining the key assumptions for the specific CGUs.Management also ensured that financial forecasts and assumptions applied reflect the expected macroeconomic developments, which in 2022 primarily related to the impact from increased interest and inflation rates. During the year, the Group demonstrated its ability to manage and mitigate price increases in the supply chain, including activating indexation mechanisms in the contract portfolio to pass on price increases to our customers. Furthermore, the impact from Covid-19recovery in 2022 has been considered.Assumptions applied in the terminal period gener-ally reflect management\u2019s long-term expectations for the individual country. Revenue growth reflects inflation and GDP growth and is determined based on input from external sources like IMF\u2019s \u201cWorld Economic Outlook\u201d. Operating margin reflects the expected normalised earnings level in the long term.Corporate costs for the services performed by the Group\u2019s head office functions for the benefit of the CGUs are allocated to the individual CGUs and taken into account in the calculation of the recoverable amount.Key1)assumptions Basis for assumptionRevenue Year 1growth\u2022 Financial forecasts as approved by management Forecasting period (year 2-5)\u2022 Based on expected market development, including maturity and inflation\u2022 Impact from local and Group initiatives are considered, including key account focusTerminal period\u2022 Long term expectations based on IMF \u201cWorld Economic Outlook\u201d\u2022 Not exceeding expected long-term average for the country, including inflationOperating Year 1margin\u2022 Financial forecasts as approved by managementForecasting period (year 2-5)\u2022 Impact from local and Group initiatives are considered, including key ac-count focus and investments in technology and the global operating model\u2022 Restructurings and other local improvement initiatives are consideredTerminal period\u2022 Reflects the expected normalised earnings level in the long termDiscount rates\u2022 Risk-free interest rate based on 10-year government bonds (country-specific)(net of tax)\u2022 Premium added to adjust for the inconsistency of applying government bonds with a short-term maturity when discounting cash flows with infinite maturity\u2022 Country specific estimation risk premium added (to reflect possible variations in amounts/timing of the projected cash flows)\u2022 Equity risk premium: 6.0% (2021: 6.5%)\u2022 Debt/equity target ratio (market values): 25/75 (2021: 25/75)1) The key assumptions applied are used for accounting purposes and should not be considered a forward-looking statement within the meaning of the US Private Securities Litigation Act of 1995 and similar laws in other countries regarding expectations to the future development.A sensitivity analysis on the key assumptionsin the impairment testing is presented to the right. The allowed change represents the percentage points by which the specific key assumption can change, all other things being equal, before the CGU\u2019s recoverable amount equals its carrying amount.Management's assessment of risk of incurring an impairment loss is based on the estimated excess value for the specific CGU.France During 2022, the original restructuring and cost optimisation programme was finalised, though with a lower impact than initially anticipated, in part due to exposure to certain industry segments with slow Covid-19 recovery and muted commercial momentum. At the same time, interest rates and inflation rates increased significantly during the year. Thus, organic growth and operating margin for the year were realised below target.In the late part of 2022, the country leadership team was strengthened with a new country manager and enhanced commercial and opera-tional resources to execute an updated business improvement plan. In addition, in December 2022 the French parliament announced a gradual abolition of the CVAE (value-added tax of 1.5% of revenue) with partial effect in 2023 and full effect from 2024.As a result of these significant internal and external circumstances and developments in 2022, manage-ment updated the business plan, which in general reflects a slower pace in reaching a sustainable operating margin of 5.0%. Forecasting period Terminal periodDiscount rate, 1)Growth MarginGrowth Marginnet of taxCarrying Allowed Allowed Allowed Allowed Allowed Pre-2)(DKKm)amount Risk Avg.decrease Avg.decrease Ratedecrease Ratedecrease Rateincreasetax2022UK & Ireland 2,661 Low 4.8 % >4.8 % 5.1 % >5.1 % 3.0 % >3.0 % 6.0 % 4.1 % 10.2 % 8.7 % 12.9 %US & Canada 2,352 Low 6.1 % >6.1 % 5.8 % >5.8 % 3.0 % >3.0 % 6.0 % 2.7 % 10.7 % 4.8 % 13.9 %Finland 2,098 Low 1.9 % >1.9 % 6.2 % 5.3 % 2.5 % 2.5 % 6.2 % 1.8 % 8.6 % 1.9 % 10.5 %Switzerland 1,755 Low 2.3 % >2.3 % 7.5 % >7.5 % 2.0 % >2.0 % 7.5 % 6.9 % 7.0 % >7.0 % 8.3 %Denmark 1,620 Low 1.6 % >1.6 % 6.0 % >6.0 % 2.5 % >2.5 % 6.5 % 2.3 % 8.7 % 2.6 % 10.8 %Australia & NZ 1,329 Low 2.8 % >2.8 % 5.6 % >5.6 % 2.5 % >2.5 % 5.6 % 3.7 % 9.9 % 9.6 % 14.1 %Belgium & Lux. 1,319 Low 2.5 % >2.5 % 6.2 % >6.2 % 2.5 % >2.5 % 6.2 % 2.5 % 9.0 % 3.3 % 11.6 %Turkey 1,282 Low 36.0 % 17.6 % 8.4 % >8.4 % 10.0 % >10.0 % 8.0 % 5.4 % 21.9 % 10.7 % 27.3 %Norway 1,228 Low 2.8 % >2.8 % 7.8 % >7.8 % 3.0 % >3.0 % 7.8 % >7.8 % 9.6 % >9.6 % 11.8 %France 936 High 1.8 % 1.8 % 0.2 % 1.2 % 2.5 % 0.7 % 5.0 % 0.4 % 9.4 % 0.6 % 11.4 %2021UK & Ireland 2,869 Low 3.9 % >3.9 % 4.6 % >4.6 % 2.5 % >2.5 % 6.0 % 3.8 % 8.7 % 7.9 % 11.3 %US & Canada 2,229 Low 13.1 % >13.1 % 6.8 % >6.8 % 3.0 % >3.0 % 6.8 % 4.6 % 9.0 % 8.7 % 11.6 %Finland 2,098 Low 1.7 % >1.7 % 6.4 % 5.3 % 2.0 % 1.8 % 6.5 % 1.5 % 7.3 % 1.4 % 9.1 %Denmark 1,652 Low (1.8) % 3.0 % 6.2 % 3.0 % 2.0 % 1.3 % 6.5 % 1.1 % 7.7 % 1.0 % 9.8 %Australia & NZ 1,340 Low 2.2 % >2.2 % 6.1 % >6.1 % 2.5 % >2.5 % 6.1 % 4.1 % 8.7 % 8.7 % 12.3 %Switzerland 1,334 Low 1.5 % >1.5 % 7.1 % >7.1 % 1.5 % >1.5 % 7.1 % 5.9 % 6.3 % >6.3 % 7.6 %Belgium & Lux. 1,319 Low 3.6 % >3.6 % 5.7 % >5.7 % 2.0 % >2.0 % 6.0 % 1.7 % 7.3 % 1.9 % 9.8 %Norway 1,295 Low 6.0 % >6.0 % 7.9 % >7.9 % 2.5 % >2.5 % 8.0 % 7.2 % 8.7 % >8.7 % 11.0 %Sweden 1,010 Low 3.3 % >3.3 % 5.5 % >5.5 % 2.0 % >2.0 % 6.2 % 4.8 % 8.0 % >8.0 % 10.0 %France 936 High 1.4 % 0.2 % 3.3 % 0.2 % 2.0 % 0.1 % 5.0 % 0.1 % 8.9 % 0.1 % 13.7 %1) Excluding allocated corporate costs.2) Risk is assessed based on the estimated excess value for the specific CGU.The impairment test at 31 December 2022 based on the updated business plan did not result in recognition of an impairment loss. The excess value continues to be limited though slightly improved as a result of the gradual abolition of the CVAE tax.Turkey The implementation of IAS 29 resulted in an increase in the carrying amount of goodwill and customer contracts of DKK 0.9 billion. The impairment test at 31 December 2022 based on the updated business plan reflecting the current inflationary environment, did not result in recognition of an impairment loss.3.2.3 Brands The carrying amount of brands relates mainly to the ISS brand and amounted to DKK 1,589 million at 31 December 2022 (2021: DKK 1,592 million). Management believes that the value of the ISS brand supports the ISS Group in its entirety rather than any individual CGU. Accord-ingly, the ISS brand is tested for impairment at Group level. The impairment test is based on group-wide cash flows adjusted for the Group\u2019s total goodwill and other non-current assets. In 2022, no impairment of the ISS brand has been identified.Sensitivity analysisNo sensitivity is shown for the ISS brand, as thegroup-wide cash flows adjusted for the Group\u2019stotal goodwill and other non-current assetssignificantly exceed the carrying amount. This is additionally supported by ISS's market capitalisation at 31 December 2022 of approx-imately DKK 27 billion exceeding the carrying amount of equity, which amounted to DKK 10,815 million.Significant accountingestimatesIn performing the impairment test, manage-ment assesses whether the CGU to which the intangibles relate will be able to generate positive net cash flows sufficient to support the value of intangibles and other net assets. The assessment is based on estimates of expected future cash flows (value-in-use) for the individual GCU, which by nature are uncertain.Estimates are made using financial forecasts for the following year as approved by management, and estimated discount rates, growth and market developments. Assumptions applied in the short to medium term (forecasting period of five years) generally reflect management\u2019s expecta-tions considering all relevant factors, including estimated optimisations and efficiency gains from improvement initiatives, past experience and external sources of information, where possible and relevant. Terminal growth rates and margins applied reflects management\u2019s long-term expectations for revenue growth for the individual CGUs, including inflation, and normalised earnings, respectively.The outcome of the impairment test may vary significantly should the assumptions, estimates and judgements not be realised as expected and applied as basis for management\u2019s conclusion of whether impairment of a CGU has occurred.Accounting policyIntangible assets with an indefinite useful life, i.e. goodwill and the ISS brand, are subject to impairment testing annually or when circumstanc-es indicate that the carrying amount may not be recoverable. Other non-current assets are tested annually for indications of impairment.If an indication of impairment exists, the recover-able amount of the asset is determined, i.e. the higher of the fair value of the asset less antici-pated costs of disposal and its value-in-use. The value-in-use is calculated as the present value of expected future cash flows from the asset or the CGU to which the asset belongs.The carrying amount of goodwill is tested for impairment together with the other non-current assets in the CGU to which goodwill is allocated. Management believes that the value of the ISS brand supports the ISS Group in its entirety rather than any individual CGU. Accordingly, the ISS brand is tested for impairment at Group level. The impairment test is based on group-wide cash flows adjusted for the Group\u2019s total goodwill and other non-current assets.An impairment loss is recognised in the statement of profit or loss in a separate line if the carrying amount of an asset or CGU exceeds its estimated recoverable amount.Impairment of goodwill is not reversed. Impair-ment of other assets is reversed if estimates used to calculate the recoverable amount have been changed. An impairment loss is reversed to the extent that the carrying amount does not exceed the carrying amount that would have been deter-mined, net of depreciation and amortisation, if no impairment loss had been recognised.3.3 Acquisitions 3.3.1 Acquisition impactLivit FM, SwitzerlandOn 27 October 2022, ISS acquired 100% of the shares in Livit FM Services AG (Livit FM), a Swiss facility management company. The acquisition will enable us to expand and develop our service delivery to the real estate industry segment in the Swiss market, as Livit FM services a large part of Swiss Life's properties in Switzerland.The acquisition will add annual revenue of DKK 402 million and 670 employees (estimated based on unaudited financial information).During the period 27 October to 31 December 2022, Livit FM contributed revenue of DKK 66 million to the ISS Group.The purchase consideration amounted to DKK 337 million. Based on provisionally determined fair values of net assets, goodwill amounted to DKK 191 million. Goodwill is attributable mainly to: 1) expertise and know-how in the real estate industry segment, 2) synergies, 3) platform for growth, and 4) assembled work force, and is not deductible for tax purposes.Prior years adjustments The adjustments related to the acquisition of R\u00f6nesans Facility Management Company in Turkey in 2021. The purchase price allocation of the identified assets, liabilities and contingent liabilities was completed within 12 months of the acquisition date. Subsequent acquisitionsThe Group completed no acquisitions from 1 January to 15 February 2023.Prior (DKKm)Livit FM year adj. 2022 2021Customer contracts 156 5 161 428 Other non-current assets 48 - 48 26 Trade receivables 10 (13) (3) 184 Other current assets 50 - 50 105 Non-current liabilities (76) 8 (68) (112)Current liabilities (42)(6) (48) (194)Fair value of net assets 146 (6) 140 437 Goodwill 191 12 203 97 Consideration transferred 337 6 343 534 Cash in acquired business (33) - (33) (97)Consideration transferred, net 304 6 310 437 Contingent and deferred consideration - 15 15 89 Acquisition of businesses (cash flow) 304 21 325 526 Accounting policyBusiness combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-controlling interests in the acquiree. For each business com-bination, the Group elects whether to measure the non- controlling interests in the acquiree at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Acquisition-related costs are expensed as incurred and presented in Other income and expenses, net. Any contingent consideration to be transferred by the acquirer is recognised at fair value at the acqui-sition date.If uncertainties exist at the acquisition date re-garding identification or measurement of assets, liabilities and contingent liabilities, initial recognition is based on provisionally determined fair values. Changes to fair values are adjusted against goodwill up until 12 months after the acquisition date and comparative figures are restated accordingly. Thereafter no adjustments are made to goodwill, and changes in fair values are recognised in Other income and expenses, net. Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interests) and any previous interest held over the net identifiable assets acquired and liabilities assumed. After initial recognition, goodwill is measured at cost less accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the Group\u2019s cash-generating units (CGUs) that are ex-pected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. 3.3.2 Pro forma revenue and operating profit Assuming acquisitions and divestments in the year were included/excluded in profit or loss from 1 January 2022, revenue on a pro forma basis would have been DKK 76,825 million compared to reported revenue of DKK 76,538 million. Likewise, operating profit before other items on a pro forma basis would have been DKK 2,858 million compared to reported operating profit before other items of DKK 2,847 million. Pro forma revenue and operating profit before other items include adjustments relating to acquisitions and divestments estimated by local ISS management at the time of acquisition and divestment or actual results where available. The estimates are based on unaudited financial information. 3.4 Divestments, assets held for sale and discontinued operations 3.4.1 DivestmentsIn 2022, the strategic divestment programme was successfully completed as we divested our activ-ities in three countries in the first half of the year, i.e. Taiwan, Russia and Portugal, as well as two non-core business units, i.e. Waste Management in Hong Kong and Damage Control in the UK.In November 2022, we also signed an agree-ment to divest our activities in Brunei \u2013 the last country included in the programme. At 31 December 2022, Brunei was therefore the only remaining country classified as held for sale and discontinued operations. The divestment was subsequently completed on 9 February 2023.Going forward, we will assess the strategic rationale and fit of our business activities on an ongoing basis as part of the Group\u2019s ordinary performance reviews. As a result, we may identify new non-core activities to be divested from time to time.Profit or loss impactIn 2022, our divestment programme resulted in recognition of a net gain in the profit or loss of DKK 201 million (2021: DKK 591 million) of which DKK 82 million were presented in Other income and expenses (see note 1.4) and DKK 119 million were recognised in Net profit from discontinued operations.Annual Service ExcludedrevenueEmployees1)(number)Company/activity Countrytypefrom P/L Interest(DKKm)Waste Management Hong Kong Technical February 100% 134 232 ISS Russia Russia Country exit \u200a2)ISS Taiwan Taiwan Country exit \u200a2)Damage Control UK Technical May 100% 84 91 ISS Portugal Portugal Country exit \u200a2)Total 1,157 8,122 1) Unaudited2) Presented as discontinued operationsDivestment impact(DKKm)2022 2021Goodwill 190 377 Customer contracts - 5 Other non-current assets 165 337 Current assets 325 504 Non-current liabilities (24)(43)Loans and borrowings (24)(134)Current liabilities (251)(239)Net assets disposed 381 807 1)Gain/(loss) on divestment, net 168 666 Divestment costs 128 175 Consideration received 677 1,648 Cash in divested businesses (87)(130)Consideration received, net 590 1,518 Contingent and deferred consideration 49 (130)Divestment costs paid (52)(197)Divestment of businesses (cash flow) 587 1,191 1) In addition, DKK 33 million was recognised in Other comprehensive income related to recycling of accumulated foreign exchange adjustments on country exitsSubsequent divestments On 9 February 2023, the Group completed the divestment of our activities in Brunei (presented as assets held for sale and discontinued operations) with an annual revenue of approximately DKK 44 million and 548 employees.Apart from the divestment described above, the Group signed or completed no divestments from 1 January to 15 February 2023.3.4.2 Assets held for sale1)2021 (DKKm)2022 Goodwill 11 148 Other non-current assets 12 165 Current assets 9 202 Assets held for sale 32 515 Non-current liabilities - 36 Current liabilities 10 244 Liabilities held for sale 10 280 1) Includes Brunei.2) Includes Brunei, Portugal, Russia and Taiwan.3.4.3 Discontinued operations Profit or loss(DKKm)2022 2021Revenue 385 1,231 Expenses (372)(1,194)Operating profit before other items 13 37 Other income and expenses, net 119 116 Goodwill impairment - (36)Operating profit 132 117 Financial income/ (expenses), net - 1 Net profit before tax 132 118 Income tax (1)(17)Net profit from discontinued operations 131 101 Earnings per share, DKK Basic earnings per share 0.7 0.6Diluted earnings per share 0.7 0.5Cash flows(DKKm)2022 2021Operating activities 23 86 Investing activities (70)(156)Financing activities 8 (16)The total net divestment gain of DKK 119 million was mainly related to Taiwan and Portugal. Recycling of accumulated foreign exchange adjustments previously recognised in equity had a positive impact on the net gain of DKK 33 million (2021: DKK 7 million). Discontinued operations \u2013 presented in separate profit or loss line2022Brunei BruneiPortugalBrazil PortugalRussia RussiaTaiwan TaiwanThailand2021Brunei BruneiPortugalBrazil PortugalRussia RussiaTaiwan TaiwanCzech RepublicThailand Czech RepublicHungaryChile HungaryPhilippines PhilippinesRomaniaPortugal RomaniaSlovenia SloveniaSlovakiaSweden Slovakia Accounting policyDivestments Gain or loss on disposal of an opera-tion that is part of a CGU includes a portion of the related goodwill allocated to that CGU. Goodwill related to the disposed operation is measured based on the fair value of the disposed operation relative to the fair value of the entire CGU.Assets held for sale comprise non-current assets and disposal groups held for sale. Liabilities held for sale are those directly associated with the assets held for sale and disposal groups. Immediately before classification as held for sale, they are remeasured in accordance with the Group\u2019s accounting policies. Thereafter, they are measured at the lower of their carrying amount and fair value less costs to sell. Any impairment loss is first allocated to goodwill, and then pro rata to remaining assets, except that no loss is allocated to inventories, financial assets, deferred tax assets or employee benefit assets, which continue to be measured in accordance with the Group\u2019s account-ing policies. Once classified as held for sale, assets are not amortised or depreciated.Impairment losses on initial classification as held for sale, and subsequent gains and losses on remeasurement are recognised in profit or loss and disclosed in the notes. Assets held for sale are presented in separate lines of the statement of financial position and specified in the notes. Comparatives are not restated. A disposal group is presented as discontinued operations if it is a geographical area, i.e. a CGU (country), that either has been disposed of, or is classified as held for sale. Discontinued operations are presented separately as Net profit from discontinued operations and specified in the notes. Comparatives are restated. Cash flows from discontinued operations are included in cash flow from operating, investing and financing activities together with cash flows from continuing operations, but separately specified in this note.4 Capital structureIn 2022, we achieved our financial turnaround target, completed our strategic divestment programme and secured strong free cash flow and cash generation. Our financial foundation was strengthened and financial leverage ended at 2.6x \u2013 well below the target of below 3x by the end of 2022. At our Capital Markets Day in November 2022, updated capital allocation priorities were an-nounced. ISS will stringently allocate capital by fulfilling four clear ambitions in prioritised order:1 Maintaining investment grade rating and financial leverage target of 2.0-2.5x pro forma EBITDA2 Annual dividend pay-out ratio of 20-40% of adjusted net profit3 Value-creating investments in the form of acquisitions 4 Distributing excess cash through share buyback programmesThe Board of Directors will at the annual general meeting propose a dividend for 2022 of 20% of adjusted net profit corresponding to a total of DKK 390 million or DKK 2.1 per share. Financial risks We are exposed to financial risks, mainly liquidity and currency risk. Risk is a natural part of our business activities and a condition for being able to create value. However, through effective risk management, risks are monitored and mitigated to an acceptable level with a remaining low impact on the consolidated financial statements. Debt maturities We have no unaddressed material debt maturities until 2024 onwards and no financial covenants in our capital structure (except for certain covenants applying to the local Turkish loan facility).Financial risk exposureLow Debt maturity profileDKKbn9.79.74.53.63.720272026202520242023Revolving Credit Facility (undrawn)EMTNs1Net debt and financial leverNet debt and financial leverageDKKbn153.8122.43.02.6126906(6)(11.7)3(12)20222021202020192018Net debtFinancial leverageProposed dividends 20221)20%\ue838of adjusted net profit1) See 8.5, Definitions, p. 1064.1 Equity 4.1.1 Share capital At 31 December 2022, ISS\u2019s share capital comprised a total of DKK 185,668,226 shares (2021: 185,668,226) with a nominal value of DKK 1 each. All shares were fully paid and freely transferable. ISS has one class of shares, and no shares carry special rights. Each share gives the holder the right to one vote at our general meetings. Average number of shares('000)2022 2021Average number of shares 185,668 185,668 Average number of treasury shares(938)(970)Average number of shares (basic)184,730 184,698 Average number of PSUs and RSUs expected to vest 2,513 1,305Average number of shares (diluted)187,243 186,003Average number of shares is calculated for the purpose of the calculation of EPSs. The calculation of average number of diluted shares excludes a total of 1,244,928 (2021: 1,714,684) PSUs and RSUs which are not expected to vest.4.1.2 Translation reserve(DKKm)At 1 January 2022 Foreign exchange adjustments of subsidiaries (ISS's shareRecycling of accumulated foreign exchange adj. on country exits Hyperinflation in Turkey Fair value adjustments of net investment hedges, net of taAt 31 December 2022 4.1.3 Treasury shares 2022 2021Purchaseprice (DKKm)Number NumberAt 1 January 191 970,082 970,082Settlement of vested PSUs(6) (31,739) - At 31 December 185 938,343 970,082ISS holds treasury shares for the purpose of covering obligations under existing share-based incentive programmes. At 31 December 2022, treasury shares equaled 0.5% of the share capital. Hedging Subsidiaries Total (152)(1,294)(1,446) - (45)(45) - (33)(33) - 403 403 (33) - (33) (185)(969)(1,154)4.1.4 Proposed dividends In 2022, we reached our financial leverage target of below 3x, which was the prerequisite for reinstating dividend payments. At our Capital Markets Day in November 2022, we announced our intention to pay stable and increasing dividends to shareholders over time. Our new dividend policy targets a pay-out ratio of approximately 20-40% of adjusted net profit (cf. 8.5, Definitions).At the annual general meeting to be held on 13 April 2023, the Board of Directors will propose a dividend for 2022 of 2.1 per share of DKK 1 (2021: DKK 0.0 per share), equivalent to DKK 390 million (2021: none) and a pay-out ratio of 20%.Accounting policyRetained earnings is the Group\u2019s free reserves, which includes share premium. Share premium comprises amounts above the nominal share capital paid by shareholders when shares are issued by ISS A/S. Translation reserve comprises foreign exchange differences arising from the translation of financial statements of foreign entities with a functional currency other than DKK as well as from the trans-lation of non-current balances which are consid-ered part of the investment in foreign entities and fair value adjustments of net investment hedges. On full realisation of a foreign entity where control is lost the accumulated foreign exchange adjust-ments are transferred to profit or loss in the same line item as the gain or loss. Treasury shares The cost of acquisition and pro-ceeds from sale of treasury shares are recognised in reserve for treasury shares. Dividends received in relation to treasury shares are recognised in retained earnings. Proposed dividends are recognised as a liability at the date when they are adopted at the annual general meeting (declaration date). Dividends proposed for the year are shown in a separate reserve under Equity. 4.1.5 Other comprehensive incomeAttributable to owners of ISS A/SNon-Retained Translation controllingTotal (DKKm)Noteearningsreserve Totalinterestequity2022Defined benefit plansRemeasurement gain/(loss), defined benefit plans 7.1 253 - 253(45) 208 Asset ceiling 7.1 (43) - (43) - (43)Foreign exchange adjustmentsForeign exchange adjustments of foreign entities - (45)(45) (57)(102)Recycling of accumulated foreign exchange adj. on country exits - (33)(33) - (33)Hyperinflation restatement of equity at 1 January - 403 403 411 814 Hedging Fair value adjustments of net investment hedges 4.7 - (43)(43) - (43)TaxTax related to the items above (62) 10 (52)9 (43)Total 148 292 440 318 758 2021Defined benefit plansRemeasurement gain/(loss), defined benefit plans 7.1 1,145 - 1,145 - 1,145 Asset ceiling 7.1(1,080) - (1,080) - (1,080)Foreign exchange adjustmentsForeign exchange adjustments of foreign entities - 312 312 (15) 297 Recycling of accumulated foreign exchange adj. on country exits - (7)(7) - (7)Hedging Fair value adjustments of net investment hedges 4.7 - (191)(191) - (191)TaxTax related to the items above (11) 42 31 - 31 Total 54 156 210 (15) 195 Development in 2022In 2022, other comprehensive income in-creased by DKK 563 million mainly as a result of hyperinflation restatement in Turkey and remeasurement gain/losses on defined benefit plans. This was partly offset by foreign exchange adjustments of foreign entities.4.2 Loans and borrowings (DKKm)2022 2021Issued bonds 13,973 14,064 Lease liabilities 2,464 2,539 Bank loans 363 340 Derivatives 108 39 Total 16,908 16,982 Non-current liabilities 15,945 16,094 Current liabilities 963 888 Loans and borrowings 16,908 16,982 1)Cash and cash equivalents and other financial items(5,368)(3,531)Net debt 11,540 13,451 1) Includes securities of DKK 104 million (2021: DKK 103 million) and the net positive fair value of derivatives of DKK 50 million. Changes in loans and borrowingsIssued Lease Bank Deri va-(DKKm)bondsliabilitiesloans tives Other Total 2022At 1 January 14,064 2,539 340 39 - 16,982 Foreign exchange adjustments - (14)(86) - - (100)Cash flows - (865)(58) - - (923)Acquisitions - 40 - - - 40 Lease additions - 765 - - - 765 Fair value adjustments (108) - 43 69 - 4 Other 17 (1) 124 - - 140 At 31 December 13,973 2,464 363 108 - 16,908 2021At 1 January 15,537 2,565 535 6 61 18,643 Foreign exchange adjustments (6) 27 (131) - - (110)Cash flows (1,577)(947)(472) - (61)(2,996)Lease additions - 859 - - - 859 Fair value adjustments - - 169 33 - 202 Other 110 35 239 - - 384 At 31 December 14,064 2,539 340 39 - 16,982 Financing fees At 31 December 2022, accumulated financing fees amounted to DKK 57 million (2021: DKK 79 million). The decrease compared to last year was due to ordinary amortisation, which was recognised in financial expenses, amounting to DKK 22 million (2021: DKK 28 million). No new financing fees were capitalised in 2022.Fair value At 31 December 2022, the fair value of loans and borrowings was DKK 15,751 million (2021: DKK 17,441 million). The fair value of bonds was based on the quoted market price on the Luxembourg Stock Exchange and measurement is categorised as Level 1 in the fair value hierarchy. For the remaining loans and borrowings, fair value is in all material respects equal to the nominal value as illustrated in 4.5, Interest rate risk. Accounting policyIssued bonds and bank loans are recognised initially at fair value net of directly attributable transaction costs and subsequently at amortised cost using the effective interest method. Any difference between the proceeds initially received and the nominal value is recognised in Financial expenses over the term of the loan. At the date of borrowing, financing fees are recognised as part of loans and borrowings and subsequently amortised over the term of the loan and recognised in Financial expenses. Lease liabilities At the commencement date, the Group recognises lease liabilities at the present val-ue of the lease payments to be made over the lease term. Lease payments include fixed payments less any incentive payments, variable lease payments that depend on an index or rate, e.g. when a mini-mum indexation is applied, and amounts expected to be paid under residual value guarantees. Lease payments also include the exercise price of a pur-chase option reasonably certain to be exercised by the Group and payment of penalties for terminating a lease, if the lease term reflects the Group exer-cising the option to terminate. The present value is calculated using the Group\u2019s incremental borrowing rate if the interest rate implicit in the lease is not readily determinable. Subsequently, the lease liability is measured at amortised cost using the effective interest meth-od. The liability is remeasured due to a modifica-tion, a change in lease term or a change in the assessment to purchase the underlying asset. Also, the liability is remeasured due to a change in future lease payments (e.g. a change in an index or rate) or due to a change in the Group\u2019s estimate of the amount expected to be payable under a residual guarantee. 4.3 Financial income and expenses (DKKm)2022 2021Interest income on cash and cash equivalents 69 41 Monetary gain on hyperinflation restatement 138 - Financial income 207 41 1)Interest expenses on loans and borrowings (301)(299)1)Interest expenses on lease liabilities (82)(69)Bank fees (50)(52)Commitment fee (43)(61)1)Amortisation of financing fees (non-cash)(22)(28)Net interest on defined benefit obligations (17)(17)Other (32)(30)Foreign exchange losses (49)(51)Redemption premium, bonds - (90)Financial expenses (596)(697)1) Measurement basis amortised cost.Monetary gain on hyperinflation restatement related to the implementation of IAS 29 \"Finan-cial Reporting in Hyperinflationary Economies\", cf. 7.2, Hyperinflation in Turkey.Interest expenses on loans and borrowings comprised mainly interest on issued bonds and was in line with 2021. Repurchase of EMTNs in December 2021 and lower interest expenses due to an interest rate swap entered into in May 2022, cf. 4.5, Interest rate risk, were offset by increased interest expenses related to a local Turkish facility following the acquisition in 2021.Redemption premium, bonds in 2021 related to the repurchase of EUR 200 million of the total outstanding EUR 500 million EMTNs maturing 2024. 4.4 Financial risk management The Group is exposed to a number of financial risks arising from its operating and financing activi-ties, mainly interest rate risk, liquidity risk, currency risk and credit risk. It is management\u2019s assessment that the Group\u2019s exposure to these risks is low. The Group has not identified additional financial risk exposures in 2022 compared to 2021.Financial risks are managed centrally by Group Treasury based on the Financial Policy, which is reviewed and approved annually by the Board of Directors. Exposure to credit risk on trade receivables and expected credit losses is however managed locally in the operating entities, cf. 2.1, Trade receivables and credit risk. It is the Group\u2019s policy to mitigate risk exposure derived from its business activities. Group policy does not allow tak-ing speculative positions in the financial markets.On an ongoing basis the Group considers whether the financial risk management approach appropriately addresses the risk exposures.Through our risk management procedures, financial risks are monitored and reduced to an acceptable level.An overview of financial risks and impact assessment at 31 December 2022 is provided to the right. The Group\u2019s objectives and policies for measuring and managing risk exposure are explained in the respective notes. Type Risk Basis for assessment at 31 December NoteCredit risk Low \u2022 Not past due on trade receivables is around 90% 2.1(aging analysis)\u2022 Expected credit losses on trade receivables are less than 2% of gross receivables (credit ratings)\u2022 The Group transacts only with financial institutions with a credit rating of at least A- (cash and cash equivalents)Interest rate risk Low \u2022 82% of the Group's bank loans and bonds carried 4.5fixed rates (2021: 98%)\u2022 Duration of gross debt (fixed-rate period) 2.9 years (2021: 4.3)Liquidity risk Low \u2022 No short-term maturities of debt4.6\u2022 Diversified funding portfolio of debt (bonds and bank loans)\u2022 No financial covenants in our main Group facilities (cer-tain covenants apply to the local loan facility in Turkey)Currency risk Low \u2022 The Group benefits from a natural hedge in 4.7having income, costs and investments in the same functional currency, country-by-country\u2022 97.6% of the Group's loans and borrowings (external) denominated in EUR (2021: 97.7%)\u2022 78.4% (2021: 78.8%) of the Group\u2019s external borrowings were denominated in EUR, including net investment hedges4.5 Interest rate risk Interest rate risk\u2013 low exposureInterest rate risk arises from the possibility that changes in interest rates will affect future cash flows or the fair value of finan-cial instruments. Exposure relates to bank loans, bonds or interest rate swaps with floating interest rates. Risk management policy\u2022 At least 50% of the Group\u2019s bank loans and issued bonds must carry fixed interest rates directly or through derivatives\u2022 Duration of gross debt (fixed-rate period) shall be 2-6 years Mitigation\u2022 The fixed/floating ratio and gross debt duration (fixed-rate period) are measured on a monthly basis\u2022 Interest rate swaps (fair value hedge) are used to manage the fixed/floating ratio on gross debtLoans and borrowings2022 2021FiefloNominal Nominal Carrying Carrying in(DKKm)interest rate Currency MaturityvalueamountamountIssued bonds (fixed interest rate)EMTNs (EUR 300 million)2.125% EUR 2024 2,231 2,229 2,226 EMTNs (EUR 500 million)1.250% EUR 2025 3,718 3,594 3,695 EMTNs (EUR 500 million)0.875% EUR 2026 3,718 3,700 3,695 EMTNs (EUR 600 million)1.500% EUR 2027 4,462 4,450 4,448 14,129 13,973 14,064 Bank loans (floating interest rate)Loan facility Turkey TLFREF TRY 2026 192 201 300 Bank loans and overdrafts - Multi - 180 162 40 372 363 340 Fair Recognised Negative value, in profit (DKKm)fair valuenetor lossMaturityFair value hedge Interest rate swap (108) (108) 7 2025In May 2022, ISS entered into an interest rate swap in order to reduce the fixed/floating ratio on our gross debt. A principal amount of EUR 300 million has been swapped from a fixed interest rate to a floating rate. The fair value adjustments recognised in profit or loss at 31 December is disclosed above. Interest rate sensitivity An increase in relevant interest rates of 1%-point, with all other variables held constant, would have decreased net profit by DKK 26 million (2021: decreased by DKK 4 million). The increase in interest rate sensitivity is a result of the interest rate swap entered into in May 2022.The estimate was based on the Group\u2019s floating rate loans and borrowings, i.e. disregarding cash and cash equivalents, as the level at 31 December is typically the highest in the year and thus not a representative for the purpose of this analysis. Loan portfoliovs. \u2013 fixed vs. floating interest rates ng est rates202282% (98%) Fixed18%(2%) FloatingAccounting policyThe interest rate swap qualifies as a fair value hedge as the risk being hedged is the possible change in the fair value of a recognised liability. The carrying amount of the hedged item is adjusted for fair value changes attributable to the risk being hedged and changes are recognised in profit or loss.4.6 Liquidity risk Liquidity risk \u2013 low exposureLiquidity risk results from the Group\u2019s potential inability or difficulty in meeting the contractual obligations associated with its financial liabilities due to insufficient liquidity.Risk management policy\u2022 Maintain an appropriate level of short- and long-term liquidity reserves (liquid funds and committed credit facilities)\u2022 Maintain a smooth maturity profile in terms of different maturities\u2022 Maintain access to diversified funding sourcesMitigation\u2022 Raising capital is managed centrally in Group Treasury to ensure efficient liquidity management\u2022 Group Treasury monitors the risk of insufficient liquidity on a daily basis\u2022 Liquidity is transferred to/from ISS Global A/S, which operates as the Group\u2019s internal bank\u2022 For day-to-day liquidity management cash pools have been established in the majority of the local entities4.6.1 Contractual maturities Financial liabilitiesCarrying Contractual< 1 1\u20132 2\u20133 3\u20134 4\u20135 > 5 (DKKm)amountcash flowsyearyearsyearsyearsyearsyears2022Loans and borrowings, excl. lease 14,444 15,332 539 2,512 3,914 3,861 4,506 - Lease liabilities 2,464 2,600 765 578 436 271 180 370 Trade payables and other 3,746 3,746 3,746 - - - - - Total financial liabilities 20,654 21,678 5,050 3,090 4,350 4,132 4,686 3702021Loans and borrowings, excl. lease 14,443 15,489 326 311 2,537 3,930 3,879 4,506 Lease liabilities 2,539 2,658 786 561 418 289 197 407 Trade payables and other 2,402 2,402 2,402 - - - - - Total financial liabilities 19,384 20,549 3,514 872 2,955 4,219 4,076 4,913 The contractual maturities of financial liabilities, based on undiscounted contractual cash flows, are shown in the table. The undiscounted contractual cash flows include expected interest payments, estimated based on market expecta-tions at 31 December.The risk implied from the values reflects the one-sided scenario of cash outflows only. Trade payables and other financial liabilities are mainly used to finance assets such as trade receivables and property, plant and equipment. Current financingThe maturity profile of the Group\u2019s current financing, i.e. issued bonds and bank loans, based on nominal values including any undrawn amounts and excluding interest payments, is illustrated in the chart to the right. Debt maturity profile(DKKbn)9.710,07,55,04.53.63.72,50,020272026202520242023Revolving Credit Facility (undrawn)EMTNs4.6.2 Liquidity reserve (DKKm)2022 2021Cash and cash equivalents 5,214 3,428 Restricted cash (35)(31)Unused revolving credit facilities 7,276 7,312 Liquidity reserves 12,455 10,709 Not readily available 1,078 1,061 Readily available liquidity 11,377 9,648 Cash and cash equivalent of DKK 5,214 million reflects the strong liquidity position of the Group. The level is typically highest at 31 December and not a representative level for the rest of the year. Restricted cash DKK 35 million of the total cash and cash equivalents at 31 December 2022 was placed on blocked or restricted bank accounts due to legal cases and tax-related circumstances. Unused revolving credit facilities The Group has a EUR 1 billion revolving credit facility maturing in November 2024. In addition to the unused revolving credit facilities at Group level, local uncommitted credit facilities are available in countries, which are not considered part of the readily available liquidity. At 31 December 2022, these amounted to DKK 0.9 billion of which DKK 0.2 billion was drawn (2021: DKK 1.1 billion of which all were unused).Not readily available Cash is considered readily available for upstreaming to the parent company (ISS A/S) within five days. In a number of countries, transfer to ISS A/S is assessed to take more than five days due to local administrative processes, and thus is not deemed readily available. 4.7 Currency riskCurrency risk \u2013 low exposureCurrency risk is the risk that arises from changes in exchange rates, and affects the Group\u2019s result, investments or value of financial instruments. The Group generally benefits from a natural hedge in having income, costs and invest-ments in the same functional currency country by country. Currency risk therefore predominantly arises from funding and investments in subsidiaries.Risk management policy \u2022 It is Group policy to pool funding activities centrally and fund investments in subsidiar-ies through a combination of intercompany loans and equity\u2022 Currency risk on intercompany loans is as a main policy hedged against DKK or EUR when exposure exceeds DKK 5 million. Some currencies cannot be hedged within a reasonable price range in which case cor-relation to a proxy currency is considered and, if deemed appropriate, proxy hedging is applied\u2022 Currency risk on net investments are as a main policy hedged against DKK or EUR when annual EBITDA of the relevant func-tional currency corresponds to 5% or more of Group EBITDA up to an amount of 3-5x EBITDA in the relevant functional currency and adjusted as appropriate to relevant market entry and exit risk\u2022 Exposure to EUR is monitored but not hedged due to the fixed rate exchange policy between DKK/EURMitigation \u2022 Currency swaps are used to hedge currency risk on loans and borrowings (external), intercompany balances and long-term receivables (external)\u2022 Currency exposure on loans and borrowings, intercompany balances and cash and cash equivalents is measured at least on a weekly basis\u2022 Currency swaps (net investment hedges) or debt are used to hedge the currency exposure to investments in subsidiaries (other than EUR).4.7.1 Loans and borrowings SensitivityCurrency Currency exposure swapsExposure, Increase Profit (DKKm)(nominal)(contractual)netin FX or loss2022EUR/DKK (17,212) 7,333 (9,879)1% (99)USD/DKK 1,431 (1,575)(144)10% (14)Other/DKK (1,176) 1,774 598 10% 60 Total (16,957) 7,532 (9,425)2021EUR/DKK(17,375)6,864(10,511)1% (105)USD/DKK 1,505(1,639) (134)10%(13)Other/DKK(1,173)1,365 192 10% 19Total(17,043)6,590(10,453)Foreign currency sensitivity (loans and borrowings) A change in relevant currencies, with all other variables held constant, would have impacted profit or loss with the amounts above. The analysis is based on the Group\u2019s internal monitoring of currency exposure on loans and borrowings, intercompany loans, external long-term receivables, cash and cash equivalents as well as accrued royalties (Group internal). 4.7.2 Net investment hedgesNet Hedging of Exposure,Average Change Fair (DKKm)investmentinvestmentnetpricein fair valuevalue Maturity2022GBP 1,699 1,216 483 9 53 24 March 2023USD 1,146 767 379 7 (57) 27 March 2023CHF 1,673 755 918 8 (39) 19 March 2023Total 4,518 2,738 1,780 - (43) 70 2021GBP 1,492 1,285 207 9 (100)(18)March 2022USD 1,093 722 371 7 (60) 3 March 2022CHF 1,847 718 1,129 7 (31)(4)March 2022Total 4,432 2,725 1,707 - (191)(19)Foreign currency sensitivity (net investments) A 10% change in the mentioned currencies, with all other variables held constant, would have changed the fair value recognised in Other comprehensive income by DKK 48 million for GBP, by DKK 38 million for USD and by DKK 92 million for CHF.Impact on equity The effect of translation of net assets in foreign subsidiaries before the effect of net investment hedges decreased equity by DKK 102 million (2021: an increase of DKK 297 million) primarily related to Turkey, Switzerland and the UK.Accounting policyDerivative financial intruments are initially recognised at fair value at the trade date and sub-sequently remeasured at fair value at the reporting date. The fair value of derivatives is presented in Other receivables when the fair value is positive and in Other liabilities when the fair value is negative. Fair value measurement takes current market data into account. The Group uses valuation tech-niques that are appropriate in the circumstances and for which sufficient data are available to measure fair value. Measurement is categorised as Level 2 in the fair value hierarchy as it is not based on observable market data.Currency swaps are used to hedge the expo-sure to currency risk on loans and borrowings (external) and intercompany balances. As changes in the fair value of both the hedged item and the currency swap are recognised in profit or loss, hedge accounting is not applied. Currency swaps (net investment hedges) or debt is used to hedge the currency exposure to invest-ments in subsidiaries (other than for EUR). Net investment hedges Changes in the fair value of the hedging instrument relating to the effective portion of the hedge are recognised in other comprehensive income while fair value changes relating to the ineffective portion are recognised in financial income or financial expenses. On disposal of the foreign operation, the cumulative fair value recognised in equity is recognised in the statement of profit or loss when the gain or loss on disposal is recognised. 4.7.3 Translation risk The Group\u2019s exposure to currency risk on transaction level is low since income, costs and investments are in the same functional currency country by country.Impact on profit or loss In 2022, changes in weighted average exchange rates resulted in an increase in Group revenue of DKK 689 million or 0.9% (2021: decrease of 0.6%) and a decrease of the Group\u2019s operating profit before other items of DKK 16 million or 1.0% (2021: decrease of 1.2%).Change in 2021 to 2020 to avg. FX rates)20222021GBP 0.8% 3.2% CHF 7.7% (1.2)%USD 12.6% (3.8)%AUD 3.9% 4.8% NOK 0.7% 5.1% SEK (4.5)% 3.1% TRY (40.8)% (22.9)%EUR 0.0% (0.2)% ( ) = Weakened against DKK.Foreign currency sensitivity A 10% change (EUR: 1% change) in relevant currencies, with all other variables held constant, would have impacted revenue and operating profit before other items with the amounts below. Operating profit (DKKm)Revenuebefore other itemsGBP 984 40USD 625 31CHF 573 42AUD 462 33NOK 402 31 TRY 319 24SEK 298 16EUR 240 9 Other 1,264 60 Total 5,167 286 currencyRevenue by currency76.5DKKbn31% EUR13% GBP8% USD8% CHF6% AUD5% DKK4% NOK4% TRY4% SEK17% Other% of Group revenue5 TaxOur commitmentISS is committed to comply with applicable rules and regulations in the countries where we op-erate and to paying applicable taxes accurately and in a timely manner. We take a compliant and transparent approach to tax and tax planning, and we do not tolerate evasion of income taxes, payroll taxes, social charges etc. For the benefit of society, our placemakers and customers, we support governmental and industry specific initiatives that introduce tighter controls and sanctions to ensure that compa-nies in our industry play by the rules.The right balanceWe acknowledge that we have an obligation to protect the interests of our shareholders. By managing and planning tax payments effec-tively, we ensure a consolidated competitive effective tax rate and strive to limit double taxation to the extent possible.Our approach to tax risksISS has a very low tolerance for tax risks. We continuously monitor and mitigate tax risks to the extent possible. No aggressive tax models are, or will be, used to optimise our tax position. Transfer pricingTransactions between Group companies are conducted on market terms (arms\u2019 length principles) and in accordance with current OECD guidelines for setting internal transfer prices. Cross-border transactions mainly comprise roy-alty payments, management fees and financing.In general, transfer pricing is assessed to be the tax area with highest exposure to the ISS Group and transfer pricing may be subject to very complex tax audits.Tax payments in 2022In 2022, tax paid amounted to DKK 422 million (2021: DKK 528 million) equal to a cash tax rate of 17.2%. Payments were positively impacted by timing of prepayments.Tax payments included corporate income tax payments due in 2022 including CVAE (France), state taxes, and withholding taxes. Withholding taxes are reported as paid tax in the country bearing the cost. In addition to payment of corporate income tax-es, ISS contributes with payroll taxes (including social charges) and VAT in the countries where we operate.paymentsTax payments422DKKm15%Australia12%Switzerland8%US8%Norway8%Belgium7%Mexico6%Chile6%Sweden5%Denmark25%OtherTax policyDECEMBER 2022 ISS Group Tax Policy PEOPLE MAKE PLACES The ISS tax policy can be found here5.1 Income taxIncome tax in profit or loss(DKKm)2022 2021Current tax 538 486 Deferred tax (89) 46 Prior year adjustments, net (8)(23)Income tax 441 509Development in effective tax rateIn 2022, the Group\u2019s effective tax rate decreased to 18.0% from 48.7% in 2021. Compared to the statutory income tax rate of 22% in Denmark, the effective tax rate was mainly reduced by the follow-ing three factors; release of valuation allowance on deferred tax assets, divestment gains (non-tax-able) and hyperinflation restatement in Turkey.In 2021, the effective tax rate was negatively impacted by recognised valuation allowances on deferred tax assets, goodwill impairment in France (non-tax deductible) and other non-tax- deductible costs, mainly interest limitation.Effective tax rate (ETR) Group 2022 2021Statutory income tax rate, Denmark 22.0 % 22.0 % Foreign tax rate differential, net(0.3)% (14.4)% Total 21.7 % 7.6 % Non-tax-deductible expenses less non-taxable income (2.1)% 8.5 % Non-tax-deductible impairment(0.0)% 12.1 % Prior year adjustments, net(0.3)% (2.2)% Change in valuation of tax assets, net (2.2)% 17.4 % Changes in tax rates 0.4 % (0.7)% Hyperinflation(1.6)% 0.0 % Other taxes 2.1 % 6.0 % Effective tax rate18.0 % 48.7 % Statutory income Main countriestax 2022 2021Australia 30.0% 30.3 % 30.2 % 2)Denmark (incl. HQ)22.0% 27.0 % (7.1)% Finland 20.0% 24.5 % 25.9 % 1) 2)France 25.0% (46.0)%(10.9)% 1) 2)Germany 30.3% 40.4 % 0.0 % Norway 22.0% 20.2 % 22.6 % Spain 25.0% (18.9)% 21.9 % Switzerland 18.0% 18.1 % 7.5 % UK 19.0% 17.1 % 122.7 % 3)US 21.0% (104.2)% 21.4 % 1) Profit before tax was negative in 2022.2) Profit before tax was negative in 2021.3) Based on low profit before tax in 2022. Foreign tax rate differential, net was negligible in 2022, whereas 2021 was impacted by tax losses in countries with a higher corporate income tax rate than in Denmark, most significantly France and Germany.Non-tax deductible expenses less not-tax-able income comprised various income and expenses across the Group. In 2022, non-tax-able divestment gains in Hong Kong and the UK impacted positively, partly offset by the recurring negative impacts from Denmark due to interest limitation and withholding taxes without credit relief as well as the tax credit CICE in France.Non-tax-deductible impairment in 2021 related to goodwill impairment in France.Prior year adjustments, net related to adjust-ment in the final tax returns and were insignif-icant in 2022. In 2021, the adjustment mainly related to the UK.Change in valuation of tax assets, net in 2022 related to release of valuation allowances on tax losses in Spain, the Netherlands and Germany partly offset by an increase in France. In 2021, the change mainly related to Germany and France.Changes in tax rates in 2022 was driven by changed income tax rates in Turkey from 23% to 20% (effective from 2023) and in the UK from 19% to 25% (effective from April 2023). In 2021, the change was mainly driven by a reduction of the corporate tax rate in France from 33% to 25% over the period 2018-2022.Accounting policyIncome tax comprises current tax and changes in deferred tax, including effects from changes in tax rate, and is recognised in profit or loss or other comprehensive income.Tax receivables and payables are recognised in the statement of financial position as tax comput-ed on taxable income for the year, adjusted for tax on taxable income prior years and tax paid on account.Hyperinflation related to implementation of IAS 29 \u201cFinancial Reporting in Hyperinflationary Economies\u201d, cf. 7.2, Hyperinflation in Turkey, including the positive impact from change in local tax rules leading to step-up in tax bases of assets due to hyperinflation.Other taxes mainly comprised withholding tax, e.g. in Denmark, and Cotisation sur la Valeur Ajout\u00e9e des Entreprises (CVAE) in France.5.2 Deferred taxDeferred Deferred tax assetstax liabilities(DKKm)2022 2021 2022 2021Tax losses carried forward 482 336 - - Goodwill 4 4 387 413 Brands - - 350 350 Customer contracts 7 8 150 141 Property, plant and equipment 220 139 425 381 Provisions and other liabilities 977 1,062 685 563 Pensions 126 158 62 22 Tax losses in foreign subsidiaries under Danish joint taxation - - 23 23 Set-off within legal tax units and jurisdictions(904)(917) (904)(917)Total 912 790 1,178 976Development in deferred tax (DKKm)2022 2021Liabilities, net at 1 January 186 204 Prior year adjustments, net 32 (96)Foreign exchange adjustments (22) (24)Hyperinflation restatement 62 - Acquisitions and divestments, net 20 72 Other comprehensive income 53 11 Reclassification to Assets/ (Liabilities) held for sale 24 (27)Tax on profit before tax (89) 46 Liabilities, net at 31 December 266 186 Prior year adjustments, net mainly related to adjustment of tax deductions (temporary differences) in the final tax returns.Acquisitions and divestments, net in 2022 related to the acquisition of Livit FM Services AG in Switzerland (2021: R\u00f6nesans Facility Manage-ment Company in Turkey).Other comprehensive income comprised tax on actuarial gains on pensions.Unrecognised deferred tax assets At 31 December 2022, the Group had unrec-ognised deferred tax assets which comprised tax losses carried forward and other deductible temporary differences of DKK 1,814 million (2021: DKK 1,871 million) primarily relating to Germany, France and the Netherlands. Unrecognised tax losses can be carried forward indefinitely in the individual countries, except for China, where tax losses can be carried forward for 5 years.Uncertain tax positions Uncertain tax positions include ongoing disputes with tax authorities in certain jurisdic-tions and have been provided for in accordance with the accounting policies. Management believes that the provisions made are adequate. However, the actual obligations may deviate as they depend on the result of litigations and set-tlements with the relevant tax authorities. The final outcome of some of the ongoing disputes is expected to be determined in 2023-2024.Accounting policyDeferred tax is provided using the liability method on temporary differences between tax bases of assets and liabilities and their carrying amounts. Deferred tax is not recognised on temporary differences relating to goodwill which is not deductible for tax purposes and other items where temporary differences, apart from in business combinations, arose at the time of acquisition without affecting either Net profit or taxable income. Where alternative taxation rules can be applied to determine the tax base, deferred tax is measured according to manage-ment\u2019s intended use of the asset or settlement of the liability. Deferred tax is measured according to the taxation rules and tax rates in the respective countries applicable at the reporting date when the deferred tax becomes current tax. Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in non-current assets at the expected value of their utilisation, either as a set-off against tax on future income, or as a set-off against deferred tax liabilities in the same legal tax entity and jurisdiction.Deferred tax assets and liabilities are offset if the Group has a legal right to offset these, intends to settle these on a net basis or to realise the assets and settle the liabilities, simultaneously. Significant accounting estimates and judgementsDeferred tax assets relating to tax losses carried forward are recognised, when management assesses that these can be offset against positive taxable income in the foreseeable future. The assessment is made at the reporting date taking into account the impact from limitation in interest deductibility and local tax restrictions in utilisation of tax losses. The assessment of future taxable in-come is based on financial forecasts approved by management and expectations on the operational development, mainly in terms of organic growth and operating margin.Management made a reassessment of the probabili-ty that future taxable profit will be available in the foreseeable future against which the Group can uti-lise tax losses (i.e for current year and those carried forward from prior years (valuation allowances). The assessment is based on the cash flow projections made for the purpose of the Group\u2019s impairment tests, see 3.2, Impairment tests, and represents management\u2019s best estimate, but is by nature asso-ciated with significant uncertainty. Uncertain tax positions As part of operating a global business, disputes with tax authorities around the world may occur. Management peri-odically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and consid-ers whether it is probable that a tax authority will accept an uncertain tax treatment. The possible outcome of uncertain tax positions are measured based on management\u2019s best estimate of the amount required to settle the obligation and rec-ognised in deferred tax or income tax depending on the tax position. 6 RemunerationExecutive remuneration objectiveAt ISS, remuneration is based on responsibilities, competencies and performance and is designed to be competitive, affordable and in line with market practice of comparable listed companies.Remuneration elements Remuneration of the members of the EGM consists of a fixed element and certain variable elements.The annual base salary (fixed element) shall bein line with market practice of comparable listedcompanies and is based on the individual mem-bers experience, qualifications, responsibilities and performance.In addition to the annual base salary, the mem-bers of the EGM receive variable remuneration, which is based on performance and accountabili-ty in relation to established objectives, both short and long-term, as well as the overall performance of ISS in alignment with the shareholders.In addition, the members of the EGM are granted customary non-monetary benefits such as a company car, insurances, communication and IT equipment, etc., and certain members participate in pension plans.Share-based payments To drive delivery of short- and long-term financial results, retention of leaders and alignment to share-holder value creation, the Group has implemented two types of share-based incentive programmes:\u2022 a long-term incentive programme (LTIP)\u2022 a special incentive programme (SIP)Under the LTIP, which has been in place since 2014, performance share units (PSUs) are granted annually to plan participants consisting of around 120-150 senior leaders. Each PSU entitles the holder to receive one share at no cost after three years, subject to achievement of certain performance criteria (EPS and TSR) and service objectives. Performance criteria of the latest two vested programmes, LTIP 2018 and LTIP 2019, were not achieved and they vested at 0%. In March 2023, the LTIP 2020 will vest at 32% following the achievement of the turnaround targets in 2022.Under the SIP, restricted share units (RSUs) are granted to the participants consisting of 43 senior leaders. Each RSU entitles the holder to receive one share at no cost, subject to achieve-ment of individual service or performance criteria upon vesting in either 2022 or 2023. In 2022, based on achievement of individual performance criteria, the SIP 2020-2022 vested at 83%. In March 2023, the SIP 2020-2023 will vest at 100%. After these vestings, no further RSUs are outstanding, and the programmes will lapse.Remuneration elements 2022EGMBEGMB 21%71 45%DKKbn34%EGMBBase salaryBonusShare-based payments (LTIP and SIP)CorporateEGMB16%71 53%DKKbn31%Incentive programmesVesting of LTIP%%10010075755050252532%6%0%0%0%00LTIPLTIPLTIPLTIPLTIP201620172018201920201)TSR Danish1) Will vest in March 2023 TSR IndustryVesting of SIP%100%100%10083%83%75502501)2020-20222020-20222020-20232020-2023TSR DanishTSR DanishTSR IndustryTSR IndustryRemuneration reportOur 2022 Remuneration Report is prepared pursuant to the Shareholder Rights Directive and includes a description of our remuneration policy and remuneration to the Board and the EGMB.6.1 Management remuneration The Executive Group Management (EGM) com-prises the Executive Group Management Board (EGMB) and Corporate Senior Officers of the Group. Members of the EGM have authority and responsibility for planning, implementing and controlling the Group\u2019s activities and are together with the Board of Directors (Board) considered as the Group\u2019s key management personnel. 2022 2021EGM EGMCorporate Corporate Senior Senior (DKK '000)Board EGMBOfficers Board EGMBOfficersBase salary and non-monetary benefits 8,587 15,269 49,073 8,724 21,842 39,172Bonus programmes - 11,572 28,885 - 12,007 18,739\u200a1)Share-based payments- 7,310 14,381 - (3,794)11,695Severance pay - - - - 14,280 -Total remuneration 8,587 34,151 92,339 8,724 44,335 69,6061) In 2021, share-based payments to the EGMB included an income of DKK 8 million due to forfeited PSUs and RSUs under the incentive programmes as the CEO Europe left ISS.Remuneration policy is described in the Remuneration report which is available here.6.2 Share-based paymentsTo drive delivery of short- and long-term financial results, retention of leaders and alignment to shareholder value creation, the Group has implemented two types of equity-settled share-based incentive programmes:\u2022 a long-term incentive programme (LTIP); and\u2022 a special incentive programme (SIP)6.2.1 Long-term incentive programme Members of the EGM and other senior officers of the Group, are granted a number of perfor-mance share units (PSUs) under the annual LTIP. Upon vesting, each PSU entitles the holder to receive one share at no cost. Participants are compensated for any dividend distributed between time of grant and time of vesting. Subject to certain criteria, the PSUs will vest after three years. The vesting criteria are total share-holder return (TSR), measured relative to peer group performance, and earnings per share (EPS). For LTIP 2021 and LTIP 2022, TSR and EPS weighted 40%, respectively, and the remaining 20% related to service-based objectives. For LTIP 2020 and LTIP 2019, TSR and EPS were equally weighted. TSR peers are the Nasdaq Copenha-gen OMX C25 and a peer group of comparable international service companies. Accounting policyThe value of services received in exchange for granted performance-based share units (PSUs) and restricted share units (RSUs) are measured at fair value at the grant date and recognised in employee costs over the vesting period with a corresponding increase in equity, as both of the schemes are equity-settled. The fair value of granted PSUs under the long-term incentive programme is measured using a generally accepted valuation model taking into consideration the terms and conditions upon which the PSUs were granted including mar-ket-based vesting conditions (Total Shareholder Return (TSR) condition). On initial recognition, an estimate is made of the number of PSUs and RSUs expected to vest. The estimated number is subsequently revised for changes in the number of PSUs and RSUs expected to vest due to non-market based vesting conditions.TSR performance criteriaThreshold Vesting TSRBelow 0\u200a% Below median thresholdof peersThreshold 25\u200a% At median of peersMaximum 100\u200a% At upper quartile of peers or betterFair value and profit or loss impact LTIP 2019 LTIP 2020 LTIP 2021 LTIP 2022PSUs and participants (number)Maximum PSUs at initial grant date 928,367 1,785,896 1,349,527 1,509,951 Total PSUs granted 813,090 1,473,659 1,316,818 1,353,855 Participants 142 120 145 161 Fair value (DKKm)PSUs expected to vest at initial grant date 101 74 94 98 PSUs expected to vest at 31 December - 53 77 75 Profit or loss impact (DKKm)Recognised in the year 1 22 25 24 Not yet recognised (PSUs expected to vest) - 4 30 57 Assumptions at the time of grant 1)Share price, DKK 207 98 111 117 2)Expected volatility26.6% 29.1% 47.2% 47.5%Expected life of grant, years 3 3 3 3 2)Risk-free interest rate(0.3)%-2.7% (0.4)%-1.9% (0.6)%-0.9% (0.1%)-1.5%1) Based on five-day average. 2) Based on observable market data for peer groups.Vested programmes In March 2022, the LTIP 2019 programme vested. Based on the annual EPS and TSR performances for 2019, 2020 and 2021, 0% of the granted PSUs vested. After this vesting, no further PSUs are outstanding under the LTIP 2019 and the Furthermore, in March 2023, the PSUs granted under LTIP 2020 will vest with 32% based on the annual EPS and TSR performances for 2020, 2021 and 2022. Outstanding PSUsEGMOtherCorporateSenior LTIP 2019 (vested in 2022)EGMBSenior OfficersOfficers TotalOutstanding at 1 January 2021 42,583 83,015 560,451 686,049 Cancelled (35,686)(6,370)(23,034)(65,090)Outstanding at 31 December 2021 6,897 76,645 537,417 620,959Transferred - 6,643 (6,643) - Forfeited (6,897)(83,288)(530,774)(620,959)Outstanding at 31 December 2022 - - - -LTIP 2020 (vesting in 2023)Outstanding at 1 January 2021 132,633 177,999 1,129,354 1,439,986 Cancelled (72,864) - (104,144)(177,008)Outstanding at 31 December 2021 59,769 177,999 1,025,210 1,262,978 Transferred - (10,382) 10,382 -Cancelled - -(31,586)(31,586)Outstanding at 31 December 2022 59,769 167,617 1,004,006 1,231,392 LTIP 2021 (vesting in 2024)Granted 201,828 176,746 862,373 1,240,947 Cancelled (53,531) - (89,652)(143,183)Outstanding at 31 December 2021 148,297 176,746 772,721 1,097,764 Granted - 11,015 64,856 75,871 Transferred - 9,107 (9,107) - Cancelled - (8,583) (71,403) (79,986)Outstanding at 31 December 2022 148,297 188,285 757,067 1,093,649 LTIP 2022 (vesting in 2025)Granted 139,713 265,208 948,934 1,353,855 Transferred - 8,710 (8,710) - Cancelled - (18,233)(115,516)(133,749)Outstanding at 31 December 2022 139,713 255,685 824,708 1,220,106 6.2.2 Special incentive programmes The Group has currently one Special IncentiveProgramme (SIP). Corporate Senior Officers (EMG members) and other senior officers of the Group are granted a number of Restricted Share Units (RSUs).Upon vesting, each RSU entitles the holder to receive one share at no cost.Subject to individual service criteria, the RSUs will vest after three years.Fair value and profit or loss impactSIP 2020-2022 SIP 2020-2023RSU and participants (number)Maximum RSUs at initial grant date 64,159 246,767 Total RSUs granted 55,263 238,489 Participants 9 37 Fair value (DKKm)RSUs expected to vest at initial grant date 6 24 RSUs expected to vest at 31 December - 23 Profit or loss impact (DKKm)Recognised in the year 0 8 Not yet recognised (RSUs expected to vest) - 2 Assumptions at the time of grantShare price, DKK 101 101 Expected life of grant, years 2 3Vested programmes In March 2022, the SIP 2020-2022 programmevested. Based on individual service criteria, 83% of the granted RSUs vested. After this vesting, no further RSUs are outstanding under the SIP 2020-2022 and the programme has lapsed.Furthermore, in March 2023, the RSUs granted under the SIP 2020-2023 programme will vest 100% subject to achievement of individual service criteria. Outstanding RSUsCorporateOtherSenior SeniorSIP 2020-2022 (vested in 2022)Officers (EGM)Officers TotalOutstanding at 1 January 2021 - 22,296 22,296 Granted 26,619 1,783 28,402 Cancelled - (6,513)(6,513)Outstanding at 31 December 2021 26,619 17,566 44,185Granted - 4,565 4,565 Forfeited - (2,696)(2,696)Cancelled (26,619)(19,435)(46,054)Outstanding at 31 December 2022 - - - SIP 2020-2023 (vesting in 2023)Outstanding at 1 January 2021 - 204,223 204,223 Granted 26,619 1,888 28,507 Cancelled - (12,853)(12,853)Outstanding at 31 December 2021 26,619 193,258 219,877 Granted - 5,759 5,759 Transferred 10,432 (10,432) - Cancelled - (1,462)(1,462)Outstanding at 31 December 2022 37,051 187,123 224,174 7 Other7.1 Pensions and similar obligations7.1.1 Pension schemesDefined contribution plansThe majority of the Group\u2019s pension schemes are defined contribution plans where contributions are paid to publicly or privately administered pension plans. The Group has no further payment obligations once the contributions have been paid. In 2022, contributions amounted to DKK 1,223 million (2021: DKK 1,140 million), corresponding to 84% of the Group\u2019s pension costs (2021: 83%).Defined benefit plans The Group has a number of defined benefit plans where the responsibility for the obligation towards the employees rests with the Group. The largest plans are in Switzerland and the UK accounting for 86% (2021: 86%) of the Group\u2019s obligation (gross) and 97% (2021: 97%) of its plan assets. The plans are primarily based on years of service, and benefits are determined on the basis of salary and position. The Group assumes the risk associated with future developments in salary, interest rates, inflation, mortality and disability, etc.The majority of the obligations are funded with assets placed in independent pension funds. In some countries, primarily Sweden, France, Turkey, Hong Kong and Mexico, the obligation is unfunded. For these unfunded plans, obligation amounted to DKK 633 million or 8% of the present value of the gross obligation (2021: DKK 788 million or 9%).Switzerland Participants are insured against the financial consequences of retirement, disabil-ity and death. The pension plans guarantee a minimum interest credit and fixed conversion rates at retirement and include a risk-sharing element between ISS and the plan participants. Contributions are paid by both the employee and the employer. The plans must be fully funded. In case of underfunding, recovery measures must be taken, such as additional financing from the employer or from the employer and employees, reduction of benefits or a combination of both. The UK Participants are insured against the financial consequences of retirement and death, and do not provide any insured disability benefits. The pension plans guarantee a defined benefit pension at retirement on a final salary basis. The majority of the plans does not include a risk-sharing element between ISS and the plan participants.Multiemployer pension plansThe Group participates in multiemployer pension schemes that by nature are defined benefit plans in a few countries. Some funds are not able to provide the necessary information in order for the Group to account for the schemes as defined benefit plans and these schemes are therefore accounted for as defined contribution plans.costsPension costs1.4DKKbn84%Defined contribution16% Defined benefitSignificant accounting estimatesActuarial calculations and valuations are performed annually for all major plans. The present value of defined benefit obligations is determined on the basis of assumptions about the future develop-ment in variables such as salary levels, interest rates, in\ufb02ation and mortality. Applied actuarial assumptions vary from country to country due to local conditions. All assumptions are assessed at the reporting date. Changes in these assumptions may significantly affect the liabilities and pension costs under defined benefit plans. The range and weighted average of these assumptions as well as sensitivities on key assumptions are disclosed in this note.The discount rates used for calculating the present value of expected future cash flows are based on the market yield of high-quality corporate bonds or government bonds with a maturity approximating to the terms of the defined benefit obligations. When the Group participates in multi-employer pension plans being accounted for as defined con-tribution plans due to unavailability of information, there is a risk that the plans are not sufficiently funded. However, information on surplus or deficit in the schemes is not available. 7.1.2 Defined benefit obligation2022 2021Present Fair value Present Fair value value of of plan Carrying value of of plan Carrying (DKKm)obligationassetsamountobligationassetsamountAt 1 January 8,625 8,997 (372) 8,684 7,796 888 Current service costs 197 - 197 219 - 219Interest on obligation/plan assets 72 55 17 45 28 17Past service costs 11 - 11 - - -Recognised in profit or loss 280 55 225 264 28 236 Actuarial (gain)/loss: Demographic assumptions 7 - 7 (256) - (256) Financial assumptions (1,702) - (1,702)(209) - (209) Experience adjustments 490 - 490 67 - 67 Return on plan assets - (997) 997 - 747 (747)Asset ceiling - (43) 43 - (1,080) 1,080 Recognised in other comprehensive income (1,205)(1,040)(165)(398)(333)(65)Foreign exchange adjustments 214 295 (81) 386 414 (28)Acquisitions and divestments, net 227 219 8 - 0 (0)Employee contributions 154 154 - 141 141 - Employer contributions - 207 (207) - 199 (199)Benefits paid (342)(267)(75)(266)(174)(92)Asset ceiling - 43 (43) - 1,080 (1,080)Reclass. to Liabilities held for sale - - - (186)(154)(32)Other changes 253 651 (398)75 1,506 (1,431)At 31 December 7,953 8,663 (710) 8,625 8,997 (372)Recognised in the statement of financial position(DKKm) 2022 2021Carrying amount of defined benefit plans (710) (372)1)Accumulated impact from asset ceiling 1,352 1,2532)Defined benefit obligation, net 642 881 Other long-term employee benefits 543 470 Pensions and similar obligations 1,185 1,3511) Including a foreign exchange adjustment on the opening balance of DKK 56 million.2) Including an asset of DKK 247 million (2021: DKK 86 million) related to defined benefit plans in the UK. Developments in 2022 Actuarial calculations for 2022 have been ob-tained for all major plans. The actuarial calcula-tions led to recognition of actuarial gains due to increased discount rates (financial assumptions) of DKK 1,702 million, mainly in Switzerland and the UK. This was largely offset by actuarial losses of DKK 490 million due to increased salary and inflation expectations (experience adjustments) and loss on plan assets of DKK 997 million, both primarily related to Switzerland and the UK. The net impact on the pension obligation was a gain of DKK 165 million recognised in other compre-hensive income.In 2021, we saw strong asset returns and an actuarial gain, which led to a significant increase in the surplus on the major plans in Switzerland. Due to surplus restrictions (ISS does not have access to the overfunding), an increase in the asset ceiling was recognised. In 2022, market conditions for listed shares and real estate de-teriorated resulting in significant losses on plan assets in Switzerland and the UK. However, due to a larger decrease in the pension obligation the asset ceiling has further increased. As such, by the end of 2022, the accumulated impact from the asset ceiling was DKK 1,352 million (2021: DKK 1,253 million).Contributions in 2023The Group expects to contribute DKK 322 million in 2023 (2022: DKK 261 million).categories of Plan assetsan assets\u2013 major categories8.7DKKbn34% Listed shares19% Property 18% Corporate bonds6% Cash and cash equivalents 2% Government bonds21% Other% of total plan assetsobligation, Penross\u2013 funded vs. unfunded8.0DKKbn92%Funded8%Unfundedobligation, Penross\u2013 by country8.0DKKbn75%Switzerland11%UK14%Other7.1.3 Actuarial assumptions2022 2021Other Other CHF GBP EURcurrencies CHF GBP EURcurrenciesDiscount rates 2.3% 4.8 % 3.70-3.75% 1.0-10.7% 0.3% 2.0% 0.35-1.0% 0.2-19.3% Salary increase 1.3% 0.0-2.65% 2.56-3.2% 0.0-12.0% 1.0% 0.0-2.65% 0.0-3.5% 0.0-15.0% Pension increase 0.0% 2.65-3.15% 0.0-2.15% 0.0-2.2% 0.0% 2.65-3.20% 0.0-0.64% 0.0-2.0% Sensitivity analysis Below the sensitivities related to significant actuarial assumptions used in the calculation of the defined benefit obligation are illustrated in terms of estimated increase/(decrease) in the obligation.The analysis is based on changes in assump-tions, with all other variables held constant, that the Group considered to be reasonably possible at the reporting date.2022 2021(DKKm)+0.5%(0.5)% +0.5%(0.5)%Discount rate (334) 363 (490) 545 Price inflation 74 (65) 165 (51)Salary increase 93 (74) 132 (4)Pension increase 248 (248) 302 (85)+1 year -1 year +1 year -1 yearLife expectancy 136 (133) 212 (182)Duration The estimated weighted average duration of the defined benefit obligation was 9 years (2021: 12 years) and is split into:(Years)2022 2021Active employees 6 8 Retired employees 11 15 \u20091)Deferred vested 7 6 Total employees 9 12 1) The impact from deferred vested on total estimated weighted average duration is minor due to the fact that deferred vested make up less than 2% of the participants, and do not exist in many of the shorter duration plans.Accounting policyContributions to defined contribution plans are recognised in Employee costs when the related service is provided. Any contributions outstanding are recognised in Other liabilities.Defined benefit plans The Group\u2019s net obligation is calculated by a qualified actuary using the pro-jected unit credit method, separately for each plan by estimating the amount of future benefits that employees have earned in return for their service in the current and prior periods. The present value less the fair value of any plan assets is recognised in Pensions and similar obligations. When the calculation results in a potential asset, rec-ognition is limited to the present value of economic benefits available in the form of future refunds from or reductions in future contributions to the plan. To calculate the present value, consideration is given to applicable minimum funding requirements. Pension costs are calculated based on actuarial es-timates and financial expectations at the beginning of the year. Service costs are recognised in Employee costs and net interest is recognised in Financial expenses. Differences between the expected development in pension assets and liabilities and the realised amounts at the reporting date are designated actuarial gains or losses and recognised in other comprehensive income. When the benefits are changed or a plan is curtailed, the resulting change in benefits that relates to past service or the gain or loss on curtailment is recognised in Employee costs. Gains and losses on settlement is recognised when incurred. The aggregated value of unfunded plans is pre-sented as a net liability and the aggregated value of funded plans are presented as a net asset. Other long-term employee benefits are recognised as defined pension plans, except that actuarial gains and losses are recognised in Employee costs. Other long-term employee benefits comprise jubilee benefits, long-service or sabbatical leave, etc. 7.2 Hyperinflation in TurkeyEffective 1 January 2022, the Group has implemented IAS 29 \u201cFinancial Reporting in Hyperinflationary Economies\u201d for its subsidiary in Turkey, as the cumulative three-year inflation rate in the country exceeded the threshold of 100% in February.The aim of IAS 29 is to ensure that consolidated financial statements reflect the current purchasing power by:\u2022 restating reported numbers based on changes in the general price index; and\u2022 applying end-of-period exchange rates.The translation method as well as recognition and measurement are described under accounting policies below.Impact on the consolidated financial statements The implementation of IAS 29 did not have a material impact on the Group\u2019s profit or loss and cash flow statements and consequently the effect on our three KPIs was immaterial, i.e. organic growth (non-IFRS), operating margin (non-IFRS) and free cash flow (non-IFRS). How-ever, the restatement for inflation significantly impacted the Group\u2019s statement of financial position, mainly by increasing the value of goodwill and customer contracts.Profit or loss The restatement of revenue had a net positive impact of DKK 154 million of which DKK 580 million related to the increase in the price index of 21% in 2022. This was partly offset by the impact from retranslation to exchange rates at 31 December of DKK 426 million.Operating profit before other items was nega-tively impacted by DKK 29 million, as the inflationrestatement of right-of-use assets and property, plant and equipment led to higher depreciation and amortisation of DKK 42 million. This more than offset the net positive impact from inflation restatement and retranslation.Financial expenses, net was positively impacted by DKK 148 million reflecting the restatement of non-monetary items for the inflation develop-ment in 2022 and the offset of inflation restate-ment of profit or loss items in the same period.Based on the above, and the resulting negative impact on Income tax of DKK 42 million, Net profit increased DKK 66 million for 2022.Cash flows The impact on consolidated statement of cash flows was insignificant.Inflation restatementYTDNon-Retrans- Total (excl. monetary Profit lation adjust-YTD (DKKm)IAS 29)itemsor loss(YE FX)ments(reported)Profit or loss Revenue 76,384 - 580 (426) 154 76,538 Depreciation and amortisation(1,475)(48) - 6 (42)(1,517)Other costs (72,033) - (529) 388 (141)(72,174)Operating profit before other items 2,876 (48) 51 (32) (29) 2,847 Other income and expenses, net 58 - (1) - (1) 57 Amortisation of customer contracts(59)(12) - 2 (10)(69)Operating profit 2,875 (60) 50 (30)(40) 2,835 Financial income 68 180 (40)(1) 139 207 Financial expenses (605) - (18) 27 9 (596)Operating profit before tax 2,338 120 (8)(4) 108 2,446 Income tax (399)(43) 8 (7) (42) (441)Net profit from continuing operations 1,939 77 - (11) 66 2,005 Net profit from discontinued operations 131 - - - - 131 Net profit 2,070 77 - (11) 66 2,136 Cash flows Operating profit before other items 2,889 (48) 51 (32)(29) 2,860 Depreciation and amortisation 1,475 48 - (6) 42 1,517 Non-cash items related to hyperinflation - - (51) - (51)(51)Other cash flow items (1,024) - - 31 31 (993)Cash flow from operating activities 3,340 - - (7)(7) 3,333 Cash flow from investing activities (553) - - 7 7 (546)Cash flow from financing activities (928) - - (2)(2)(930)Free cash flow (non-IFRS) 1,726 - - 8 8 1,734 Financial ratios Organic growth (non-IFRS)7.78% - - - - 7.78%Operating margin 3.77%(0.07)% 0.07%(0.05)%(0.05)% 3.72%Inflation restatementYTDNon-Retrans- Total (excl. monetary Profit lation adjust-YTD (DKKm)IAS 29)itemsor loss(YE FX)ments(reported)Financial position Goodwill 19,806 644 - - 644 20,450 Other intangible assets 3,246 224 - - 224 3,470 Right-of-use assets and Property, plant and equipment 3,235 85 - - 85 3,320 Other assets 19,765 - - - - 19,765 Total assets 46,052 953 - - 953 47,005 Other comprehensive income (56) 814 - - 814 758 Other equity elements 9,980 77 - - 77 10,057 Total equity 9,924 891 - - 891 10,815 Deferred tax liabilities 1,116 62 - - 62 1,178 Other liabilities 35,012 - - - - 35,012 Total equity and liabilities 46,052 953 - - 953 47,005 Financial position The restatement for inflation increased goodwill by DKK 644 million and Other intangible assets (cus-tomer contracts) by DKK 224 million mainly due to restatement of the fair values carried from the acquisition of R\u00f6nesans in 2021 and the original acquisition when entering Turkey in 2005.Right-of-use assets and property, plant and equipment increased (DKK 85 million) based on assumed average useful lives of 3-5 years. As a result, depreciation and amortisation were recalcu-lated, which led to higher costs in profit or loss.Equity increased by DKK 891 million mainly as a result of the opening restatement of non-mone-tary items of DKK 814 million and the restatement effect from changes in the price index in 2022.Accounting policyInflation restatement Non-monetary items, which are carried at historical cost, such as goodwill, customer contracts, right-of-use assets, property, plant and equipment and de-ferred tax, have been restated for the effect of inflation based on changes in the price index for the period from initial recognition to 31 December 2022 or to the date of disposal, where relevant. The restatement was made effective from the time, the items were initially recognised, which was no earlier than 2005, when ISS first entered Turkey through an acquisition.The restating gain or loss relating to the change in the price index for the reporting period has been recognised in profit or loss under financial income or expenses, except for the tax effect, which has been recognised under income tax. The gain or loss relating to the prior periods has been recognised in other comprehensive income.Management has assessed whether the restatement of non-monetary items represents an indication of impairment to ensure that the restated amounts do not exceed the recoverable amounts of the assets, see 3.2, Impairment tests.Monetary items such as receivables, payables, loans and borrowings are not subject to restatement for the effects of inflation as these items already reflect the purchasing power at the reporting date.Equity includes the opening effect of restating non-monetary items. Further, the restatement effects of inflation based on changes in the price index for the reporting period have been recognised in other comprehensive income with set-off within financial income or expenses in profit or loss.Profit or loss transactions in the period have been restated to reflect changes in the price index from the time of transaction to the end of the reporting period, with the exception of depreciation and amortisation. The latter have been recalculated based on the inflation-adjusted costs of intangible assets and right-of-use assets and property, plant and equipment. The recalculation has been based on the useful lives of the relevant assets based on the Group\u2019s accounting policy, cf. 2.6, Right-of-use assets and property, plant and equipment.Cash flow statement Operating profit before other items includes a non-cash effect from the inflation restatement, which has been eliminated in the line Non-cash items related to hyperinflation.Price index Restatement for hyperinflation of the financial state-ments of the Turkish subsidiary was based on the development in the consumer price index provided by the Turkish Statistical Institute. For 2022, the inflation rate in Turkey was 64%.Retranslation from TRY to DKK The financial statements of the Turkish subsidiary, including effects of inflation restatement, have been translated into DKK applying the TRY/DKK exchange rate at the reporting date as opposed to the Group\u2019s normal practice of translating the profit or loss using the exchange rate at the transaction date or an average exchange rate for the month. The TRY/DKK exchange rate decreased from 50.53 at the beginning of 2022 to 37.25 at 31 December 2022. The average TRY/DKK exchange for the reporting period was 43.00.7.3 Related partiesParent and ultimate controlling party The Group\u2019s parent ISS A/S is the ultimate con-trolling party. At 31 December 2022, ISS had no related parties with either control of the Group or significant influence in the Group. Key management personnel The Board of Directors (Board) and the Executive Group Management (EGM) are considered the Group\u2019s key management personnel as defined in 6.1, Management remuneration. Apart from remuneration, including share-based incentive programmes, there were no significant transactions with members of the Board and the EGM in 2022.7.4 Fees to auditors(DKKm)2022 2021Statutory audit 73 71 Other assurance services 2 1 Tax and VAT advisory services 7 6 Other services 4 9 Total 86 87 Other assurance services comprised work related to the interim financial statements and other assurance services.Tax and VAT advisory services mainly related to tax compliance services.Other services comprised among other things work related to acquisitions and divestments, such as financial and tax due diligence. 7.5 Subsequent eventsOn 6 February 2023, two earthquakes caused large scale devastation and loss of thousands of lives in Turkey and Syria. ISS is one of the largest private employers in Turkey and approximately 4,500 of our placemakers service workplaces for around 100 of our customers, including two hospitals, in the impacted areas of Turkey. Tragically, three of our placemakers were fatally injured, several are in medical treatment and even more suffered loss of immediate family members and housing. Our teams on the ground in Turkey have since the earthquakes focused on ensuring the safety and welfare of our people and customers who are facing unimaginable challenges and devastation.ISS has not suffered material damage to its assets in Turkey. Furthermore, the impacted areas account for less than 1% of ISS\u2019s global activities and the vast majority of our customers\u2019 operations continue or will continue after repairs. Consequently, it is management\u2019s assessment that the earthquakes will not have a material impact on the results of the Group\u2019s operations and financial position in 2023.Other than set out above or elsewhere in these consolidated financial statements, we are not aware of events subsequent to 31 December 2022, which are expected to have a material impact on the Group\u2019s financial position.8 Basis of preparation8.1 General accounting policiesISS A/S is listed on Nasdaq Copenhagen. The consolidated financial statements of ISS A/S for the year ended 31 December 2022 comprise ISS A/S and its subsidiaries (collectively, the Group). Signifi-cant subsidiaries are listed in 8.4, Group companies.The 2022 Annual Report for ISS A/S was discussed and approved by the Executive Group Management Board (the EGMB) and the Board of Directors (the Board) on 23 February 2023 and issued for approval at the subsequent annual general meeting on 13 April 2023. Basis of preparation The consolidated financial statements of the Group have been prepared in accordance with IFRS as adopted by the EU and additional requirements of the Danish Financial Statements Act. In addition, the consolidated financial statements have been prepared in compliance with the IFRSs issued by the IASB. The consolidated financial statements have beenprepared on the basis that the Group willcontinue to operate as a going concern.The Group\u2019s significant accounting policies and accounting policies related to IAS 1 minimum presentation items are described in the relevant notes to the consolidated financial statements. A list of the notes is shown on p. 50.All amounts have been rounded to nearest DKK million (DKKm), unless otherwise stated.Fair value measurement and disclosure Items are measured at historical cost, except for assets and liabilities held for sale, derivative financial instruments and contingent consider-ation that have been measured at fair value.Assets and liabilities measured at fair value are categorised within the fair value hierarchy and disclosed in the relevant notes.For the purpose of fair value disclosures, management has assessed that the fair values of cash and cash equivalents, trade receivables, contingent consideration, trade payables and other current and non-current financial assets and liabilities approximates their carrying amount largely due to the short-term matur-ities of these instruments. The fair value of loans and borrowings, including methods and assumptions used to estimate the fair value, are disclosed in 4.2, Loans and borrowings.Climate-related risks Management has considered the impact of cli-mate-related risks which did not have a material impact on the estimates and judgements in these consolidated financial statements, includ-ing impairment. In addition, it is management's assessment that climate change is not expected to have a significant impact on the Group\u2019s going concern assessment, or in the long-term (next five years).Defining materiality The consolidated financial statements separately present items that are considered individually significant, or are required under the minimum presentation requirements of IAS 1. In addi-tion, information that is considered material, either individually or in combination with other information, is disclosed.In determining whether an item is individually significant, or information is material, ISS consid-ers both quantitative and qualitative factors. If the presentation or disclosure could reasonably be expected to influence economic decisions made by primary users, the information is considered material. Explanatory disclosure notes related to the consolidated financial statements are presented for individually significant items. Where separate presentation of a line item is made solely due to the minimum presentation requirements in IAS 1, no further disclosures are provided in respect of that line item.Basis of consolidation The consolidated financial statements comprise ISS A/S and entities controlled by ISS A/S. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. Intra-group balances, income, expenses and cash flow relating to transactions between members of the Group are eliminated. Unre-alised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment.The non-controlling interest\u2019s share of net profit and equity of subsidiaries, which are not whol-ly-owned, are included in the Group\u2019s net profit and equity, respectively, but disclosed separately. By virtue of agreement certain non-controlling shareholders are only eligible of receiving benefits from their non-controlling interest when ISS as controlling shareholder has received their initial investment and compound interest on such. In such instances the subsidiaries\u2019 result and equity are fully allocated to ISS until the point in time where ISS has recognised amounts exceeding their investment including compound interest on such. A change in ownership interest of a subsidiary, without loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognised in Other income and expenses, net. Any investment retained is recognised at fair value on initial recognition. Foreign currency The consolidated financial statements are presented in Danish kroner (DKK), which is ISS A/S\u2019s functional currency. Transactions in currencies other than the functional currency of the respective Group companies are considered transactions denominated in foreign currencies.On initial recognition, except for companies operating in hyperinflationary environments, these are translated to the respective functional currencies of the Group companies at the exchange rates at the transaction date. Foreign exchange adjustments arising between the exchange rates at the transaction date and at the date of payment are recognised in Financial income or Financial expenses. Receivables, payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the report-ing date. The difference between the exchange rates at the reporting date and at the date of transaction or the exchange rate in the latest financial statements is recognised in Financial income or Financial expenses. On recognition in the consolidated financial statements of Group companies with a func-tional currency other than DKK, the statements of profit or loss and statements of cash flows are translated at the exchange rates at the transaction date and the statements of financial position are translated at the exchange rates at the reporting date. An average exchange rate for the month is used as the exchange rate at the transaction date to the extent that this does not significantly deviate from the exchange rate at the transaction date. Foreign exchange adjustments arising on translation of the opening balance of equity of foreign entities at the exchange rates at the reporting date and on translation of the profit or loss statements from the exchange rates at the transaction date to the exchange rates at the reporting date are recognised in other comprehensive income and presented in equity under a separate translation reserve. However, if the foreign entity is a non-wholly owned subsidiary, the relevant proportion of the translation difference is allocated to the non-controlling interest. Foreign exchange adjustments of balances with foreign entities which are considered part of the investment in the entity are recognised in other comprehensive income and presented in equity under a separate translation reserve. 8.2 Change in accounting policiesFrom 1 January 2022, the Group has adopted the below standards and interpretations with no sig-nificant impact on recognition and measurement: \u2022 Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets: Onerous Contracts \u2013 Costs of Fulfilling a Contract.\u2022 Amendments to IFRS 3 Business Combinations \u2013 Reference to the Conceptual FrameworkIAS 29 Financial Reporting in Hyperinflation EconomiesEffective 1 January 2022, the Group implement-ed IAS 29, Financial Reporting in Hyperinfla-tionary Economies, as management considered Turkey as a hyperinflationary environment. Management based its assessment on the cumulative three-year inflation, which exceeded the threshold of 100% in February 2022. As a result, the financial statements of ISS Turkey for 2022 were restated for hyperinflation before the reported amounts were translated to the Group's functional currency, DKK, applying the exchange rate at the reporting date. Since the Group\u2019s functional currency, DKK, is a non-hyperinflationary currency, IAS 29 does not require restatement of comparative figures in the year of implementation. Consequently, comparative figures have not been restated.The implementation impact and the applied accounting policies are disclosed in 7.2, Hyperinflation in Turkey.8.3 New accounting regulationsIASB issued amended standards and interpre-tations, which are not yet mandatory for the consolidated financial statements of the Group at 31 December 2022.The Group expects to adopt the new standards and interpretations when they become mandatory.Based on the current business setup and level of activities, none of these standards and interpre-tations are expected to have a material impact on the recognition and measurement in the consolidated financial statements. 8.4 Group companiesNorthern Europe Denmark (ISS A/S's country of domicile)ISS Facility Services A/S 100%ISS Finance B.V. 100%ISS World Services A/S 100%ISS Global A/S 100%ISS Global Management A/S 100%ISS Holding France A/S 100%ISS Lending A/S 100%Belgium & LuxembourgISS Catering N.V. 100%ISS Facility Services N.V. 100%ISS Facility Services S.A. 100%FinlandISS Palvelut Holding Oy 100%ISS Palvelut Oy 100%Suomen Laatutakuu Palvelut Oy 100%NetherlandsISS Building Maintenance Services B.V. 100%ISS Catering Services B.V. 100%ISS Holding Nederland B.V. 100%ISS Integrated Facility Services B.V. 100%ISS Nederland B.V. 100%Talentgroep Montaigne Facility Management B.V.100%Norway ISS Holding AS 100%ISS Management AS 100%ISS Facility Services AS 100%ISS Serveringspartner AS 100%ISS Service Management AS 100%PolandISS Facility Services Sp. Z o.o. 100%ISS World Services Poland Sp. Z.o.o 100%SwedenISS Facility Services Holding AB 100%ISS Facility Services AB 100%ISS Palvelut Holding AB 100%UK & IrelandISS UK Holding Limited 100%ISS UK Limited 100%ISS Facility Services Ltd. 100%ISS Mediclean Limited 100%Pegasus Security Holdings Limited 100%ISS Ireland Ltd. 100%Central & Southern Europe Austria ISS Austria Holding GmbH 100%ISS Facility Services GmbH 100%ISS Ground Services GmbH 51%France GIE ISS Services 100%ISS Facility Management SAS 100%ISS Holding Paris SAS 100%ISS Logistique et Production SAS 100%GermanyISS Automotive Services GmbH 100%ISS Facility Services Holding GmbH 100%ISS Integrated Facility Services GmbH 100%ISS Energy Services GmbH 100%ISS Communication Services GmbH 100%ItalyISS Facility Services S.r.l. 100%PortugalISS Tech Portugal, Unipessoal Lda. 100%SpainIntegrated Service Solutions, S.L. 100%ISS Facility Services, S.A. 100%ISS Soluciones De Seguridad, S.L. 100%UTE-HOSPITALES S.A.S 65%1)SwitzerlandISS Facility Services AG 100%ISS Schweiz AG 100%Livit FM Services AG 100%TurkeyISS Hazir Yemek \u00dcretim ve Hizmet A.\u015e. 50.1%4)ISS Proser Koruma ve G\u00fcvenlik Hizmetleri A.\u015e. 50.1%4)ISS Tesis Y\u00f6netim Hizmetleri A.\u015e. 50.1%4)ISS \u0130\u015fletme Hizmetleri A.\u015e (R\u00f6nesans)50.1%4)ISS Bitki Bakim ve Hasere Kontrol Hizmetleeri A.\u015e.50.1%4)Americas ChileApunto Servicios de Alimentacion S.A. 100%ISS Chile S.A. 100%ISS Facility Services S.A. 100%ISS Servicios de Limpieza Mecanizada S.A. 100%ISS Servicios Generales Ltda. 100%ISS Servicios Integrales Ltda. 100%MexicoISS Centro Am\u00e9rica, S. de R.L. de C.V. 100%ISS Facility Services, S.A. de C.V. 100%US & CanadaISS Facility Services Holding, Inc 100%ISS Management and Finance Co, Inc 100%ISS Facility Services, Inc (US)100%Guckenheimer Enterprises Inc 100%ISS C&S Building Maintenance Corporation 100%ISS Facility Services California, Inc 100%ISS Holding Inc 100%ISS TMC Services, Inc 100%ISS Facility Services Inc. (CA)100%Asia & PacificAustralia & New ZealandISS Facility Management Pty Limited 100%ISS Facility Services Australia Limited 100%ISS Facility Services Pty Ltd. 100%ISS Health Services Pty Ltd. 100%ISS Holdings Pty Ltd. 100%ISS Integrated Services Pty Ltd 100%ISS Property Services Pty Ltd 100%ISS Security Pty Ltd 100%Pacific Invest December 2004 Pty Ltd. 100%Pacific Service Solutions Pty Ltd. 100%ISS Facility Services Ltd. 100%ISS Holdings NZ Ltd. 100%ChinaISS Facility Services (Shanghai) Ltd. 100%ISS Hongrun (Shanghai) Cleaning Services Limited100%ISS Property Management (Beijing) Co.,Ltd100%Shanghai B&A Property Management Co., Ltd. 100%Shanghai B&A Security Co., Ltd. 100%Shanghai ISS Catering Management Ltd. 100%Hong KongHung Fat Cleaning Transportation Co., Ltd. 100%ISS Adams Secuforce Ltd. 100%ISS China Holdings Ltd. 100%ISS China Holdings I Ltd. 100%ISS EastPoint Properties Ltd. 100%ISS EastPoint Property Management Ltd. 100%ISS Facility Services Ltd. 100%ISS Greater China Ltd. 100%ISS Hygiene Services (HK) Ltd. 100%ISS Mediclean (HK) Ltd. 100%ISS Pan Asia Security Services Ltd. 100%JSL Ltd. 100%Silvertech E&M Engineering Co., Ltd. 100%India2)Innovative and Payroll Advisory 46% Services Pvt. Ltd.ISS Facility Services India Pvt. Ltd. 100%ISS SDB Security Services Pvt. Ltd. 46%2)2)Modern Protection & Investigations Pvt. Ltd. 46%ISS Support Services Pvt. Ltd. 100%IndonesiaPT ISS Facility Services 99%PT ISS Indonesia 100%2)PT ISS Jasa Fasilitas 0%SingaporeISS Asia Pacific Pte. Ltd. 100%ISS Catering Services Pte. Ltd. 100%ISS Facility Services Pte. Ltd. 100%ISS Hydroculture Pte. Ltd. 100%ISS M&E Pte. Ltd. 100%Discontinued operations Brunei 3)ISS Facility Services Sdn. Bhd. 50%1) Joint venture2) By virtue of the governance structure, the Group has the power to govern the financial and operating policies of the company. Consequently, the company is consolidated as a subsidiary.3) Divested on 9 February 2023.4) Under certain circumstances or events, ISS may be obliged to choose to purchase other shareholders\u2019 shareholdings or dispose of its own shareholdings.8.5 DefinitionsISS uses various key figures, financial ratios and non-financial ratios, all of which provide our stakeholders with useful and necessary information about the Group\u2019s financial position, performance, cash flows and development in a consistent way. In relation to managing the business, achieving our strategic goals and ultimately creating value for our shareholders, these measures are considered essential. In addition, the Group uses alternative perfor-mance measures (APMs) to provide stakeholders with additional measures to evaluate and analyse the Group's performance. The APMs are non-IFRS financial measures defined by the Group and thus may not be comparable with measures provided by peers or other compa-nies' measures.1) Comparable revenue prior year excludes impacts from changes in exchange rates and acquisitions/divestments, net as well as impact from hyperinflation restatement. To arrive at comparable revenue, prior year\u2019s revenue is retranslated by applying current year\u2019s exchange rates, divestments and impacts from hyperinflation restatements are excluded and estimated impacts from acquisitions are added.2) Management\u2019s expectations at the acquisition date.3) Incl. the effect from exclusion of currency effects from the calcula-tion of organic growth and acq./div., net.4) Estimated or actual revenue where available at the divestment date.5) AGM = Annual General MeetingAlternative performance measures Net profit (adjusted)Net profit excluding Other income and expenses, net, Goodwill impairment, Amortisation/impairment of brands and customer contracts, impact from hyperinfla-tion (IAS 29) and Net profit from discontinued operationsEBITDAOperating profit + Depreciation and amortisation + Amortisation/impairment of brands and customer contractsEBITDA before other items (adjusted EBITDA)Operating profit before other items + Depreciation and amortisationPro forma adjusted EBITDAEBITDA before other items, including EBITDA before other items in discontinued operations, and adjusted as if all acquisitions and divestments had occurred on 1 January of the respective yearFree cash flow Cash flow from operating activities \u2013 Acq. of intangible assets and property, plant and equipment, net \u2013 Acq. of financial assets, net (excl. equity-accounted investees) \u2013 Addition of right-of-use assets, net Organic growth, %(Revenue current year excl. hyperinflation 1)\u2013 Comparable revenue prior year) x 100 1)Comparable revenue prior yearAcquisitions are treated as having been integrated with ISS at the acquisition date. Consequently, organic growth includes changes in revenue of such acquisitions compared with expectations at the acquisition date.Operating margin, %Operating profit before other items x 100 Revenue Total revenue growth, % (Revenue current year \u2013 Revenue prior year) x 100 Revenue prior yearFinancial ratios Acquisitions, %2)Revenue from acquisitions x 100 Revenue prior yearCash conversion, % Free cash flow x 100 Operating profit before other itemsCurrency adjustments Total revenue growth \u2013 Organic growth 3)\u2013 Acquisition/divestment growth, netDivestments, % 4)Revenue from divestments \u00d7 100 Revenue prior yearEquity ratio, % Total equity \u00d7 100 Total assetsNet debt Loans and borrowings \u2013 Securities \u2013 Cash and cash equivalents \u2013 Positive fair value of derivatives Share ratios Basic earnings per share (EPS) Net profit attributable to owners of ISS A/S Average number of shares (basic)Diluted earnings per share (EPS) Net profit attributable to owners of ISS A/S Average number of shares (diluted)Average number of shares (basic) Average number of issued shares, excluding treasury shares, for the yearAverage number of shares (diluted) Average number of shares (basic) + Average number of outstanding PSUs and RSUs expected to vest ESG ratios CO emissions 2Scope 1, 2 and 3 emissions calculated in accordance with the Greenhouse Gas Protocol. For further infor-mation see the 2022 Sustainability Report pp. 42-43.Employee turnover, % Number of employees who left in the year \u00d7 100 Average number of employees for the yearCustomer retention, % Portfolio revenue (annual value) retained at 31 December of the portfolio at 1 January Portfolio revenue (annual value) at 1 January Lost Time Injury Frequency (LTIF) LTI is a work-related injury preventing a person from working, i.e. being unfit for at least a full working day or shift. LTIF is based on 1 million exposure hours including contractors under ISS\u2019s operational control Fatalities Measures the number of work-related fatalitiesTraining hours Hours spent by participants while preparing and partic-ipating. All training sponsored by ISS, paid or unpaid as a result of employment within ISS Gender diversity, Board, % 5)Female board members (AGM elected) \u00d7 100 5)Board members (AGM elected)Board meeting attendance, % Accumulated number of attended board meetings for all board members x 100Number of board meetings possible to attend for all board membersSpeak Up, number Number of reports received through Speak Up system or alternative channels",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"s10_notes__7__20": {
"value": "Estimates and judgements The preparation of the Group\u2019s consolidated financial statements required management to make judgements, estimates and assumptions that affected the reported amounts of assets, liabilities, income and expenses, the accom-panying disclosures, including contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities in future periods. Estimates and assumptions are reviewed on an ongoing basis and have been prepared taking macroeconomic developments into consid-eration, but still ensuring that one-off effects which are not expected to exist in the long term do not affect estimation and determina-tion of these key factors, including discount rates and expectations for the future.The table to the right provides an overview of the Group's significant accounting estimates and judgements and the significance of impact on the consolidated financial statements. Note Significant estimates and judgements Estimate/Judgement Impact1.2 Revenue \u2022 Revenue recognition \u2013 impact from contract modifications and variable consideration Estimate/Judgement\u2022 Gross or net presentation Judgement2.2 Other receivables \u2022 Capitalisation of transition and mobilisation costs Judgement2.5 Provisions \u2022 Onerous contracts \u2013 future profitability Estimate/Judgement\u2022 Assumptions for claims, disputes and legal proceedings Judgements2.6 Right-of-use assets \u2022 Lease term, including extension options mainly related to buildings Judgements3.1 Intangible assets \u2022 Cloud-based arragements \u2013 assessment of control Judgements\u2022 Capitalisation of configuration and customisation costs for software Judgements3.2 Impairment tests \u2022 Key assumptions in impairment test of goodwill and other intangible assets Estimate5.2 Deferred tax \u2022 Recognition of deferred tax assets \u2013 future taxable profit available Estimate\u2022 Uncertain tax positions \u2013 estimate of the amount required to settle the obligation Estimate/Judgement7.1 Pensions and \u2022 Assumptions for actuarial gains and losses, e.g. inflation and discount rates, Estimatesimilar obligationsfuture salary and pension increases\u2022 Low \u2022\u2022 Medium \u2022\u2022\u2022HighSignificant accounting estimates and judgementsOur customer contracts are based on three different commercial models requiring varying levels of man-agement estimates and judgement in determining the transaction price:1) Fixed price contracts;2) Cost-plus contracts; and3) Cost-plus variations (typically capped)For fixed price contracts, revenue is recognised based on the transaction price stated in the contract, and thus require limited judgement from management.For cost-plus contracts, including variations e.g. with a cap, ISS\u2019s transaction price is determined based on costs incurred with the addition of an agreed mark-up/management fee. Determining the transaction price requires management to assess, which costs may be included in the calculation basis and if rele-vant, whether within the capped maximum.For key accounts and other large contracts, the transaction price may also include a variable consideration based on achievement of certain key performance indicators and gain share. Manage-ment estimates variable consideration based on the most likely amount to which it expects to be entitled on a contract-by-contract basis. Management makes a detailed assessment of the amount of revenue expected to be received and the probability of suc-cess in each case. Variable consideration is included in revenue as services are performed to the extent that it is highly probable that the amount will not be subject to significant reversal.Price adjustment mechanisms in our customer contracts vary in terms of content and extent. Judgement is required by management to determine the amount of revenue expected to be received as a result of inflationary pressure on costs of delivery.Contract modifications regularly occur, particularly for key account customers, in order to ensure that service solutions reflect their current needs. Such modifications are generally agreed with the cus-tomer in advance as per the contract in accordance with a specified change management procedure and accounted for going forward with no impact on recognised revenue up to the date of modification. Management assess how quickly ISS would be able to implement the scope changes of the service.Gross or net presentation of revenue Management uses judgement to determine whether the nature of ISS\u2019s promise is to provide the specified services (ISS is the principal), or to arrange for another party to provide the services (ISS is acting as an agent). This assessment is based on an evaluation of whether ISS controls the specified services before transfer to the customer. The Group has concluded that as a main rule it is the principal in its revenue arrangements, because it typically controls the services before trans-ferring them to the customer, and consequently as a main rule recognises revenue on a gross basis.Significant accounting judgementsCapitalisation of transition and mobilisation costs involves management\u2019s judgement to assess if the criteria for capitalisation are fulfilled. Management uses judgement to determine if the costs relate directly to the contract and are incurred in order for ISS to be able to fulfill the contract. In addition, management determines if the costs generate resources that will be used in satisfying the performance obligations and are expected to be recovered, i.e. reflected in the pricing of the contracts.Significant accounting estimates and judgementsOur strategic choice to focus on key accounts increasingly leads to a customer case comprising large, more complex contracts in terms of perfor-mance obligations towards our customers. Addition-ally, the size and complexity of such contracts often requires ISS to incur significant transition and mo-bilisation costs before service delivery commences to enable fulfillment of the performance obligations. Furthermore, complex restructuring projects may need to be initiated and recognised as a provision. Onerous contracts Management assesses whether contracts may be onerous by estimating the ex-pected future profitability. This involves estimating total contract revenue and the unavoidable costs of meeting the performance obligations under the con-tract, including any transition and mobilisation costs incurred. In estimating the expected future profit-ability, management makes judgements, including in relation to termination and extension options.Certain contracts are large, complex and longer term facility service partnerships. In estimating unavoid-able costs in relation to such contracts, management makes assumptions around future realisation of costs taking estimated optimisations and efficiency gains from improvement initiatives into consider-ation. While ISS has inherent risk in this respect, ISS is by nature also dependent on aligning interest with the customer within the framework of the agree-ment for the benefit of both parties. The outcome may vary significantly should the assumptions and judgements applied not be realised as expected by management and applied as basis for their assess-ment of whether a contract is onerous.Restructurings and other provisions Management makes judgements related to various other matters and obligations, primarily relating to planned/initiated restructurings, and complex customer and contract-related risks and disputes, including ongoing lawsuits. Management\u2019s assessment of the likely outcome of lawsuits, tax disputes, etc., is based on external legal assistance and established precedents.For large, complex contracts, the outcome may vary significantly should the judgements and assump-tions applied by management in their assessment of the risks and disputes not be realised as expected.Significant accounting judgementsLease term Several of ISS\u2019s lease contracts (office buildings) have no contractual fixed lease term or contains an extension option. Management exercises judgement in determining whether these extension options are reasonably certain to be exercised. Management considers all relevant facts and circumstances that create an economic incen-tive for the Group to exercise the extension option.The lease term for contracts without an end date is set to ten years for head office and accessory buildings, whereas all other leases with no definite end date are set to five years.Significant accounting judgementsCloud-based arrangement At the commencement date, management assesses whether the Group ac-quires an intangible asset, a leased asset or receives a service over the term of the contract. If the Group receives a right to access the cloud provider's appli-cation without further rights or control it is neither a lease nor an intangible asset. However, the Group may acquire an intangible asset if the Group has the contractual right to take possession of the software during the contract period without significant penal-ty and it is feasible for the Group to run the software on its own hardware or with another cloud provider.In SaaS arrangements, where the provider controls the application software, the assessment of whether configuration or customisation of the software results in an intangible asset for the Group depends on the output of the configuration or customisation activities performed. Part of the activities undertaken may entail the development of software code that enhances or modifies, or creates additional capability to the existing on-premise software to enable it to connect with the cloud-based software applications. If activities are performed on the Group\u2019s infrastruc-ture and applications, they likely represent assets that the Group controls because they enhance, improve or customise existing software assets.Significant accountingestimatesIn performing the impairment test, manage-ment assesses whether the CGU to which the intangibles relate will be able to generate positive net cash flows sufficient to support the value of intangibles and other net assets. The assessment is based on estimates of expected future cash flows (value-in-use) for the individual GCU, which by nature are uncertain.Estimates are made using financial forecasts for the following year as approved by management, and estimated discount rates, growth and market developments. Assumptions applied in the short to medium term (forecasting period of five years) generally reflect management\u2019s expecta-tions considering all relevant factors, including estimated optimisations and efficiency gains from improvement initiatives, past experience and external sources of information, where possible and relevant. Terminal growth rates and margins applied reflects management\u2019s long-term expectations for revenue growth for the individual CGUs, including inflation, and normalised earnings, respectively.The outcome of the impairment test may vary significantly should the assumptions, estimates and judgements not be realised as expected and applied as basis for management\u2019s conclusion of whether impairment of a CGU has occurred.Significant accounting estimates and judgementsDeferred tax assets relating to tax losses carried forward are recognised, when management assesses that these can be offset against positive taxable income in the foreseeable future. The assessment is made at the reporting date taking into account the impact from limitation in interest deductibility and local tax restrictions in utilisation of tax losses. The assessment of future taxable in-come is based on financial forecasts approved by management and expectations on the operational development, mainly in terms of organic growth and operating margin.Management made a reassessment of the probabili-ty that future taxable profit will be available in the foreseeable future against which the Group can uti-lise tax losses (i.e for current year and those carried forward from prior years (valuation allowances). The assessment is based on the cash flow projections made for the purpose of the Group\u2019s impairment tests, see 3.2, Impairment tests, and represents management\u2019s best estimate, but is by nature asso-ciated with significant uncertainty. Uncertain tax positions As part of operating a global business, disputes with tax authorities around the world may occur. Management peri-odically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and consid-ers whether it is probable that a tax authority will accept an uncertain tax treatment. The possible outcome of uncertain tax positions are measured based on management\u2019s best estimate of the amount required to settle the obligation and rec-ognised in deferred tax or income tax depending on the tax position.Significant accounting estimatesActuarial calculations and valuations are performed annually for all major plans. The present value of defined benefit obligations is determined on the basis of assumptions about the future develop-ment in variables such as salary levels, interest rates, in\ufb02ation and mortality. Applied actuarial assumptions vary from country to country due to local conditions. All assumptions are assessed at the reporting date. Changes in these assumptions may significantly affect the liabilities and pension costs under defined benefit plans. The range and weighted average of these assumptions as well as sensitivities on key assumptions are disclosed in this note.The discount rates used for calculating the present value of expected future cash flows are based on the market yield of high-quality corporate bonds or government bonds with a maturity approximating to the terms of the defined benefit obligations. When the Group participates in multi-employer pension plans being accounted for as defined con-tribution plans due to unavailability of information, there is a risk that the plans are not sufficiently funded. However, information on surplus or deficit in the schemes is not available.",
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"s10_notes__7__19": {
"value": "Estimates and judgements The preparation of the Group\u2019s consolidated financial statements required management to make judgements, estimates and assumptions that affected the reported amounts of assets, liabilities, income and expenses, the accom-panying disclosures, including contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities in future periods. Estimates and assumptions are reviewed on an ongoing basis and have been prepared taking macroeconomic developments into consid-eration, but still ensuring that one-off effects which are not expected to exist in the long term do not affect estimation and determina-tion of these key factors, including discount rates and expectations for the future.The table to the right provides an overview of the Group's significant accounting estimates and judgements and the significance of impact on the consolidated financial statements. Note Significant estimates and judgements Estimate/Judgement Impact1.2 Revenue \u2022 Revenue recognition \u2013 impact from contract modifications and variable consideration Estimate/Judgement\u2022 Gross or net presentation Judgement2.2 Other receivables \u2022 Capitalisation of transition and mobilisation costs Judgement2.5 Provisions \u2022 Onerous contracts \u2013 future profitability Estimate/Judgement\u2022 Assumptions for claims, disputes and legal proceedings Judgements2.6 Right-of-use assets \u2022 Lease term, including extension options mainly related to buildings Judgements3.1 Intangible assets \u2022 Cloud-based arragements \u2013 assessment of control Judgements\u2022 Capitalisation of configuration and customisation costs for software Judgements3.2 Impairment tests \u2022 Key assumptions in impairment test of goodwill and other intangible assets Estimate5.2 Deferred tax \u2022 Recognition of deferred tax assets \u2013 future taxable profit available Estimate\u2022 Uncertain tax positions \u2013 estimate of the amount required to settle the obligation Estimate/Judgement7.1 Pensions and \u2022 Assumptions for actuarial gains and losses, e.g. inflation and discount rates, Estimatesimilar obligationsfuture salary and pension increases\u2022 Low \u2022\u2022 Medium \u2022\u2022\u2022HighSignificant accounting estimates and judgementsOur customer contracts are based on three different commercial models requiring varying levels of man-agement estimates and judgement in determining the transaction price:1) Fixed price contracts;2) Cost-plus contracts; and3) Cost-plus variations (typically capped)For fixed price contracts, revenue is recognised based on the transaction price stated in the contract, and thus require limited judgement from management.For cost-plus contracts, including variations e.g. with a cap, ISS\u2019s transaction price is determined based on costs incurred with the addition of an agreed mark-up/management fee. Determining the transaction price requires management to assess, which costs may be included in the calculation basis and if rele-vant, whether within the capped maximum.For key accounts and other large contracts, the transaction price may also include a variable consideration based on achievement of certain key performance indicators and gain share. Manage-ment estimates variable consideration based on the most likely amount to which it expects to be entitled on a contract-by-contract basis. Management makes a detailed assessment of the amount of revenue expected to be received and the probability of suc-cess in each case. Variable consideration is included in revenue as services are performed to the extent that it is highly probable that the amount will not be subject to significant reversal.Price adjustment mechanisms in our customer contracts vary in terms of content and extent. Judgement is required by management to determine the amount of revenue expected to be received as a result of inflationary pressure on costs of delivery.Contract modifications regularly occur, particularly for key account customers, in order to ensure that service solutions reflect their current needs. Such modifications are generally agreed with the cus-tomer in advance as per the contract in accordance with a specified change management procedure and accounted for going forward with no impact on recognised revenue up to the date of modification. Management assess how quickly ISS would be able to implement the scope changes of the service.Gross or net presentation of revenue Management uses judgement to determine whether the nature of ISS\u2019s promise is to provide the specified services (ISS is the principal), or to arrange for another party to provide the services (ISS is acting as an agent). This assessment is based on an evaluation of whether ISS controls the specified services before transfer to the customer. The Group has concluded that as a main rule it is the principal in its revenue arrangements, because it typically controls the services before trans-ferring them to the customer, and consequently as a main rule recognises revenue on a gross basis.Significant accounting judgementsCapitalisation of transition and mobilisation costs involves management\u2019s judgement to assess if the criteria for capitalisation are fulfilled. Management uses judgement to determine if the costs relate directly to the contract and are incurred in order for ISS to be able to fulfill the contract. In addition, management determines if the costs generate resources that will be used in satisfying the performance obligations and are expected to be recovered, i.e. reflected in the pricing of the contracts.Significant accounting estimates and judgementsOur strategic choice to focus on key accounts increasingly leads to a customer case comprising large, more complex contracts in terms of perfor-mance obligations towards our customers. Addition-ally, the size and complexity of such contracts often requires ISS to incur significant transition and mo-bilisation costs before service delivery commences to enable fulfillment of the performance obligations. Furthermore, complex restructuring projects may need to be initiated and recognised as a provision. Onerous contracts Management assesses whether contracts may be onerous by estimating the ex-pected future profitability. This involves estimating total contract revenue and the unavoidable costs of meeting the performance obligations under the con-tract, including any transition and mobilisation costs incurred. In estimating the expected future profit-ability, management makes judgements, including in relation to termination and extension options.Certain contracts are large, complex and longer term facility service partnerships. In estimating unavoid-able costs in relation to such contracts, management makes assumptions around future realisation of costs taking estimated optimisations and efficiency gains from improvement initiatives into consider-ation. While ISS has inherent risk in this respect, ISS is by nature also dependent on aligning interest with the customer within the framework of the agree-ment for the benefit of both parties. The outcome may vary significantly should the assumptions and judgements applied not be realised as expected by management and applied as basis for their assess-ment of whether a contract is onerous.Restructurings and other provisions Management makes judgements related to various other matters and obligations, primarily relating to planned/initiated restructurings, and complex customer and contract-related risks and disputes, including ongoing lawsuits. Management\u2019s assessment of the likely outcome of lawsuits, tax disputes, etc., is based on external legal assistance and established precedents.For large, complex contracts, the outcome may vary significantly should the judgements and assump-tions applied by management in their assessment of the risks and disputes not be realised as expected.Significant accounting judgementsLease term Several of ISS\u2019s lease contracts (office buildings) have no contractual fixed lease term or contains an extension option. Management exercises judgement in determining whether these extension options are reasonably certain to be exercised. Management considers all relevant facts and circumstances that create an economic incen-tive for the Group to exercise the extension option.The lease term for contracts without an end date is set to ten years for head office and accessory buildings, whereas all other leases with no definite end date are set to five years.Significant accounting judgementsCloud-based arrangement At the commencement date, management assesses whether the Group ac-quires an intangible asset, a leased asset or receives a service over the term of the contract. If the Group receives a right to access the cloud provider's appli-cation without further rights or control it is neither a lease nor an intangible asset. However, the Group may acquire an intangible asset if the Group has the contractual right to take possession of the software during the contract period without significant penal-ty and it is feasible for the Group to run the software on its own hardware or with another cloud provider.In SaaS arrangements, where the provider controls the application software, the assessment of whether configuration or customisation of the software results in an intangible asset for the Group depends on the output of the configuration or customisation activities performed. Part of the activities undertaken may entail the development of software code that enhances or modifies, or creates additional capability to the existing on-premise software to enable it to connect with the cloud-based software applications. If activities are performed on the Group\u2019s infrastruc-ture and applications, they likely represent assets that the Group controls because they enhance, improve or customise existing software assets.Significant accountingestimatesIn performing the impairment test, manage-ment assesses whether the CGU to which the intangibles relate will be able to generate positive net cash flows sufficient to support the value of intangibles and other net assets. The assessment is based on estimates of expected future cash flows (value-in-use) for the individual GCU, which by nature are uncertain.Estimates are made using financial forecasts for the following year as approved by management, and estimated discount rates, growth and market developments. Assumptions applied in the short to medium term (forecasting period of five years) generally reflect management\u2019s expecta-tions considering all relevant factors, including estimated optimisations and efficiency gains from improvement initiatives, past experience and external sources of information, where possible and relevant. Terminal growth rates and margins applied reflects management\u2019s long-term expectations for revenue growth for the individual CGUs, including inflation, and normalised earnings, respectively.The outcome of the impairment test may vary significantly should the assumptions, estimates and judgements not be realised as expected and applied as basis for management\u2019s conclusion of whether impairment of a CGU has occurred.Significant accounting estimates and judgementsDeferred tax assets relating to tax losses carried forward are recognised, when management assesses that these can be offset against positive taxable income in the foreseeable future. The assessment is made at the reporting date taking into account the impact from limitation in interest deductibility and local tax restrictions in utilisation of tax losses. The assessment of future taxable in-come is based on financial forecasts approved by management and expectations on the operational development, mainly in terms of organic growth and operating margin.Management made a reassessment of the probabili-ty that future taxable profit will be available in the foreseeable future against which the Group can uti-lise tax losses (i.e for current year and those carried forward from prior years (valuation allowances). The assessment is based on the cash flow projections made for the purpose of the Group\u2019s impairment tests, see 3.2, Impairment tests, and represents management\u2019s best estimate, but is by nature asso-ciated with significant uncertainty. Uncertain tax positions As part of operating a global business, disputes with tax authorities around the world may occur. Management peri-odically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and consid-ers whether it is probable that a tax authority will accept an uncertain tax treatment. The possible outcome of uncertain tax positions are measured based on management\u2019s best estimate of the amount required to settle the obligation and rec-ognised in deferred tax or income tax depending on the tax position.Significant accounting estimatesActuarial calculations and valuations are performed annually for all major plans. The present value of defined benefit obligations is determined on the basis of assumptions about the future develop-ment in variables such as salary levels, interest rates, in\ufb02ation and mortality. Applied actuarial assumptions vary from country to country due to local conditions. All assumptions are assessed at the reporting date. Changes in these assumptions may significantly affect the liabilities and pension costs under defined benefit plans. The range and weighted average of these assumptions as well as sensitivities on key assumptions are disclosed in this note.The discount rates used for calculating the present value of expected future cash flows are based on the market yield of high-quality corporate bonds or government bonds with a maturity approximating to the terms of the defined benefit obligations. When the Group participates in multi-employer pension plans being accounted for as defined con-tribution plans due to unavailability of information, there is a risk that the plans are not sufficiently funded. However, information on surplus or deficit in the schemes is not available.",
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"s10_notes__7__18": {
"value": "Estimates and judgements The preparation of the Group\u2019s consolidated financial statements required management to make judgements, estimates and assumptions that affected the reported amounts of assets, liabilities, income and expenses, the accom-panying disclosures, including contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities in future periods. Estimates and assumptions are reviewed on an ongoing basis and have been prepared taking macroeconomic developments into consid-eration, but still ensuring that one-off effects which are not expected to exist in the long term do not affect estimation and determina-tion of these key factors, including discount rates and expectations for the future.The table to the right provides an overview of the Group's significant accounting estimates and judgements and the significance of impact on the consolidated financial statements. Note Significant estimates and judgements Estimate/Judgement Impact1.2 Revenue \u2022 Revenue recognition \u2013 impact from contract modifications and variable consideration Estimate/Judgement\u2022 Gross or net presentation Judgement2.2 Other receivables \u2022 Capitalisation of transition and mobilisation costs Judgement2.5 Provisions \u2022 Onerous contracts \u2013 future profitability Estimate/Judgement\u2022 Assumptions for claims, disputes and legal proceedings Judgements2.6 Right-of-use assets \u2022 Lease term, including extension options mainly related to buildings Judgements3.1 Intangible assets \u2022 Cloud-based arragements \u2013 assessment of control Judgements\u2022 Capitalisation of configuration and customisation costs for software Judgements3.2 Impairment tests \u2022 Key assumptions in impairment test of goodwill and other intangible assets Estimate5.2 Deferred tax \u2022 Recognition of deferred tax assets \u2013 future taxable profit available Estimate\u2022 Uncertain tax positions \u2013 estimate of the amount required to settle the obligation Estimate/Judgement7.1 Pensions and \u2022 Assumptions for actuarial gains and losses, e.g. inflation and discount rates, Estimatesimilar obligationsfuture salary and pension increases\u2022 Low \u2022\u2022 Medium \u2022\u2022\u2022HighSignificant accounting estimates and judgementsOur customer contracts are based on three different commercial models requiring varying levels of man-agement estimates and judgement in determining the transaction price:1) Fixed price contracts;2) Cost-plus contracts; and3) Cost-plus variations (typically capped)For fixed price contracts, revenue is recognised based on the transaction price stated in the contract, and thus require limited judgement from management.For cost-plus contracts, including variations e.g. with a cap, ISS\u2019s transaction price is determined based on costs incurred with the addition of an agreed mark-up/management fee. Determining the transaction price requires management to assess, which costs may be included in the calculation basis and if rele-vant, whether within the capped maximum.For key accounts and other large contracts, the transaction price may also include a variable consideration based on achievement of certain key performance indicators and gain share. Manage-ment estimates variable consideration based on the most likely amount to which it expects to be entitled on a contract-by-contract basis. Management makes a detailed assessment of the amount of revenue expected to be received and the probability of suc-cess in each case. Variable consideration is included in revenue as services are performed to the extent that it is highly probable that the amount will not be subject to significant reversal.Price adjustment mechanisms in our customer contracts vary in terms of content and extent. Judgement is required by management to determine the amount of revenue expected to be received as a result of inflationary pressure on costs of delivery.Contract modifications regularly occur, particularly for key account customers, in order to ensure that service solutions reflect their current needs. Such modifications are generally agreed with the cus-tomer in advance as per the contract in accordance with a specified change management procedure and accounted for going forward with no impact on recognised revenue up to the date of modification. Management assess how quickly ISS would be able to implement the scope changes of the service.Gross or net presentation of revenue Management uses judgement to determine whether the nature of ISS\u2019s promise is to provide the specified services (ISS is the principal), or to arrange for another party to provide the services (ISS is acting as an agent). This assessment is based on an evaluation of whether ISS controls the specified services before transfer to the customer. The Group has concluded that as a main rule it is the principal in its revenue arrangements, because it typically controls the services before trans-ferring them to the customer, and consequently as a main rule recognises revenue on a gross basis.Significant accounting judgementsCapitalisation of transition and mobilisation costs involves management\u2019s judgement to assess if the criteria for capitalisation are fulfilled. Management uses judgement to determine if the costs relate directly to the contract and are incurred in order for ISS to be able to fulfill the contract. In addition, management determines if the costs generate resources that will be used in satisfying the performance obligations and are expected to be recovered, i.e. reflected in the pricing of the contracts.Significant accounting estimates and judgementsOur strategic choice to focus on key accounts increasingly leads to a customer case comprising large, more complex contracts in terms of perfor-mance obligations towards our customers. Addition-ally, the size and complexity of such contracts often requires ISS to incur significant transition and mo-bilisation costs before service delivery commences to enable fulfillment of the performance obligations. Furthermore, complex restructuring projects may need to be initiated and recognised as a provision. Onerous contracts Management assesses whether contracts may be onerous by estimating the ex-pected future profitability. This involves estimating total contract revenue and the unavoidable costs of meeting the performance obligations under the con-tract, including any transition and mobilisation costs incurred. In estimating the expected future profit-ability, management makes judgements, including in relation to termination and extension options.Certain contracts are large, complex and longer term facility service partnerships. In estimating unavoid-able costs in relation to such contracts, management makes assumptions around future realisation of costs taking estimated optimisations and efficiency gains from improvement initiatives into consider-ation. While ISS has inherent risk in this respect, ISS is by nature also dependent on aligning interest with the customer within the framework of the agree-ment for the benefit of both parties. The outcome may vary significantly should the assumptions and judgements applied not be realised as expected by management and applied as basis for their assess-ment of whether a contract is onerous.Restructurings and other provisions Management makes judgements related to various other matters and obligations, primarily relating to planned/initiated restructurings, and complex customer and contract-related risks and disputes, including ongoing lawsuits. Management\u2019s assessment of the likely outcome of lawsuits, tax disputes, etc., is based on external legal assistance and established precedents.For large, complex contracts, the outcome may vary significantly should the judgements and assump-tions applied by management in their assessment of the risks and disputes not be realised as expected.Significant accounting judgementsLease term Several of ISS\u2019s lease contracts (office buildings) have no contractual fixed lease term or contains an extension option. Management exercises judgement in determining whether these extension options are reasonably certain to be exercised. Management considers all relevant facts and circumstances that create an economic incen-tive for the Group to exercise the extension option.The lease term for contracts without an end date is set to ten years for head office and accessory buildings, whereas all other leases with no definite end date are set to five years.Significant accounting judgementsCloud-based arrangement At the commencement date, management assesses whether the Group ac-quires an intangible asset, a leased asset or receives a service over the term of the contract. If the Group receives a right to access the cloud provider's appli-cation without further rights or control it is neither a lease nor an intangible asset. However, the Group may acquire an intangible asset if the Group has the contractual right to take possession of the software during the contract period without significant penal-ty and it is feasible for the Group to run the software on its own hardware or with another cloud provider.In SaaS arrangements, where the provider controls the application software, the assessment of whether configuration or customisation of the software results in an intangible asset for the Group depends on the output of the configuration or customisation activities performed. Part of the activities undertaken may entail the development of software code that enhances or modifies, or creates additional capability to the existing on-premise software to enable it to connect with the cloud-based software applications. If activities are performed on the Group\u2019s infrastruc-ture and applications, they likely represent assets that the Group controls because they enhance, improve or customise existing software assets.Significant accountingestimatesIn performing the impairment test, manage-ment assesses whether the CGU to which the intangibles relate will be able to generate positive net cash flows sufficient to support the value of intangibles and other net assets. The assessment is based on estimates of expected future cash flows (value-in-use) for the individual GCU, which by nature are uncertain.Estimates are made using financial forecasts for the following year as approved by management, and estimated discount rates, growth and market developments. Assumptions applied in the short to medium term (forecasting period of five years) generally reflect management\u2019s expecta-tions considering all relevant factors, including estimated optimisations and efficiency gains from improvement initiatives, past experience and external sources of information, where possible and relevant. Terminal growth rates and margins applied reflects management\u2019s long-term expectations for revenue growth for the individual CGUs, including inflation, and normalised earnings, respectively.The outcome of the impairment test may vary significantly should the assumptions, estimates and judgements not be realised as expected and applied as basis for management\u2019s conclusion of whether impairment of a CGU has occurred.Significant accounting estimates and judgementsDeferred tax assets relating to tax losses carried forward are recognised, when management assesses that these can be offset against positive taxable income in the foreseeable future. The assessment is made at the reporting date taking into account the impact from limitation in interest deductibility and local tax restrictions in utilisation of tax losses. The assessment of future taxable in-come is based on financial forecasts approved by management and expectations on the operational development, mainly in terms of organic growth and operating margin.Management made a reassessment of the probabili-ty that future taxable profit will be available in the foreseeable future against which the Group can uti-lise tax losses (i.e for current year and those carried forward from prior years (valuation allowances). The assessment is based on the cash flow projections made for the purpose of the Group\u2019s impairment tests, see 3.2, Impairment tests, and represents management\u2019s best estimate, but is by nature asso-ciated with significant uncertainty. Uncertain tax positions As part of operating a global business, disputes with tax authorities around the world may occur. Management peri-odically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and consid-ers whether it is probable that a tax authority will accept an uncertain tax treatment. The possible outcome of uncertain tax positions are measured based on management\u2019s best estimate of the amount required to settle the obligation and rec-ognised in deferred tax or income tax depending on the tax position.Significant accounting estimatesActuarial calculations and valuations are performed annually for all major plans. The present value of defined benefit obligations is determined on the basis of assumptions about the future develop-ment in variables such as salary levels, interest rates, in\ufb02ation and mortality. Applied actuarial assumptions vary from country to country due to local conditions. All assumptions are assessed at the reporting date. Changes in these assumptions may significantly affect the liabilities and pension costs under defined benefit plans. The range and weighted average of these assumptions as well as sensitivities on key assumptions are disclosed in this note.The discount rates used for calculating the present value of expected future cash flows are based on the market yield of high-quality corporate bonds or government bonds with a maturity approximating to the terms of the defined benefit obligations. When the Group participates in multi-employer pension plans being accounted for as defined con-tribution plans due to unavailability of information, there is a risk that the plans are not sufficiently funded. However, information on surplus or deficit in the schemes is not available.",
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"s10_notes__7__21": {
"value": "1 Operating profit ISS is a leading, global provider of integrated facility service (IFS) to key account customers and the absolute leader in cleaning. With operations in 60+ countries of which 30+ are core self-delivery countries, we have a strong global footprint.In recent years, we have successfully trimmed our business. Today, we have a global platform, and the growth agenda will be focused on providing IFS to key accounts in three prioritised segments; office-based, production-based and healthcare. Our core service offering to customers consists of cleaning, food, technical and workplace services. In 2022, revenue was DKK 76,538 million. Reve-nue from key accounts increased to 71% (2021: 69%) of Group revenue and generated higher organic growth than non-key accounts. IFS share of revenue has consistently increased over the last decade and comprised 51% in 2022. The majority of revenue comprises portfolio revenue which is contractually committed at the inception of the contract and recurring. The remaining revenue is demanded on a non-recurring basis and agreed as separate transactions.Portfolio revenue grew organically by 10%, pos-itively impacted by price increases to offset the rising cost inflation. Revenue from projects and above-base work was in line with 2021 despite a decline in deep-cleaning and disinfection services.Operating profit before other items was DKK 2,876 million for an operating margin of 3.8% excluding impact from IAS 29 (2021: 2.5%).Our business model is based on self-delivery of our core services by our placemakers \u2013 our most important resource. As a result, we incur a sig-nificant amount of employee costs to generate revenue. In 2022, employee costs comprised 66% of total operating costs, and remained at the level of 2021.Our strategic focusKey Account \u2013 IFS for key accountsshare29%71%1)71 76.5KKbnDKKbn51%Key accounts IFS Other1) Group revenueOur revenuRevenue\u2013 high level of recurring revenue18%1)76.5DKKbn82%Portfolio Projects and above-base1) Group revenueOur cost base\u2013 self-delivery by our placemakers1)73.7DKKbn66%m Employee costs1) Total operating costs1.1 Segments 1.1.1 Operating segmentsISS is a leading, global provider of workplace and facility service solutions operating in 30+ countries. Operations are generally managed based on a geographical structure in which countries are grouped into regions. The regions have been identified based on a key principle of grouping countries that share market conditions and cultures. Countries where we do not have a full country-based support structure, which are managed by our Global Key Account Organisation, are combined in a separate segment \u201cOther countries\u201d.An overview of the grouping of countries into regions is presented in 8.4, Group companies. Central &OtherTotal Unal-Northern Southern Asia & Ameri-coun-seg-located/ Total (DKKm)EuropeEuropePacificcastriesmentseliminationGroup1)2022 2)Revenue, excl. IAS 29 28,694 24,538 14,012 8,585 606 76,435 (51) 76,384 Revenue 28,694 24,692 14,012 8,585 606 76,589 (51) 76,538 Depreciation and amortisation (557) (575) (147)(97)(4)(1,380)(137)(1,517)Operating pro\uedaft before other2) items, excl. IAS 29 1,519 1,108 882 445 27 3,981 (1,105)2,876Operating profit before other items 1,519 1,079 882 445 27 3,952 (1,105) 2,847 Operating margin 5.3% 4.4% 6.3% 5.2% 4.5% 5.2% - 3.7%Operating margin, excl. IAS 29 5.3% 4.5% 6.3% 5.2% 4.5% 5.2% - 3.8%Other income and expenses, net 45 (13) 156 (124) - 64 (7) 57 Amortisation/impairment of brands and customer contracts (16)(27)(4)(22) - (69) - (69)Operating profit 1,548 1,039 1,034 299 27 3,947 (1,112) 2,835 2021Revenue 27,675 23,585 12,381 7,141 626 71,408 (45) 71,363 Depreciation and amortisation(659)(581)(212)(109)(3)(1,564)(196)(1,760)Operating profit before other items 1,290 584 735 393 16 3,018 (1,242) 1,776 Operating margin4.7% 2.5% 5.9% 5.5% 2.6% 4.2% - 2.5%Other income and expenses, net (2) 431 (2) 78 - 505 (66) 439 Goodwill impairment - (450) - - - (450) - (450)Amortisation/impairment of brands and customer contracts (21)(11)(6)(26) - (64) - (64)Operating profit 1,267 554 727 445 16 3,009 (1,308) 1,701 1) Effective 1 January 2022, the Group reorganised its European business into the regions Northern Europe and Central & Southern Europe consistent with the Group\u2019s internal management and reporting structure. As a result, the Netherlands, Belgium & Luxembourg, Poland and Lithuania were moved from Central & Southern Europe (previously Continental Europe) to Northern Europe. Asia & Pacific and Americas remained unchanged. Comparative figures for 2021 were restated accordingly.2) Effective 1 January 2022, ISS Turkey was restated for hyperinflation in accordance with IAS 29, cf. 7.2, Hyperinflation in Turkey.Regional RevenueRevenue76.5DKKbn38% Northern32% Central & Southern18% Asia & Pacific11% Americas1% Otherprofit1)Operating profit 3.9DKKbn39% Northern26% Central & Southern26% Asia & Pacific08% Americas1% Other1) Based on total segments1.1.2 Geographical distributionRevenue(DKKm)2022 2021UK & Ireland 10,396 10,634 US & Canada 6,387 5,298 Switzerland 5,729 5,212 Germany 5,556 5,429 Australia & New Zealand 4,868 4,349 Spain 4,122 4,420 Norway 4,016 3,181 Denmark (country of domicile) 3,169 3,661 \u200a 1)Other countries 32,295 29,179 Total 76,538 71,363 1) Including unallocated items and eliminations.Group revenue per country is disclosed on p. 119. 2)Non-current assets\u200a(DKKm)2022 2021UK & Ireland 3,052 3,275 US & Canada 2,492 2,362 Switzerland 2,134 1,723 Denmark (country of domicile) 1,737 1,804 Norway 1,434 1,501 Australia & New Zealand 1,396 1,411 Spain 1,196 1,178 Germany 997 989 \u2009 1)Other countries 13,314 12,329 Total 27,752 26,572 1) 2) Excluding deferred tax assets. RevenueRevenue76.5DKKbn14%UK & Ireland8%US & Canada7%Switzerland7%Germany6%Australia & NZ5%Spain5%Norway4%Denmark 44%Other countriesNon-current assetsNon-current assets27.8DKKbn11%UK & Ireland9%US & Canada8%Switzerland6%Denmark5%Norway5%Australia & NZ4%Spain4%Germany48%Other countriesAccounting policyThe segmentation is consistent with the Group\u2019s strategic management and reporting structure applied by the Executive Group Management, and excludes discontinued operations. Segments are managed primarily based on business perfor-mance measured by Operating profit.Segment revenue and costs comprise items that are directly attributable to the individual seg-ments. Unallocated items mainly consist of rev-enue and cost relating to the Group\u2019s corporate functions. Decisions on financing (financial income and expenses) as well as tax planning (income tax) are managed at Group level and are therefore not managed and allocated to segments. Segment revenue is presented including internal revenue which due to the nature of the business is insignificant and therefore not disclosed. Trans-actions between operating segments are made on market terms.The geographical distribution of segment revenue and non-current assets is based on the geograph-ical location of the individual subsidiary from which the sales transaction originates. Significant countries are defined as countries representing more than 5% of Group revenue as well as the do-micile country, Denmark. No customer comprise more than 10% of Group revenue.1.2 Revenue1.2.1 Performance obligations Revenue is generated from rendering of workplace and facility service solutions. Our services are provided at the customer's site on a daily basis continuously over the term of the contract. The customer simultaneously receives and consumes the benefits provided by the Group. Thus, performance obligations are satisfied over time. Revenue is split between portfolio and projects and above-base work, with the vast majority stemming from portfolio revenue, approx. 82% (2021: 81%). (DKKm)2022 2021Portfolio revenue 62,872 57,479 Projects and above-base work 13,666 13,884 Total 76,538 71,363 Portfolio revenue comprises revenue from contracts with customers that is contractually agreed (committed) at inception and relates to services that we are obligated to render on a recurring basis over the term of the con-tract. Revenue from projects and above-base work (e.g. capital projects) is demanded on a non-recurring basis and agreed separately with the customer.1.2.2 Disaggregation of revenueAligned with our strategy to focus on key accounts in three prioritised segments, where we deliver our core services, we disaggregate revenue based on: \u2022 customer category;\u2022 customer segment;\u2022 services; and\u2022 geographical region.We believe that these best depict how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. (DKKm)2022 2021Customer category Key accounts 54,666 49,238 Large and medium 17,387 17,958 Small and route-based 4,485 4,167 Total 76,538 71,363 Customer segments Office-based 30,647 n/a Production-based 18,094 n/a Healthcare 10,046 n/a Other 17,751 n/a Total 76,538 n/a Core services Cleaning 34,693 34,416 Technical 16,640 16,226 Food 10,170 7,535 Workplace, incl. Other 15,035 13,186 Total 76,538 71,363 Disaggregation of revenue based on geographical region is disclosed in 1.1, Segments. 1.2.3 Costs to fulfill a contract The size and complexity of key account contracts often requires ISS to incur significant transition and mobilisation costs before service delivery commences in order to be able to fulfill the performance obligations under the con-tracts. Transition and mobilisation costs comprise costs, directly related to launching certain large long-term contracts such as transfer of employ-ees from previous suppliers, site due diligence, planning and developing service plans. The cost includes internal direct costs and external costs, e.g. to consultants.At 31 December 2022, capitalised transition and mobilisation costs amounted to DKK 36 million (2021: DKK 62 million). No significant additional costs were capitalised in 2022. Capitalised transition and mobilisation costs arepresented in 2.2, Other receivables.CustomersCustomer category76.5DKKbn71% Key accounts 23% Large and medium06% Small and route-basedsegmentsCustomer segments76.5DKKbn40% Office-based24% Production-based13%Healthcare23% OtherservicesCore services76.5DKKbn45% Cleaning22% Technical13%Food20% Workplace, incl. Other1.2.4 Revenue backlog Our revenue base consists of a mix of yearly con-tracts, which are renewed tacitly, and thousands of multi-year contracts, the majority of which have an initial term of three to five years. Depending on the size and complexity of the contract, the transition and mobilisation period is normally between six and twelve months for our key accounts. Contracts regularly include options for the customer to terminate for convenience within three to nine months. However, we maintain a high retention rate of 94% (excl. the planned exit of the Danish Defence contract), both for key accounts and overall, supporting that these options are rarely exercised.As described in 1.2.1, Performance obligations, the vast majority of our revenue is portfolio revenue and the remaining part is non-recurring in the form of projects and above-base work. Projects and above-base work is not committed as part of the main customer contract and is therefore excluded from the transaction price to be allocated to the remaining performance obligation (revenue backlog). In addition, the Group has applied the exemptions of IFRS 15, and excluded the following from the backlog:\u2022 contracts with a term of less than 12 months; and\u2022 contracts where the Group invoices a fixed amount for each hour of service provided.As a result, the amounts disclosed in the matu-rity table are significantly lower than reported revenue and will likely not reflect the degree of certainty in future revenue (and cash inflows) to the Group. As a supplement, in the manage-ment review, p. 20, a maturity overview for our largest key accounts (> DKK 200 million of annual revenue) is presented.(DKKm)2022 2021< 1 year 34% 21,413 33% 20,3101-5 years 54% 34,407 50% 30,586> 5 years 12% 7,352 17% 10,148Total100% 63,172 100% 61,044Accounting policyRevenue from contracts with customers is recognised when control of the services is transferred to the cus-tomer at an amount that reflects the expected con-sideration for those services. Control is transferred over time as the customer simultaneously receives and consumes the benefits provided by the Group. Services are typically invoiced on a monthly basis at an amount corresponding to the value of the com-pleted performance obligation.Revenue excludes amounts collected on behalf of third parties, e.g. VAT and duties.The input method is used to measure progress towards complete satisfaction of the service due to the direct relationship between labour hours and costs incurred, and the transfer of services to the customer. The Group recognises revenue on the basis of the labour hours and costs expensed relative to the total expected labour hours and costs to complete the service.Significant accounting estimates and judgementsOur customer contracts are based on three different commercial models requiring varying levels of man-agement estimates and judgement in determining the transaction price:1) Fixed price contracts;2) Cost-plus contracts; and3) Cost-plus variations (typically capped)For fixed price contracts, revenue is recognised based on the transaction price stated in the contract, and thus require limited judgement from management.For cost-plus contracts, including variations e.g. with a cap, ISS\u2019s transaction price is determined based on costs incurred with the addition of an agreed mark-up/management fee. Determining the transaction price requires management to assess, which costs may be included in the calculation basis and if rele-vant, whether within the capped maximum.For key accounts and other large contracts, the transaction price may also include a variable consideration based on achievement of certain key performance indicators and gain share. Manage-ment estimates variable consideration based on the most likely amount to which it expects to be entitled on a contract-by-contract basis. Management makes a detailed assessment of the amount of revenue expected to be received and the probability of suc-cess in each case. Variable consideration is included in revenue as services are performed to the extent that it is highly probable that the amount will not be subject to significant reversal.Price adjustment mechanisms in our customer contracts vary in terms of content and extent. Judgement is required by management to determine the amount of revenue expected to be received as a result of inflationary pressure on costs of delivery.Contract modifications regularly occur, particularly for key account customers, in order to ensure that service solutions reflect their current needs. Such modifications are generally agreed with the cus-tomer in advance as per the contract in accordance with a specified change management procedure and accounted for going forward with no impact on recognised revenue up to the date of modification. Management assess how quickly ISS would be able to implement the scope changes of the service.Gross or net presentation of revenue Management uses judgement to determine whether the nature of ISS\u2019s promise is to provide the specified services (ISS is the principal), or to arrange for another party to provide the services (ISS is acting as an agent). This assessment is based on an evaluation of whether ISS controls the specified services before transfer to the customer. The Group has concluded that as a main rule it is the principal in its revenue arrangements, because it typically controls the services before trans-ferring them to the customer, and consequently as a main rule recognises revenue on a gross basis.1.3 Employee costs(DKKm)Note 2022 2021Wages and salaries 38,803 37,214 Social security costs 5,950 5,581 Pensions 7.1 1,448 1,376 Share-based payments 6.2 80 62 Other 2,048 2,136 Total 48,329 46,369 Average number of employees 352,792 362,789 Our strategy is based on self-delivery of our core services by our placemakers. Our business model is asset light and therefore employee costs is our single largest cost category.In 2022, employee costs comprised 66% of the total operating costs (2021: 67%) and were positively impacted by a refund of collective insurance premiums paid in prior years in Swe-den of DKK 23 million (2021: DKK 78 million).Government grants In 2022, the Group recognised government grants of DKK 159 million (2021: DKK 135 million) in the form of wage subventions, which have been recognised as a reduction of employee costs. The grants compensate the Group primar-ily for social security, wage increases as well as employing certain categories of employees such as trainees, disabled persons, long-term unem-ployed and employees in certain age groups.In addition, the Group received Covid-19 grants during the pandemic to compensate costs relat-ed to e.g. employees on furlough, social security contribution and sick pay compensation. With the cessation of the pandemic, the grants have gradually lapsed. In 2022, the Group recognised Covid-19 related grants of DKK 122 million (2021: DKK 432 million), mainly in the US, Hong Kong and Sweden.1.4 Other income and expenses, net (DKKm)2022 2021Gain on divestments 206 604 IT security incident - 7 Other income 206 611 Loss on divestments (124)(34)Integration costs (7) - Acquisition costs (4) (77)Ceased held for sale classification - (59)Other (14)(2)Other expenses (149)(172)Other income and expenses, net 57 439 Gain on divestments mainly related to the Waste Management business in Hong Kong and the damage control business in the UK. In 2021, gain on divestments mainly related to Kanal Services in Switzerland and Specialized Services in the US. Loss on divestments mainly comprised to a withdrawal liability on a multiemployer plan in the US related to the divestment of the Specialized Services business in December 2021. In 2021, the loss mainly related to adjustments to prior years\u2019 divestments and the divestment of the Fruit Baskets business in Sweden.Acquisition costs mainly related to the acquisi-tion of Livit FM Services AG in Switzerland (2021: R\u00f6nesans Facility Management Company). Accounting policyOther income and expenses, net consists of recurring and non-recurring items that manage-ment does not consider to be part of the Group\u2019s ordinary operating activities, i.e. gains and losses on divestments, remeasurement of disposal groups classified as held for sale, carrying amount adjustments regarding ceased held for sale classi-fication, the winding-up of operations, disposal of property and acquisition and integration costs.Other income and expenses, net are presented separately from the Group's ordinary operating activities as management believes that this best reflects the Group's financial performance.Integration costs related to the acquisition of Livit FM Services AG in Switzerland.Ceased held for sale classification comprised depreciation and amortisation for the years 2019 to 2020 due to the ceased held for sale classification of Chile in 2021. Other comprised mainly costs related to wind-ing-up of a minor business in Germany.",
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"s10_notes__7__22": {
"value": "1.1 Segments 1.1.1 Operating segmentsISS is a leading, global provider of workplace and facility service solutions operating in 30+ countries. Operations are generally managed based on a geographical structure in which countries are grouped into regions. The regions have been identified based on a key principle of grouping countries that share market conditions and cultures. Countries where we do not have a full country-based support structure, which are managed by our Global Key Account Organisation, are combined in a separate segment \u201cOther countries\u201d.An overview of the grouping of countries into regions is presented in 8.4, Group companies. Central &OtherTotal Unal-Northern Southern Asia & Ameri-coun-seg-located/ Total (DKKm)EuropeEuropePacificcastriesmentseliminationGroup1)2022 2)Revenue, excl. IAS 29 28,694 24,538 14,012 8,585 606 76,435 (51) 76,384 Revenue 28,694 24,692 14,012 8,585 606 76,589 (51) 76,538 Depreciation and amortisation (557) (575) (147)(97)(4)(1,380)(137)(1,517)Operating pro\uedaft before other2) items, excl. IAS 29 1,519 1,108 882 445 27 3,981 (1,105)2,876Operating profit before other items 1,519 1,079 882 445 27 3,952 (1,105) 2,847 Operating margin 5.3% 4.4% 6.3% 5.2% 4.5% 5.2% - 3.7%Operating margin, excl. IAS 29 5.3% 4.5% 6.3% 5.2% 4.5% 5.2% - 3.8%Other income and expenses, net 45 (13) 156 (124) - 64 (7) 57 Amortisation/impairment of brands and customer contracts (16)(27)(4)(22) - (69) - (69)Operating profit 1,548 1,039 1,034 299 27 3,947 (1,112) 2,835 2021Revenue 27,675 23,585 12,381 7,141 626 71,408 (45) 71,363 Depreciation and amortisation(659)(581)(212)(109)(3)(1,564)(196)(1,760)Operating profit before other items 1,290 584 735 393 16 3,018 (1,242) 1,776 Operating margin4.7% 2.5% 5.9% 5.5% 2.6% 4.2% - 2.5%Other income and expenses, net (2) 431 (2) 78 - 505 (66) 439 Goodwill impairment - (450) - - - (450) - (450)Amortisation/impairment of brands and customer contracts (21)(11)(6)(26) - (64) - (64)Operating profit 1,267 554 727 445 16 3,009 (1,308) 1,701 1) Effective 1 January 2022, the Group reorganised its European business into the regions Northern Europe and Central & Southern Europe consistent with the Group\u2019s internal management and reporting structure. As a result, the Netherlands, Belgium & Luxembourg, Poland and Lithuania were moved from Central & Southern Europe (previously Continental Europe) to Northern Europe. Asia & Pacific and Americas remained unchanged. Comparative figures for 2021 were restated accordingly.2) Effective 1 January 2022, ISS Turkey was restated for hyperinflation in accordance with IAS 29, cf. 7.2, Hyperinflation in Turkey.Regional RevenueRevenue76.5DKKbn38% Northern32% Central & Southern18% Asia & Pacific11% Americas1% Otherprofit1)Operating profit 3.9DKKbn39% Northern26% Central & Southern26% Asia & Pacific08% Americas1% Other1) Based on total segments1.1.2 Geographical distributionRevenue(DKKm)2022 2021UK & Ireland 10,396 10,634 US & Canada 6,387 5,298 Switzerland 5,729 5,212 Germany 5,556 5,429 Australia & New Zealand 4,868 4,349 Spain 4,122 4,420 Norway 4,016 3,181 Denmark (country of domicile) 3,169 3,661 \u200a 1)Other countries 32,295 29,179 Total 76,538 71,363 1) Including unallocated items and eliminations.Group revenue per country is disclosed on p. 119. 2)Non-current assets\u200a(DKKm)2022 2021UK & Ireland 3,052 3,275 US & Canada 2,492 2,362 Switzerland 2,134 1,723 Denmark (country of domicile) 1,737 1,804 Norway 1,434 1,501 Australia & New Zealand 1,396 1,411 Spain 1,196 1,178 Germany 997 989 \u2009 1)Other countries 13,314 12,329 Total 27,752 26,572 1) 2) Excluding deferred tax assets. RevenueRevenue76.5DKKbn14%UK & Ireland8%US & Canada7%Switzerland7%Germany6%Australia & NZ5%Spain5%Norway4%Denmark 44%Other countriesNon-current assetsNon-current assets27.8DKKbn11%UK & Ireland9%US & Canada8%Switzerland6%Denmark5%Norway5%Australia & NZ4%Spain4%Germany48%Other countriesAccounting policyThe segmentation is consistent with the Group\u2019s strategic management and reporting structure applied by the Executive Group Management, and excludes discontinued operations. Segments are managed primarily based on business perfor-mance measured by Operating profit.Segment revenue and costs comprise items that are directly attributable to the individual seg-ments. Unallocated items mainly consist of rev-enue and cost relating to the Group\u2019s corporate functions. Decisions on financing (financial income and expenses) as well as tax planning (income tax) are managed at Group level and are therefore not managed and allocated to segments. Segment revenue is presented including internal revenue which due to the nature of the business is insignificant and therefore not disclosed. Trans-actions between operating segments are made on market terms.The geographical distribution of segment revenue and non-current assets is based on the geograph-ical location of the individual subsidiary from which the sales transaction originates. Significant countries are defined as countries representing more than 5% of Group revenue as well as the do-micile country, Denmark. No customer comprise more than 10% of Group revenue.",
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},
"s10_notes__7__23": {
"value": "Accounting policyThe segmentation is consistent with the Group\u2019s strategic management and reporting structure applied by the Executive Group Management, and excludes discontinued operations. Segments are managed primarily based on business perfor-mance measured by Operating profit.Segment revenue and costs comprise items that are directly attributable to the individual seg-ments. Unallocated items mainly consist of rev-enue and cost relating to the Group\u2019s corporate functions. Decisions on financing (financial income and expenses) as well as tax planning (income tax) are managed at Group level and are therefore not managed and allocated to segments. Segment revenue is presented including internal revenue which due to the nature of the business is insignificant and therefore not disclosed. Trans-actions between operating segments are made on market terms.The geographical distribution of segment revenue and non-current assets is based on the geograph-ical location of the individual subsidiary from which the sales transaction originates. Significant countries are defined as countries representing more than 5% of Group revenue as well as the do-micile country, Denmark. No customer comprise more than 10% of Group revenue.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__17": {
"value": "Accounting policyThe segmentation is consistent with the Group\u2019s strategic management and reporting structure applied by the Executive Group Management, and excludes discontinued operations. Segments are managed primarily based on business perfor-mance measured by Operating profit.Segment revenue and costs comprise items that are directly attributable to the individual seg-ments. Unallocated items mainly consist of rev-enue and cost relating to the Group\u2019s corporate functions. Decisions on financing (financial income and expenses) as well as tax planning (income tax) are managed at Group level and are therefore not managed and allocated to segments. Segment revenue is presented including internal revenue which due to the nature of the business is insignificant and therefore not disclosed. Trans-actions between operating segments are made on market terms.The geographical distribution of segment revenue and non-current assets is based on the geograph-ical location of the individual subsidiary from which the sales transaction originates. Significant countries are defined as countries representing more than 5% of Group revenue as well as the do-micile country, Denmark. No customer comprise more than 10% of Group revenue.Accounting policyRevenue from contracts with customers is recognised when control of the services is transferred to the cus-tomer at an amount that reflects the expected con-sideration for those services. Control is transferred over time as the customer simultaneously receives and consumes the benefits provided by the Group. Services are typically invoiced on a monthly basis at an amount corresponding to the value of the com-pleted performance obligation.Revenue excludes amounts collected on behalf of third parties, e.g. VAT and duties.The input method is used to measure progress towards complete satisfaction of the service due to the direct relationship between labour hours and costs incurred, and the transfer of services to the customer. The Group recognises revenue on the basis of the labour hours and costs expensed relative to the total expected labour hours and costs to complete the service.Accounting policyOther income and expenses, net consists of recurring and non-recurring items that manage-ment does not consider to be part of the Group\u2019s ordinary operating activities, i.e. gains and losses on divestments, remeasurement of disposal groups classified as held for sale, carrying amount adjustments regarding ceased held for sale classi-fication, the winding-up of operations, disposal of property and acquisition and integration costs.Other income and expenses, net are presented separately from the Group's ordinary operating activities as management believes that this best reflects the Group's financial performance.Integration costs related to the acquisition of Livit FM Services AG in Switzerland.Ceased held for sale classification comprised depreciation and amortisation for the years 2019 to 2020 due to the ceased held for sale classification of Chile in 2021. Other comprised mainly costs related to wind-ing-up of a minor business in Germany.Accounting policyTrade receivables comprise invoiced and unbilled revenue. Unbilled revenue represents service deliv-eries where the performance obligation has been fulfilled, but not yet invoiced.Trade receivables are recognised initially at the transaction price and subsequently measured at am-ortised cost. Due to its short-term nature, amortised cost will equal the invoiced amount less expected credit losses. An impairment analysis is performed at each reporting date using a provision matrix to measure expected credit losses. The provision rates are based on days past due for grouping of customer segments with similar loss patterns, e.g. by geographical region, customer type and rating. The calculation reflects the probability-weighted outcome, the time value of money, reasonable and supportable information about past events, current conditions and forecasts of future economic conditions.Trade receivables are generally written off if they are past due more than 180 days or when there is no reasonable expectation of recovery. Write-offs are presented in Other operating expenses. Subsequent recovery of write-offs or reversal of expected credit losses are credited against the same line item.Factoring and participation in customers\u2019 supply chain finance arrangements (factoring) are mainly used to optimise cash collection and to finance working capital impacts related to growth with certain key account customers, including from general pressure for longer payment terms and necessary investments in transition and mobilisation of such contracts. Trade receivables subject to factoring agreements are derecognised once the derecognition criteria have been met and all substantial risks and rewards have been transferred to the factor. Once the trade receivables have been derecognised, the Group does not carry any risk and has no continuing involvement in these trade receivables.Accounting policyOther receivables comprise various items of different nature and thus different measurement methods are applied. As these items are consid-ered individually immaterial they are presented together as Other receivables.Except for the items described below, other receivables are recognised initially at cost and subsequently at amortised cost. Due to the short-term nature of other receivables, amortised cost will equal the cost. Transition and mobilisation costs (costs to fulfill a contract) comprise costs directly related to start-up of operations of certain large contracts, e.g. transfer of employees from previous suppliers, site due diligence, planning and developing ser-vice plans. The costs include internal direct costs and external costs e.g. to consultants.Transition and mobilisation costs are capitalised and amortised over the initially secured contract term consistent with ISS\u2019s transfer of the related services to the customer. Bid-related costs, in-cluding costs relating to sales work and securing contracts, are expensed as incurred.Sign-on fees comprise upfront discounts to certain large customers incurred in the ordinary course of business. Sign-on fees are capitalised and amortised over the initial secured contract term consistent with ISS\u2019s transfer of the related services to the customer. Securities and derivatives are recognised at fair value.Accounting policyProvisionsProvisions are recognised when the Group, as a result of a past event, has a present legal or con-structive obligation, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The costs required to settle the obligation are discounted using the entity\u2019s average borrowing rate, if this significantly impacts the measurement of the liability. Legal disputes and claims, e.g. lawsuits and other disputes, based on external legal assistance and established precedents.Self-insurance on employers\u2019 liability and/or workers compensation based on valuations from external actuaries. Restructurings when a detailed, formal restructuring plan is announced to the affected parties on or before the reporting date. The plan must identify the busi-ness concerned, the location and number of employ-ees affected, and a detailed estimate of the associated costs, as well as the timeline must be in place. Onerous contracts, when the unavoidable costs, including directly allocated overhead costs, of meet-ing the obligations under the contract exceed the economic benefits expected to be received under it, corresponding to the lower of the costs to fulfil the obligations under the contract and the costs of exiting the contract. Customer and contract-related disputes based on an assessment of available facts and circumstances in respect of the specific risks or disputes, when it is deemed that a contractual, non-contractual or constructive obligation exists, and it is probable that this will lead to an outflow of economic resources from the Group. Decommissioning liabilities, if the Group has a legal obligation to dismantle or remove an asset or restore a site or leased facilities when vacated. The provision corresponds to the present value of expected costs to settle the obligation.The present value of the obligation is included in the cost of the relevant tangible or right-of-use asset and depreciated accordingly. The estimated future costs of decommissioning are reviewed annually and adjusted as appropriate. Changes in the estimated future costs, or in the discount rate applied, are added to or deducted from the cost of the relevant asset.Contingent assets and liabilitiesContingent liabilities comprise: 1) possible obligations that arise from a past event and whose existence will only be confirmed by the occurrence or non-occurrence of future events; and2) obligations that are not recognised as the amount cannot be measured sufficiently reliable or it is not probable that economic benefits will be required to settle the obligation.Contingent assets are possible assets whose existence will be confirmed by the occurrence or non-occurrence of uncertain future events that are not wholly within the control of the entity.Contingent assets and liabilities are not recognised, but disclosed in the notes.Accounting policyRight-of-use assets are recognised at the com-mencement date of the lease and measured at cost less accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities, including extension options. Cost comprises the amount of lease liabilities recognised, initial direct costs, dismantling and restoration costs incurred and lease payments made at or before the commencement date less any lease incentives received.Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful life of the asset. Estimated useful lifeProperties 5-10 yearsCars3-5 yearsOther equipment 2-5 yearsCertain leases have a term of 12 months or less or are leases of low-value assets, such as minor cleaning and IT equipment and office furniture. The recognition exemptions are applied for these leases and lease payments are recognised in Other operating expenses on a straight-line basis over the lease term. Property, plant and equipment is measured at cost, less accumulated depreciation and impairment losses. Cost comprises the purchase price and costs directly attributable to the acquisition until the date when the asset is ready for use. The net present value of estimated liabilities related to dismantling and removing the asset and restoring the site on which the asset is located is added to the cost.Subsequent costs, e.g. for replacing parts of an item, are recognised in the cost of the asset if it is probable that the future economic benefits embod-ied by the item will flow to the Group. The carrying amount of the item is derecognised when replaced and transferred to profit or loss. All other costs for common repairs and maintenance are recognised in profit or loss when incurred. Depreciation is based on the cost of an asset less its residual value. When parts of an item of property, plant and equipment have different useful lives, they are accounted for separately. The estimated useful life and residual value are determined at the acquisi-tion date. If the residual value exceeds the carrying amount depreciation is discontinued. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets.Estimated useful lifePlant and equipment 3-10 yearsLeasehold improvements (lease term)3-10 yearsBuildings 20-40 yearsLand is not depreciated.Depreciation methods, useful lives and residual values are reassessed at each reporting date and adjusted prospectively, if appropriate. Gains and losses arising on the disposal or retirement of property, plant and equipment are measured as the difference between the selling price less direct sales costs and the carrying amount, and are recognised in Other operating expenses in the year of sale, except gains and losses arising on disposal of property, which are recognised in Other income and expenses, net.Accounting policyGoodwill is initially recognised at cost and subse-quently at cost less accumulated impairment losses. Goodwill is not amortised. Goodwill relates mainly to assembled workforce, technical expertise and technological knowhow.Acquisition-related brands and customer contracts are recognised at fair value at the acquisition date. Subsequently, brands with indefinite useful lives are measured at cost less accumulated impairment losses. Brands with finite useful lives and customer contracts are measured at cost less accumulated amortisation and impairment losses. Acquired software and other intangible assets are measured at cost less accumulated amortisation and impairment losses. The cost of software developed for internal use includes external costs to consul-tants and software as well as internal direct and indirect costs related to the development. Other development costs for which it cannot be demon-strated that future economic benefits will flow to the Group are recognised in profit or loss as and when incurred. Amortisation of intangible assets with finite useful lives is calculated on a straight-line basis over the estimated useful lives except for certain customer contracts where the unit of production method bet-ter reflects the expected pattern of consumption.Estimated useful lifeBrands (finite useful life) 2-5 yearsCustomer contracts 10-24 yearsSoftware and other 5-10 yearsAmortisation methods and useful lives are reas-sessed at the reporting date and adjusted prospec-tively, if appropriate.Cloud-based arrangements Software within a cloud-based arrangement is recognised as either an intangible asset, a leased asset or as a service received (Software as a Service) based on the contact and facts and circumstances of the software.Software as a Service (SaaS) arrangements are ser-vice contracts providing the Group with the right to access a cloud provider's application software over the contract period. Costs incurred to configure or customise, and the ongoing fees to obtain access to the cloud provi-der\u2019s application software are recognised as Other operating expenses when the services are received. Also, internal costs such as costs related to selection of cloud provider, data conversion, training and testing are expensed as incurred in Other operating expenses. In some arrangements, certain configuration and customisation activities undertaken in implement-ing SaaS arrangements may give rise to a separate asset, i.e. the development of a software code that enhances, modifies or creates additional capability to the Group\u2019s existing on-premise systems. Costs incurred for these activities are recognised as intangible assets if they are identifiable and meet the recognition criteria and amortised over the useful life of the software similar to other intangible assets.Accounting policyIntangible assets with an indefinite useful life, i.e. goodwill and the ISS brand, are subject to impairment testing annually or when circumstanc-es indicate that the carrying amount may not be recoverable. Other non-current assets are tested annually for indications of impairment.If an indication of impairment exists, the recover-able amount of the asset is determined, i.e. the higher of the fair value of the asset less antici-pated costs of disposal and its value-in-use. The value-in-use is calculated as the present value of expected future cash flows from the asset or the CGU to which the asset belongs.The carrying amount of goodwill is tested for impairment together with the other non-current assets in the CGU to which goodwill is allocated. Management believes that the value of the ISS brand supports the ISS Group in its entirety rather than any individual CGU. Accordingly, the ISS brand is tested for impairment at Group level. The impairment test is based on group-wide cash flows adjusted for the Group\u2019s total goodwill and other non-current assets.An impairment loss is recognised in the statement of profit or loss in a separate line if the carrying amount of an asset or CGU exceeds its estimated recoverable amount.Impairment of goodwill is not reversed. Impair-ment of other assets is reversed if estimates used to calculate the recoverable amount have been changed. An impairment loss is reversed to the extent that the carrying amount does not exceed the carrying amount that would have been deter-mined, net of depreciation and amortisation, if no impairment loss had been recognised.Accounting policyBusiness combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-controlling interests in the acquiree. For each business com-bination, the Group elects whether to measure the non- controlling interests in the acquiree at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Acquisition-related costs are expensed as incurred and presented in Other income and expenses, net. Any contingent consideration to be transferred by the acquirer is recognised at fair value at the acqui-sition date.If uncertainties exist at the acquisition date re-garding identification or measurement of assets, liabilities and contingent liabilities, initial recognition is based on provisionally determined fair values. Changes to fair values are adjusted against goodwill up until 12 months after the acquisition date and comparative figures are restated accordingly. Thereafter no adjustments are made to goodwill, and changes in fair values are recognised in Other income and expenses, net. Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interests) and any previous interest held over the net identifiable assets acquired and liabilities assumed. After initial recognition, goodwill is measured at cost less accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the Group\u2019s cash-generating units (CGUs) that are ex-pected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units.Accounting policyDivestments Gain or loss on disposal of an opera-tion that is part of a CGU includes a portion of the related goodwill allocated to that CGU. Goodwill related to the disposed operation is measured based on the fair value of the disposed operation relative to the fair value of the entire CGU.Assets held for sale comprise non-current assets and disposal groups held for sale. Liabilities held for sale are those directly associated with the assets held for sale and disposal groups. Immediately before classification as held for sale, they are remeasured in accordance with the Group\u2019s accounting policies. Thereafter, they are measured at the lower of their carrying amount and fair value less costs to sell. Any impairment loss is first allocated to goodwill, and then pro rata to remaining assets, except that no loss is allocated to inventories, financial assets, deferred tax assets or employee benefit assets, which continue to be measured in accordance with the Group\u2019s account-ing policies. Once classified as held for sale, assets are not amortised or depreciated.Impairment losses on initial classification as held for sale, and subsequent gains and losses on remeasurement are recognised in profit or loss and disclosed in the notes. Assets held for sale are presented in separate lines of the statement of financial position and specified in the notes. Comparatives are not restated. A disposal group is presented as discontinued operations if it is a geographical area, i.e. a CGU (country), that either has been disposed of, or is classified as held for sale. Discontinued operations are presented separately as Net profit from discontinued operations and specified in the notes. Comparatives are restated. Cash flows from discontinued operations are included in cash flow from operating, investing and financing activities together with cash flows from continuing operations, but separately specified in this note.Retained earnings is the Group\u2019s free reserves, which includes share premium. Share premium comprises amounts above the nominal share capital paid by shareholders when shares are issued by ISS A/S. Translation reserve comprises foreign exchange differences arising from the translation of financial statements of foreign entities with a functional currency other than DKK as well as from the trans-lation of non-current balances which are consid-ered part of the investment in foreign entities and fair value adjustments of net investment hedges. On full realisation of a foreign entity where control is lost the accumulated foreign exchange adjust-ments are transferred to profit or loss in the same line item as the gain or loss. Treasury shares The cost of acquisition and pro-ceeds from sale of treasury shares are recognised in reserve for treasury shares. Dividends received in relation to treasury shares are recognised in retained earnings. Proposed dividends are recognised as a liability at the date when they are adopted at the annual general meeting (declaration date). Dividends proposed for the year are shown in a separate reserve under Equity.Accounting policyIssued bonds and bank loans are recognised initially at fair value net of directly attributable transaction costs and subsequently at amortised cost using the effective interest method. Any difference between the proceeds initially received and the nominal value is recognised in Financial expenses over the term of the loan. At the date of borrowing, financing fees are recognised as part of loans and borrowings and subsequently amortised over the term of the loan and recognised in Financial expenses. Lease liabilities At the commencement date, the Group recognises lease liabilities at the present val-ue of the lease payments to be made over the lease term. Lease payments include fixed payments less any incentive payments, variable lease payments that depend on an index or rate, e.g. when a mini-mum indexation is applied, and amounts expected to be paid under residual value guarantees. Lease payments also include the exercise price of a pur-chase option reasonably certain to be exercised by the Group and payment of penalties for terminating a lease, if the lease term reflects the Group exer-cising the option to terminate. The present value is calculated using the Group\u2019s incremental borrowing rate if the interest rate implicit in the lease is not readily determinable. Subsequently, the lease liability is measured at amortised cost using the effective interest meth-od. The liability is remeasured due to a modifica-tion, a change in lease term or a change in the assessment to purchase the underlying asset. Also, the liability is remeasured due to a change in future lease payments (e.g. a change in an index or rate) or due to a change in the Group\u2019s estimate of the amount expected to be payable under a residual guarantee.Accounting policyThe interest rate swap qualifies as a fair value hedge as the risk being hedged is the possible change in the fair value of a recognised liability. The carrying amount of the hedged item is adjusted for fair value changes attributable to the risk being hedged and changes are recognised in profit or loss.Derivative financial intruments are initially recognised at fair value at the trade date and sub-sequently remeasured at fair value at the reporting date. The fair value of derivatives is presented in Other receivables when the fair value is positive and in Other liabilities when the fair value is negative. Fair value measurement takes current market data into account. The Group uses valuation tech-niques that are appropriate in the circumstances and for which sufficient data are available to measure fair value. Measurement is categorised as Level 2 in the fair value hierarchy as it is not based on observable market data.Currency swaps are used to hedge the expo-sure to currency risk on loans and borrowings (external) and intercompany balances. As changes in the fair value of both the hedged item and the currency swap are recognised in profit or loss, hedge accounting is not applied. Currency swaps (net investment hedges) or debt is used to hedge the currency exposure to invest-ments in subsidiaries (other than for EUR). Net investment hedges Changes in the fair value of the hedging instrument relating to the effective portion of the hedge are recognised in other comprehensive income while fair value changes relating to the ineffective portion are recognised in financial income or financial expenses. On disposal of the foreign operation, the cumulative fair value recognised in equity is recognised in the statement of profit or loss when the gain or loss on disposal is recognised.Income tax comprises current tax and changes in deferred tax, including effects from changes in tax rate, and is recognised in profit or loss or other comprehensive income.Tax receivables and payables are recognised in the statement of financial position as tax comput-ed on taxable income for the year, adjusted for tax on taxable income prior years and tax paid on account.Accounting policyDeferred tax is provided using the liability method on temporary differences between tax bases of assets and liabilities and their carrying amounts. Deferred tax is not recognised on temporary differences relating to goodwill which is not deductible for tax purposes and other items where temporary differences, apart from in business combinations, arose at the time of acquisition without affecting either Net profit or taxable income. Where alternative taxation rules can be applied to determine the tax base, deferred tax is measured according to manage-ment\u2019s intended use of the asset or settlement of the liability. Deferred tax is measured according to the taxation rules and tax rates in the respective countries applicable at the reporting date when the deferred tax becomes current tax. Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in non-current assets at the expected value of their utilisation, either as a set-off against tax on future income, or as a set-off against deferred tax liabilities in the same legal tax entity and jurisdiction.Deferred tax assets and liabilities are offset if the Group has a legal right to offset these, intends to settle these on a net basis or to realise the assets and settle the liabilities, simultaneously.The value of services received in exchange for granted performance-based share units (PSUs) and restricted share units (RSUs) are measured at fair value at the grant date and recognised in employee costs over the vesting period with a corresponding increase in equity, as both of the schemes are equity-settled. The fair value of granted PSUs under the long-term incentive programme is measured using a generally accepted valuation model taking into consideration the terms and conditions upon which the PSUs were granted including mar-ket-based vesting conditions (Total Shareholder Return (TSR) condition). On initial recognition, an estimate is made of the number of PSUs and RSUs expected to vest. The estimated number is subsequently revised for changes in the number of PSUs and RSUs expected to vest due to non-market based vesting conditions.Accounting policyContributions to defined contribution plans are recognised in Employee costs when the related service is provided. Any contributions outstanding are recognised in Other liabilities.Defined benefit plans The Group\u2019s net obligation is calculated by a qualified actuary using the pro-jected unit credit method, separately for each plan by estimating the amount of future benefits that employees have earned in return for their service in the current and prior periods. The present value less the fair value of any plan assets is recognised in Pensions and similar obligations. When the calculation results in a potential asset, rec-ognition is limited to the present value of economic benefits available in the form of future refunds from or reductions in future contributions to the plan. To calculate the present value, consideration is given to applicable minimum funding requirements. Pension costs are calculated based on actuarial es-timates and financial expectations at the beginning of the year. Service costs are recognised in Employee costs and net interest is recognised in Financial expenses. Differences between the expected development in pension assets and liabilities and the realised amounts at the reporting date are designated actuarial gains or losses and recognised in other comprehensive income. When the benefits are changed or a plan is curtailed, the resulting change in benefits that relates to past service or the gain or loss on curtailment is recognised in Employee costs. Gains and losses on settlement is recognised when incurred. The aggregated value of unfunded plans is pre-sented as a net liability and the aggregated value of funded plans are presented as a net asset. Other long-term employee benefits are recognised as defined pension plans, except that actuarial gains and losses are recognised in Employee costs. Other long-term employee benefits comprise jubilee benefits, long-service or sabbatical leave, etc.Accounting policyInflation restatement Non-monetary items, which are carried at historical cost, such as goodwill, customer contracts, right-of-use assets, property, plant and equipment and de-ferred tax, have been restated for the effect of inflation based on changes in the price index for the period from initial recognition to 31 December 2022 or to the date of disposal, where relevant. The restatement was made effective from the time, the items were initially recognised, which was no earlier than 2005, when ISS first entered Turkey through an acquisition.The restating gain or loss relating to the change in the price index for the reporting period has been recognised in profit or loss under financial income or expenses, except for the tax effect, which has been recognised under income tax. The gain or loss relating to the prior periods has been recognised in other comprehensive income.Management has assessed whether the restatement of non-monetary items represents an indication of impairment to ensure that the restated amounts do not exceed the recoverable amounts of the assets, see 3.2, Impairment tests.Monetary items such as receivables, payables, loans and borrowings are not subject to restatement for the effects of inflation as these items already reflect the purchasing power at the reporting date.Equity includes the opening effect of restating non-monetary items. Further, the restatement effects of inflation based on changes in the price index for the reporting period have been recognised in other comprehensive income with set-off within financial income or expenses in profit or loss.Profit or loss transactions in the period have been restated to reflect changes in the price index from the time of transaction to the end of the reporting period, with the exception of depreciation and amortisation. The latter have been recalculated based on the inflation-adjusted costs of intangible assets and right-of-use assets and property, plant and equipment. The recalculation has been based on the useful lives of the relevant assets based on the Group\u2019s accounting policy, cf. 2.6, Right-of-use assets and property, plant and equipment.Cash flow statement Operating profit before other items includes a non-cash effect from the inflation restatement, which has been eliminated in the line Non-cash items related to hyperinflation.Price index Restatement for hyperinflation of the financial state-ments of the Turkish subsidiary was based on the development in the consumer price index provided by the Turkish Statistical Institute. For 2022, the inflation rate in Turkey was 64%.Retranslation from TRY to DKK The financial statements of the Turkish subsidiary, including effects of inflation restatement, have been translated into DKK applying the TRY/DKK exchange rate at the reporting date as opposed to the Group\u2019s normal practice of translating the profit or loss using the exchange rate at the transaction date or an average exchange rate for the month. The TRY/DKK exchange rate decreased from 50.53 at the beginning of 2022 to 37.25 at 31 December 2022. The average TRY/DKK exchange for the reporting period was 43.00.8.1 General accounting policiesISS A/S is listed on Nasdaq Copenhagen. The consolidated financial statements of ISS A/S for the year ended 31 December 2022 comprise ISS A/S and its subsidiaries (collectively, the Group). Signifi-cant subsidiaries are listed in 8.4, Group companies.The 2022 Annual Report for ISS A/S was discussed and approved by the Executive Group Management Board (the EGMB) and the Board of Directors (the Board) on 23 February 2023 and issued for approval at the subsequent annual general meeting on 13 April 2023. Basis of preparation The consolidated financial statements of the Group have been prepared in accordance with IFRS as adopted by the EU and additional requirements of the Danish Financial Statements Act. In addition, the consolidated financial statements have been prepared in compliance with the IFRSs issued by the IASB. The consolidated financial statements have beenprepared on the basis that the Group willcontinue to operate as a going concern.The Group\u2019s significant accounting policies and accounting policies related to IAS 1 minimum presentation items are described in the relevant notes to the consolidated financial statements. A list of the notes is shown on p. 50.All amounts have been rounded to nearest DKK million (DKKm), unless otherwise stated.Fair value measurement and disclosure Items are measured at historical cost, except for assets and liabilities held for sale, derivative financial instruments and contingent consider-ation that have been measured at fair value.Assets and liabilities measured at fair value are categorised within the fair value hierarchy and disclosed in the relevant notes.For the purpose of fair value disclosures, management has assessed that the fair values of cash and cash equivalents, trade receivables, contingent consideration, trade payables and other current and non-current financial assets and liabilities approximates their carrying amount largely due to the short-term matur-ities of these instruments. The fair value of loans and borrowings, including methods and assumptions used to estimate the fair value, are disclosed in 4.2, Loans and borrowings.Climate-related risks Management has considered the impact of cli-mate-related risks which did not have a material impact on the estimates and judgements in these consolidated financial statements, includ-ing impairment. In addition, it is management's assessment that climate change is not expected to have a significant impact on the Group\u2019s going concern assessment, or in the long-term (next five years).Defining materiality The consolidated financial statements separately present items that are considered individually significant, or are required under the minimum presentation requirements of IAS 1. In addi-tion, information that is considered material, either individually or in combination with other information, is disclosed.In determining whether an item is individually significant, or information is material, ISS consid-ers both quantitative and qualitative factors. If the presentation or disclosure could reasonably be expected to influence economic decisions made by primary users, the information is considered material. Explanatory disclosure notes related to the consolidated financial statements are presented for individually significant items. Where separate presentation of a line item is made solely due to the minimum presentation requirements in IAS 1, no further disclosures are provided in respect of that line item.Basis of consolidation The consolidated financial statements comprise ISS A/S and entities controlled by ISS A/S. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. Intra-group balances, income, expenses and cash flow relating to transactions between members of the Group are eliminated. Unre-alised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment.The non-controlling interest\u2019s share of net profit and equity of subsidiaries, which are not whol-ly-owned, are included in the Group\u2019s net profit and equity, respectively, but disclosed separately. By virtue of agreement certain non-controlling shareholders are only eligible of receiving benefits from their non-controlling interest when ISS as controlling shareholder has received their initial investment and compound interest on such. In such instances the subsidiaries\u2019 result and equity are fully allocated to ISS until the point in time where ISS has recognised amounts exceeding their investment including compound interest on such. A change in ownership interest of a subsidiary, without loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognised in Other income and expenses, net. Any investment retained is recognised at fair value on initial recognition. Foreign currency The consolidated financial statements are presented in Danish kroner (DKK), which is ISS A/S\u2019s functional currency. Transactions in currencies other than the functional currency of the respective Group companies are considered transactions denominated in foreign currencies.On initial recognition, except for companies operating in hyperinflationary environments, these are translated to the respective functional currencies of the Group companies at the exchange rates at the transaction date. Foreign exchange adjustments arising between the exchange rates at the transaction date and at the date of payment are recognised in Financial income or Financial expenses. Receivables, payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the report-ing date. The difference between the exchange rates at the reporting date and at the date of transaction or the exchange rate in the latest financial statements is recognised in Financial income or Financial expenses. On recognition in the consolidated financial statements of Group companies with a func-tional currency other than DKK, the statements of profit or loss and statements of cash flows are translated at the exchange rates at the transaction date and the statements of financial position are translated at the exchange rates at the reporting date. An average exchange rate for the month is used as the exchange rate at the transaction date to the extent that this does not significantly deviate from the exchange rate at the transaction date. Foreign exchange adjustments arising on translation of the opening balance of equity of foreign entities at the exchange rates at the reporting date and on translation of the profit or loss statements from the exchange rates at the transaction date to the exchange rates at the reporting date are recognised in other comprehensive income and presented in equity under a separate translation reserve. However, if the foreign entity is a non-wholly owned subsidiary, the relevant proportion of the translation difference is allocated to the non-controlling interest. Foreign exchange adjustments of balances with foreign entities which are considered part of the investment in the entity are recognised in other comprehensive income and presented in equity under a separate translation reserve.8.2 Change in accounting policiesFrom 1 January 2022, the Group has adopted the below standards and interpretations with no sig-nificant impact on recognition and measurement: \u2022 Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets: Onerous Contracts \u2013 Costs of Fulfilling a Contract.\u2022 Amendments to IFRS 3 Business Combinations \u2013 Reference to the Conceptual FrameworkIAS 29 Financial Reporting in Hyperinflation EconomiesEffective 1 January 2022, the Group implement-ed IAS 29, Financial Reporting in Hyperinfla-tionary Economies, as management considered Turkey as a hyperinflationary environment. Management based its assessment on the cumulative three-year inflation, which exceeded the threshold of 100% in February 2022. As a result, the financial statements of ISS Turkey for 2022 were restated for hyperinflation before the reported amounts were translated to the Group's functional currency, DKK, applying the exchange rate at the reporting date. Since the Group\u2019s functional currency, DKK, is a non-hyperinflationary currency, IAS 29 does not require restatement of comparative figures in the year of implementation. Consequently, comparative figures have not been restated.The implementation impact and the applied accounting policies are disclosed in 7.2, Hyperinflation in Turkey.8.3 New accounting regulationsIASB issued amended standards and interpre-tations, which are not yet mandatory for the consolidated financial statements of the Group at 31 December 2022.The Group expects to adopt the new standards and interpretations when they become mandatory.Based on the current business setup and level of activities, none of these standards and interpre-tations are expected to have a material impact on the recognition and measurement in the consolidated financial statements.",
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"s10_notes__7__25": {
"value": "1.2 Revenue1.2.1 Performance obligations Revenue is generated from rendering of workplace and facility service solutions. Our services are provided at the customer's site on a daily basis continuously over the term of the contract. The customer simultaneously receives and consumes the benefits provided by the Group. Thus, performance obligations are satisfied over time. Revenue is split between portfolio and projects and above-base work, with the vast majority stemming from portfolio revenue, approx. 82% (2021: 81%). (DKKm)2022 2021Portfolio revenue 62,872 57,479 Projects and above-base work 13,666 13,884 Total 76,538 71,363 Portfolio revenue comprises revenue from contracts with customers that is contractually agreed (committed) at inception and relates to services that we are obligated to render on a recurring basis over the term of the con-tract. Revenue from projects and above-base work (e.g. capital projects) is demanded on a non-recurring basis and agreed separately with the customer.1.2.2 Disaggregation of revenueAligned with our strategy to focus on key accounts in three prioritised segments, where we deliver our core services, we disaggregate revenue based on: \u2022 customer category;\u2022 customer segment;\u2022 services; and\u2022 geographical region.We believe that these best depict how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. (DKKm)2022 2021Customer category Key accounts 54,666 49,238 Large and medium 17,387 17,958 Small and route-based 4,485 4,167 Total 76,538 71,363 Customer segments Office-based 30,647 n/a Production-based 18,094 n/a Healthcare 10,046 n/a Other 17,751 n/a Total 76,538 n/a Core services Cleaning 34,693 34,416 Technical 16,640 16,226 Food 10,170 7,535 Workplace, incl. Other 15,035 13,186 Total 76,538 71,363 Disaggregation of revenue based on geographical region is disclosed in 1.1, Segments. 1.2.3 Costs to fulfill a contract The size and complexity of key account contracts often requires ISS to incur significant transition and mobilisation costs before service delivery commences in order to be able to fulfill the performance obligations under the con-tracts. Transition and mobilisation costs comprise costs, directly related to launching certain large long-term contracts such as transfer of employ-ees from previous suppliers, site due diligence, planning and developing service plans. The cost includes internal direct costs and external costs, e.g. to consultants.At 31 December 2022, capitalised transition and mobilisation costs amounted to DKK 36 million (2021: DKK 62 million). No significant additional costs were capitalised in 2022. Capitalised transition and mobilisation costs arepresented in 2.2, Other receivables.CustomersCustomer category76.5DKKbn71% Key accounts 23% Large and medium06% Small and route-basedsegmentsCustomer segments76.5DKKbn40% Office-based24% Production-based13%Healthcare23% OtherservicesCore services76.5DKKbn45% Cleaning22% Technical13%Food20% Workplace, incl. Other1.2.4 Revenue backlog Our revenue base consists of a mix of yearly con-tracts, which are renewed tacitly, and thousands of multi-year contracts, the majority of which have an initial term of three to five years. Depending on the size and complexity of the contract, the transition and mobilisation period is normally between six and twelve months for our key accounts. Contracts regularly include options for the customer to terminate for convenience within three to nine months. However, we maintain a high retention rate of 94% (excl. the planned exit of the Danish Defence contract), both for key accounts and overall, supporting that these options are rarely exercised.As described in 1.2.1, Performance obligations, the vast majority of our revenue is portfolio revenue and the remaining part is non-recurring in the form of projects and above-base work. Projects and above-base work is not committed as part of the main customer contract and is therefore excluded from the transaction price to be allocated to the remaining performance obligation (revenue backlog). In addition, the Group has applied the exemptions of IFRS 15, and excluded the following from the backlog:\u2022 contracts with a term of less than 12 months; and\u2022 contracts where the Group invoices a fixed amount for each hour of service provided.As a result, the amounts disclosed in the matu-rity table are significantly lower than reported revenue and will likely not reflect the degree of certainty in future revenue (and cash inflows) to the Group. As a supplement, in the manage-ment review, p. 20, a maturity overview for our largest key accounts (> DKK 200 million of annual revenue) is presented.(DKKm)2022 2021< 1 year 34% 21,413 33% 20,3101-5 years 54% 34,407 50% 30,586> 5 years 12% 7,352 17% 10,148Total100% 63,172 100% 61,044Accounting policyRevenue from contracts with customers is recognised when control of the services is transferred to the cus-tomer at an amount that reflects the expected con-sideration for those services. Control is transferred over time as the customer simultaneously receives and consumes the benefits provided by the Group. Services are typically invoiced on a monthly basis at an amount corresponding to the value of the com-pleted performance obligation.Revenue excludes amounts collected on behalf of third parties, e.g. VAT and duties.The input method is used to measure progress towards complete satisfaction of the service due to the direct relationship between labour hours and costs incurred, and the transfer of services to the customer. The Group recognises revenue on the basis of the labour hours and costs expensed relative to the total expected labour hours and costs to complete the service.Significant accounting estimates and judgementsOur customer contracts are based on three different commercial models requiring varying levels of man-agement estimates and judgement in determining the transaction price:1) Fixed price contracts;2) Cost-plus contracts; and3) Cost-plus variations (typically capped)For fixed price contracts, revenue is recognised based on the transaction price stated in the contract, and thus require limited judgement from management.For cost-plus contracts, including variations e.g. with a cap, ISS\u2019s transaction price is determined based on costs incurred with the addition of an agreed mark-up/management fee. Determining the transaction price requires management to assess, which costs may be included in the calculation basis and if rele-vant, whether within the capped maximum.For key accounts and other large contracts, the transaction price may also include a variable consideration based on achievement of certain key performance indicators and gain share. Manage-ment estimates variable consideration based on the most likely amount to which it expects to be entitled on a contract-by-contract basis. Management makes a detailed assessment of the amount of revenue expected to be received and the probability of suc-cess in each case. Variable consideration is included in revenue as services are performed to the extent that it is highly probable that the amount will not be subject to significant reversal.Price adjustment mechanisms in our customer contracts vary in terms of content and extent. Judgement is required by management to determine the amount of revenue expected to be received as a result of inflationary pressure on costs of delivery.Contract modifications regularly occur, particularly for key account customers, in order to ensure that service solutions reflect their current needs. Such modifications are generally agreed with the cus-tomer in advance as per the contract in accordance with a specified change management procedure and accounted for going forward with no impact on recognised revenue up to the date of modification. Management assess how quickly ISS would be able to implement the scope changes of the service.Gross or net presentation of revenue Management uses judgement to determine whether the nature of ISS\u2019s promise is to provide the specified services (ISS is the principal), or to arrange for another party to provide the services (ISS is acting as an agent). This assessment is based on an evaluation of whether ISS controls the specified services before transfer to the customer. The Group has concluded that as a main rule it is the principal in its revenue arrangements, because it typically controls the services before trans-ferring them to the customer, and consequently as a main rule recognises revenue on a gross basis.",
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"s10_notes__7__24": {
"value": "1.2 Revenue1.2.1 Performance obligations Revenue is generated from rendering of workplace and facility service solutions. Our services are provided at the customer's site on a daily basis continuously over the term of the contract. The customer simultaneously receives and consumes the benefits provided by the Group. Thus, performance obligations are satisfied over time. Revenue is split between portfolio and projects and above-base work, with the vast majority stemming from portfolio revenue, approx. 82% (2021: 81%). (DKKm)2022 2021Portfolio revenue 62,872 57,479 Projects and above-base work 13,666 13,884 Total 76,538 71,363 Portfolio revenue comprises revenue from contracts with customers that is contractually agreed (committed) at inception and relates to services that we are obligated to render on a recurring basis over the term of the con-tract. Revenue from projects and above-base work (e.g. capital projects) is demanded on a non-recurring basis and agreed separately with the customer.1.2.2 Disaggregation of revenueAligned with our strategy to focus on key accounts in three prioritised segments, where we deliver our core services, we disaggregate revenue based on: \u2022 customer category;\u2022 customer segment;\u2022 services; and\u2022 geographical region.We believe that these best depict how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. (DKKm)2022 2021Customer category Key accounts 54,666 49,238 Large and medium 17,387 17,958 Small and route-based 4,485 4,167 Total 76,538 71,363 Customer segments Office-based 30,647 n/a Production-based 18,094 n/a Healthcare 10,046 n/a Other 17,751 n/a Total 76,538 n/a Core services Cleaning 34,693 34,416 Technical 16,640 16,226 Food 10,170 7,535 Workplace, incl. Other 15,035 13,186 Total 76,538 71,363 Disaggregation of revenue based on geographical region is disclosed in 1.1, Segments. 1.2.3 Costs to fulfill a contract The size and complexity of key account contracts often requires ISS to incur significant transition and mobilisation costs before service delivery commences in order to be able to fulfill the performance obligations under the con-tracts. Transition and mobilisation costs comprise costs, directly related to launching certain large long-term contracts such as transfer of employ-ees from previous suppliers, site due diligence, planning and developing service plans. The cost includes internal direct costs and external costs, e.g. to consultants.At 31 December 2022, capitalised transition and mobilisation costs amounted to DKK 36 million (2021: DKK 62 million). No significant additional costs were capitalised in 2022. Capitalised transition and mobilisation costs arepresented in 2.2, Other receivables.CustomersCustomer category76.5DKKbn71% Key accounts 23% Large and medium06% Small and route-basedsegmentsCustomer segments76.5DKKbn40% Office-based24% Production-based13%Healthcare23% OtherservicesCore services76.5DKKbn45% Cleaning22% Technical13%Food20% Workplace, incl. Other1.2.4 Revenue backlog Our revenue base consists of a mix of yearly con-tracts, which are renewed tacitly, and thousands of multi-year contracts, the majority of which have an initial term of three to five years. Depending on the size and complexity of the contract, the transition and mobilisation period is normally between six and twelve months for our key accounts. Contracts regularly include options for the customer to terminate for convenience within three to nine months. However, we maintain a high retention rate of 94% (excl. the planned exit of the Danish Defence contract), both for key accounts and overall, supporting that these options are rarely exercised.As described in 1.2.1, Performance obligations, the vast majority of our revenue is portfolio revenue and the remaining part is non-recurring in the form of projects and above-base work. Projects and above-base work is not committed as part of the main customer contract and is therefore excluded from the transaction price to be allocated to the remaining performance obligation (revenue backlog). In addition, the Group has applied the exemptions of IFRS 15, and excluded the following from the backlog:\u2022 contracts with a term of less than 12 months; and\u2022 contracts where the Group invoices a fixed amount for each hour of service provided.As a result, the amounts disclosed in the matu-rity table are significantly lower than reported revenue and will likely not reflect the degree of certainty in future revenue (and cash inflows) to the Group. As a supplement, in the manage-ment review, p. 20, a maturity overview for our largest key accounts (> DKK 200 million of annual revenue) is presented.(DKKm)2022 2021< 1 year 34% 21,413 33% 20,3101-5 years 54% 34,407 50% 30,586> 5 years 12% 7,352 17% 10,148Total100% 63,172 100% 61,044Accounting policyRevenue from contracts with customers is recognised when control of the services is transferred to the cus-tomer at an amount that reflects the expected con-sideration for those services. Control is transferred over time as the customer simultaneously receives and consumes the benefits provided by the Group. Services are typically invoiced on a monthly basis at an amount corresponding to the value of the com-pleted performance obligation.Revenue excludes amounts collected on behalf of third parties, e.g. VAT and duties.The input method is used to measure progress towards complete satisfaction of the service due to the direct relationship between labour hours and costs incurred, and the transfer of services to the customer. The Group recognises revenue on the basis of the labour hours and costs expensed relative to the total expected labour hours and costs to complete the service.Significant accounting estimates and judgementsOur customer contracts are based on three different commercial models requiring varying levels of man-agement estimates and judgement in determining the transaction price:1) Fixed price contracts;2) Cost-plus contracts; and3) Cost-plus variations (typically capped)For fixed price contracts, revenue is recognised based on the transaction price stated in the contract, and thus require limited judgement from management.For cost-plus contracts, including variations e.g. with a cap, ISS\u2019s transaction price is determined based on costs incurred with the addition of an agreed mark-up/management fee. Determining the transaction price requires management to assess, which costs may be included in the calculation basis and if rele-vant, whether within the capped maximum.For key accounts and other large contracts, the transaction price may also include a variable consideration based on achievement of certain key performance indicators and gain share. Manage-ment estimates variable consideration based on the most likely amount to which it expects to be entitled on a contract-by-contract basis. Management makes a detailed assessment of the amount of revenue expected to be received and the probability of suc-cess in each case. Variable consideration is included in revenue as services are performed to the extent that it is highly probable that the amount will not be subject to significant reversal.Price adjustment mechanisms in our customer contracts vary in terms of content and extent. Judgement is required by management to determine the amount of revenue expected to be received as a result of inflationary pressure on costs of delivery.Contract modifications regularly occur, particularly for key account customers, in order to ensure that service solutions reflect their current needs. Such modifications are generally agreed with the cus-tomer in advance as per the contract in accordance with a specified change management procedure and accounted for going forward with no impact on recognised revenue up to the date of modification. Management assess how quickly ISS would be able to implement the scope changes of the service.Gross or net presentation of revenue Management uses judgement to determine whether the nature of ISS\u2019s promise is to provide the specified services (ISS is the principal), or to arrange for another party to provide the services (ISS is acting as an agent). This assessment is based on an evaluation of whether ISS controls the specified services before transfer to the customer. The Group has concluded that as a main rule it is the principal in its revenue arrangements, because it typically controls the services before trans-ferring them to the customer, and consequently as a main rule recognises revenue on a gross basis.",
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"s10_notes__7__26": {
"value": "Accounting policyRevenue from contracts with customers is recognised when control of the services is transferred to the cus-tomer at an amount that reflects the expected con-sideration for those services. Control is transferred over time as the customer simultaneously receives and consumes the benefits provided by the Group. Services are typically invoiced on a monthly basis at an amount corresponding to the value of the com-pleted performance obligation.Revenue excludes amounts collected on behalf of third parties, e.g. VAT and duties.The input method is used to measure progress towards complete satisfaction of the service due to the direct relationship between labour hours and costs incurred, and the transfer of services to the customer. The Group recognises revenue on the basis of the labour hours and costs expensed relative to the total expected labour hours and costs to complete the service.",
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"s10_notes__7__31": {
"value": "1.3 Employee costs(DKKm)Note 2022 2021Wages and salaries 38,803 37,214 Social security costs 5,950 5,581 Pensions 7.1 1,448 1,376 Share-based payments 6.2 80 62 Other 2,048 2,136 Total 48,329 46,369 Average number of employees 352,792 362,789 Our strategy is based on self-delivery of our core services by our placemakers. Our business model is asset light and therefore employee costs is our single largest cost category.In 2022, employee costs comprised 66% of the total operating costs (2021: 67%) and were positively impacted by a refund of collective insurance premiums paid in prior years in Swe-den of DKK 23 million (2021: DKK 78 million).Government grants In 2022, the Group recognised government grants of DKK 159 million (2021: DKK 135 million) in the form of wage subventions, which have been recognised as a reduction of employee costs. The grants compensate the Group primar-ily for social security, wage increases as well as employing certain categories of employees such as trainees, disabled persons, long-term unem-ployed and employees in certain age groups.In addition, the Group received Covid-19 grants during the pandemic to compensate costs relat-ed to e.g. employees on furlough, social security contribution and sick pay compensation. With the cessation of the pandemic, the grants have gradually lapsed. In 2022, the Group recognised Covid-19 related grants of DKK 122 million (2021: DKK 432 million), mainly in the US, Hong Kong and Sweden.",
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"s10_notes__7__30": {
"value": "1.3 Employee costs(DKKm)Note 2022 2021Wages and salaries 38,803 37,214 Social security costs 5,950 5,581 Pensions 7.1 1,448 1,376 Share-based payments 6.2 80 62 Other 2,048 2,136 Total 48,329 46,369 Average number of employees 352,792 362,789 Our strategy is based on self-delivery of our core services by our placemakers. Our business model is asset light and therefore employee costs is our single largest cost category.In 2022, employee costs comprised 66% of the total operating costs (2021: 67%) and were positively impacted by a refund of collective insurance premiums paid in prior years in Swe-den of DKK 23 million (2021: DKK 78 million).Government grants In 2022, the Group recognised government grants of DKK 159 million (2021: DKK 135 million) in the form of wage subventions, which have been recognised as a reduction of employee costs. The grants compensate the Group primar-ily for social security, wage increases as well as employing certain categories of employees such as trainees, disabled persons, long-term unem-ployed and employees in certain age groups.In addition, the Group received Covid-19 grants during the pandemic to compensate costs relat-ed to e.g. employees on furlough, social security contribution and sick pay compensation. With the cessation of the pandemic, the grants have gradually lapsed. In 2022, the Group recognised Covid-19 related grants of DKK 122 million (2021: DKK 432 million), mainly in the US, Hong Kong and Sweden.",
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"s10_notes__7__27-1": {
"value": "1.3 Employee costs(DKKm)Note 2022 2021Wages and salaries 38,803 37,214 Social security costs 5,950 5,581 Pensions 7.1 1,448 1,376 Share-based payments 6.2 80 62 Other 2,048 2,136 Total 48,329 46,369 Average number of employees 352,792 362,789 Our strategy is based on self-delivery of our core services by our placemakers. Our business model is asset light and therefore employee costs is our single largest cost category.In 2022, employee costs comprised 66% of the total operating costs (2021: 67%) and were positively impacted by a refund of collective insurance premiums paid in prior years in Swe-den of DKK 23 million (2021: DKK 78 million).Government grants In 2022, the Group recognised government grants of DKK 159 million (2021: DKK 135 million) in the form of wage subventions, which have been recognised as a reduction of employee costs. The grants compensate the Group primar-ily for social security, wage increases as well as employing certain categories of employees such as trainees, disabled persons, long-term unem-ployed and employees in certain age groups.In addition, the Group received Covid-19 grants during the pandemic to compensate costs relat-ed to e.g. employees on furlough, social security contribution and sick pay compensation. With the cessation of the pandemic, the grants have gradually lapsed. In 2022, the Group recognised Covid-19 related grants of DKK 122 million (2021: DKK 432 million), mainly in the US, Hong Kong and Sweden.7.1 Pensions and similar obligations7.1.1 Pension schemesDefined contribution plansThe majority of the Group\u2019s pension schemes are defined contribution plans where contributions are paid to publicly or privately administered pension plans. The Group has no further payment obligations once the contributions have been paid. In 2022, contributions amounted to DKK 1,223 million (2021: DKK 1,140 million), corresponding to 84% of the Group\u2019s pension costs (2021: 83%).Defined benefit plans The Group has a number of defined benefit plans where the responsibility for the obligation towards the employees rests with the Group. The largest plans are in Switzerland and the UK accounting for 86% (2021: 86%) of the Group\u2019s obligation (gross) and 97% (2021: 97%) of its plan assets. The plans are primarily based on years of service, and benefits are determined on the basis of salary and position. The Group assumes the risk associated with future developments in salary, interest rates, inflation, mortality and disability, etc.The majority of the obligations are funded with assets placed in independent pension funds. In some countries, primarily Sweden, France, Turkey, Hong Kong and Mexico, the obligation is unfunded. For these unfunded plans, obligation amounted to DKK 633 million or 8% of the present value of the gross obligation (2021: DKK 788 million or 9%).Switzerland Participants are insured against the financial consequences of retirement, disabil-ity and death. The pension plans guarantee a minimum interest credit and fixed conversion rates at retirement and include a risk-sharing element between ISS and the plan participants. Contributions are paid by both the employee and the employer. The plans must be fully funded. In case of underfunding, recovery measures must be taken, such as additional financing from the employer or from the employer and employees, reduction of benefits or a combination of both. The UK Participants are insured against the financial consequences of retirement and death, and do not provide any insured disability benefits. The pension plans guarantee a defined benefit pension at retirement on a final salary basis. The majority of the plans does not include a risk-sharing element between ISS and the plan participants.Multiemployer pension plansThe Group participates in multiemployer pension schemes that by nature are defined benefit plans in a few countries. Some funds are not able to provide the necessary information in order for the Group to account for the schemes as defined benefit plans and these schemes are therefore accounted for as defined contribution plans.costsPension costs1.4DKKbn84%Defined contribution16% Defined benefitSignificant accounting estimatesActuarial calculations and valuations are performed annually for all major plans. The present value of defined benefit obligations is determined on the basis of assumptions about the future develop-ment in variables such as salary levels, interest rates, in\ufb02ation and mortality. Applied actuarial assumptions vary from country to country due to local conditions. All assumptions are assessed at the reporting date. Changes in these assumptions may significantly affect the liabilities and pension costs under defined benefit plans. The range and weighted average of these assumptions as well as sensitivities on key assumptions are disclosed in this note.The discount rates used for calculating the present value of expected future cash flows are based on the market yield of high-quality corporate bonds or government bonds with a maturity approximating to the terms of the defined benefit obligations. When the Group participates in multi-employer pension plans being accounted for as defined con-tribution plans due to unavailability of information, there is a risk that the plans are not sufficiently funded. However, information on surplus or deficit in the schemes is not available. 7.1.2 Defined benefit obligation2022 2021Present Fair value Present Fair value value of of plan Carrying value of of plan Carrying (DKKm)obligationassetsamountobligationassetsamountAt 1 January 8,625 8,997 (372) 8,684 7,796 888 Current service costs 197 - 197 219 - 219Interest on obligation/plan assets 72 55 17 45 28 17Past service costs 11 - 11 - - -Recognised in profit or loss 280 55 225 264 28 236 Actuarial (gain)/loss: Demographic assumptions 7 - 7 (256) - (256) Financial assumptions (1,702) - (1,702)(209) - (209) Experience adjustments 490 - 490 67 - 67 Return on plan assets - (997) 997 - 747 (747)Asset ceiling - (43) 43 - (1,080) 1,080 Recognised in other comprehensive income (1,205)(1,040)(165)(398)(333)(65)Foreign exchange adjustments 214 295 (81) 386 414 (28)Acquisitions and divestments, net 227 219 8 - 0 (0)Employee contributions 154 154 - 141 141 - Employer contributions - 207 (207) - 199 (199)Benefits paid (342)(267)(75)(266)(174)(92)Asset ceiling - 43 (43) - 1,080 (1,080)Reclass. to Liabilities held for sale - - - (186)(154)(32)Other changes 253 651 (398)75 1,506 (1,431)At 31 December 7,953 8,663 (710) 8,625 8,997 (372)Recognised in the statement of financial position(DKKm) 2022 2021Carrying amount of defined benefit plans (710) (372)1)Accumulated impact from asset ceiling 1,352 1,2532)Defined benefit obligation, net 642 881 Other long-term employee benefits 543 470 Pensions and similar obligations 1,185 1,3511) Including a foreign exchange adjustment on the opening balance of DKK 56 million.2) Including an asset of DKK 247 million (2021: DKK 86 million) related to defined benefit plans in the UK. Developments in 2022 Actuarial calculations for 2022 have been ob-tained for all major plans. The actuarial calcula-tions led to recognition of actuarial gains due to increased discount rates (financial assumptions) of DKK 1,702 million, mainly in Switzerland and the UK. This was largely offset by actuarial losses of DKK 490 million due to increased salary and inflation expectations (experience adjustments) and loss on plan assets of DKK 997 million, both primarily related to Switzerland and the UK. The net impact on the pension obligation was a gain of DKK 165 million recognised in other compre-hensive income.In 2021, we saw strong asset returns and an actuarial gain, which led to a significant increase in the surplus on the major plans in Switzerland. Due to surplus restrictions (ISS does not have access to the overfunding), an increase in the asset ceiling was recognised. In 2022, market conditions for listed shares and real estate de-teriorated resulting in significant losses on plan assets in Switzerland and the UK. However, due to a larger decrease in the pension obligation the asset ceiling has further increased. As such, by the end of 2022, the accumulated impact from the asset ceiling was DKK 1,352 million (2021: DKK 1,253 million).Contributions in 2023The Group expects to contribute DKK 322 million in 2023 (2022: DKK 261 million).categories of Plan assetsan assets\u2013 major categories8.7DKKbn34% Listed shares19% Property 18% Corporate bonds6% Cash and cash equivalents 2% Government bonds21% Other% of total plan assetsobligation, Penross\u2013 funded vs. unfunded8.0DKKbn92%Funded8%Unfundedobligation, Penross\u2013 by country8.0DKKbn75%Switzerland11%UK14%Other7.1.3 Actuarial assumptions2022 2021Other Other CHF GBP EURcurrencies CHF GBP EURcurrenciesDiscount rates 2.3% 4.8 % 3.70-3.75% 1.0-10.7% 0.3% 2.0% 0.35-1.0% 0.2-19.3% Salary increase 1.3% 0.0-2.65% 2.56-3.2% 0.0-12.0% 1.0% 0.0-2.65% 0.0-3.5% 0.0-15.0% Pension increase 0.0% 2.65-3.15% 0.0-2.15% 0.0-2.2% 0.0% 2.65-3.20% 0.0-0.64% 0.0-2.0% Sensitivity analysis Below the sensitivities related to significant actuarial assumptions used in the calculation of the defined benefit obligation are illustrated in terms of estimated increase/(decrease) in the obligation.The analysis is based on changes in assump-tions, with all other variables held constant, that the Group considered to be reasonably possible at the reporting date.2022 2021(DKKm)+0.5%(0.5)% +0.5%(0.5)%Discount rate (334) 363 (490) 545 Price inflation 74 (65) 165 (51)Salary increase 93 (74) 132 (4)Pension increase 248 (248) 302 (85)+1 year -1 year +1 year -1 yearLife expectancy 136 (133) 212 (182)Duration The estimated weighted average duration of the defined benefit obligation was 9 years (2021: 12 years) and is split into:(Years)2022 2021Active employees 6 8 Retired employees 11 15 \u20091)Deferred vested 7 6 Total employees 9 12 1) The impact from deferred vested on total estimated weighted average duration is minor due to the fact that deferred vested make up less than 2% of the participants, and do not exist in many of the shorter duration plans.Accounting policyContributions to defined contribution plans are recognised in Employee costs when the related service is provided. Any contributions outstanding are recognised in Other liabilities.Defined benefit plans The Group\u2019s net obligation is calculated by a qualified actuary using the pro-jected unit credit method, separately for each plan by estimating the amount of future benefits that employees have earned in return for their service in the current and prior periods. The present value less the fair value of any plan assets is recognised in Pensions and similar obligations. When the calculation results in a potential asset, rec-ognition is limited to the present value of economic benefits available in the form of future refunds from or reductions in future contributions to the plan. To calculate the present value, consideration is given to applicable minimum funding requirements. Pension costs are calculated based on actuarial es-timates and financial expectations at the beginning of the year. Service costs are recognised in Employee costs and net interest is recognised in Financial expenses. Differences between the expected development in pension assets and liabilities and the realised amounts at the reporting date are designated actuarial gains or losses and recognised in other comprehensive income. When the benefits are changed or a plan is curtailed, the resulting change in benefits that relates to past service or the gain or loss on curtailment is recognised in Employee costs. Gains and losses on settlement is recognised when incurred. The aggregated value of unfunded plans is pre-sented as a net liability and the aggregated value of funded plans are presented as a net asset. Other long-term employee benefits are recognised as defined pension plans, except that actuarial gains and losses are recognised in Employee costs. Other long-term employee benefits comprise jubilee benefits, long-service or sabbatical leave, etc.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__33": {
"value": "Accounting policyOther income and expenses, net consists of recurring and non-recurring items that manage-ment does not consider to be part of the Group\u2019s ordinary operating activities, i.e. gains and losses on divestments, remeasurement of disposal groups classified as held for sale, carrying amount adjustments regarding ceased held for sale classi-fication, the winding-up of operations, disposal of property and acquisition and integration costs.Other income and expenses, net are presented separately from the Group's ordinary operating activities as management believes that this best reflects the Group's financial performance.Integration costs related to the acquisition of Livit FM Services AG in Switzerland.Ceased held for sale classification comprised depreciation and amortisation for the years 2019 to 2020 due to the ceased held for sale classification of Chile in 2021. Other comprised mainly costs related to wind-ing-up of a minor business in Germany.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__32": {
"value": "1.4 Other income and expenses, net (DKKm)2022 2021Gain on divestments 206 604 IT security incident - 7 Other income 206 611 Loss on divestments (124)(34)Integration costs (7) - Acquisition costs (4) (77)Ceased held for sale classification - (59)Other (14)(2)Other expenses (149)(172)Other income and expenses, net 57 439 Gain on divestments mainly related to the Waste Management business in Hong Kong and the damage control business in the UK. In 2021, gain on divestments mainly related to Kanal Services in Switzerland and Specialized Services in the US. Loss on divestments mainly comprised to a withdrawal liability on a multiemployer plan in the US related to the divestment of the Specialized Services business in December 2021. In 2021, the loss mainly related to adjustments to prior years\u2019 divestments and the divestment of the Fruit Baskets business in Sweden.Acquisition costs mainly related to the acquisi-tion of Livit FM Services AG in Switzerland (2021: R\u00f6nesans Facility Management Company). Accounting policyOther income and expenses, net consists of recurring and non-recurring items that manage-ment does not consider to be part of the Group\u2019s ordinary operating activities, i.e. gains and losses on divestments, remeasurement of disposal groups classified as held for sale, carrying amount adjustments regarding ceased held for sale classi-fication, the winding-up of operations, disposal of property and acquisition and integration costs.Other income and expenses, net are presented separately from the Group's ordinary operating activities as management believes that this best reflects the Group's financial performance.Integration costs related to the acquisition of Livit FM Services AG in Switzerland.Ceased held for sale classification comprised depreciation and amortisation for the years 2019 to 2020 due to the ceased held for sale classification of Chile in 2021. Other comprised mainly costs related to wind-ing-up of a minor business in Germany.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__35-1": {
"value": "Expected credit losses (DKKm)2022 2021At 1 January (162)(299)Foreign exchange adjustments 6 1Divestments 2 0 Additions (59)(45)Unused amounts reversed 74 120 Unrecoverable amounts written off 15 64 Reclassification to Assets held for sale - (3)At 31 December (124)(162)At 31 December 2022, expected credit losses were 1.1% (2021: 1.5%) of trade receivables (gross) and trade receivables not past due was 89% of trade receivables, net (2021: 90%).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__37-1": {
"value": "2.1 Trade receivables and credit risk 2022 2021ExpectedCarrying ExpectedCarrying (DKKm)Grosscredit lossesamount Grosscredit lossesamountCentral & Southern Europe 4,553 (50) 4,503 4,355 (64) 4,291 Northern Europe 3,218 (24) 3,194 3,303 (37) 3,266 Asia & Pacific 2,072 (38) 2,034 1,852 (49) 1,803 Americas 1,171 (12) 1,159 964 (12) 952 Other countries 106 - 106 94 - 94 Total 11,120 (124) 10,996 10,568 (162) 10,406 Not past due 9,762 (6) 9,756 9,418 (4) 9,414 Past due 1 to 60 days 1,073 (4) 1,069 866 (6) 860 Past due 61 to 180 days 179 (14) 165 138 (12) 126 Past due 181 to 360 days 22 (20) 2 37 (34) 3 More than 360 days 84 (80) 4 109 (106) 3 Total 11,120 (124) 10,996 10,568 (162) 10,406 Expected credit losses (DKKm)2022 2021At 1 January (162)(299)Foreign exchange adjustments 6 1Divestments 2 0 Additions (59)(45)Unused amounts reversed 74 120 Unrecoverable amounts written off 15 64 Reclassification to Assets held for sale - (3)At 31 December (124)(162)Development in 2022 In 2022, trade receivables increased to DKK 10,996 million (2021: DKK 10,406 million) mainly as a result of organic growth driven by return-to-office trends and food service recovery. At 31 December 2022, commercial use of fac-toring with certain large key account customers and participation in certain customers' supply chain finance arrangements was DKK 1.3 billion (31 December 2021: DKK 1.1 billion). At 31 December 2022, expected credit losses were 1.1% (2021: 1.5%) of trade receivables (gross) and trade receivables not past due was 89% of trade receivables, net (2021: 90%).Credit risk\u2013 low exposureThe Group\u2019s exposure to credit risk is inherently relatively low due to its business model and strategic choices leading to a diversified customer port folio, both in terms of geography, industry sector, customer size and services. Also, the completion of our di-vestment programme has contributed to the low risk assessment as higher-risk countries and business units have been divested.Risk managementExposure to credit risk and expected credit losses are managed locally in the operating entities.We have a strong ongoing assessment and monitoring of customers' creditworthiness and the credit limits are set as deemed appropriate taking into account the cus-tomer\u2019s financial position and the current market conditions. In 2022, the increased inflation rates were managed tightly through price increases. The vast majority of cost increases were passed on to customers as per the agreed contractu-al terms with no increase in credit losses. Generally, the Group does not hold collater-al as security for trade receivables. Accounting policyTrade receivables comprise invoiced and unbilled revenue. Unbilled revenue represents service deliv-eries where the performance obligation has been fulfilled, but not yet invoiced.Trade receivables are recognised initially at the transaction price and subsequently measured at am-ortised cost. Due to its short-term nature, amortised cost will equal the invoiced amount less expected credit losses. An impairment analysis is performed at each reporting date using a provision matrix to measure expected credit losses. The provision rates are based on days past due for grouping of customer segments with similar loss patterns, e.g. by geographical region, customer type and rating. The calculation reflects the probability-weighted outcome, the time value of money, reasonable and supportable information about past events, current conditions and forecasts of future economic conditions.Trade receivables are generally written off if they are past due more than 180 days or when there is no reasonable expectation of recovery. Write-offs are presented in Other operating expenses. Subsequent recovery of write-offs or reversal of expected credit losses are credited against the same line item.Factoring and participation in customers\u2019 supply chain finance arrangements (factoring) are mainly used to optimise cash collection and to finance working capital impacts related to growth with certain key account customers, including from general pressure for longer payment terms and necessary investments in transition and mobilisation of such contracts. Trade receivables subject to factoring agreements are derecognised once the derecognition criteria have been met and all substantial risks and rewards have been transferred to the factor. Once the trade receivables have been derecognised, the Group does not carry any risk and has no continuing involvement in these trade receivables.2.2 Other receivables (DKKm)2022 2021Supplier rebates and bonuses 424 352 Prepayments to suppliers 392 359 Receivable divestment proceeds 114 155 Sign-on fees 110 134 Securities 104 103 Government grants 103 27Derivatives 50 - Transition and mobilisation costs 36 62 Other 362 390Total 1,695 1,582 Supplier rebates and bonuses comprised volume related discounts obtained from suppliers and re-flects the Group\u2019s efforts to consolidate the numberof suppliers and drive synergies and cost savings. The increase in 2022 was due to the general pick-upin activity, especially driven by the return-to-office trends and recovery of food services.Prepayments to suppliers comprised various payments mainly related to IT licences, utilities and insurance.Receivable divestment proceeds mainly related to the divestment of Specialized Services in the US, where part of the consideration is subject to customer consent. Sign-on fees comprised upfront discounts to certain large customers, most significantly in the UK and on certain global key accounts. Significant accounting judgementsCapitalisation of transition and mobilisation costs involves management\u2019s judgement to assess if the criteria for capitalisation are fulfilled. Management uses judgement to determine if the costs relate directly to the contract and are incurred in order for ISS to be able to fulfill the contract. In addition, management determines if the costs generate resources that will be used in satisfying the performance obligations and are expected to be recovered, i.e. reflected in the pricing of the contracts.Securities related to a savings plan in the US administered by ISS on behalf of certain senior employees.Government grants related to various receiv-ables, including Covid-19 related, mainly in the US, Spain and Denmark. Transition and mobilisation costs comprised directly related costs incurred to fulfill the perfor-mance obligations under certain large contracts, cf. 1.2, Revenue. The decrease in 2022 was due to ordinary amortisation, mainly in Denmark, Sweden and the UK. Other comprised refunds from customers, accrued interest, VAT, employee-related taxes and other recoverable amounts.Accounting policyOther receivables comprise various items of different nature and thus different measurement methods are applied. As these items are consid-ered individually immaterial they are presented together as Other receivables.Except for the items described below, other receivables are recognised initially at cost and subsequently at amortised cost. Due to the short-term nature of other receivables, amortised cost will equal the cost. Transition and mobilisation costs (costs to fulfill a contract) comprise costs directly related to start-up of operations of certain large contracts, e.g. transfer of employees from previous suppliers, site due diligence, planning and developing ser-vice plans. The costs include internal direct costs and external costs e.g. to consultants.Transition and mobilisation costs are capitalised and amortised over the initially secured contract term consistent with ISS\u2019s transfer of the related services to the customer. Bid-related costs, in-cluding costs relating to sales work and securing contracts, are expensed as incurred.Sign-on fees comprise upfront discounts to certain large customers incurred in the ordinary course of business. Sign-on fees are capitalised and amortised over the initial secured contract term consistent with ISS\u2019s transfer of the related services to the customer. Securities and derivatives are recognised at fair value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__34": {
"value": "2.1 Trade receivables and credit risk 2022 2021ExpectedCarrying ExpectedCarrying (DKKm)Grosscredit lossesamount Grosscredit lossesamountCentral & Southern Europe 4,553 (50) 4,503 4,355 (64) 4,291 Northern Europe 3,218 (24) 3,194 3,303 (37) 3,266 Asia & Pacific 2,072 (38) 2,034 1,852 (49) 1,803 Americas 1,171 (12) 1,159 964 (12) 952 Other countries 106 - 106 94 - 94 Total 11,120 (124) 10,996 10,568 (162) 10,406 Not past due 9,762 (6) 9,756 9,418 (4) 9,414 Past due 1 to 60 days 1,073 (4) 1,069 866 (6) 860 Past due 61 to 180 days 179 (14) 165 138 (12) 126 Past due 181 to 360 days 22 (20) 2 37 (34) 3 More than 360 days 84 (80) 4 109 (106) 3 Total 11,120 (124) 10,996 10,568 (162) 10,406 Expected credit losses (DKKm)2022 2021At 1 January (162)(299)Foreign exchange adjustments 6 1Divestments 2 0 Additions (59)(45)Unused amounts reversed 74 120 Unrecoverable amounts written off 15 64 Reclassification to Assets held for sale - (3)At 31 December (124)(162)Development in 2022 In 2022, trade receivables increased to DKK 10,996 million (2021: DKK 10,406 million) mainly as a result of organic growth driven by return-to-office trends and food service recovery. At 31 December 2022, commercial use of fac-toring with certain large key account customers and participation in certain customers' supply chain finance arrangements was DKK 1.3 billion (31 December 2021: DKK 1.1 billion). At 31 December 2022, expected credit losses were 1.1% (2021: 1.5%) of trade receivables (gross) and trade receivables not past due was 89% of trade receivables, net (2021: 90%).Credit risk\u2013 low exposureThe Group\u2019s exposure to credit risk is inherently relatively low due to its business model and strategic choices leading to a diversified customer port folio, both in terms of geography, industry sector, customer size and services. Also, the completion of our di-vestment programme has contributed to the low risk assessment as higher-risk countries and business units have been divested.Risk managementExposure to credit risk and expected credit losses are managed locally in the operating entities.We have a strong ongoing assessment and monitoring of customers' creditworthiness and the credit limits are set as deemed appropriate taking into account the cus-tomer\u2019s financial position and the current market conditions. In 2022, the increased inflation rates were managed tightly through price increases. The vast majority of cost increases were passed on to customers as per the agreed contractu-al terms with no increase in credit losses. Generally, the Group does not hold collater-al as security for trade receivables. Accounting policyTrade receivables comprise invoiced and unbilled revenue. Unbilled revenue represents service deliv-eries where the performance obligation has been fulfilled, but not yet invoiced.Trade receivables are recognised initially at the transaction price and subsequently measured at am-ortised cost. Due to its short-term nature, amortised cost will equal the invoiced amount less expected credit losses. An impairment analysis is performed at each reporting date using a provision matrix to measure expected credit losses. The provision rates are based on days past due for grouping of customer segments with similar loss patterns, e.g. by geographical region, customer type and rating. The calculation reflects the probability-weighted outcome, the time value of money, reasonable and supportable information about past events, current conditions and forecasts of future economic conditions.Trade receivables are generally written off if they are past due more than 180 days or when there is no reasonable expectation of recovery. Write-offs are presented in Other operating expenses. Subsequent recovery of write-offs or reversal of expected credit losses are credited against the same line item.Factoring and participation in customers\u2019 supply chain finance arrangements (factoring) are mainly used to optimise cash collection and to finance working capital impacts related to growth with certain key account customers, including from general pressure for longer payment terms and necessary investments in transition and mobilisation of such contracts. Trade receivables subject to factoring agreements are derecognised once the derecognition criteria have been met and all substantial risks and rewards have been transferred to the factor. Once the trade receivables have been derecognised, the Group does not carry any risk and has no continuing involvement in these trade receivables.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__41": {
"value": "Accounting policyTrade receivables comprise invoiced and unbilled revenue. Unbilled revenue represents service deliv-eries where the performance obligation has been fulfilled, but not yet invoiced.Trade receivables are recognised initially at the transaction price and subsequently measured at am-ortised cost. Due to its short-term nature, amortised cost will equal the invoiced amount less expected credit losses. An impairment analysis is performed at each reporting date using a provision matrix to measure expected credit losses. The provision rates are based on days past due for grouping of customer segments with similar loss patterns, e.g. by geographical region, customer type and rating. The calculation reflects the probability-weighted outcome, the time value of money, reasonable and supportable information about past events, current conditions and forecasts of future economic conditions.Trade receivables are generally written off if they are past due more than 180 days or when there is no reasonable expectation of recovery. Write-offs are presented in Other operating expenses. Subsequent recovery of write-offs or reversal of expected credit losses are credited against the same line item.Factoring and participation in customers\u2019 supply chain finance arrangements (factoring) are mainly used to optimise cash collection and to finance working capital impacts related to growth with certain key account customers, including from general pressure for longer payment terms and necessary investments in transition and mobilisation of such contracts. Trade receivables subject to factoring agreements are derecognised once the derecognition criteria have been met and all substantial risks and rewards have been transferred to the factor. Once the trade receivables have been derecognised, the Group does not carry any risk and has no continuing involvement in these trade receivables.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__40": {
"value": "Accounting policyTrade receivables comprise invoiced and unbilled revenue. Unbilled revenue represents service deliv-eries where the performance obligation has been fulfilled, but not yet invoiced.Trade receivables are recognised initially at the transaction price and subsequently measured at am-ortised cost. Due to its short-term nature, amortised cost will equal the invoiced amount less expected credit losses. An impairment analysis is performed at each reporting date using a provision matrix to measure expected credit losses. The provision rates are based on days past due for grouping of customer segments with similar loss patterns, e.g. by geographical region, customer type and rating. The calculation reflects the probability-weighted outcome, the time value of money, reasonable and supportable information about past events, current conditions and forecasts of future economic conditions.Trade receivables are generally written off if they are past due more than 180 days or when there is no reasonable expectation of recovery. Write-offs are presented in Other operating expenses. Subsequent recovery of write-offs or reversal of expected credit losses are credited against the same line item.Factoring and participation in customers\u2019 supply chain finance arrangements (factoring) are mainly used to optimise cash collection and to finance working capital impacts related to growth with certain key account customers, including from general pressure for longer payment terms and necessary investments in transition and mobilisation of such contracts. Trade receivables subject to factoring agreements are derecognised once the derecognition criteria have been met and all substantial risks and rewards have been transferred to the factor. Once the trade receivables have been derecognised, the Group does not carry any risk and has no continuing involvement in these trade receivables.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__39": {
"value": "Accounting policyTrade receivables comprise invoiced and unbilled revenue. Unbilled revenue represents service deliv-eries where the performance obligation has been fulfilled, but not yet invoiced.Trade receivables are recognised initially at the transaction price and subsequently measured at am-ortised cost. Due to its short-term nature, amortised cost will equal the invoiced amount less expected credit losses. An impairment analysis is performed at each reporting date using a provision matrix to measure expected credit losses. The provision rates are based on days past due for grouping of customer segments with similar loss patterns, e.g. by geographical region, customer type and rating. The calculation reflects the probability-weighted outcome, the time value of money, reasonable and supportable information about past events, current conditions and forecasts of future economic conditions.Trade receivables are generally written off if they are past due more than 180 days or when there is no reasonable expectation of recovery. Write-offs are presented in Other operating expenses. Subsequent recovery of write-offs or reversal of expected credit losses are credited against the same line item.Factoring and participation in customers\u2019 supply chain finance arrangements (factoring) are mainly used to optimise cash collection and to finance working capital impacts related to growth with certain key account customers, including from general pressure for longer payment terms and necessary investments in transition and mobilisation of such contracts. Trade receivables subject to factoring agreements are derecognised once the derecognition criteria have been met and all substantial risks and rewards have been transferred to the factor. Once the trade receivables have been derecognised, the Group does not carry any risk and has no continuing involvement in these trade receivables.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__44": {
"value": "2.2 Other receivables (DKKm)2022 2021Supplier rebates and bonuses 424 352 Prepayments to suppliers 392 359 Receivable divestment proceeds 114 155 Sign-on fees 110 134 Securities 104 103 Government grants 103 27Derivatives 50 - Transition and mobilisation costs 36 62 Other 362 390Total 1,695 1,582 Supplier rebates and bonuses comprised volume related discounts obtained from suppliers and re-flects the Group\u2019s efforts to consolidate the numberof suppliers and drive synergies and cost savings. The increase in 2022 was due to the general pick-upin activity, especially driven by the return-to-office trends and recovery of food services.Prepayments to suppliers comprised various payments mainly related to IT licences, utilities and insurance.Receivable divestment proceeds mainly related to the divestment of Specialized Services in the US, where part of the consideration is subject to customer consent. Sign-on fees comprised upfront discounts to certain large customers, most significantly in the UK and on certain global key accounts. Significant accounting judgementsCapitalisation of transition and mobilisation costs involves management\u2019s judgement to assess if the criteria for capitalisation are fulfilled. Management uses judgement to determine if the costs relate directly to the contract and are incurred in order for ISS to be able to fulfill the contract. In addition, management determines if the costs generate resources that will be used in satisfying the performance obligations and are expected to be recovered, i.e. reflected in the pricing of the contracts.Securities related to a savings plan in the US administered by ISS on behalf of certain senior employees.Government grants related to various receiv-ables, including Covid-19 related, mainly in the US, Spain and Denmark. Transition and mobilisation costs comprised directly related costs incurred to fulfill the perfor-mance obligations under certain large contracts, cf. 1.2, Revenue. The decrease in 2022 was due to ordinary amortisation, mainly in Denmark, Sweden and the UK. Other comprised refunds from customers, accrued interest, VAT, employee-related taxes and other recoverable amounts.Accounting policyOther receivables comprise various items of different nature and thus different measurement methods are applied. As these items are consid-ered individually immaterial they are presented together as Other receivables.Except for the items described below, other receivables are recognised initially at cost and subsequently at amortised cost. Due to the short-term nature of other receivables, amortised cost will equal the cost. Transition and mobilisation costs (costs to fulfill a contract) comprise costs directly related to start-up of operations of certain large contracts, e.g. transfer of employees from previous suppliers, site due diligence, planning and developing ser-vice plans. The costs include internal direct costs and external costs e.g. to consultants.Transition and mobilisation costs are capitalised and amortised over the initially secured contract term consistent with ISS\u2019s transfer of the related services to the customer. Bid-related costs, in-cluding costs relating to sales work and securing contracts, are expensed as incurred.Sign-on fees comprise upfront discounts to certain large customers incurred in the ordinary course of business. Sign-on fees are capitalised and amortised over the initial secured contract term consistent with ISS\u2019s transfer of the related services to the customer. Securities and derivatives are recognised at fair value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__43": {
"value": "2.2 Other receivables (DKKm)2022 2021Supplier rebates and bonuses 424 352 Prepayments to suppliers 392 359 Receivable divestment proceeds 114 155 Sign-on fees 110 134 Securities 104 103 Government grants 103 27Derivatives 50 - Transition and mobilisation costs 36 62 Other 362 390Total 1,695 1,582 Supplier rebates and bonuses comprised volume related discounts obtained from suppliers and re-flects the Group\u2019s efforts to consolidate the numberof suppliers and drive synergies and cost savings. The increase in 2022 was due to the general pick-upin activity, especially driven by the return-to-office trends and recovery of food services.Prepayments to suppliers comprised various payments mainly related to IT licences, utilities and insurance.Receivable divestment proceeds mainly related to the divestment of Specialized Services in the US, where part of the consideration is subject to customer consent. Sign-on fees comprised upfront discounts to certain large customers, most significantly in the UK and on certain global key accounts. Significant accounting judgementsCapitalisation of transition and mobilisation costs involves management\u2019s judgement to assess if the criteria for capitalisation are fulfilled. Management uses judgement to determine if the costs relate directly to the contract and are incurred in order for ISS to be able to fulfill the contract. In addition, management determines if the costs generate resources that will be used in satisfying the performance obligations and are expected to be recovered, i.e. reflected in the pricing of the contracts.Securities related to a savings plan in the US administered by ISS on behalf of certain senior employees.Government grants related to various receiv-ables, including Covid-19 related, mainly in the US, Spain and Denmark. Transition and mobilisation costs comprised directly related costs incurred to fulfill the perfor-mance obligations under certain large contracts, cf. 1.2, Revenue. The decrease in 2022 was due to ordinary amortisation, mainly in Denmark, Sweden and the UK. Other comprised refunds from customers, accrued interest, VAT, employee-related taxes and other recoverable amounts.Accounting policyOther receivables comprise various items of different nature and thus different measurement methods are applied. As these items are consid-ered individually immaterial they are presented together as Other receivables.Except for the items described below, other receivables are recognised initially at cost and subsequently at amortised cost. Due to the short-term nature of other receivables, amortised cost will equal the cost. Transition and mobilisation costs (costs to fulfill a contract) comprise costs directly related to start-up of operations of certain large contracts, e.g. transfer of employees from previous suppliers, site due diligence, planning and developing ser-vice plans. The costs include internal direct costs and external costs e.g. to consultants.Transition and mobilisation costs are capitalised and amortised over the initially secured contract term consistent with ISS\u2019s transfer of the related services to the customer. Bid-related costs, in-cluding costs relating to sales work and securing contracts, are expensed as incurred.Sign-on fees comprise upfront discounts to certain large customers incurred in the ordinary course of business. Sign-on fees are capitalised and amortised over the initial secured contract term consistent with ISS\u2019s transfer of the related services to the customer. Securities and derivatives are recognised at fair value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__42": {
"value": "2.2 Other receivables (DKKm)2022 2021Supplier rebates and bonuses 424 352 Prepayments to suppliers 392 359 Receivable divestment proceeds 114 155 Sign-on fees 110 134 Securities 104 103 Government grants 103 27Derivatives 50 - Transition and mobilisation costs 36 62 Other 362 390Total 1,695 1,582 Supplier rebates and bonuses comprised volume related discounts obtained from suppliers and re-flects the Group\u2019s efforts to consolidate the numberof suppliers and drive synergies and cost savings. The increase in 2022 was due to the general pick-upin activity, especially driven by the return-to-office trends and recovery of food services.Prepayments to suppliers comprised various payments mainly related to IT licences, utilities and insurance.Receivable divestment proceeds mainly related to the divestment of Specialized Services in the US, where part of the consideration is subject to customer consent. Sign-on fees comprised upfront discounts to certain large customers, most significantly in the UK and on certain global key accounts. Significant accounting judgementsCapitalisation of transition and mobilisation costs involves management\u2019s judgement to assess if the criteria for capitalisation are fulfilled. Management uses judgement to determine if the costs relate directly to the contract and are incurred in order for ISS to be able to fulfill the contract. In addition, management determines if the costs generate resources that will be used in satisfying the performance obligations and are expected to be recovered, i.e. reflected in the pricing of the contracts.Securities related to a savings plan in the US administered by ISS on behalf of certain senior employees.Government grants related to various receiv-ables, including Covid-19 related, mainly in the US, Spain and Denmark. Transition and mobilisation costs comprised directly related costs incurred to fulfill the perfor-mance obligations under certain large contracts, cf. 1.2, Revenue. The decrease in 2022 was due to ordinary amortisation, mainly in Denmark, Sweden and the UK. Other comprised refunds from customers, accrued interest, VAT, employee-related taxes and other recoverable amounts.Accounting policyOther receivables comprise various items of different nature and thus different measurement methods are applied. As these items are consid-ered individually immaterial they are presented together as Other receivables.Except for the items described below, other receivables are recognised initially at cost and subsequently at amortised cost. Due to the short-term nature of other receivables, amortised cost will equal the cost. Transition and mobilisation costs (costs to fulfill a contract) comprise costs directly related to start-up of operations of certain large contracts, e.g. transfer of employees from previous suppliers, site due diligence, planning and developing ser-vice plans. The costs include internal direct costs and external costs e.g. to consultants.Transition and mobilisation costs are capitalised and amortised over the initially secured contract term consistent with ISS\u2019s transfer of the related services to the customer. Bid-related costs, in-cluding costs relating to sales work and securing contracts, are expensed as incurred.Sign-on fees comprise upfront discounts to certain large customers incurred in the ordinary course of business. Sign-on fees are capitalised and amortised over the initial secured contract term consistent with ISS\u2019s transfer of the related services to the customer. Securities and derivatives are recognised at fair value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__46": {
"value": "2.3 Other liabilities (DKKm)2022 2021Accrued wages, pensions and holiday allowances 5,589 5,514 Tax withholdings, VAT etc. 1,671 1,503 Prepayments from customers 805 868 Savings plan 104 103Contingent consideration and deferred payments 12 31 Other 533 711Total 8,714 8,730 Savings plan related to a plan in the US which is administered by ISS on behalf of certain senior employees.Other comprised customer discounts, accrued interests, etc.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__45": {
"value": "2.3 Other liabilities (DKKm)2022 2021Accrued wages, pensions and holiday allowances 5,589 5,514 Tax withholdings, VAT etc. 1,671 1,503 Prepayments from customers 805 868 Savings plan 104 103Contingent consideration and deferred payments 12 31 Other 533 711Total 8,714 8,730 Savings plan related to a plan in the US which is administered by ISS on behalf of certain senior employees.Other comprised customer discounts, accrued interests, etc.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__50-1": {
"value": "2.5.2 Contingent assets and liabilities.2.5.1 Provisions Legal claims and disputesThe provision primarily relates to labour-related claims and disputes regarding wages, overtime,holiday, severance etc. as well as claims and dis-putes in relation to contractual disagreementswith customers and suppliers. In addition, the provision includes claims and disputes associ-ated with our divestment activities. Such claims and disputes arise out of the normal conduct of business. At 31 December 2022, the majority related to the UK, the US, France and Spain.Self-insuranceThe provision for self-insurance mainly relates to employers\u2019 liability and/or workers compensation in certain countries and covers claims by employ-ees for medical benefits and lost wages associated with injuries/illness incurred in the course of their employment. The relevant countries, including self-insurance limits are listed below:\u2022 Hong Kong: DKK 26.8m (2021: DKK 25.2m) yearly\u2022 UK: DKK 25.2m (2021: DKK 26.6m) yearly aggregated limit and DKK 4.2m (2021: DKK 4.4m) per claim\u2022 Australia: DKK 4.7m (2021: DKK 3.6m) per claim\u2022 US: DKK 3.5m (2021: DKK 3.3m) per claimThe provision also includes obligations not covered by the global general business liability insurance in relation to damage caused in the ordinary course of service delivery, e.g. property damage and bodily injury. The Group is self-in-sured for claims below DKK 7.4 million (EUR 1 million per claim).Restructuring projectsThe provision mainly covers restructuring projects initiated in 2020 in several countries. The purpose was to adjust our cost base on the back of Covid-19 and involved overhead reductions, including termination of employees and contract exits.In 2022, execution of the projects continued, which led to a decrease of DKK 303 million mainly due to severance payments in Germany, France and Spain.Onerous contractsThe provision covers the unavoidable costs for certain loss-making contracts. The increased in-flation during 2022, and resulting cost increases, was generally managed through price increases and cost reductions. Consequenly, inflation did not lead to identification of any significant new onerous contracts or increased provision for contracts already recognised as onerous.Legal claims and Self- Restruc-Onerous (DKKm)disputesinsuranceturingscontracts Other Total2022At 1 January 235 262 374 330 515 1,716 Foreign exchange adjustments (9) 6 - 3 4 4 Additions 109 142 6 15 99 371Used during the year(41) (149)(263)(191)(90) (734)Unused amounts reversed(28)(15)(46)(80)(8)(177)Reclass (to)/from other liabilities 2 (1) - - (110) (109)At 31 December 268 245 71 77 410 1,071Non-current 47 129 - 23 266 465Current 221 116 71 54 144 6062021At 1 January 133 261 787 285 460 1,926 Foreign exchange adjustments (6) 15 4 6 7 26 Additions 141 225 7 73 45 491 Used during the year (62)(232)(373)(21)(11)(699)Unused amounts reversed (55)(2)(52)(16)(10)(135)Reclass (to)/from other liabilities 84 (5) 1 3 24 107 At 31 December 235 262 374 330 515 1,716 Non-current 121 127 142 78 287 755 Current 114 135 232 252 228 961 In 2022, the decrease of DKK 253 million was mainly related to the exit from the Danish Defence contract, including payment of an exit fee, termination of lease obligations and disposal of equipment as well as utilisation of the provision for a key account contract in Hong Kong. Furthermore, in France and the UK improvement initiatives on a few minor loss-making contracts led to reversal of amounts provided in prior years.At 31 December 2022, the remaining provision related to a key account contract in Hong Kong and a few minor contracts in a few countries.Other provisionsOther provisions comprise various other risks and obligations incidental to our business, most significantly related to divestments and customer and contract-related risks and disputes and decommissioning liabilities.In 2022, the addition was mainly due to recogni-tion of a withdrawal liability on a multiemployer plan in the US related to the divestment of Specialized Services in 2021.At 31 December 2022, the provision mainly related to Germany, the US, UK and France.2.5.2 Contingent assets andliabilities ISS is party to pending disputes, claims, investi-gations and litigations arising out of the normal conduct of its business and is therefore exposed to possible obligations. Management believes that these will not have a material impact on the Group\u2019s financial position beyond the assets and liabilities recognised in the statement of financial position at 31 December 2022. However, the existence of such possible obligations will only be confirmed by the occurrence of future events, not entirely within ISS\u2019s control. Due to the inherent uncertainty, future events may lead to material adverse effects on the Group\u2019s profit or loss and financial position from one or more of these possible obligations.Contractual disagreementsContractual disagreements with customers arise on a recurring basis in the ordinary course of ISS\u2019s business. While most are resolved as part of the daily contract management procedures, in some cases the contractual disagreements will lead to legal proceedings.The Group is currently party to certain disputes and legal proceedings, including in relation to the contract with Deutsche Telekom. The contract continues to be structurally challenging. Follow-ing an agreed dispute resolution mechanism, certain contractual disagreements are subject to arbitration proceedings initiated by ISS. Labour-related risksBeing a people company operating across differ-ent geographies and service areas exposes us to varying and changing labour laws, especially across Europe. Although we have policies and procedures in place to ensure that we comply with current regulations, interpretations and procedures applied by ISS could be challenged in certain jurisdictions and result in disputes and possibly liabilities.The Group is currently party to certain labour-related claims, disputes and legal proceedings, e.g. around wages, overtime, holiday and severance. Management believes that these would not have a material impact on the Group\u2019s financial position beyond the assets and liabili-ties already recognised at 31 December 2022.DivestmentsThe Group makes provisions for claims from purchasers or other parties in connection with divestments and the representations and warranties given in relation to such divestments. In addition, the Group\u2019s divestment activities can give rise to possible obligations, mainly labour-related, including pension plans, and related to disputes in relation to sales price.Restructuring projectsRestructuring projects are being undertaken on an ongoing basis across different geographies and service areas, currently mainly in Germany, France and Spain. Labour laws especially in Europe include restrictions on dismissals and procedural rules to be followed. The procedures applied by ISS could be challenged in certain jurisdictions resulting in disputes and possibly lia-bilities. Management believes that this would not have a material impact on the Group\u2019s financial position beyond the assets and liabilities already recognised at 31 December 2022.2.5.3 Guarantees ISS has issued certain guarantees in the normal course of business. Guarantees do not repre-sent legal or constructive obligations and are not recognised in the statement of financial position at 31 December 2022.(DKKm)2022 2021Bank-guaranteed 1,755 1,761 performance bondsOther performance bonds 1,831 1,819Performance guarantees (service contracts)3,586 3,580Indemnity and guarantee commitments 472 479Performance guarantees ISS regularly issues performance guarantees to customers to guarantee satisfactory completion of work in accordance with the service contract. Such guarantees are issued in the ordinary course of business, either in the form of bank guarantees, parent guarantees or insurances. Indemnity and guarantee commitmentsOther guarantees are mainly issued to insurance companies towards self-insurance liabilities as well as to owners of rental property occupied by ISS in certain countries. Furthermore, in a few instances guarantees have been issued to public authorities towards tax withholding liabilities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__48": {
"value": "2.5 Provisions, contingent assets and liabilities, and guaranteesISS is exposed to various risks and uncertainties, and party to certain disputes, claims, investiga-tions and legal proceedings arising out of the normal conduct of its business. These are mainly within the following areas:\u2022 Commercial/contractual matters\u2022 Labour-related\u2022 Divestments and M&A\u2022 Tax/social regulationsProvisions have been recognised in relation to such obligations for probable losses, that management deems reasonable and appropriate at 31 December 2022 as reflected in the table to the right.In addition, ISS is exposed to possible obligations in relation hereto as described below under 2.5.2 Contingent assets and liabilities.2.5.1 Provisions Legal claims and disputesThe provision primarily relates to labour-related claims and disputes regarding wages, overtime,holiday, severance etc. as well as claims and dis-putes in relation to contractual disagreementswith customers and suppliers. In addition, the provision includes claims and disputes associ-ated with our divestment activities. Such claims and disputes arise out of the normal conduct of business. At 31 December 2022, the majority related to the UK, the US, France and Spain.Self-insuranceThe provision for self-insurance mainly relates to employers\u2019 liability and/or workers compensation in certain countries and covers claims by employ-ees for medical benefits and lost wages associated with injuries/illness incurred in the course of their employment. The relevant countries, including self-insurance limits are listed below:\u2022 Hong Kong: DKK 26.8m (2021: DKK 25.2m) yearly\u2022 UK: DKK 25.2m (2021: DKK 26.6m) yearly aggregated limit and DKK 4.2m (2021: DKK 4.4m) per claim\u2022 Australia: DKK 4.7m (2021: DKK 3.6m) per claim\u2022 US: DKK 3.5m (2021: DKK 3.3m) per claimThe provision also includes obligations not covered by the global general business liability insurance in relation to damage caused in the ordinary course of service delivery, e.g. property damage and bodily injury. The Group is self-in-sured for claims below DKK 7.4 million (EUR 1 million per claim).Restructuring projectsThe provision mainly covers restructuring projects initiated in 2020 in several countries. The purpose was to adjust our cost base on the back of Covid-19 and involved overhead reductions, including termination of employees and contract exits.In 2022, execution of the projects continued, which led to a decrease of DKK 303 million mainly due to severance payments in Germany, France and Spain.Onerous contractsThe provision covers the unavoidable costs for certain loss-making contracts. The increased in-flation during 2022, and resulting cost increases, was generally managed through price increases and cost reductions. Consequenly, inflation did not lead to identification of any significant new onerous contracts or increased provision for contracts already recognised as onerous.Legal claims and Self- Restruc-Onerous (DKKm)disputesinsuranceturingscontracts Other Total2022At 1 January 235 262 374 330 515 1,716 Foreign exchange adjustments (9) 6 - 3 4 4 Additions 109 142 6 15 99 371Used during the year(41) (149)(263)(191)(90) (734)Unused amounts reversed(28)(15)(46)(80)(8)(177)Reclass (to)/from other liabilities 2 (1) - - (110) (109)At 31 December 268 245 71 77 410 1,071Non-current 47 129 - 23 266 465Current 221 116 71 54 144 6062021At 1 January 133 261 787 285 460 1,926 Foreign exchange adjustments (6) 15 4 6 7 26 Additions 141 225 7 73 45 491 Used during the year (62)(232)(373)(21)(11)(699)Unused amounts reversed (55)(2)(52)(16)(10)(135)Reclass (to)/from other liabilities 84 (5) 1 3 24 107 At 31 December 235 262 374 330 515 1,716 Non-current 121 127 142 78 287 755 Current 114 135 232 252 228 961 In 2022, the decrease of DKK 253 million was mainly related to the exit from the Danish Defence contract, including payment of an exit fee, termination of lease obligations and disposal of equipment as well as utilisation of the provision for a key account contract in Hong Kong. Furthermore, in France and the UK improvement initiatives on a few minor loss-making contracts led to reversal of amounts provided in prior years.At 31 December 2022, the remaining provision related to a key account contract in Hong Kong and a few minor contracts in a few countries.Other provisionsOther provisions comprise various other risks and obligations incidental to our business, most significantly related to divestments and customer and contract-related risks and disputes and decommissioning liabilities.In 2022, the addition was mainly due to recogni-tion of a withdrawal liability on a multiemployer plan in the US related to the divestment of Specialized Services in 2021.At 31 December 2022, the provision mainly related to Germany, the US, UK and France.2.5.2 Contingent assets andliabilities ISS is party to pending disputes, claims, investi-gations and litigations arising out of the normal conduct of its business and is therefore exposed to possible obligations. Management believes that these will not have a material impact on the Group\u2019s financial position beyond the assets and liabilities recognised in the statement of financial position at 31 December 2022. However, the existence of such possible obligations will only be confirmed by the occurrence of future events, not entirely within ISS\u2019s control. Due to the inherent uncertainty, future events may lead to material adverse effects on the Group\u2019s profit or loss and financial position from one or more of these possible obligations.Contractual disagreementsContractual disagreements with customers arise on a recurring basis in the ordinary course of ISS\u2019s business. While most are resolved as part of the daily contract management procedures, in some cases the contractual disagreements will lead to legal proceedings.The Group is currently party to certain disputes and legal proceedings, including in relation to the contract with Deutsche Telekom. The contract continues to be structurally challenging. Follow-ing an agreed dispute resolution mechanism, certain contractual disagreements are subject to arbitration proceedings initiated by ISS. Labour-related risksBeing a people company operating across differ-ent geographies and service areas exposes us to varying and changing labour laws, especially across Europe. Although we have policies and procedures in place to ensure that we comply with current regulations, interpretations and procedures applied by ISS could be challenged in certain jurisdictions and result in disputes and possibly liabilities.The Group is currently party to certain labour-related claims, disputes and legal proceedings, e.g. around wages, overtime, holiday and severance. Management believes that these would not have a material impact on the Group\u2019s financial position beyond the assets and liabili-ties already recognised at 31 December 2022.DivestmentsThe Group makes provisions for claims from purchasers or other parties in connection with divestments and the representations and warranties given in relation to such divestments. In addition, the Group\u2019s divestment activities can give rise to possible obligations, mainly labour-related, including pension plans, and related to disputes in relation to sales price.Restructuring projectsRestructuring projects are being undertaken on an ongoing basis across different geographies and service areas, currently mainly in Germany, France and Spain. Labour laws especially in Europe include restrictions on dismissals and procedural rules to be followed. The procedures applied by ISS could be challenged in certain jurisdictions resulting in disputes and possibly lia-bilities. Management believes that this would not have a material impact on the Group\u2019s financial position beyond the assets and liabilities already recognised at 31 December 2022.2.5.3 Guarantees ISS has issued certain guarantees in the normal course of business. Guarantees do not repre-sent legal or constructive obligations and are not recognised in the statement of financial position at 31 December 2022.(DKKm)2022 2021Bank-guaranteed 1,755 1,761 performance bondsOther performance bonds 1,831 1,819Performance guarantees (service contracts)3,586 3,580Indemnity and guarantee commitments 472 479Performance guarantees ISS regularly issues performance guarantees to customers to guarantee satisfactory completion of work in accordance with the service contract. Such guarantees are issued in the ordinary course of business, either in the form of bank guarantees, parent guarantees or insurances. Indemnity and guarantee commitmentsOther guarantees are mainly issued to insurance companies towards self-insurance liabilities as well as to owners of rental property occupied by ISS in certain countries. Furthermore, in a few instances guarantees have been issued to public authorities towards tax withholding liabilities.Significant accounting estimates and judgementsOur strategic choice to focus on key accounts increasingly leads to a customer case comprising large, more complex contracts in terms of perfor-mance obligations towards our customers. Addition-ally, the size and complexity of such contracts often requires ISS to incur significant transition and mo-bilisation costs before service delivery commences to enable fulfillment of the performance obligations. Furthermore, complex restructuring projects may need to be initiated and recognised as a provision. Onerous contracts Management assesses whether contracts may be onerous by estimating the ex-pected future profitability. This involves estimating total contract revenue and the unavoidable costs of meeting the performance obligations under the con-tract, including any transition and mobilisation costs incurred. In estimating the expected future profit-ability, management makes judgements, including in relation to termination and extension options.Certain contracts are large, complex and longer term facility service partnerships. In estimating unavoid-able costs in relation to such contracts, management makes assumptions around future realisation of costs taking estimated optimisations and efficiency gains from improvement initiatives into consider-ation. While ISS has inherent risk in this respect, ISS is by nature also dependent on aligning interest with the customer within the framework of the agree-ment for the benefit of both parties. The outcome may vary significantly should the assumptions and judgements applied not be realised as expected by management and applied as basis for their assess-ment of whether a contract is onerous.Restructurings and other provisions Management makes judgements related to various other matters and obligations, primarily relating to planned/initiated restructurings, and complex customer and contract-related risks and disputes, including ongoing lawsuits. Management\u2019s assessment of the likely outcome of lawsuits, tax disputes, etc., is based on external legal assistance and established precedents.For large, complex contracts, the outcome may vary significantly should the judgements and assump-tions applied by management in their assessment of the risks and disputes not be realised as expected.Accounting policyProvisionsProvisions are recognised when the Group, as a result of a past event, has a present legal or con-structive obligation, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The costs required to settle the obligation are discounted using the entity\u2019s average borrowing rate, if this significantly impacts the measurement of the liability. Legal disputes and claims, e.g. lawsuits and other disputes, based on external legal assistance and established precedents.Self-insurance on employers\u2019 liability and/or workers compensation based on valuations from external actuaries. Restructurings when a detailed, formal restructuring plan is announced to the affected parties on or before the reporting date. The plan must identify the busi-ness concerned, the location and number of employ-ees affected, and a detailed estimate of the associated costs, as well as the timeline must be in place. Onerous contracts, when the unavoidable costs, including directly allocated overhead costs, of meet-ing the obligations under the contract exceed the economic benefits expected to be received under it, corresponding to the lower of the costs to fulfil the obligations under the contract and the costs of exiting the contract. Customer and contract-related disputes based on an assessment of available facts and circumstances in respect of the specific risks or disputes, when it is deemed that a contractual, non-contractual or constructive obligation exists, and it is probable that this will lead to an outflow of economic resources from the Group. Decommissioning liabilities, if the Group has a legal obligation to dismantle or remove an asset or restore a site or leased facilities when vacated. The provision corresponds to the present value of expected costs to settle the obligation.The present value of the obligation is included in the cost of the relevant tangible or right-of-use asset and depreciated accordingly. The estimated future costs of decommissioning are reviewed annually and adjusted as appropriate. Changes in the estimated future costs, or in the discount rate applied, are added to or deducted from the cost of the relevant asset.Contingent assets and liabilitiesContingent liabilities comprise: 1) possible obligations that arise from a past event and whose existence will only be confirmed by the occurrence or non-occurrence of future events; and2) obligations that are not recognised as the amount cannot be measured sufficiently reliable or it is not probable that economic benefits will be required to settle the obligation.Contingent assets are possible assets whose existence will be confirmed by the occurrence or non-occurrence of uncertain future events that are not wholly within the control of the entity.Contingent assets and liabilities are not recognised, but disclosed in the notes.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__47": {
"value": "2.5 Provisions, contingent assets and liabilities, and guaranteesISS is exposed to various risks and uncertainties, and party to certain disputes, claims, investiga-tions and legal proceedings arising out of the normal conduct of its business. These are mainly within the following areas:\u2022 Commercial/contractual matters\u2022 Labour-related\u2022 Divestments and M&A\u2022 Tax/social regulationsProvisions have been recognised in relation to such obligations for probable losses, that management deems reasonable and appropriate at 31 December 2022 as reflected in the table to the right.In addition, ISS is exposed to possible obligations in relation hereto as described below under 2.5.2 Contingent assets and liabilities.2.5.1 Provisions Legal claims and disputesThe provision primarily relates to labour-related claims and disputes regarding wages, overtime,holiday, severance etc. as well as claims and dis-putes in relation to contractual disagreementswith customers and suppliers. In addition, the provision includes claims and disputes associ-ated with our divestment activities. Such claims and disputes arise out of the normal conduct of business. At 31 December 2022, the majority related to the UK, the US, France and Spain.Self-insuranceThe provision for self-insurance mainly relates to employers\u2019 liability and/or workers compensation in certain countries and covers claims by employ-ees for medical benefits and lost wages associated with injuries/illness incurred in the course of their employment. The relevant countries, including self-insurance limits are listed below:\u2022 Hong Kong: DKK 26.8m (2021: DKK 25.2m) yearly\u2022 UK: DKK 25.2m (2021: DKK 26.6m) yearly aggregated limit and DKK 4.2m (2021: DKK 4.4m) per claim\u2022 Australia: DKK 4.7m (2021: DKK 3.6m) per claim\u2022 US: DKK 3.5m (2021: DKK 3.3m) per claimThe provision also includes obligations not covered by the global general business liability insurance in relation to damage caused in the ordinary course of service delivery, e.g. property damage and bodily injury. The Group is self-in-sured for claims below DKK 7.4 million (EUR 1 million per claim).Restructuring projectsThe provision mainly covers restructuring projects initiated in 2020 in several countries. The purpose was to adjust our cost base on the back of Covid-19 and involved overhead reductions, including termination of employees and contract exits.In 2022, execution of the projects continued, which led to a decrease of DKK 303 million mainly due to severance payments in Germany, France and Spain.Onerous contractsThe provision covers the unavoidable costs for certain loss-making contracts. The increased in-flation during 2022, and resulting cost increases, was generally managed through price increases and cost reductions. Consequenly, inflation did not lead to identification of any significant new onerous contracts or increased provision for contracts already recognised as onerous.Legal claims and Self- Restruc-Onerous (DKKm)disputesinsuranceturingscontracts Other Total2022At 1 January 235 262 374 330 515 1,716 Foreign exchange adjustments (9) 6 - 3 4 4 Additions 109 142 6 15 99 371Used during the year(41) (149)(263)(191)(90) (734)Unused amounts reversed(28)(15)(46)(80)(8)(177)Reclass (to)/from other liabilities 2 (1) - - (110) (109)At 31 December 268 245 71 77 410 1,071Non-current 47 129 - 23 266 465Current 221 116 71 54 144 6062021At 1 January 133 261 787 285 460 1,926 Foreign exchange adjustments (6) 15 4 6 7 26 Additions 141 225 7 73 45 491 Used during the year (62)(232)(373)(21)(11)(699)Unused amounts reversed (55)(2)(52)(16)(10)(135)Reclass (to)/from other liabilities 84 (5) 1 3 24 107 At 31 December 235 262 374 330 515 1,716 Non-current 121 127 142 78 287 755 Current 114 135 232 252 228 961 In 2022, the decrease of DKK 253 million was mainly related to the exit from the Danish Defence contract, including payment of an exit fee, termination of lease obligations and disposal of equipment as well as utilisation of the provision for a key account contract in Hong Kong. Furthermore, in France and the UK improvement initiatives on a few minor loss-making contracts led to reversal of amounts provided in prior years.At 31 December 2022, the remaining provision related to a key account contract in Hong Kong and a few minor contracts in a few countries.Other provisionsOther provisions comprise various other risks and obligations incidental to our business, most significantly related to divestments and customer and contract-related risks and disputes and decommissioning liabilities.In 2022, the addition was mainly due to recogni-tion of a withdrawal liability on a multiemployer plan in the US related to the divestment of Specialized Services in 2021.At 31 December 2022, the provision mainly related to Germany, the US, UK and France.2.5.2 Contingent assets andliabilities ISS is party to pending disputes, claims, investi-gations and litigations arising out of the normal conduct of its business and is therefore exposed to possible obligations. Management believes that these will not have a material impact on the Group\u2019s financial position beyond the assets and liabilities recognised in the statement of financial position at 31 December 2022. However, the existence of such possible obligations will only be confirmed by the occurrence of future events, not entirely within ISS\u2019s control. Due to the inherent uncertainty, future events may lead to material adverse effects on the Group\u2019s profit or loss and financial position from one or more of these possible obligations.Contractual disagreementsContractual disagreements with customers arise on a recurring basis in the ordinary course of ISS\u2019s business. While most are resolved as part of the daily contract management procedures, in some cases the contractual disagreements will lead to legal proceedings.The Group is currently party to certain disputes and legal proceedings, including in relation to the contract with Deutsche Telekom. The contract continues to be structurally challenging. Follow-ing an agreed dispute resolution mechanism, certain contractual disagreements are subject to arbitration proceedings initiated by ISS. Labour-related risksBeing a people company operating across differ-ent geographies and service areas exposes us to varying and changing labour laws, especially across Europe. Although we have policies and procedures in place to ensure that we comply with current regulations, interpretations and procedures applied by ISS could be challenged in certain jurisdictions and result in disputes and possibly liabilities.The Group is currently party to certain labour-related claims, disputes and legal proceedings, e.g. around wages, overtime, holiday and severance. Management believes that these would not have a material impact on the Group\u2019s financial position beyond the assets and liabili-ties already recognised at 31 December 2022.DivestmentsThe Group makes provisions for claims from purchasers or other parties in connection with divestments and the representations and warranties given in relation to such divestments. In addition, the Group\u2019s divestment activities can give rise to possible obligations, mainly labour-related, including pension plans, and related to disputes in relation to sales price.Restructuring projectsRestructuring projects are being undertaken on an ongoing basis across different geographies and service areas, currently mainly in Germany, France and Spain. Labour laws especially in Europe include restrictions on dismissals and procedural rules to be followed. The procedures applied by ISS could be challenged in certain jurisdictions resulting in disputes and possibly lia-bilities. Management believes that this would not have a material impact on the Group\u2019s financial position beyond the assets and liabilities already recognised at 31 December 2022.2.5.3 Guarantees ISS has issued certain guarantees in the normal course of business. Guarantees do not repre-sent legal or constructive obligations and are not recognised in the statement of financial position at 31 December 2022.(DKKm)2022 2021Bank-guaranteed 1,755 1,761 performance bondsOther performance bonds 1,831 1,819Performance guarantees (service contracts)3,586 3,580Indemnity and guarantee commitments 472 479Performance guarantees ISS regularly issues performance guarantees to customers to guarantee satisfactory completion of work in accordance with the service contract. Such guarantees are issued in the ordinary course of business, either in the form of bank guarantees, parent guarantees or insurances. Indemnity and guarantee commitmentsOther guarantees are mainly issued to insurance companies towards self-insurance liabilities as well as to owners of rental property occupied by ISS in certain countries. Furthermore, in a few instances guarantees have been issued to public authorities towards tax withholding liabilities.Significant accounting estimates and judgementsOur strategic choice to focus on key accounts increasingly leads to a customer case comprising large, more complex contracts in terms of perfor-mance obligations towards our customers. Addition-ally, the size and complexity of such contracts often requires ISS to incur significant transition and mo-bilisation costs before service delivery commences to enable fulfillment of the performance obligations. Furthermore, complex restructuring projects may need to be initiated and recognised as a provision. Onerous contracts Management assesses whether contracts may be onerous by estimating the ex-pected future profitability. This involves estimating total contract revenue and the unavoidable costs of meeting the performance obligations under the con-tract, including any transition and mobilisation costs incurred. In estimating the expected future profit-ability, management makes judgements, including in relation to termination and extension options.Certain contracts are large, complex and longer term facility service partnerships. In estimating unavoid-able costs in relation to such contracts, management makes assumptions around future realisation of costs taking estimated optimisations and efficiency gains from improvement initiatives into consider-ation. While ISS has inherent risk in this respect, ISS is by nature also dependent on aligning interest with the customer within the framework of the agree-ment for the benefit of both parties. The outcome may vary significantly should the assumptions and judgements applied not be realised as expected by management and applied as basis for their assess-ment of whether a contract is onerous.Restructurings and other provisions Management makes judgements related to various other matters and obligations, primarily relating to planned/initiated restructurings, and complex customer and contract-related risks and disputes, including ongoing lawsuits. Management\u2019s assessment of the likely outcome of lawsuits, tax disputes, etc., is based on external legal assistance and established precedents.For large, complex contracts, the outcome may vary significantly should the judgements and assump-tions applied by management in their assessment of the risks and disputes not be realised as expected.Accounting policyProvisionsProvisions are recognised when the Group, as a result of a past event, has a present legal or con-structive obligation, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The costs required to settle the obligation are discounted using the entity\u2019s average borrowing rate, if this significantly impacts the measurement of the liability. Legal disputes and claims, e.g. lawsuits and other disputes, based on external legal assistance and established precedents.Self-insurance on employers\u2019 liability and/or workers compensation based on valuations from external actuaries. Restructurings when a detailed, formal restructuring plan is announced to the affected parties on or before the reporting date. The plan must identify the busi-ness concerned, the location and number of employ-ees affected, and a detailed estimate of the associated costs, as well as the timeline must be in place. Onerous contracts, when the unavoidable costs, including directly allocated overhead costs, of meet-ing the obligations under the contract exceed the economic benefits expected to be received under it, corresponding to the lower of the costs to fulfil the obligations under the contract and the costs of exiting the contract. Customer and contract-related disputes based on an assessment of available facts and circumstances in respect of the specific risks or disputes, when it is deemed that a contractual, non-contractual or constructive obligation exists, and it is probable that this will lead to an outflow of economic resources from the Group. Decommissioning liabilities, if the Group has a legal obligation to dismantle or remove an asset or restore a site or leased facilities when vacated. The provision corresponds to the present value of expected costs to settle the obligation.The present value of the obligation is included in the cost of the relevant tangible or right-of-use asset and depreciated accordingly. The estimated future costs of decommissioning are reviewed annually and adjusted as appropriate. Changes in the estimated future costs, or in the discount rate applied, are added to or deducted from the cost of the relevant asset.Contingent assets and liabilitiesContingent liabilities comprise: 1) possible obligations that arise from a past event and whose existence will only be confirmed by the occurrence or non-occurrence of future events; and2) obligations that are not recognised as the amount cannot be measured sufficiently reliable or it is not probable that economic benefits will be required to settle the obligation.Contingent assets are possible assets whose existence will be confirmed by the occurrence or non-occurrence of uncertain future events that are not wholly within the control of the entity.Contingent assets and liabilities are not recognised, but disclosed in the notes.",
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"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__53": {
"value": "Accounting policyProvisionsProvisions are recognised when the Group, as a result of a past event, has a present legal or con-structive obligation, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The costs required to settle the obligation are discounted using the entity\u2019s average borrowing rate, if this significantly impacts the measurement of the liability. Legal disputes and claims, e.g. lawsuits and other disputes, based on external legal assistance and established precedents.Self-insurance on employers\u2019 liability and/or workers compensation based on valuations from external actuaries. Restructurings when a detailed, formal restructuring plan is announced to the affected parties on or before the reporting date. The plan must identify the busi-ness concerned, the location and number of employ-ees affected, and a detailed estimate of the associated costs, as well as the timeline must be in place. Onerous contracts, when the unavoidable costs, including directly allocated overhead costs, of meet-ing the obligations under the contract exceed the economic benefits expected to be received under it, corresponding to the lower of the costs to fulfil the obligations under the contract and the costs of exiting the contract. Customer and contract-related disputes based on an assessment of available facts and circumstances in respect of the specific risks or disputes, when it is deemed that a contractual, non-contractual or constructive obligation exists, and it is probable that this will lead to an outflow of economic resources from the Group. Decommissioning liabilities, if the Group has a legal obligation to dismantle or remove an asset or restore a site or leased facilities when vacated. The provision corresponds to the present value of expected costs to settle the obligation.The present value of the obligation is included in the cost of the relevant tangible or right-of-use asset and depreciated accordingly. The estimated future costs of decommissioning are reviewed annually and adjusted as appropriate. Changes in the estimated future costs, or in the discount rate applied, are added to or deducted from the cost of the relevant asset.Contingent assets and liabilitiesContingent liabilities comprise: 1) possible obligations that arise from a past event and whose existence will only be confirmed by the occurrence or non-occurrence of future events; and2) obligations that are not recognised as the amount cannot be measured sufficiently reliable or it is not probable that economic benefits will be required to settle the obligation.Contingent assets are possible assets whose existence will be confirmed by the occurrence or non-occurrence of uncertain future events that are not wholly within the control of the entity.Contingent assets and liabilities are not recognised, but disclosed in the notes.",
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"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__52": {
"value": "Accounting policyProvisionsProvisions are recognised when the Group, as a result of a past event, has a present legal or con-structive obligation, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The costs required to settle the obligation are discounted using the entity\u2019s average borrowing rate, if this significantly impacts the measurement of the liability. Legal disputes and claims, e.g. lawsuits and other disputes, based on external legal assistance and established precedents.Self-insurance on employers\u2019 liability and/or workers compensation based on valuations from external actuaries. Restructurings when a detailed, formal restructuring plan is announced to the affected parties on or before the reporting date. The plan must identify the busi-ness concerned, the location and number of employ-ees affected, and a detailed estimate of the associated costs, as well as the timeline must be in place. Onerous contracts, when the unavoidable costs, including directly allocated overhead costs, of meet-ing the obligations under the contract exceed the economic benefits expected to be received under it, corresponding to the lower of the costs to fulfil the obligations under the contract and the costs of exiting the contract. Customer and contract-related disputes based on an assessment of available facts and circumstances in respect of the specific risks or disputes, when it is deemed that a contractual, non-contractual or constructive obligation exists, and it is probable that this will lead to an outflow of economic resources from the Group. Decommissioning liabilities, if the Group has a legal obligation to dismantle or remove an asset or restore a site or leased facilities when vacated. The provision corresponds to the present value of expected costs to settle the obligation.The present value of the obligation is included in the cost of the relevant tangible or right-of-use asset and depreciated accordingly. The estimated future costs of decommissioning are reviewed annually and adjusted as appropriate. Changes in the estimated future costs, or in the discount rate applied, are added to or deducted from the cost of the relevant asset.Contingent assets and liabilitiesContingent liabilities comprise: 1) possible obligations that arise from a past event and whose existence will only be confirmed by the occurrence or non-occurrence of future events; and2) obligations that are not recognised as the amount cannot be measured sufficiently reliable or it is not probable that economic benefits will be required to settle the obligation.Contingent assets are possible assets whose existence will be confirmed by the occurrence or non-occurrence of uncertain future events that are not wholly within the control of the entity.Contingent assets and liabilities are not recognised, but disclosed in the notes.",
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"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__49": {
"value": "Accounting policyProvisionsProvisions are recognised when the Group, as a result of a past event, has a present legal or con-structive obligation, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The costs required to settle the obligation are discounted using the entity\u2019s average borrowing rate, if this significantly impacts the measurement of the liability. Legal disputes and claims, e.g. lawsuits and other disputes, based on external legal assistance and established precedents.Self-insurance on employers\u2019 liability and/or workers compensation based on valuations from external actuaries. Restructurings when a detailed, formal restructuring plan is announced to the affected parties on or before the reporting date. The plan must identify the busi-ness concerned, the location and number of employ-ees affected, and a detailed estimate of the associated costs, as well as the timeline must be in place. Onerous contracts, when the unavoidable costs, including directly allocated overhead costs, of meet-ing the obligations under the contract exceed the economic benefits expected to be received under it, corresponding to the lower of the costs to fulfil the obligations under the contract and the costs of exiting the contract. Customer and contract-related disputes based on an assessment of available facts and circumstances in respect of the specific risks or disputes, when it is deemed that a contractual, non-contractual or constructive obligation exists, and it is probable that this will lead to an outflow of economic resources from the Group. Decommissioning liabilities, if the Group has a legal obligation to dismantle or remove an asset or restore a site or leased facilities when vacated. The provision corresponds to the present value of expected costs to settle the obligation.The present value of the obligation is included in the cost of the relevant tangible or right-of-use asset and depreciated accordingly. The estimated future costs of decommissioning are reviewed annually and adjusted as appropriate. Changes in the estimated future costs, or in the discount rate applied, are added to or deducted from the cost of the relevant asset.Contingent assets and liabilitiesContingent liabilities comprise: 1) possible obligations that arise from a past event and whose existence will only be confirmed by the occurrence or non-occurrence of future events; and2) obligations that are not recognised as the amount cannot be measured sufficiently reliable or it is not probable that economic benefits will be required to settle the obligation.Contingent assets are possible assets whose existence will be confirmed by the occurrence or non-occurrence of uncertain future events that are not wholly within the control of the entity.Contingent assets and liabilities are not recognised, but disclosed in the notes.",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__59": {
"value": "2.6 Right-of-use assets and property, plant and equipment ISS is a people business operating based on an asset light business model. Operating assets (leased and owned) comprised only 7% of the Group\u2019s total assets at 31 December 2022. Our model is based on leasing, rather than owning, property, vehicles and equipment. Right-of-use assets At 31 December 2022, ISS was party to around 18,500 lease agreement of which the majority related to vehicles, whereas in terms of asset value, the main part related to property.Additions amounted to DKK 765 million in 2022, which was impacted by new country head office leases in Austria and Singapore and extensions in a few other countries. This was slightly lower than 2021 where additions of DKK 859 million included new head office leases in France and Norway and additional new vehicle leases due to contract wins in the UK, Germany, Norway, Mexico and Finland.Property plant and equipment Additions of DKK 345 million in 2022 primarily related to equipment for new and existing contracts and was broadly in line with 2021.20222021Right-of-use assets Property,Right-of-use assets Property,plant andplant and(DKKm)Properties Vehicles Other Total equipment equipment Properties Vehicles Other Total Cost at 1 January 2,582 1,307 577 4,466 3,455 2,411 1,313 673 4,397 3,615 Prior year adjustments - - - - - (117)(203)(94)(414) - Foreign exchange adjustments 4 (9)(35)(40)(39) 51 17 (46) 22 45 Hyperinflation restatement - 20 57 77 183 - - - - -Additions 264 312 189 765 345 347 372 140 859 335 Acquisitions 5 34 - 39 7 - - 6 6 27 Divestments - - - - (16) - - - - (122)Disposals (198)(252)(81)(531)(654)(127)(199)(96)(422)(489)Reclass - - - -(6) 17 7 (6)18 44Cost at 31 December 2,657 1,412 707 4,776 3,275 2,582 1,307 577 4,466 3,455 Depreciation at 1 January (1,071)(669)(281)(2,021)(2,524)(842)(689)(354)(1,885)(2,581)Prior year adjustments - - - - - 117 203 94 414 - Foreign exchange adjustments (1) 7 19 25 30(18)(12) 21 (9)(57)Hyperinflation restatement - (7) (13) (20) (107)- - - - -Impairment - - - - (22) (32) - - (32) (5)Depreciation (398)(356)(134)(888)(376)(412)(368)(142)(922)(422)Divestments - - - - 15 - - - - 109 Disposals 198 252 81 531 626 126 199 95 420 456 Reclass - - - - - (10) (2)5(7) (24)Depreciation at 31 December (1,272)(773)(328)(2,373)(2,358)(1,071)(669)(281)(2,021)(2,524)Carrying amount at 31 December 1,385 639 379 2,403 917 1,511 638 296 2,445 931 Significant accounting judgementsLease term Several of ISS\u2019s lease contracts (office buildings) have no contractual fixed lease term or contains an extension option. Management exercises judgement in determining whether these extension options are reasonably certain to be exercised. Management considers all relevant facts and circumstances that create an economic incen-tive for the Group to exercise the extension option.The lease term for contracts without an end date is set to ten years for head office and accessory buildings, whereas all other leases with no definite end date are set to five years. Lease liabilityThe carrying amount of lease liabilities and the movements in the year are disclosed in 4.2, Loans and borrowings. The maturity profile is disclosed in 4.6, Liquidity risk. Lease-related costs in profit or loss(DKKm)2022 2021Depreciation of right-of-use assets 888 922 Interest expenses on lease liabilities 82 69 Leases of low-value assets 203 168 Short-term leases 88 88 Variable lease payments 11 13 Recognised in profit or loss 1,272 1,260 Hereof cash outflow 384 338 Accounting policyRight-of-use assets are recognised at the com-mencement date of the lease and measured at cost less accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities, including extension options. Cost comprises the amount of lease liabilities recognised, initial direct costs, dismantling and restoration costs incurred and lease payments made at or before the commencement date less any lease incentives received.Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful life of the asset. Estimated useful lifeProperties 5-10 yearsCars3-5 yearsOther equipment 2-5 yearsCertain leases have a term of 12 months or less or are leases of low-value assets, such as minor cleaning and IT equipment and office furniture. The recognition exemptions are applied for these leases and lease payments are recognised in Other operating expenses on a straight-line basis over the lease term. Property, plant and equipment is measured at cost, less accumulated depreciation and impairment losses. Cost comprises the purchase price and costs directly attributable to the acquisition until the date when the asset is ready for use. The net present value of estimated liabilities related to dismantling and removing the asset and restoring the site on which the asset is located is added to the cost.Subsequent costs, e.g. for replacing parts of an item, are recognised in the cost of the asset if it is probable that the future economic benefits embod-ied by the item will flow to the Group. The carrying amount of the item is derecognised when replaced and transferred to profit or loss. All other costs for common repairs and maintenance are recognised in profit or loss when incurred. Depreciation is based on the cost of an asset less its residual value. When parts of an item of property, plant and equipment have different useful lives, they are accounted for separately. The estimated useful life and residual value are determined at the acquisi-tion date. If the residual value exceeds the carrying amount depreciation is discontinued. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets.Estimated useful lifePlant and equipment 3-10 yearsLeasehold improvements (lease term)3-10 yearsBuildings 20-40 yearsLand is not depreciated.Depreciation methods, useful lives and residual values are reassessed at each reporting date and adjusted prospectively, if appropriate. Gains and losses arising on the disposal or retirement of property, plant and equipment are measured as the difference between the selling price less direct sales costs and the carrying amount, and are recognised in Other operating expenses in the year of sale, except gains and losses arising on disposal of property, which are recognised in Other income and expenses, net.",
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"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
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"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"s10_notes__7__56-1": {
"value": "2.6 Right-of-use assets and property, plant and equipment ISS is a people business operating based on an asset light business model. Operating assets (leased and owned) comprised only 7% of the Group\u2019s total assets at 31 December 2022. Our model is based on leasing, rather than owning, property, vehicles and equipment. Right-of-use assets At 31 December 2022, ISS was party to around 18,500 lease agreement of which the majority related to vehicles, whereas in terms of asset value, the main part related to property.Additions amounted to DKK 765 million in 2022, which was impacted by new country head office leases in Austria and Singapore and extensions in a few other countries. This was slightly lower than 2021 where additions of DKK 859 million included new head office leases in France and Norway and additional new vehicle leases due to contract wins in the UK, Germany, Norway, Mexico and Finland.Property plant and equipment Additions of DKK 345 million in 2022 primarily related to equipment for new and existing contracts and was broadly in line with 2021.20222021Right-of-use assets Property,Right-of-use assets Property,plant andplant and(DKKm)Properties Vehicles Other Total equipment equipment Properties Vehicles Other Total Cost at 1 January 2,582 1,307 577 4,466 3,455 2,411 1,313 673 4,397 3,615 Prior year adjustments - - - - - (117)(203)(94)(414) - Foreign exchange adjustments 4 (9)(35)(40)(39) 51 17 (46) 22 45 Hyperinflation restatement - 20 57 77 183 - - - - -Additions 264 312 189 765 345 347 372 140 859 335 Acquisitions 5 34 - 39 7 - - 6 6 27 Divestments - - - - (16) - - - - (122)Disposals (198)(252)(81)(531)(654)(127)(199)(96)(422)(489)Reclass - - - -(6) 17 7 (6)18 44Cost at 31 December 2,657 1,412 707 4,776 3,275 2,582 1,307 577 4,466 3,455 Depreciation at 1 January (1,071)(669)(281)(2,021)(2,524)(842)(689)(354)(1,885)(2,581)Prior year adjustments - - - - - 117 203 94 414 - Foreign exchange adjustments (1) 7 19 25 30(18)(12) 21 (9)(57)Hyperinflation restatement - (7) (13) (20) (107)- - - - -Impairment - - - - (22) (32) - - (32) (5)Depreciation (398)(356)(134)(888)(376)(412)(368)(142)(922)(422)Divestments - - - - 15 - - - - 109 Disposals 198 252 81 531 626 126 199 95 420 456 Reclass - - - - - (10) (2)5(7) (24)Depreciation at 31 December (1,272)(773)(328)(2,373)(2,358)(1,071)(669)(281)(2,021)(2,524)Carrying amount at 31 December 1,385 639 379 2,403 917 1,511 638 296 2,445 931 Significant accounting judgementsLease term Several of ISS\u2019s lease contracts (office buildings) have no contractual fixed lease term or contains an extension option. Management exercises judgement in determining whether these extension options are reasonably certain to be exercised. Management considers all relevant facts and circumstances that create an economic incen-tive for the Group to exercise the extension option.The lease term for contracts without an end date is set to ten years for head office and accessory buildings, whereas all other leases with no definite end date are set to five years. Lease liabilityThe carrying amount of lease liabilities and the movements in the year are disclosed in 4.2, Loans and borrowings. The maturity profile is disclosed in 4.6, Liquidity risk. Lease-related costs in profit or loss(DKKm)2022 2021Depreciation of right-of-use assets 888 922 Interest expenses on lease liabilities 82 69 Leases of low-value assets 203 168 Short-term leases 88 88 Variable lease payments 11 13 Recognised in profit or loss 1,272 1,260 Hereof cash outflow 384 338 Accounting policyRight-of-use assets are recognised at the com-mencement date of the lease and measured at cost less accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities, including extension options. Cost comprises the amount of lease liabilities recognised, initial direct costs, dismantling and restoration costs incurred and lease payments made at or before the commencement date less any lease incentives received.Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful life of the asset. Estimated useful lifeProperties 5-10 yearsCars3-5 yearsOther equipment 2-5 yearsCertain leases have a term of 12 months or less or are leases of low-value assets, such as minor cleaning and IT equipment and office furniture. The recognition exemptions are applied for these leases and lease payments are recognised in Other operating expenses on a straight-line basis over the lease term. Property, plant and equipment is measured at cost, less accumulated depreciation and impairment losses. Cost comprises the purchase price and costs directly attributable to the acquisition until the date when the asset is ready for use. The net present value of estimated liabilities related to dismantling and removing the asset and restoring the site on which the asset is located is added to the cost.Subsequent costs, e.g. for replacing parts of an item, are recognised in the cost of the asset if it is probable that the future economic benefits embod-ied by the item will flow to the Group. The carrying amount of the item is derecognised when replaced and transferred to profit or loss. All other costs for common repairs and maintenance are recognised in profit or loss when incurred. Depreciation is based on the cost of an asset less its residual value. When parts of an item of property, plant and equipment have different useful lives, they are accounted for separately. The estimated useful life and residual value are determined at the acquisi-tion date. If the residual value exceeds the carrying amount depreciation is discontinued. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets.Estimated useful lifePlant and equipment 3-10 yearsLeasehold improvements (lease term)3-10 yearsBuildings 20-40 yearsLand is not depreciated.Depreciation methods, useful lives and residual values are reassessed at each reporting date and adjusted prospectively, if appropriate. Gains and losses arising on the disposal or retirement of property, plant and equipment are measured as the difference between the selling price less direct sales costs and the carrying amount, and are recognised in Other operating expenses in the year of sale, except gains and losses arising on disposal of property, which are recognised in Other income and expenses, net.3.1 Intangible assets 20222021Customer SoftwareCustomer Software1)2)1)TotalGoodwill Brands contractsand other (DKKm)Goodwill Brands contractsand other TotalCost at 1 January 23,178 1,666 9,098 2,589 36,531 22,643 1,663 8,626 2,505 35,437 Foreign exchange adjustments (112) 5 (107) (9)(223) 402 3 112 19 536 Hyperinflation restatement 644 - 235 5 884 - - - - -Additions - - - 454 454 - - - 248 248 Acquisitions 203 - 161 - 364 97 - 428 7 532 Divestments (46) - (1)(2)(49)(20) - (106)(1)(127)Disposals - - (93)(118)(211) - - (12)(174)(186)Reclass (to)/from Property, plant and equipment - - - 6 6 - - - - -Reclass to Assets held for sale - - - - - 56 - 50 (15) 91 Cost at 31 December 23,867 1,671 9,293 2,925 37,756 23,178 1,666 9,098 2,589 36,531 Amortisation and impairment losses at 1 January (3,425)(74)(8,501)(1,792)(13,792)(2,981)(61)(8,302)(1,575)(12,919)Foreign exchange adjustments 8 (4) 38 8 50 6 (3)(218)(15)(230)Hyperinflation restatement - - (2)(3)(5)- - - - -Amortisation - (4)(65)(207)(276) - (10)(54)(289)(353)Impairment - - - (24)(24)(450) - - (92)(542)Divestments - - 1 2 3 - - 101 1 102 Disposals - - 93 115 208 - - 12 169 181 Reclass to Assets held for sale - - - - - - - (40) 9 (31)Amortisation and impairment losses at 31 December (3,417)(82)(8,436)(1,901)(13,836)(3,425)(74)(8,501)(1,792)(13,792)Carrying amount at 31 December 20,450 1,589 857 1,024 23,920 19,753 1,592 597 797 22,739 1) Of which DKK 133 million related to software under development at Group level (2021: DKK 93 million).2) The impairment loss in 2021 of DKK 450 million related to France.Hyperinflation restatement Implementation of IAS 29 in Turkey led to a significant increase of the Group\u2019s intangible assets, in total DKK 879 million, net. The increase related to goodwill (DKK 644 million), customer contracts (DKK 233 million) and software (DKK 2 million). Further details are provided in 7.2, Hyperinflation in Turkey.Livit FM, Switzerland The acquisition in October 2022 added DKK 347 million to the Group\u2019s intangibles relating to goodwill (DKK 191 million) and customer contracts (DKK 156 million). Further details are provided in 3.3, Acquisitions.Software and other In line with the Group\u2019s stra-tegic ambition of becoming the technology leader in the industry, we are investing more in software, e.g. digital applications for our customers and employees as well as cybersecure infrastructure. In 2022, additions amounted to DKK 454 million (2021: DKK 248 million), the majority related to Group-wide systems and applications. Significant accounting judgementsCloud-based arrangement At the commencement date, management assesses whether the Group ac-quires an intangible asset, a leased asset or receives a service over the term of the contract. If the Group receives a right to access the cloud provider's appli-cation without further rights or control it is neither a lease nor an intangible asset. However, the Group may acquire an intangible asset if the Group has the contractual right to take possession of the software during the contract period without significant penal-ty and it is feasible for the Group to run the software on its own hardware or with another cloud provider.In SaaS arrangements, where the provider controls the application software, the assessment of whether configuration or customisation of the software results in an intangible asset for the Group depends on the output of the configuration or customisation activities performed. Part of the activities undertaken may entail the development of software code that enhances or modifies, or creates additional capability to the existing on-premise software to enable it to connect with the cloud-based software applications. If activities are performed on the Group\u2019s infrastruc-ture and applications, they likely represent assets that the Group controls because they enhance, improve or customise existing software assets.Accounting policyGoodwill is initially recognised at cost and subse-quently at cost less accumulated impairment losses. Goodwill is not amortised. Goodwill relates mainly to assembled workforce, technical expertise and technological knowhow.Acquisition-related brands and customer contracts are recognised at fair value at the acquisition date. Subsequently, brands with indefinite useful lives are measured at cost less accumulated impairment losses. Brands with finite useful lives and customer contracts are measured at cost less accumulated amortisation and impairment losses. Acquired software and other intangible assets are measured at cost less accumulated amortisation and impairment losses. The cost of software developed for internal use includes external costs to consul-tants and software as well as internal direct and indirect costs related to the development. Other development costs for which it cannot be demon-strated that future economic benefits will flow to the Group are recognised in profit or loss as and when incurred. Amortisation of intangible assets with finite useful lives is calculated on a straight-line basis over the estimated useful lives except for certain customer contracts where the unit of production method bet-ter reflects the expected pattern of consumption.Estimated useful lifeBrands (finite useful life) 2-5 yearsCustomer contracts 10-24 yearsSoftware and other 5-10 yearsAmortisation methods and useful lives are reas-sessed at the reporting date and adjusted prospec-tively, if appropriate.Cloud-based arrangements Software within a cloud-based arrangement is recognised as either an intangible asset, a leased asset or as a service received (Software as a Service) based on the contact and facts and circumstances of the software.Software as a Service (SaaS) arrangements are ser-vice contracts providing the Group with the right to access a cloud provider's application software over the contract period. Costs incurred to configure or customise, and the ongoing fees to obtain access to the cloud provi-der\u2019s application software are recognised as Other operating expenses when the services are received. Also, internal costs such as costs related to selection of cloud provider, data conversion, training and testing are expensed as incurred in Other operating expenses. In some arrangements, certain configuration and customisation activities undertaken in implement-ing SaaS arrangements may give rise to a separate asset, i.e. the development of a software code that enhances, modifies or creates additional capability to the Group\u2019s existing on-premise systems. Costs incurred for these activities are recognised as intangible assets if they are identifiable and meet the recognition criteria and amortised over the useful life of the software similar to other intangible assets.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__55-1": {
"value": "2.6 Right-of-use assets and property, plant and equipment ISS is a people business operating based on an asset light business model. Operating assets (leased and owned) comprised only 7% of the Group\u2019s total assets at 31 December 2022. Our model is based on leasing, rather than owning, property, vehicles and equipment. Right-of-use assets At 31 December 2022, ISS was party to around 18,500 lease agreement of which the majority related to vehicles, whereas in terms of asset value, the main part related to property.Additions amounted to DKK 765 million in 2022, which was impacted by new country head office leases in Austria and Singapore and extensions in a few other countries. This was slightly lower than 2021 where additions of DKK 859 million included new head office leases in France and Norway and additional new vehicle leases due to contract wins in the UK, Germany, Norway, Mexico and Finland.Property plant and equipment Additions of DKK 345 million in 2022 primarily related to equipment for new and existing contracts and was broadly in line with 2021.20222021Right-of-use assets Property,Right-of-use assets Property,plant andplant and(DKKm)Properties Vehicles Other Total equipment equipment Properties Vehicles Other Total Cost at 1 January 2,582 1,307 577 4,466 3,455 2,411 1,313 673 4,397 3,615 Prior year adjustments - - - - - (117)(203)(94)(414) - Foreign exchange adjustments 4 (9)(35)(40)(39) 51 17 (46) 22 45 Hyperinflation restatement - 20 57 77 183 - - - - -Additions 264 312 189 765 345 347 372 140 859 335 Acquisitions 5 34 - 39 7 - - 6 6 27 Divestments - - - - (16) - - - - (122)Disposals (198)(252)(81)(531)(654)(127)(199)(96)(422)(489)Reclass - - - -(6) 17 7 (6)18 44Cost at 31 December 2,657 1,412 707 4,776 3,275 2,582 1,307 577 4,466 3,455 Depreciation at 1 January (1,071)(669)(281)(2,021)(2,524)(842)(689)(354)(1,885)(2,581)Prior year adjustments - - - - - 117 203 94 414 - Foreign exchange adjustments (1) 7 19 25 30(18)(12) 21 (9)(57)Hyperinflation restatement - (7) (13) (20) (107)- - - - -Impairment - - - - (22) (32) - - (32) (5)Depreciation (398)(356)(134)(888)(376)(412)(368)(142)(922)(422)Divestments - - - - 15 - - - - 109 Disposals 198 252 81 531 626 126 199 95 420 456 Reclass - - - - - (10) (2)5(7) (24)Depreciation at 31 December (1,272)(773)(328)(2,373)(2,358)(1,071)(669)(281)(2,021)(2,524)Carrying amount at 31 December 1,385 639 379 2,403 917 1,511 638 296 2,445 931 Significant accounting judgementsLease term Several of ISS\u2019s lease contracts (office buildings) have no contractual fixed lease term or contains an extension option. Management exercises judgement in determining whether these extension options are reasonably certain to be exercised. Management considers all relevant facts and circumstances that create an economic incen-tive for the Group to exercise the extension option.The lease term for contracts without an end date is set to ten years for head office and accessory buildings, whereas all other leases with no definite end date are set to five years. Lease liabilityThe carrying amount of lease liabilities and the movements in the year are disclosed in 4.2, Loans and borrowings. The maturity profile is disclosed in 4.6, Liquidity risk. Lease-related costs in profit or loss(DKKm)2022 2021Depreciation of right-of-use assets 888 922 Interest expenses on lease liabilities 82 69 Leases of low-value assets 203 168 Short-term leases 88 88 Variable lease payments 11 13 Recognised in profit or loss 1,272 1,260 Hereof cash outflow 384 338 Accounting policyRight-of-use assets are recognised at the com-mencement date of the lease and measured at cost less accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities, including extension options. Cost comprises the amount of lease liabilities recognised, initial direct costs, dismantling and restoration costs incurred and lease payments made at or before the commencement date less any lease incentives received.Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful life of the asset. Estimated useful lifeProperties 5-10 yearsCars3-5 yearsOther equipment 2-5 yearsCertain leases have a term of 12 months or less or are leases of low-value assets, such as minor cleaning and IT equipment and office furniture. The recognition exemptions are applied for these leases and lease payments are recognised in Other operating expenses on a straight-line basis over the lease term. Property, plant and equipment is measured at cost, less accumulated depreciation and impairment losses. Cost comprises the purchase price and costs directly attributable to the acquisition until the date when the asset is ready for use. The net present value of estimated liabilities related to dismantling and removing the asset and restoring the site on which the asset is located is added to the cost.Subsequent costs, e.g. for replacing parts of an item, are recognised in the cost of the asset if it is probable that the future economic benefits embod-ied by the item will flow to the Group. The carrying amount of the item is derecognised when replaced and transferred to profit or loss. All other costs for common repairs and maintenance are recognised in profit or loss when incurred. Depreciation is based on the cost of an asset less its residual value. When parts of an item of property, plant and equipment have different useful lives, they are accounted for separately. The estimated useful life and residual value are determined at the acquisi-tion date. If the residual value exceeds the carrying amount depreciation is discontinued. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets.Estimated useful lifePlant and equipment 3-10 yearsLeasehold improvements (lease term)3-10 yearsBuildings 20-40 yearsLand is not depreciated.Depreciation methods, useful lives and residual values are reassessed at each reporting date and adjusted prospectively, if appropriate. Gains and losses arising on the disposal or retirement of property, plant and equipment are measured as the difference between the selling price less direct sales costs and the carrying amount, and are recognised in Other operating expenses in the year of sale, except gains and losses arising on disposal of property, which are recognised in Other income and expenses, net.3.1 Intangible assets 20222021Customer SoftwareCustomer Software1)2)1)TotalGoodwill Brands contractsand other (DKKm)Goodwill Brands contractsand other TotalCost at 1 January 23,178 1,666 9,098 2,589 36,531 22,643 1,663 8,626 2,505 35,437 Foreign exchange adjustments (112) 5 (107) (9)(223) 402 3 112 19 536 Hyperinflation restatement 644 - 235 5 884 - - - - -Additions - - - 454 454 - - - 248 248 Acquisitions 203 - 161 - 364 97 - 428 7 532 Divestments (46) - (1)(2)(49)(20) - (106)(1)(127)Disposals - - (93)(118)(211) - - (12)(174)(186)Reclass (to)/from Property, plant and equipment - - - 6 6 - - - - -Reclass to Assets held for sale - - - - - 56 - 50 (15) 91 Cost at 31 December 23,867 1,671 9,293 2,925 37,756 23,178 1,666 9,098 2,589 36,531 Amortisation and impairment losses at 1 January (3,425)(74)(8,501)(1,792)(13,792)(2,981)(61)(8,302)(1,575)(12,919)Foreign exchange adjustments 8 (4) 38 8 50 6 (3)(218)(15)(230)Hyperinflation restatement - - (2)(3)(5)- - - - -Amortisation - (4)(65)(207)(276) - (10)(54)(289)(353)Impairment - - - (24)(24)(450) - - (92)(542)Divestments - - 1 2 3 - - 101 1 102 Disposals - - 93 115 208 - - 12 169 181 Reclass to Assets held for sale - - - - - - - (40) 9 (31)Amortisation and impairment losses at 31 December (3,417)(82)(8,436)(1,901)(13,836)(3,425)(74)(8,501)(1,792)(13,792)Carrying amount at 31 December 20,450 1,589 857 1,024 23,920 19,753 1,592 597 797 22,739 1) Of which DKK 133 million related to software under development at Group level (2021: DKK 93 million).2) The impairment loss in 2021 of DKK 450 million related to France.Hyperinflation restatement Implementation of IAS 29 in Turkey led to a significant increase of the Group\u2019s intangible assets, in total DKK 879 million, net. The increase related to goodwill (DKK 644 million), customer contracts (DKK 233 million) and software (DKK 2 million). Further details are provided in 7.2, Hyperinflation in Turkey.Livit FM, Switzerland The acquisition in October 2022 added DKK 347 million to the Group\u2019s intangibles relating to goodwill (DKK 191 million) and customer contracts (DKK 156 million). Further details are provided in 3.3, Acquisitions.Software and other In line with the Group\u2019s stra-tegic ambition of becoming the technology leader in the industry, we are investing more in software, e.g. digital applications for our customers and employees as well as cybersecure infrastructure. In 2022, additions amounted to DKK 454 million (2021: DKK 248 million), the majority related to Group-wide systems and applications. Significant accounting judgementsCloud-based arrangement At the commencement date, management assesses whether the Group ac-quires an intangible asset, a leased asset or receives a service over the term of the contract. If the Group receives a right to access the cloud provider's appli-cation without further rights or control it is neither a lease nor an intangible asset. However, the Group may acquire an intangible asset if the Group has the contractual right to take possession of the software during the contract period without significant penal-ty and it is feasible for the Group to run the software on its own hardware or with another cloud provider.In SaaS arrangements, where the provider controls the application software, the assessment of whether configuration or customisation of the software results in an intangible asset for the Group depends on the output of the configuration or customisation activities performed. Part of the activities undertaken may entail the development of software code that enhances or modifies, or creates additional capability to the existing on-premise software to enable it to connect with the cloud-based software applications. If activities are performed on the Group\u2019s infrastruc-ture and applications, they likely represent assets that the Group controls because they enhance, improve or customise existing software assets.Accounting policyGoodwill is initially recognised at cost and subse-quently at cost less accumulated impairment losses. Goodwill is not amortised. Goodwill relates mainly to assembled workforce, technical expertise and technological knowhow.Acquisition-related brands and customer contracts are recognised at fair value at the acquisition date. Subsequently, brands with indefinite useful lives are measured at cost less accumulated impairment losses. Brands with finite useful lives and customer contracts are measured at cost less accumulated amortisation and impairment losses. Acquired software and other intangible assets are measured at cost less accumulated amortisation and impairment losses. The cost of software developed for internal use includes external costs to consul-tants and software as well as internal direct and indirect costs related to the development. Other development costs for which it cannot be demon-strated that future economic benefits will flow to the Group are recognised in profit or loss as and when incurred. Amortisation of intangible assets with finite useful lives is calculated on a straight-line basis over the estimated useful lives except for certain customer contracts where the unit of production method bet-ter reflects the expected pattern of consumption.Estimated useful lifeBrands (finite useful life) 2-5 yearsCustomer contracts 10-24 yearsSoftware and other 5-10 yearsAmortisation methods and useful lives are reas-sessed at the reporting date and adjusted prospec-tively, if appropriate.Cloud-based arrangements Software within a cloud-based arrangement is recognised as either an intangible asset, a leased asset or as a service received (Software as a Service) based on the contact and facts and circumstances of the software.Software as a Service (SaaS) arrangements are ser-vice contracts providing the Group with the right to access a cloud provider's application software over the contract period. Costs incurred to configure or customise, and the ongoing fees to obtain access to the cloud provi-der\u2019s application software are recognised as Other operating expenses when the services are received. Also, internal costs such as costs related to selection of cloud provider, data conversion, training and testing are expensed as incurred in Other operating expenses. In some arrangements, certain configuration and customisation activities undertaken in implement-ing SaaS arrangements may give rise to a separate asset, i.e. the development of a software code that enhances, modifies or creates additional capability to the Group\u2019s existing on-premise systems. Costs incurred for these activities are recognised as intangible assets if they are identifiable and meet the recognition criteria and amortised over the useful life of the software similar to other intangible assets.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__54-1": {
"value": "2.6 Right-of-use assets and property, plant and equipment ISS is a people business operating based on an asset light business model. Operating assets (leased and owned) comprised only 7% of the Group\u2019s total assets at 31 December 2022. Our model is based on leasing, rather than owning, property, vehicles and equipment. Right-of-use assets At 31 December 2022, ISS was party to around 18,500 lease agreement of which the majority related to vehicles, whereas in terms of asset value, the main part related to property.Additions amounted to DKK 765 million in 2022, which was impacted by new country head office leases in Austria and Singapore and extensions in a few other countries. This was slightly lower than 2021 where additions of DKK 859 million included new head office leases in France and Norway and additional new vehicle leases due to contract wins in the UK, Germany, Norway, Mexico and Finland.Property plant and equipment Additions of DKK 345 million in 2022 primarily related to equipment for new and existing contracts and was broadly in line with 2021.20222021Right-of-use assets Property,Right-of-use assets Property,plant andplant and(DKKm)Properties Vehicles Other Total equipment equipment Properties Vehicles Other Total Cost at 1 January 2,582 1,307 577 4,466 3,455 2,411 1,313 673 4,397 3,615 Prior year adjustments - - - - - (117)(203)(94)(414) - Foreign exchange adjustments 4 (9)(35)(40)(39) 51 17 (46) 22 45 Hyperinflation restatement - 20 57 77 183 - - - - -Additions 264 312 189 765 345 347 372 140 859 335 Acquisitions 5 34 - 39 7 - - 6 6 27 Divestments - - - - (16) - - - - (122)Disposals (198)(252)(81)(531)(654)(127)(199)(96)(422)(489)Reclass - - - -(6) 17 7 (6)18 44Cost at 31 December 2,657 1,412 707 4,776 3,275 2,582 1,307 577 4,466 3,455 Depreciation at 1 January (1,071)(669)(281)(2,021)(2,524)(842)(689)(354)(1,885)(2,581)Prior year adjustments - - - - - 117 203 94 414 - Foreign exchange adjustments (1) 7 19 25 30(18)(12) 21 (9)(57)Hyperinflation restatement - (7) (13) (20) (107)- - - - -Impairment - - - - (22) (32) - - (32) (5)Depreciation (398)(356)(134)(888)(376)(412)(368)(142)(922)(422)Divestments - - - - 15 - - - - 109 Disposals 198 252 81 531 626 126 199 95 420 456 Reclass - - - - - (10) (2)5(7) (24)Depreciation at 31 December (1,272)(773)(328)(2,373)(2,358)(1,071)(669)(281)(2,021)(2,524)Carrying amount at 31 December 1,385 639 379 2,403 917 1,511 638 296 2,445 931 Significant accounting judgementsLease term Several of ISS\u2019s lease contracts (office buildings) have no contractual fixed lease term or contains an extension option. Management exercises judgement in determining whether these extension options are reasonably certain to be exercised. Management considers all relevant facts and circumstances that create an economic incen-tive for the Group to exercise the extension option.The lease term for contracts without an end date is set to ten years for head office and accessory buildings, whereas all other leases with no definite end date are set to five years. Lease liabilityThe carrying amount of lease liabilities and the movements in the year are disclosed in 4.2, Loans and borrowings. The maturity profile is disclosed in 4.6, Liquidity risk. Lease-related costs in profit or loss(DKKm)2022 2021Depreciation of right-of-use assets 888 922 Interest expenses on lease liabilities 82 69 Leases of low-value assets 203 168 Short-term leases 88 88 Variable lease payments 11 13 Recognised in profit or loss 1,272 1,260 Hereof cash outflow 384 338 Accounting policyRight-of-use assets are recognised at the com-mencement date of the lease and measured at cost less accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities, including extension options. Cost comprises the amount of lease liabilities recognised, initial direct costs, dismantling and restoration costs incurred and lease payments made at or before the commencement date less any lease incentives received.Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful life of the asset. Estimated useful lifeProperties 5-10 yearsCars3-5 yearsOther equipment 2-5 yearsCertain leases have a term of 12 months or less or are leases of low-value assets, such as minor cleaning and IT equipment and office furniture. The recognition exemptions are applied for these leases and lease payments are recognised in Other operating expenses on a straight-line basis over the lease term. Property, plant and equipment is measured at cost, less accumulated depreciation and impairment losses. Cost comprises the purchase price and costs directly attributable to the acquisition until the date when the asset is ready for use. The net present value of estimated liabilities related to dismantling and removing the asset and restoring the site on which the asset is located is added to the cost.Subsequent costs, e.g. for replacing parts of an item, are recognised in the cost of the asset if it is probable that the future economic benefits embod-ied by the item will flow to the Group. The carrying amount of the item is derecognised when replaced and transferred to profit or loss. All other costs for common repairs and maintenance are recognised in profit or loss when incurred. Depreciation is based on the cost of an asset less its residual value. When parts of an item of property, plant and equipment have different useful lives, they are accounted for separately. The estimated useful life and residual value are determined at the acquisi-tion date. If the residual value exceeds the carrying amount depreciation is discontinued. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets.Estimated useful lifePlant and equipment 3-10 yearsLeasehold improvements (lease term)3-10 yearsBuildings 20-40 yearsLand is not depreciated.Depreciation methods, useful lives and residual values are reassessed at each reporting date and adjusted prospectively, if appropriate. Gains and losses arising on the disposal or retirement of property, plant and equipment are measured as the difference between the selling price less direct sales costs and the carrying amount, and are recognised in Other operating expenses in the year of sale, except gains and losses arising on disposal of property, which are recognised in Other income and expenses, net.3.1 Intangible assets 20222021Customer SoftwareCustomer Software1)2)1)TotalGoodwill Brands contractsand other (DKKm)Goodwill Brands contractsand other TotalCost at 1 January 23,178 1,666 9,098 2,589 36,531 22,643 1,663 8,626 2,505 35,437 Foreign exchange adjustments (112) 5 (107) (9)(223) 402 3 112 19 536 Hyperinflation restatement 644 - 235 5 884 - - - - -Additions - - - 454 454 - - - 248 248 Acquisitions 203 - 161 - 364 97 - 428 7 532 Divestments (46) - (1)(2)(49)(20) - (106)(1)(127)Disposals - - (93)(118)(211) - - (12)(174)(186)Reclass (to)/from Property, plant and equipment - - - 6 6 - - - - -Reclass to Assets held for sale - - - - - 56 - 50 (15) 91 Cost at 31 December 23,867 1,671 9,293 2,925 37,756 23,178 1,666 9,098 2,589 36,531 Amortisation and impairment losses at 1 January (3,425)(74)(8,501)(1,792)(13,792)(2,981)(61)(8,302)(1,575)(12,919)Foreign exchange adjustments 8 (4) 38 8 50 6 (3)(218)(15)(230)Hyperinflation restatement - - (2)(3)(5)- - - - -Amortisation - (4)(65)(207)(276) - (10)(54)(289)(353)Impairment - - - (24)(24)(450) - - (92)(542)Divestments - - 1 2 3 - - 101 1 102 Disposals - - 93 115 208 - - 12 169 181 Reclass to Assets held for sale - - - - - - - (40) 9 (31)Amortisation and impairment losses at 31 December (3,417)(82)(8,436)(1,901)(13,836)(3,425)(74)(8,501)(1,792)(13,792)Carrying amount at 31 December 20,450 1,589 857 1,024 23,920 19,753 1,592 597 797 22,739 1) Of which DKK 133 million related to software under development at Group level (2021: DKK 93 million).2) The impairment loss in 2021 of DKK 450 million related to France.Hyperinflation restatement Implementation of IAS 29 in Turkey led to a significant increase of the Group\u2019s intangible assets, in total DKK 879 million, net. The increase related to goodwill (DKK 644 million), customer contracts (DKK 233 million) and software (DKK 2 million). Further details are provided in 7.2, Hyperinflation in Turkey.Livit FM, Switzerland The acquisition in October 2022 added DKK 347 million to the Group\u2019s intangibles relating to goodwill (DKK 191 million) and customer contracts (DKK 156 million). Further details are provided in 3.3, Acquisitions.Software and other In line with the Group\u2019s stra-tegic ambition of becoming the technology leader in the industry, we are investing more in software, e.g. digital applications for our customers and employees as well as cybersecure infrastructure. In 2022, additions amounted to DKK 454 million (2021: DKK 248 million), the majority related to Group-wide systems and applications. Significant accounting judgementsCloud-based arrangement At the commencement date, management assesses whether the Group ac-quires an intangible asset, a leased asset or receives a service over the term of the contract. If the Group receives a right to access the cloud provider's appli-cation without further rights or control it is neither a lease nor an intangible asset. However, the Group may acquire an intangible asset if the Group has the contractual right to take possession of the software during the contract period without significant penal-ty and it is feasible for the Group to run the software on its own hardware or with another cloud provider.In SaaS arrangements, where the provider controls the application software, the assessment of whether configuration or customisation of the software results in an intangible asset for the Group depends on the output of the configuration or customisation activities performed. Part of the activities undertaken may entail the development of software code that enhances or modifies, or creates additional capability to the existing on-premise software to enable it to connect with the cloud-based software applications. If activities are performed on the Group\u2019s infrastruc-ture and applications, they likely represent assets that the Group controls because they enhance, improve or customise existing software assets.Accounting policyGoodwill is initially recognised at cost and subse-quently at cost less accumulated impairment losses. Goodwill is not amortised. Goodwill relates mainly to assembled workforce, technical expertise and technological knowhow.Acquisition-related brands and customer contracts are recognised at fair value at the acquisition date. Subsequently, brands with indefinite useful lives are measured at cost less accumulated impairment losses. Brands with finite useful lives and customer contracts are measured at cost less accumulated amortisation and impairment losses. Acquired software and other intangible assets are measured at cost less accumulated amortisation and impairment losses. The cost of software developed for internal use includes external costs to consul-tants and software as well as internal direct and indirect costs related to the development. Other development costs for which it cannot be demon-strated that future economic benefits will flow to the Group are recognised in profit or loss as and when incurred. Amortisation of intangible assets with finite useful lives is calculated on a straight-line basis over the estimated useful lives except for certain customer contracts where the unit of production method bet-ter reflects the expected pattern of consumption.Estimated useful lifeBrands (finite useful life) 2-5 yearsCustomer contracts 10-24 yearsSoftware and other 5-10 yearsAmortisation methods and useful lives are reas-sessed at the reporting date and adjusted prospec-tively, if appropriate.Cloud-based arrangements Software within a cloud-based arrangement is recognised as either an intangible asset, a leased asset or as a service received (Software as a Service) based on the contact and facts and circumstances of the software.Software as a Service (SaaS) arrangements are ser-vice contracts providing the Group with the right to access a cloud provider's application software over the contract period. Costs incurred to configure or customise, and the ongoing fees to obtain access to the cloud provi-der\u2019s application software are recognised as Other operating expenses when the services are received. Also, internal costs such as costs related to selection of cloud provider, data conversion, training and testing are expensed as incurred in Other operating expenses. In some arrangements, certain configuration and customisation activities undertaken in implement-ing SaaS arrangements may give rise to a separate asset, i.e. the development of a software code that enhances, modifies or creates additional capability to the Group\u2019s existing on-premise systems. Costs incurred for these activities are recognised as intangible assets if they are identifiable and meet the recognition criteria and amortised over the useful life of the software similar to other intangible assets.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__60": {
"value": "Accounting policyRight-of-use assets are recognised at the com-mencement date of the lease and measured at cost less accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities, including extension options. Cost comprises the amount of lease liabilities recognised, initial direct costs, dismantling and restoration costs incurred and lease payments made at or before the commencement date less any lease incentives received.Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful life of the asset. Estimated useful lifeProperties 5-10 yearsCars3-5 yearsOther equipment 2-5 yearsCertain leases have a term of 12 months or less or are leases of low-value assets, such as minor cleaning and IT equipment and office furniture. The recognition exemptions are applied for these leases and lease payments are recognised in Other operating expenses on a straight-line basis over the lease term. Property, plant and equipment is measured at cost, less accumulated depreciation and impairment losses. Cost comprises the purchase price and costs directly attributable to the acquisition until the date when the asset is ready for use. The net present value of estimated liabilities related to dismantling and removing the asset and restoring the site on which the asset is located is added to the cost.Subsequent costs, e.g. for replacing parts of an item, are recognised in the cost of the asset if it is probable that the future economic benefits embod-ied by the item will flow to the Group. The carrying amount of the item is derecognised when replaced and transferred to profit or loss. All other costs for common repairs and maintenance are recognised in profit or loss when incurred. Depreciation is based on the cost of an asset less its residual value. When parts of an item of property, plant and equipment have different useful lives, they are accounted for separately. The estimated useful life and residual value are determined at the acquisi-tion date. If the residual value exceeds the carrying amount depreciation is discontinued. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets.Estimated useful lifePlant and equipment 3-10 yearsLeasehold improvements (lease term)3-10 yearsBuildings 20-40 yearsLand is not depreciated.Depreciation methods, useful lives and residual values are reassessed at each reporting date and adjusted prospectively, if appropriate. Gains and losses arising on the disposal or retirement of property, plant and equipment are measured as the difference between the selling price less direct sales costs and the carrying amount, and are recognised in Other operating expenses in the year of sale, except gains and losses arising on disposal of property, which are recognised in Other income and expenses, net.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__58": {
"value": "Accounting policyRight-of-use assets are recognised at the com-mencement date of the lease and measured at cost less accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities, including extension options. Cost comprises the amount of lease liabilities recognised, initial direct costs, dismantling and restoration costs incurred and lease payments made at or before the commencement date less any lease incentives received.Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful life of the asset. Estimated useful lifeProperties 5-10 yearsCars3-5 yearsOther equipment 2-5 yearsCertain leases have a term of 12 months or less or are leases of low-value assets, such as minor cleaning and IT equipment and office furniture. The recognition exemptions are applied for these leases and lease payments are recognised in Other operating expenses on a straight-line basis over the lease term. Property, plant and equipment is measured at cost, less accumulated depreciation and impairment losses. Cost comprises the purchase price and costs directly attributable to the acquisition until the date when the asset is ready for use. The net present value of estimated liabilities related to dismantling and removing the asset and restoring the site on which the asset is located is added to the cost.Subsequent costs, e.g. for replacing parts of an item, are recognised in the cost of the asset if it is probable that the future economic benefits embod-ied by the item will flow to the Group. The carrying amount of the item is derecognised when replaced and transferred to profit or loss. All other costs for common repairs and maintenance are recognised in profit or loss when incurred. Depreciation is based on the cost of an asset less its residual value. When parts of an item of property, plant and equipment have different useful lives, they are accounted for separately. The estimated useful life and residual value are determined at the acquisi-tion date. If the residual value exceeds the carrying amount depreciation is discontinued. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets.Estimated useful lifePlant and equipment 3-10 yearsLeasehold improvements (lease term)3-10 yearsBuildings 20-40 yearsLand is not depreciated.Depreciation methods, useful lives and residual values are reassessed at each reporting date and adjusted prospectively, if appropriate. Gains and losses arising on the disposal or retirement of property, plant and equipment are measured as the difference between the selling price less direct sales costs and the carrying amount, and are recognised in Other operating expenses in the year of sale, except gains and losses arising on disposal of property, which are recognised in Other income and expenses, net.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__61": {
"value": "2.7 Free cash flow Free cash flow as defined by management, cf. 8.5, Definitions, is summarised below. Free cash flow is not a financial performance measure defined by IFRS. Accordingly, the measure and its calculation is presented as it is used by management as an alternative performance measure in managing the business. The free cash flow measure should not be considered a substitute for those measures required by IFRS and may not be calculated by other companies in the same manner. As such, reference is made to the IFRS measures included in the consolidated statement of cash flows of the consolidated financial statements. (DKKm)2022 2021Cash flow from operating activities 3,333 3,221 Acquisition of intangible assets and property, plant and equipment (809)(628)Disposal of intangible assets and property, plant and equipment 30 42 \u20091)Acquisition of financial assets, net(51)(30)\u20092)Addition of right-of-use assets, net(769)(870)Free cash flow 1,734 1,735 1) Excluding investments in equity-accounted investees which in 2022 was DKK (22) million (2021: DKK (24) million). 2) Including DKK 4 million (2021: DKK 13 million) related to discontinued operations, cf. 2.6, Right-of-use assets and property, plant and equipment.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__65-1": {
"value": "3.1 Intangible assets 20222021Customer SoftwareCustomer Software1)2)1)TotalGoodwill Brands contractsand other (DKKm)Goodwill Brands contractsand other TotalCost at 1 January 23,178 1,666 9,098 2,589 36,531 22,643 1,663 8,626 2,505 35,437 Foreign exchange adjustments (112) 5 (107) (9)(223) 402 3 112 19 536 Hyperinflation restatement 644 - 235 5 884 - - - - -Additions - - - 454 454 - - - 248 248 Acquisitions 203 - 161 - 364 97 - 428 7 532 Divestments (46) - (1)(2)(49)(20) - (106)(1)(127)Disposals - - (93)(118)(211) - - (12)(174)(186)Reclass (to)/from Property, plant and equipment - - - 6 6 - - - - -Reclass to Assets held for sale - - - - - 56 - 50 (15) 91 Cost at 31 December 23,867 1,671 9,293 2,925 37,756 23,178 1,666 9,098 2,589 36,531 Amortisation and impairment losses at 1 January (3,425)(74)(8,501)(1,792)(13,792)(2,981)(61)(8,302)(1,575)(12,919)Foreign exchange adjustments 8 (4) 38 8 50 6 (3)(218)(15)(230)Hyperinflation restatement - - (2)(3)(5)- - - - -Amortisation - (4)(65)(207)(276) - (10)(54)(289)(353)Impairment - - - (24)(24)(450) - - (92)(542)Divestments - - 1 2 3 - - 101 1 102 Disposals - - 93 115 208 - - 12 169 181 Reclass to Assets held for sale - - - - - - - (40) 9 (31)Amortisation and impairment losses at 31 December (3,417)(82)(8,436)(1,901)(13,836)(3,425)(74)(8,501)(1,792)(13,792)Carrying amount at 31 December 20,450 1,589 857 1,024 23,920 19,753 1,592 597 797 22,739 1) Of which DKK 133 million related to software under development at Group level (2021: DKK 93 million).2) The impairment loss in 2021 of DKK 450 million related to France.Hyperinflation restatement Implementation of IAS 29 in Turkey led to a significant increase of the Group\u2019s intangible assets, in total DKK 879 million, net. The increase related to goodwill (DKK 644 million), customer contracts (DKK 233 million) and software (DKK 2 million). Further details are provided in 7.2, Hyperinflation in Turkey.Livit FM, Switzerland The acquisition in October 2022 added DKK 347 million to the Group\u2019s intangibles relating to goodwill (DKK 191 million) and customer contracts (DKK 156 million). Further details are provided in 3.3, Acquisitions.Software and other In line with the Group\u2019s stra-tegic ambition of becoming the technology leader in the industry, we are investing more in software, e.g. digital applications for our customers and employees as well as cybersecure infrastructure. In 2022, additions amounted to DKK 454 million (2021: DKK 248 million), the majority related to Group-wide systems and applications. Significant accounting judgementsCloud-based arrangement At the commencement date, management assesses whether the Group ac-quires an intangible asset, a leased asset or receives a service over the term of the contract. If the Group receives a right to access the cloud provider's appli-cation without further rights or control it is neither a lease nor an intangible asset. However, the Group may acquire an intangible asset if the Group has the contractual right to take possession of the software during the contract period without significant penal-ty and it is feasible for the Group to run the software on its own hardware or with another cloud provider.In SaaS arrangements, where the provider controls the application software, the assessment of whether configuration or customisation of the software results in an intangible asset for the Group depends on the output of the configuration or customisation activities performed. Part of the activities undertaken may entail the development of software code that enhances or modifies, or creates additional capability to the existing on-premise software to enable it to connect with the cloud-based software applications. If activities are performed on the Group\u2019s infrastruc-ture and applications, they likely represent assets that the Group controls because they enhance, improve or customise existing software assets.Accounting policyGoodwill is initially recognised at cost and subse-quently at cost less accumulated impairment losses. Goodwill is not amortised. Goodwill relates mainly to assembled workforce, technical expertise and technological knowhow.Acquisition-related brands and customer contracts are recognised at fair value at the acquisition date. Subsequently, brands with indefinite useful lives are measured at cost less accumulated impairment losses. Brands with finite useful lives and customer contracts are measured at cost less accumulated amortisation and impairment losses. Acquired software and other intangible assets are measured at cost less accumulated amortisation and impairment losses. The cost of software developed for internal use includes external costs to consul-tants and software as well as internal direct and indirect costs related to the development. Other development costs for which it cannot be demon-strated that future economic benefits will flow to the Group are recognised in profit or loss as and when incurred. Amortisation of intangible assets with finite useful lives is calculated on a straight-line basis over the estimated useful lives except for certain customer contracts where the unit of production method bet-ter reflects the expected pattern of consumption.Estimated useful lifeBrands (finite useful life) 2-5 yearsCustomer contracts 10-24 yearsSoftware and other 5-10 yearsAmortisation methods and useful lives are reas-sessed at the reporting date and adjusted prospec-tively, if appropriate.Cloud-based arrangements Software within a cloud-based arrangement is recognised as either an intangible asset, a leased asset or as a service received (Software as a Service) based on the contact and facts and circumstances of the software.Software as a Service (SaaS) arrangements are ser-vice contracts providing the Group with the right to access a cloud provider's application software over the contract period. Costs incurred to configure or customise, and the ongoing fees to obtain access to the cloud provi-der\u2019s application software are recognised as Other operating expenses when the services are received. Also, internal costs such as costs related to selection of cloud provider, data conversion, training and testing are expensed as incurred in Other operating expenses. In some arrangements, certain configuration and customisation activities undertaken in implement-ing SaaS arrangements may give rise to a separate asset, i.e. the development of a software code that enhances, modifies or creates additional capability to the Group\u2019s existing on-premise systems. Costs incurred for these activities are recognised as intangible assets if they are identifiable and meet the recognition criteria and amortised over the useful life of the software similar to other intangible assets.3.3 Acquisitions 3.3.1 Acquisition impactLivit FM, SwitzerlandOn 27 October 2022, ISS acquired 100% of the shares in Livit FM Services AG (Livit FM), a Swiss facility management company. The acquisition will enable us to expand and develop our service delivery to the real estate industry segment in the Swiss market, as Livit FM services a large part of Swiss Life's properties in Switzerland.The acquisition will add annual revenue of DKK 402 million and 670 employees (estimated based on unaudited financial information).During the period 27 October to 31 December 2022, Livit FM contributed revenue of DKK 66 million to the ISS Group.The purchase consideration amounted to DKK 337 million. Based on provisionally determined fair values of net assets, goodwill amounted to DKK 191 million. Goodwill is attributable mainly to: 1) expertise and know-how in the real estate industry segment, 2) synergies, 3) platform for growth, and 4) assembled work force, and is not deductible for tax purposes.Prior years adjustments The adjustments related to the acquisition of R\u00f6nesans Facility Management Company in Turkey in 2021. The purchase price allocation of the identified assets, liabilities and contingent liabilities was completed within 12 months of the acquisition date. Subsequent acquisitionsThe Group completed no acquisitions from 1 January to 15 February 2023.Prior (DKKm)Livit FM year adj. 2022 2021Customer contracts 156 5 161 428 Other non-current assets 48 - 48 26 Trade receivables 10 (13) (3) 184 Other current assets 50 - 50 105 Non-current liabilities (76) 8 (68) (112)Current liabilities (42)(6) (48) (194)Fair value of net assets 146 (6) 140 437 Goodwill 191 12 203 97 Consideration transferred 337 6 343 534 Cash in acquired business (33) - (33) (97)Consideration transferred, net 304 6 310 437 Contingent and deferred consideration - 15 15 89 Acquisition of businesses (cash flow) 304 21 325 526 Accounting policyBusiness combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-controlling interests in the acquiree. For each business com-bination, the Group elects whether to measure the non- controlling interests in the acquiree at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Acquisition-related costs are expensed as incurred and presented in Other income and expenses, net. Any contingent consideration to be transferred by the acquirer is recognised at fair value at the acqui-sition date.If uncertainties exist at the acquisition date re-garding identification or measurement of assets, liabilities and contingent liabilities, initial recognition is based on provisionally determined fair values. Changes to fair values are adjusted against goodwill up until 12 months after the acquisition date and comparative figures are restated accordingly. Thereafter no adjustments are made to goodwill, and changes in fair values are recognised in Other income and expenses, net. Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interests) and any previous interest held over the net identifiable assets acquired and liabilities assumed. After initial recognition, goodwill is measured at cost less accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the Group\u2019s cash-generating units (CGUs) that are ex-pected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. 3.3.2 Pro forma revenue and operating profit Assuming acquisitions and divestments in the year were included/excluded in profit or loss from 1 January 2022, revenue on a pro forma basis would have been DKK 76,825 million compared to reported revenue of DKK 76,538 million. Likewise, operating profit before other items on a pro forma basis would have been DKK 2,858 million compared to reported operating profit before other items of DKK 2,847 million. Pro forma revenue and operating profit before other items include adjustments relating to acquisitions and divestments estimated by local ISS management at the time of acquisition and divestment or actual results where available. The estimates are based on unaudited financial information.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__64": {
"value": "3.1 Intangible assets 20222021Customer SoftwareCustomer Software1)2)1)TotalGoodwill Brands contractsand other (DKKm)Goodwill Brands contractsand other TotalCost at 1 January 23,178 1,666 9,098 2,589 36,531 22,643 1,663 8,626 2,505 35,437 Foreign exchange adjustments (112) 5 (107) (9)(223) 402 3 112 19 536 Hyperinflation restatement 644 - 235 5 884 - - - - -Additions - - - 454 454 - - - 248 248 Acquisitions 203 - 161 - 364 97 - 428 7 532 Divestments (46) - (1)(2)(49)(20) - (106)(1)(127)Disposals - - (93)(118)(211) - - (12)(174)(186)Reclass (to)/from Property, plant and equipment - - - 6 6 - - - - -Reclass to Assets held for sale - - - - - 56 - 50 (15) 91 Cost at 31 December 23,867 1,671 9,293 2,925 37,756 23,178 1,666 9,098 2,589 36,531 Amortisation and impairment losses at 1 January (3,425)(74)(8,501)(1,792)(13,792)(2,981)(61)(8,302)(1,575)(12,919)Foreign exchange adjustments 8 (4) 38 8 50 6 (3)(218)(15)(230)Hyperinflation restatement - - (2)(3)(5)- - - - -Amortisation - (4)(65)(207)(276) - (10)(54)(289)(353)Impairment - - - (24)(24)(450) - - (92)(542)Divestments - - 1 2 3 - - 101 1 102 Disposals - - 93 115 208 - - 12 169 181 Reclass to Assets held for sale - - - - - - - (40) 9 (31)Amortisation and impairment losses at 31 December (3,417)(82)(8,436)(1,901)(13,836)(3,425)(74)(8,501)(1,792)(13,792)Carrying amount at 31 December 20,450 1,589 857 1,024 23,920 19,753 1,592 597 797 22,739 1) Of which DKK 133 million related to software under development at Group level (2021: DKK 93 million).2) The impairment loss in 2021 of DKK 450 million related to France.Hyperinflation restatement Implementation of IAS 29 in Turkey led to a significant increase of the Group\u2019s intangible assets, in total DKK 879 million, net. The increase related to goodwill (DKK 644 million), customer contracts (DKK 233 million) and software (DKK 2 million). Further details are provided in 7.2, Hyperinflation in Turkey.Livit FM, Switzerland The acquisition in October 2022 added DKK 347 million to the Group\u2019s intangibles relating to goodwill (DKK 191 million) and customer contracts (DKK 156 million). Further details are provided in 3.3, Acquisitions.Software and other In line with the Group\u2019s stra-tegic ambition of becoming the technology leader in the industry, we are investing more in software, e.g. digital applications for our customers and employees as well as cybersecure infrastructure. In 2022, additions amounted to DKK 454 million (2021: DKK 248 million), the majority related to Group-wide systems and applications. Significant accounting judgementsCloud-based arrangement At the commencement date, management assesses whether the Group ac-quires an intangible asset, a leased asset or receives a service over the term of the contract. If the Group receives a right to access the cloud provider's appli-cation without further rights or control it is neither a lease nor an intangible asset. However, the Group may acquire an intangible asset if the Group has the contractual right to take possession of the software during the contract period without significant penal-ty and it is feasible for the Group to run the software on its own hardware or with another cloud provider.In SaaS arrangements, where the provider controls the application software, the assessment of whether configuration or customisation of the software results in an intangible asset for the Group depends on the output of the configuration or customisation activities performed. Part of the activities undertaken may entail the development of software code that enhances or modifies, or creates additional capability to the existing on-premise software to enable it to connect with the cloud-based software applications. If activities are performed on the Group\u2019s infrastruc-ture and applications, they likely represent assets that the Group controls because they enhance, improve or customise existing software assets.Accounting policyGoodwill is initially recognised at cost and subse-quently at cost less accumulated impairment losses. Goodwill is not amortised. Goodwill relates mainly to assembled workforce, technical expertise and technological knowhow.Acquisition-related brands and customer contracts are recognised at fair value at the acquisition date. Subsequently, brands with indefinite useful lives are measured at cost less accumulated impairment losses. Brands with finite useful lives and customer contracts are measured at cost less accumulated amortisation and impairment losses. Acquired software and other intangible assets are measured at cost less accumulated amortisation and impairment losses. The cost of software developed for internal use includes external costs to consul-tants and software as well as internal direct and indirect costs related to the development. Other development costs for which it cannot be demon-strated that future economic benefits will flow to the Group are recognised in profit or loss as and when incurred. Amortisation of intangible assets with finite useful lives is calculated on a straight-line basis over the estimated useful lives except for certain customer contracts where the unit of production method bet-ter reflects the expected pattern of consumption.Estimated useful lifeBrands (finite useful life) 2-5 yearsCustomer contracts 10-24 yearsSoftware and other 5-10 yearsAmortisation methods and useful lives are reas-sessed at the reporting date and adjusted prospec-tively, if appropriate.Cloud-based arrangements Software within a cloud-based arrangement is recognised as either an intangible asset, a leased asset or as a service received (Software as a Service) based on the contact and facts and circumstances of the software.Software as a Service (SaaS) arrangements are ser-vice contracts providing the Group with the right to access a cloud provider's application software over the contract period. Costs incurred to configure or customise, and the ongoing fees to obtain access to the cloud provi-der\u2019s application software are recognised as Other operating expenses when the services are received. Also, internal costs such as costs related to selection of cloud provider, data conversion, training and testing are expensed as incurred in Other operating expenses. In some arrangements, certain configuration and customisation activities undertaken in implement-ing SaaS arrangements may give rise to a separate asset, i.e. the development of a software code that enhances, modifies or creates additional capability to the Group\u2019s existing on-premise systems. Costs incurred for these activities are recognised as intangible assets if they are identifiable and meet the recognition criteria and amortised over the useful life of the software similar to other intangible assets.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__68": {
"value": "Accounting policyGoodwill is initially recognised at cost and subse-quently at cost less accumulated impairment losses. Goodwill is not amortised. Goodwill relates mainly to assembled workforce, technical expertise and technological knowhow.Acquisition-related brands and customer contracts are recognised at fair value at the acquisition date. Subsequently, brands with indefinite useful lives are measured at cost less accumulated impairment losses. Brands with finite useful lives and customer contracts are measured at cost less accumulated amortisation and impairment losses. Acquired software and other intangible assets are measured at cost less accumulated amortisation and impairment losses. The cost of software developed for internal use includes external costs to consul-tants and software as well as internal direct and indirect costs related to the development. Other development costs for which it cannot be demon-strated that future economic benefits will flow to the Group are recognised in profit or loss as and when incurred. Amortisation of intangible assets with finite useful lives is calculated on a straight-line basis over the estimated useful lives except for certain customer contracts where the unit of production method bet-ter reflects the expected pattern of consumption.Estimated useful lifeBrands (finite useful life) 2-5 yearsCustomer contracts 10-24 yearsSoftware and other 5-10 yearsAmortisation methods and useful lives are reas-sessed at the reporting date and adjusted prospec-tively, if appropriate.Cloud-based arrangements Software within a cloud-based arrangement is recognised as either an intangible asset, a leased asset or as a service received (Software as a Service) based on the contact and facts and circumstances of the software.Software as a Service (SaaS) arrangements are ser-vice contracts providing the Group with the right to access a cloud provider's application software over the contract period. Costs incurred to configure or customise, and the ongoing fees to obtain access to the cloud provi-der\u2019s application software are recognised as Other operating expenses when the services are received. Also, internal costs such as costs related to selection of cloud provider, data conversion, training and testing are expensed as incurred in Other operating expenses. In some arrangements, certain configuration and customisation activities undertaken in implement-ing SaaS arrangements may give rise to a separate asset, i.e. the development of a software code that enhances, modifies or creates additional capability to the Group\u2019s existing on-premise systems. Costs incurred for these activities are recognised as intangible assets if they are identifiable and meet the recognition criteria and amortised over the useful life of the software similar to other intangible assets.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__67": {
"value": "Accounting policyGoodwill is initially recognised at cost and subse-quently at cost less accumulated impairment losses. Goodwill is not amortised. Goodwill relates mainly to assembled workforce, technical expertise and technological knowhow.Acquisition-related brands and customer contracts are recognised at fair value at the acquisition date. Subsequently, brands with indefinite useful lives are measured at cost less accumulated impairment losses. Brands with finite useful lives and customer contracts are measured at cost less accumulated amortisation and impairment losses. Acquired software and other intangible assets are measured at cost less accumulated amortisation and impairment losses. The cost of software developed for internal use includes external costs to consul-tants and software as well as internal direct and indirect costs related to the development. Other development costs for which it cannot be demon-strated that future economic benefits will flow to the Group are recognised in profit or loss as and when incurred. Amortisation of intangible assets with finite useful lives is calculated on a straight-line basis over the estimated useful lives except for certain customer contracts where the unit of production method bet-ter reflects the expected pattern of consumption.Estimated useful lifeBrands (finite useful life) 2-5 yearsCustomer contracts 10-24 yearsSoftware and other 5-10 yearsAmortisation methods and useful lives are reas-sessed at the reporting date and adjusted prospec-tively, if appropriate.Cloud-based arrangements Software within a cloud-based arrangement is recognised as either an intangible asset, a leased asset or as a service received (Software as a Service) based on the contact and facts and circumstances of the software.Software as a Service (SaaS) arrangements are ser-vice contracts providing the Group with the right to access a cloud provider's application software over the contract period. Costs incurred to configure or customise, and the ongoing fees to obtain access to the cloud provi-der\u2019s application software are recognised as Other operating expenses when the services are received. Also, internal costs such as costs related to selection of cloud provider, data conversion, training and testing are expensed as incurred in Other operating expenses. In some arrangements, certain configuration and customisation activities undertaken in implement-ing SaaS arrangements may give rise to a separate asset, i.e. the development of a software code that enhances, modifies or creates additional capability to the Group\u2019s existing on-premise systems. Costs incurred for these activities are recognised as intangible assets if they are identifiable and meet the recognition criteria and amortised over the useful life of the software similar to other intangible assets.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__66": {
"value": "Accounting policyGoodwill is initially recognised at cost and subse-quently at cost less accumulated impairment losses. Goodwill is not amortised. Goodwill relates mainly to assembled workforce, technical expertise and technological knowhow.Acquisition-related brands and customer contracts are recognised at fair value at the acquisition date. Subsequently, brands with indefinite useful lives are measured at cost less accumulated impairment losses. Brands with finite useful lives and customer contracts are measured at cost less accumulated amortisation and impairment losses. Acquired software and other intangible assets are measured at cost less accumulated amortisation and impairment losses. The cost of software developed for internal use includes external costs to consul-tants and software as well as internal direct and indirect costs related to the development. Other development costs for which it cannot be demon-strated that future economic benefits will flow to the Group are recognised in profit or loss as and when incurred. Amortisation of intangible assets with finite useful lives is calculated on a straight-line basis over the estimated useful lives except for certain customer contracts where the unit of production method bet-ter reflects the expected pattern of consumption.Estimated useful lifeBrands (finite useful life) 2-5 yearsCustomer contracts 10-24 yearsSoftware and other 5-10 yearsAmortisation methods and useful lives are reas-sessed at the reporting date and adjusted prospec-tively, if appropriate.Cloud-based arrangements Software within a cloud-based arrangement is recognised as either an intangible asset, a leased asset or as a service received (Software as a Service) based on the contact and facts and circumstances of the software.Software as a Service (SaaS) arrangements are ser-vice contracts providing the Group with the right to access a cloud provider's application software over the contract period. Costs incurred to configure or customise, and the ongoing fees to obtain access to the cloud provi-der\u2019s application software are recognised as Other operating expenses when the services are received. Also, internal costs such as costs related to selection of cloud provider, data conversion, training and testing are expensed as incurred in Other operating expenses. In some arrangements, certain configuration and customisation activities undertaken in implement-ing SaaS arrangements may give rise to a separate asset, i.e. the development of a software code that enhances, modifies or creates additional capability to the Group\u2019s existing on-premise systems. Costs incurred for these activities are recognised as intangible assets if they are identifiable and meet the recognition criteria and amortised over the useful life of the software similar to other intangible assets.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"s10_notes__7__69": {
"value": "3.2 Impairment tests3.2.1 Impairment test results 2022 The impairment tests of goodwill, customer con-tracts and brands performed at 31 December 2022 did not result in recognition of impairment losses (2021: DKK 450 million in France).Except for France, it is management\u2019s opinion that excess values in the Group\u2019s CGUs are fairly resilient to any likely and reasonable deteriora-tions in the key assumptions applied.France is further described on p. 74.3.2.2 Goodwill and customer contracts The carrying amounts of intangibles for CGUs representing more than 5% of intangibles, or CGUs considered to be at high risk of impair-ment are disclosed below.2022 2021Customer Customer (DKKm)Goodwillcontracts Total Goodwillcontracts TotalUK & Ireland 2,562 99 2,661 2,748 121 2,869 US & Canada 2,197 155 2,352 2,068 161 2,229 Finland 2,098 - 2,098 2,098 - 2,098 Switzerland 1,598 157 1,755 1,334 - 1,334 Denmark 1,620 - 1,620 1,652 - 1,652 Australia & NZ 1,327 2 1,329 1,336 4 1,340 Belgium & Lux. 1,319 - 1,319 1,319 - 1,319 Turkey 848 434 1,282 260 295 555 Norway 1,228 - 1,228 1,295 - 1,295 France 936 - 936 936 - 936 Other 4,717 10 4,727 4,707 16 4,723 Total 20,450 857 21,307 19,753 597 20,350 Revenue1)Acquisition-related intangibles2)\u2013 by risk category 22.9DKKbn96% Low risk04% High risk1) Comprise goodwill, customer contracts and brands. 2) Internal assessment of likelihood of incurring a material impairment loss.Cash-generating units (CGUs)Consistent with the Group's management and reporting structure, the lowest level of CGUs is the individual countries, as cash inflows are generated largely independent of cash inflows in other ISS countries (the majority of our contract portfolio is locally based with no cross-border ac-tivities). Accordingly, impairment tests are carried out per country, and intangibles (i.e. goodwill and customer contracts) are allocated to these.Management of certain countries has been combined to take advantage of similarities in terms of markets, shared customers and cost synergies. In such exceptional cases, the coun-tries are regarded as one CGU when performing the impairment test.Calculating recoverable amounts The recoverable amount of each CGU is calculat-ed on the basis of its value-in-use using certain key assumptions per CGU, i.e. revenue growth, operating margin and discount rate as shown in the table to the right.Value-in-use cash flow projections for the individual CGUs are based on financial forecasts for the following year as approved by man-agement. Assumptions applied in the short to medium term (forecasting period of five years) generally reflect management\u2019s expectations considering all relevant factors, including the Group\u2019s strategic initiatives, local initiatives, past experience and external sources of information, where possible and relevant. This also includes expected development in local markets in terms of competition, inflation and growth.More specifically, management has considered the expected impacts from the OneISS strategic priorities, especially around continued key account focus, investments in technology and the global operating model. Where relevant, initiated restruc-turings and other improvement initiatives, have also been taken into consideration when estimating the expected future performance and cash flows.In 2022, the Group reached its turnaround target fol-lowing improved financial performance in the UK, on the Deutsche Telekom contract and with the exit fromthe Danish Defence contract. Management carefully considered the expected continued improvement to ensure that it is properly reflected in determining the key assumptions for the specific CGUs.Management also ensured that financial forecasts and assumptions applied reflect the expected macroeconomic developments, which in 2022 primarily related to the impact from increased interest and inflation rates. During the year, the Group demonstrated its ability to manage and mitigate price increases in the supply chain, including activating indexation mechanisms in the contract portfolio to pass on price increases to our customers. Furthermore, the impact from Covid-19recovery in 2022 has been considered.Assumptions applied in the terminal period gener-ally reflect management\u2019s long-term expectations for the individual country. Revenue growth reflects inflation and GDP growth and is determined based on input from external sources like IMF\u2019s \u201cWorld Economic Outlook\u201d. Operating margin reflects the expected normalised earnings level in the long term.Corporate costs for the services performed by the Group\u2019s head office functions for the benefit of the CGUs are allocated to the individual CGUs and taken into account in the calculation of the recoverable amount.Key1)assumptions Basis for assumptionRevenue Year 1growth\u2022 Financial forecasts as approved by management Forecasting period (year 2-5)\u2022 Based on expected market development, including maturity and inflation\u2022 Impact from local and Group initiatives are considered, including key account focusTerminal period\u2022 Long term expectations based on IMF \u201cWorld Economic Outlook\u201d\u2022 Not exceeding expected long-term average for the country, including inflationOperating Year 1margin\u2022 Financial forecasts as approved by managementForecasting period (year 2-5)\u2022 Impact from local and Group initiatives are considered, including key ac-count focus and investments in technology and the global operating model\u2022 Restructurings and other local improvement initiatives are consideredTerminal period\u2022 Reflects the expected normalised earnings level in the long termDiscount rates\u2022 Risk-free interest rate based on 10-year government bonds (country-specific)(net of tax)\u2022 Premium added to adjust for the inconsistency of applying government bonds with a short-term maturity when discounting cash flows with infinite maturity\u2022 Country specific estimation risk premium added (to reflect possible variations in amounts/timing of the projected cash flows)\u2022 Equity risk premium: 6.0% (2021: 6.5%)\u2022 Debt/equity target ratio (market values): 25/75 (2021: 25/75)1) The key assumptions applied are used for accounting purposes and should not be considered a forward-looking statement within the meaning of the US Private Securities Litigation Act of 1995 and similar laws in other countries regarding expectations to the future development.A sensitivity analysis on the key assumptionsin the impairment testing is presented to the right. The allowed change represents the percentage points by which the specific key assumption can change, all other things being equal, before the CGU\u2019s recoverable amount equals its carrying amount.Management's assessment of risk of incurring an impairment loss is based on the estimated excess value for the specific CGU.France During 2022, the original restructuring and cost optimisation programme was finalised, though with a lower impact than initially anticipated, in part due to exposure to certain industry segments with slow Covid-19 recovery and muted commercial momentum. At the same time, interest rates and inflation rates increased significantly during the year. Thus, organic growth and operating margin for the year were realised below target.In the late part of 2022, the country leadership team was strengthened with a new country manager and enhanced commercial and opera-tional resources to execute an updated business improvement plan. In addition, in December 2022 the French parliament announced a gradual abolition of the CVAE (value-added tax of 1.5% of revenue) with partial effect in 2023 and full effect from 2024.As a result of these significant internal and external circumstances and developments in 2022, manage-ment updated the business plan, which in general reflects a slower pace in reaching a sustainable operating margin of 5.0%. Forecasting period Terminal periodDiscount rate, 1)Growth MarginGrowth Marginnet of taxCarrying Allowed Allowed Allowed Allowed Allowed Pre-2)(DKKm)amount Risk Avg.decrease Avg.decrease Ratedecrease Ratedecrease Rateincreasetax2022UK & Ireland 2,661 Low 4.8 % >4.8 % 5.1 % >5.1 % 3.0 % >3.0 % 6.0 % 4.1 % 10.2 % 8.7 % 12.9 %US & Canada 2,352 Low 6.1 % >6.1 % 5.8 % >5.8 % 3.0 % >3.0 % 6.0 % 2.7 % 10.7 % 4.8 % 13.9 %Finland 2,098 Low 1.9 % >1.9 % 6.2 % 5.3 % 2.5 % 2.5 % 6.2 % 1.8 % 8.6 % 1.9 % 10.5 %Switzerland 1,755 Low 2.3 % >2.3 % 7.5 % >7.5 % 2.0 % >2.0 % 7.5 % 6.9 % 7.0 % >7.0 % 8.3 %Denmark 1,620 Low 1.6 % >1.6 % 6.0 % >6.0 % 2.5 % >2.5 % 6.5 % 2.3 % 8.7 % 2.6 % 10.8 %Australia & NZ 1,329 Low 2.8 % >2.8 % 5.6 % >5.6 % 2.5 % >2.5 % 5.6 % 3.7 % 9.9 % 9.6 % 14.1 %Belgium & Lux. 1,319 Low 2.5 % >2.5 % 6.2 % >6.2 % 2.5 % >2.5 % 6.2 % 2.5 % 9.0 % 3.3 % 11.6 %Turkey 1,282 Low 36.0 % 17.6 % 8.4 % >8.4 % 10.0 % >10.0 % 8.0 % 5.4 % 21.9 % 10.7 % 27.3 %Norway 1,228 Low 2.8 % >2.8 % 7.8 % >7.8 % 3.0 % >3.0 % 7.8 % >7.8 % 9.6 % >9.6 % 11.8 %France 936 High 1.8 % 1.8 % 0.2 % 1.2 % 2.5 % 0.7 % 5.0 % 0.4 % 9.4 % 0.6 % 11.4 %2021UK & Ireland 2,869 Low 3.9 % >3.9 % 4.6 % >4.6 % 2.5 % >2.5 % 6.0 % 3.8 % 8.7 % 7.9 % 11.3 %US & Canada 2,229 Low 13.1 % >13.1 % 6.8 % >6.8 % 3.0 % >3.0 % 6.8 % 4.6 % 9.0 % 8.7 % 11.6 %Finland 2,098 Low 1.7 % >1.7 % 6.4 % 5.3 % 2.0 % 1.8 % 6.5 % 1.5 % 7.3 % 1.4 % 9.1 %Denmark 1,652 Low (1.8) % 3.0 % 6.2 % 3.0 % 2.0 % 1.3 % 6.5 % 1.1 % 7.7 % 1.0 % 9.8 %Australia & NZ 1,340 Low 2.2 % >2.2 % 6.1 % >6.1 % 2.5 % >2.5 % 6.1 % 4.1 % 8.7 % 8.7 % 12.3 %Switzerland 1,334 Low 1.5 % >1.5 % 7.1 % >7.1 % 1.5 % >1.5 % 7.1 % 5.9 % 6.3 % >6.3 % 7.6 %Belgium & Lux. 1,319 Low 3.6 % >3.6 % 5.7 % >5.7 % 2.0 % >2.0 % 6.0 % 1.7 % 7.3 % 1.9 % 9.8 %Norway 1,295 Low 6.0 % >6.0 % 7.9 % >7.9 % 2.5 % >2.5 % 8.0 % 7.2 % 8.7 % >8.7 % 11.0 %Sweden 1,010 Low 3.3 % >3.3 % 5.5 % >5.5 % 2.0 % >2.0 % 6.2 % 4.8 % 8.0 % >8.0 % 10.0 %France 936 High 1.4 % 0.2 % 3.3 % 0.2 % 2.0 % 0.1 % 5.0 % 0.1 % 8.9 % 0.1 % 13.7 %1) Excluding allocated corporate costs.2) Risk is assessed based on the estimated excess value for the specific CGU.The impairment test at 31 December 2022 based on the updated business plan did not result in recognition of an impairment loss. The excess value continues to be limited though slightly improved as a result of the gradual abolition of the CVAE tax.Turkey The implementation of IAS 29 resulted in an increase in the carrying amount of goodwill and customer contracts of DKK 0.9 billion. The impairment test at 31 December 2022 based on the updated business plan reflecting the current inflationary environment, did not result in recognition of an impairment loss.3.2.3 Brands The carrying amount of brands relates mainly to the ISS brand and amounted to DKK 1,589 million at 31 December 2022 (2021: DKK 1,592 million). Management believes that the value of the ISS brand supports the ISS Group in its entirety rather than any individual CGU. Accord-ingly, the ISS brand is tested for impairment at Group level. The impairment test is based on group-wide cash flows adjusted for the Group\u2019s total goodwill and other non-current assets. In 2022, no impairment of the ISS brand has been identified.Sensitivity analysisNo sensitivity is shown for the ISS brand, as thegroup-wide cash flows adjusted for the Group\u2019stotal goodwill and other non-current assetssignificantly exceed the carrying amount. This is additionally supported by ISS's market capitalisation at 31 December 2022 of approx-imately DKK 27 billion exceeding the carrying amount of equity, which amounted to DKK 10,815 million.Significant accountingestimatesIn performing the impairment test, manage-ment assesses whether the CGU to which the intangibles relate will be able to generate positive net cash flows sufficient to support the value of intangibles and other net assets. The assessment is based on estimates of expected future cash flows (value-in-use) for the individual GCU, which by nature are uncertain.Estimates are made using financial forecasts for the following year as approved by management, and estimated discount rates, growth and market developments. Assumptions applied in the short to medium term (forecasting period of five years) generally reflect management\u2019s expecta-tions considering all relevant factors, including estimated optimisations and efficiency gains from improvement initiatives, past experience and external sources of information, where possible and relevant. Terminal growth rates and margins applied reflects management\u2019s long-term expectations for revenue growth for the individual CGUs, including inflation, and normalised earnings, respectively.The outcome of the impairment test may vary significantly should the assumptions, estimates and judgements not be realised as expected and applied as basis for management\u2019s conclusion of whether impairment of a CGU has occurred.Accounting policyIntangible assets with an indefinite useful life, i.e. goodwill and the ISS brand, are subject to impairment testing annually or when circumstanc-es indicate that the carrying amount may not be recoverable. Other non-current assets are tested annually for indications of impairment.If an indication of impairment exists, the recover-able amount of the asset is determined, i.e. the higher of the fair value of the asset less antici-pated costs of disposal and its value-in-use. The value-in-use is calculated as the present value of expected future cash flows from the asset or the CGU to which the asset belongs.The carrying amount of goodwill is tested for impairment together with the other non-current assets in the CGU to which goodwill is allocated. Management believes that the value of the ISS brand supports the ISS Group in its entirety rather than any individual CGU. Accordingly, the ISS brand is tested for impairment at Group level. The impairment test is based on group-wide cash flows adjusted for the Group\u2019s total goodwill and other non-current assets.An impairment loss is recognised in the statement of profit or loss in a separate line if the carrying amount of an asset or CGU exceeds its estimated recoverable amount.Impairment of goodwill is not reversed. Impair-ment of other assets is reversed if estimates used to calculate the recoverable amount have been changed. An impairment loss is reversed to the extent that the carrying amount does not exceed the carrying amount that would have been deter-mined, net of depreciation and amortisation, if no impairment loss had been recognised.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__70": {
"value": "Accounting policyIntangible assets with an indefinite useful life, i.e. goodwill and the ISS brand, are subject to impairment testing annually or when circumstanc-es indicate that the carrying amount may not be recoverable. Other non-current assets are tested annually for indications of impairment.If an indication of impairment exists, the recover-able amount of the asset is determined, i.e. the higher of the fair value of the asset less antici-pated costs of disposal and its value-in-use. The value-in-use is calculated as the present value of expected future cash flows from the asset or the CGU to which the asset belongs.The carrying amount of goodwill is tested for impairment together with the other non-current assets in the CGU to which goodwill is allocated. Management believes that the value of the ISS brand supports the ISS Group in its entirety rather than any individual CGU. Accordingly, the ISS brand is tested for impairment at Group level. The impairment test is based on group-wide cash flows adjusted for the Group\u2019s total goodwill and other non-current assets.An impairment loss is recognised in the statement of profit or loss in a separate line if the carrying amount of an asset or CGU exceeds its estimated recoverable amount.Impairment of goodwill is not reversed. Impair-ment of other assets is reversed if estimates used to calculate the recoverable amount have been changed. An impairment loss is reversed to the extent that the carrying amount does not exceed the carrying amount that would have been deter-mined, net of depreciation and amortisation, if no impairment loss had been recognised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"s10_notes__7__71": {
"value": "3.3 Acquisitions 3.3.1 Acquisition impactLivit FM, SwitzerlandOn 27 October 2022, ISS acquired 100% of the shares in Livit FM Services AG (Livit FM), a Swiss facility management company. The acquisition will enable us to expand and develop our service delivery to the real estate industry segment in the Swiss market, as Livit FM services a large part of Swiss Life's properties in Switzerland.The acquisition will add annual revenue of DKK 402 million and 670 employees (estimated based on unaudited financial information).During the period 27 October to 31 December 2022, Livit FM contributed revenue of DKK 66 million to the ISS Group.The purchase consideration amounted to DKK 337 million. Based on provisionally determined fair values of net assets, goodwill amounted to DKK 191 million. Goodwill is attributable mainly to: 1) expertise and know-how in the real estate industry segment, 2) synergies, 3) platform for growth, and 4) assembled work force, and is not deductible for tax purposes.Prior years adjustments The adjustments related to the acquisition of R\u00f6nesans Facility Management Company in Turkey in 2021. The purchase price allocation of the identified assets, liabilities and contingent liabilities was completed within 12 months of the acquisition date. Subsequent acquisitionsThe Group completed no acquisitions from 1 January to 15 February 2023.Prior (DKKm)Livit FM year adj. 2022 2021Customer contracts 156 5 161 428 Other non-current assets 48 - 48 26 Trade receivables 10 (13) (3) 184 Other current assets 50 - 50 105 Non-current liabilities (76) 8 (68) (112)Current liabilities (42)(6) (48) (194)Fair value of net assets 146 (6) 140 437 Goodwill 191 12 203 97 Consideration transferred 337 6 343 534 Cash in acquired business (33) - (33) (97)Consideration transferred, net 304 6 310 437 Contingent and deferred consideration - 15 15 89 Acquisition of businesses (cash flow) 304 21 325 526 Accounting policyBusiness combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-controlling interests in the acquiree. For each business com-bination, the Group elects whether to measure the non- controlling interests in the acquiree at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Acquisition-related costs are expensed as incurred and presented in Other income and expenses, net. Any contingent consideration to be transferred by the acquirer is recognised at fair value at the acqui-sition date.If uncertainties exist at the acquisition date re-garding identification or measurement of assets, liabilities and contingent liabilities, initial recognition is based on provisionally determined fair values. Changes to fair values are adjusted against goodwill up until 12 months after the acquisition date and comparative figures are restated accordingly. Thereafter no adjustments are made to goodwill, and changes in fair values are recognised in Other income and expenses, net. Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interests) and any previous interest held over the net identifiable assets acquired and liabilities assumed. After initial recognition, goodwill is measured at cost less accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the Group\u2019s cash-generating units (CGUs) that are ex-pected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. 3.3.2 Pro forma revenue and operating profit Assuming acquisitions and divestments in the year were included/excluded in profit or loss from 1 January 2022, revenue on a pro forma basis would have been DKK 76,825 million compared to reported revenue of DKK 76,538 million. Likewise, operating profit before other items on a pro forma basis would have been DKK 2,858 million compared to reported operating profit before other items of DKK 2,847 million. Pro forma revenue and operating profit before other items include adjustments relating to acquisitions and divestments estimated by local ISS management at the time of acquisition and divestment or actual results where available. The estimates are based on unaudited financial information.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__74": {
"value": "Accounting policyBusiness combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-controlling interests in the acquiree. For each business com-bination, the Group elects whether to measure the non- controlling interests in the acquiree at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Acquisition-related costs are expensed as incurred and presented in Other income and expenses, net. Any contingent consideration to be transferred by the acquirer is recognised at fair value at the acqui-sition date.If uncertainties exist at the acquisition date re-garding identification or measurement of assets, liabilities and contingent liabilities, initial recognition is based on provisionally determined fair values. Changes to fair values are adjusted against goodwill up until 12 months after the acquisition date and comparative figures are restated accordingly. Thereafter no adjustments are made to goodwill, and changes in fair values are recognised in Other income and expenses, net. Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interests) and any previous interest held over the net identifiable assets acquired and liabilities assumed. After initial recognition, goodwill is measured at cost less accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the Group\u2019s cash-generating units (CGUs) that are ex-pected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__73": {
"value": "Accounting policyBusiness combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-controlling interests in the acquiree. For each business com-bination, the Group elects whether to measure the non- controlling interests in the acquiree at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Acquisition-related costs are expensed as incurred and presented in Other income and expenses, net. Any contingent consideration to be transferred by the acquirer is recognised at fair value at the acqui-sition date.If uncertainties exist at the acquisition date re-garding identification or measurement of assets, liabilities and contingent liabilities, initial recognition is based on provisionally determined fair values. Changes to fair values are adjusted against goodwill up until 12 months after the acquisition date and comparative figures are restated accordingly. Thereafter no adjustments are made to goodwill, and changes in fair values are recognised in Other income and expenses, net. Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interests) and any previous interest held over the net identifiable assets acquired and liabilities assumed. After initial recognition, goodwill is measured at cost less accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the Group\u2019s cash-generating units (CGUs) that are ex-pected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s10_notes__7__79": {
"value": "3.4.2 Assets held for sale1)2021 (DKKm)2022 Goodwill 11 148 Other non-current assets 12 165 Current assets 9 202 Assets held for sale 32 515 Non-current liabilities - 36 Current liabilities 10 244 Liabilities held for sale 10 280 1) Includes Brunei.2) Includes Brunei, Portugal, Russia and Taiwan.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s10_notes__7__77": {
"value": "3.4 Divestments, assets held for sale and discontinued operations 3.4.1 DivestmentsIn 2022, the strategic divestment programme was successfully completed as we divested our activ-ities in three countries in the first half of the year, i.e. Taiwan, Russia and Portugal, as well as two non-core business units, i.e. Waste Management in Hong Kong and Damage Control in the UK.In November 2022, we also signed an agree-ment to divest our activities in Brunei \u2013 the last country included in the programme. At 31 December 2022, Brunei was therefore the only remaining country classified as held for sale and discontinued operations. The divestment was subsequently completed on 9 February 2023.Going forward, we will assess the strategic rationale and fit of our business activities on an ongoing basis as part of the Group\u2019s ordinary performance reviews. As a result, we may identify new non-core activities to be divested from time to time.Profit or loss impactIn 2022, our divestment programme resulted in recognition of a net gain in the profit or loss of DKK 201 million (2021: DKK 591 million) of which DKK 82 million were presented in Other income and expenses (see note 1.4) and DKK 119 million were recognised in Net profit from discontinued operations.Annual Service ExcludedrevenueEmployees1)(number)Company/activity Countrytypefrom P/L Interest(DKKm)Waste Management Hong Kong Technical February 100% 134 232 ISS Russia Russia Country exit \u200a2)ISS Taiwan Taiwan Country exit \u200a2)Damage Control UK Technical May 100% 84 91 ISS Portugal Portugal Country exit \u200a2)Total 1,157 8,122 1) Unaudited2) Presented as discontinued operationsDivestment impact(DKKm)2022 2021Goodwill 190 377 Customer contracts - 5 Other non-current assets 165 337 Current assets 325 504 Non-current liabilities (24)(43)Loans and borrowings (24)(134)Current liabilities (251)(239)Net assets disposed 381 807 1)Gain/(loss) on divestment, net 168 666 Divestment costs 128 175 Consideration received 677 1,648 Cash in divested businesses (87)(130)Consideration received, net 590 1,518 Contingent and deferred consideration 49 (130)Divestment costs paid (52)(197)Divestment of businesses (cash flow) 587 1,191 1) In addition, DKK 33 million was recognised in Other comprehensive income related to recycling of accumulated foreign exchange adjustments on country exitsSubsequent divestments On 9 February 2023, the Group completed the divestment of our activities in Brunei (presented as assets held for sale and discontinued operations) with an annual revenue of approximately DKK 44 million and 548 employees.Apart from the divestment described above, the Group signed or completed no divestments from 1 January to 15 February 2023.3.4.2 Assets held for sale1)2021 (DKKm)2022 Goodwill 11 148 Other non-current assets 12 165 Current assets 9 202 Assets held for sale 32 515 Non-current liabilities - 36 Current liabilities 10 244 Liabilities held for sale 10 280 1) Includes Brunei.2) Includes Brunei, Portugal, Russia and Taiwan.3.4.3 Discontinued operations Profit or loss(DKKm)2022 2021Revenue 385 1,231 Expenses (372)(1,194)Operating profit before other items 13 37 Other income and expenses, net 119 116 Goodwill impairment - (36)Operating profit 132 117 Financial income/ (expenses), net - 1 Net profit before tax 132 118 Income tax (1)(17)Net profit from discontinued operations 131 101 Earnings per share, DKK Basic earnings per share 0.7 0.6Diluted earnings per share 0.7 0.5Cash flows(DKKm)2022 2021Operating activities 23 86 Investing activities (70)(156)Financing activities 8 (16)The total net divestment gain of DKK 119 million was mainly related to Taiwan and Portugal. Recycling of accumulated foreign exchange adjustments previously recognised in equity had a positive impact on the net gain of DKK 33 million (2021: DKK 7 million). Discontinued operations \u2013 presented in separate profit or loss line2022Brunei BruneiPortugalBrazil PortugalRussia RussiaTaiwan TaiwanThailand2021Brunei BruneiPortugalBrazil PortugalRussia RussiaTaiwan TaiwanCzech RepublicThailand Czech RepublicHungaryChile HungaryPhilippines PhilippinesRomaniaPortugal RomaniaSlovenia SloveniaSlovakiaSweden Slovakia Accounting policyDivestments Gain or loss on disposal of an opera-tion that is part of a CGU includes a portion of the related goodwill allocated to that CGU. Goodwill related to the disposed operation is measured based on the fair value of the disposed operation relative to the fair value of the entire CGU.Assets held for sale comprise non-current assets and disposal groups held for sale. Liabilities held for sale are those directly associated with the assets held for sale and disposal groups. Immediately before classification as held for sale, they are remeasured in accordance with the Group\u2019s accounting policies. Thereafter, they are measured at the lower of their carrying amount and fair value less costs to sell. Any impairment loss is first allocated to goodwill, and then pro rata to remaining assets, except that no loss is allocated to inventories, financial assets, deferred tax assets or employee benefit assets, which continue to be measured in accordance with the Group\u2019s account-ing policies. Once classified as held for sale, assets are not amortised or depreciated.Impairment losses on initial classification as held for sale, and subsequent gains and losses on remeasurement are recognised in profit or loss and disclosed in the notes. Assets held for sale are presented in separate lines of the statement of financial position and specified in the notes. Comparatives are not restated. A disposal group is presented as discontinued operations if it is a geographical area, i.e. a CGU (country), that either has been disposed of, or is classified as held for sale. Discontinued operations are presented separately as Net profit from discontinued operations and specified in the notes. Comparatives are restated. Cash flows from discontinued operations are included in cash flow from operating, investing and financing activities together with cash flows from continuing operations, but separately specified in this note.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__75": {
"value": "3.4 Divestments, assets held for sale and discontinued operations 3.4.1 DivestmentsIn 2022, the strategic divestment programme was successfully completed as we divested our activ-ities in three countries in the first half of the year, i.e. Taiwan, Russia and Portugal, as well as two non-core business units, i.e. Waste Management in Hong Kong and Damage Control in the UK.In November 2022, we also signed an agree-ment to divest our activities in Brunei \u2013 the last country included in the programme. At 31 December 2022, Brunei was therefore the only remaining country classified as held for sale and discontinued operations. The divestment was subsequently completed on 9 February 2023.Going forward, we will assess the strategic rationale and fit of our business activities on an ongoing basis as part of the Group\u2019s ordinary performance reviews. As a result, we may identify new non-core activities to be divested from time to time.Profit or loss impactIn 2022, our divestment programme resulted in recognition of a net gain in the profit or loss of DKK 201 million (2021: DKK 591 million) of which DKK 82 million were presented in Other income and expenses (see note 1.4) and DKK 119 million were recognised in Net profit from discontinued operations.Annual Service ExcludedrevenueEmployees1)(number)Company/activity Countrytypefrom P/L Interest(DKKm)Waste Management Hong Kong Technical February 100% 134 232 ISS Russia Russia Country exit \u200a2)ISS Taiwan Taiwan Country exit \u200a2)Damage Control UK Technical May 100% 84 91 ISS Portugal Portugal Country exit \u200a2)Total 1,157 8,122 1) Unaudited2) Presented as discontinued operationsDivestment impact(DKKm)2022 2021Goodwill 190 377 Customer contracts - 5 Other non-current assets 165 337 Current assets 325 504 Non-current liabilities (24)(43)Loans and borrowings (24)(134)Current liabilities (251)(239)Net assets disposed 381 807 1)Gain/(loss) on divestment, net 168 666 Divestment costs 128 175 Consideration received 677 1,648 Cash in divested businesses (87)(130)Consideration received, net 590 1,518 Contingent and deferred consideration 49 (130)Divestment costs paid (52)(197)Divestment of businesses (cash flow) 587 1,191 1) In addition, DKK 33 million was recognised in Other comprehensive income related to recycling of accumulated foreign exchange adjustments on country exitsSubsequent divestments On 9 February 2023, the Group completed the divestment of our activities in Brunei (presented as assets held for sale and discontinued operations) with an annual revenue of approximately DKK 44 million and 548 employees.Apart from the divestment described above, the Group signed or completed no divestments from 1 January to 15 February 2023.3.4.2 Assets held for sale1)2021 (DKKm)2022 Goodwill 11 148 Other non-current assets 12 165 Current assets 9 202 Assets held for sale 32 515 Non-current liabilities - 36 Current liabilities 10 244 Liabilities held for sale 10 280 1) Includes Brunei.2) Includes Brunei, Portugal, Russia and Taiwan.3.4.3 Discontinued operations Profit or loss(DKKm)2022 2021Revenue 385 1,231 Expenses (372)(1,194)Operating profit before other items 13 37 Other income and expenses, net 119 116 Goodwill impairment - (36)Operating profit 132 117 Financial income/ (expenses), net - 1 Net profit before tax 132 118 Income tax (1)(17)Net profit from discontinued operations 131 101 Earnings per share, DKK Basic earnings per share 0.7 0.6Diluted earnings per share 0.7 0.5Cash flows(DKKm)2022 2021Operating activities 23 86 Investing activities (70)(156)Financing activities 8 (16)The total net divestment gain of DKK 119 million was mainly related to Taiwan and Portugal. Recycling of accumulated foreign exchange adjustments previously recognised in equity had a positive impact on the net gain of DKK 33 million (2021: DKK 7 million). Discontinued operations \u2013 presented in separate profit or loss line2022Brunei BruneiPortugalBrazil PortugalRussia RussiaTaiwan TaiwanThailand2021Brunei BruneiPortugalBrazil PortugalRussia RussiaTaiwan TaiwanCzech RepublicThailand Czech RepublicHungaryChile HungaryPhilippines PhilippinesRomaniaPortugal RomaniaSlovenia SloveniaSlovakiaSweden Slovakia Accounting policyDivestments Gain or loss on disposal of an opera-tion that is part of a CGU includes a portion of the related goodwill allocated to that CGU. Goodwill related to the disposed operation is measured based on the fair value of the disposed operation relative to the fair value of the entire CGU.Assets held for sale comprise non-current assets and disposal groups held for sale. Liabilities held for sale are those directly associated with the assets held for sale and disposal groups. Immediately before classification as held for sale, they are remeasured in accordance with the Group\u2019s accounting policies. Thereafter, they are measured at the lower of their carrying amount and fair value less costs to sell. Any impairment loss is first allocated to goodwill, and then pro rata to remaining assets, except that no loss is allocated to inventories, financial assets, deferred tax assets or employee benefit assets, which continue to be measured in accordance with the Group\u2019s account-ing policies. Once classified as held for sale, assets are not amortised or depreciated.Impairment losses on initial classification as held for sale, and subsequent gains and losses on remeasurement are recognised in profit or loss and disclosed in the notes. Assets held for sale are presented in separate lines of the statement of financial position and specified in the notes. Comparatives are not restated. A disposal group is presented as discontinued operations if it is a geographical area, i.e. a CGU (country), that either has been disposed of, or is classified as held for sale. Discontinued operations are presented separately as Net profit from discontinued operations and specified in the notes. Comparatives are restated. Cash flows from discontinued operations are included in cash flow from operating, investing and financing activities together with cash flows from continuing operations, but separately specified in this note.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__78": {
"value": "Accounting policyDivestments Gain or loss on disposal of an opera-tion that is part of a CGU includes a portion of the related goodwill allocated to that CGU. Goodwill related to the disposed operation is measured based on the fair value of the disposed operation relative to the fair value of the entire CGU.Assets held for sale comprise non-current assets and disposal groups held for sale. Liabilities held for sale are those directly associated with the assets held for sale and disposal groups. Immediately before classification as held for sale, they are remeasured in accordance with the Group\u2019s accounting policies. Thereafter, they are measured at the lower of their carrying amount and fair value less costs to sell. Any impairment loss is first allocated to goodwill, and then pro rata to remaining assets, except that no loss is allocated to inventories, financial assets, deferred tax assets or employee benefit assets, which continue to be measured in accordance with the Group\u2019s account-ing policies. Once classified as held for sale, assets are not amortised or depreciated.Impairment losses on initial classification as held for sale, and subsequent gains and losses on remeasurement are recognised in profit or loss and disclosed in the notes. Assets held for sale are presented in separate lines of the statement of financial position and specified in the notes. Comparatives are not restated. A disposal group is presented as discontinued operations if it is a geographical area, i.e. a CGU (country), that either has been disposed of, or is classified as held for sale. Discontinued operations are presented separately as Net profit from discontinued operations and specified in the notes. Comparatives are restated. Cash flows from discontinued operations are included in cash flow from operating, investing and financing activities together with cash flows from continuing operations, but separately specified in this note.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__76": {
"value": "Accounting policyDivestments Gain or loss on disposal of an opera-tion that is part of a CGU includes a portion of the related goodwill allocated to that CGU. Goodwill related to the disposed operation is measured based on the fair value of the disposed operation relative to the fair value of the entire CGU.Assets held for sale comprise non-current assets and disposal groups held for sale. Liabilities held for sale are those directly associated with the assets held for sale and disposal groups. Immediately before classification as held for sale, they are remeasured in accordance with the Group\u2019s accounting policies. Thereafter, they are measured at the lower of their carrying amount and fair value less costs to sell. Any impairment loss is first allocated to goodwill, and then pro rata to remaining assets, except that no loss is allocated to inventories, financial assets, deferred tax assets or employee benefit assets, which continue to be measured in accordance with the Group\u2019s account-ing policies. Once classified as held for sale, assets are not amortised or depreciated.Impairment losses on initial classification as held for sale, and subsequent gains and losses on remeasurement are recognised in profit or loss and disclosed in the notes. Assets held for sale are presented in separate lines of the statement of financial position and specified in the notes. Comparatives are not restated. A disposal group is presented as discontinued operations if it is a geographical area, i.e. a CGU (country), that either has been disposed of, or is classified as held for sale. Discontinued operations are presented separately as Net profit from discontinued operations and specified in the notes. Comparatives are restated. Cash flows from discontinued operations are included in cash flow from operating, investing and financing activities together with cash flows from continuing operations, but separately specified in this note.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__80": {
"value": "4.1 Equity 4.1.1 Share capital At 31 December 2022, ISS\u2019s share capital comprised a total of DKK 185,668,226 shares (2021: 185,668,226) with a nominal value of DKK 1 each. All shares were fully paid and freely transferable. ISS has one class of shares, and no shares carry special rights. Each share gives the holder the right to one vote at our general meetings. Average number of shares('000)2022 2021Average number of shares 185,668 185,668 Average number of treasury shares(938)(970)Average number of shares (basic)184,730 184,698 Average number of PSUs and RSUs expected to vest 2,513 1,305Average number of shares (diluted)187,243 186,003Average number of shares is calculated for the purpose of the calculation of EPSs. The calculation of average number of diluted shares excludes a total of 1,244,928 (2021: 1,714,684) PSUs and RSUs which are not expected to vest.4.1.2 Translation reserve(DKKm)At 1 January 2022 Foreign exchange adjustments of subsidiaries (ISS's shareRecycling of accumulated foreign exchange adj. on country exits Hyperinflation in Turkey Fair value adjustments of net investment hedges, net of taAt 31 December 2022 4.1.3 Treasury shares 2022 2021Purchaseprice (DKKm)Number NumberAt 1 January 191 970,082 970,082Settlement of vested PSUs(6) (31,739) - At 31 December 185 938,343 970,082ISS holds treasury shares for the purpose of covering obligations under existing share-based incentive programmes. At 31 December 2022, treasury shares equaled 0.5% of the share capital. Hedging Subsidiaries Total (152)(1,294)(1,446) - (45)(45) - (33)(33) - 403 403 (33) - (33) (185)(969)(1,154)4.1.4 Proposed dividends In 2022, we reached our financial leverage target of below 3x, which was the prerequisite for reinstating dividend payments. At our Capital Markets Day in November 2022, we announced our intention to pay stable and increasing dividends to shareholders over time. Our new dividend policy targets a pay-out ratio of approximately 20-40% of adjusted net profit (cf. 8.5, Definitions).At the annual general meeting to be held on 13 April 2023, the Board of Directors will propose a dividend for 2022 of 2.1 per share of DKK 1 (2021: DKK 0.0 per share), equivalent to DKK 390 million (2021: none) and a pay-out ratio of 20%.Accounting policyRetained earnings is the Group\u2019s free reserves, which includes share premium. Share premium comprises amounts above the nominal share capital paid by shareholders when shares are issued by ISS A/S. Translation reserve comprises foreign exchange differences arising from the translation of financial statements of foreign entities with a functional currency other than DKK as well as from the trans-lation of non-current balances which are consid-ered part of the investment in foreign entities and fair value adjustments of net investment hedges. On full realisation of a foreign entity where control is lost the accumulated foreign exchange adjust-ments are transferred to profit or loss in the same line item as the gain or loss. Treasury shares The cost of acquisition and pro-ceeds from sale of treasury shares are recognised in reserve for treasury shares. Dividends received in relation to treasury shares are recognised in retained earnings. Proposed dividends are recognised as a liability at the date when they are adopted at the annual general meeting (declaration date). Dividends proposed for the year are shown in a separate reserve under Equity. 4.1.5 Other comprehensive incomeAttributable to owners of ISS A/SNon-Retained Translation controllingTotal (DKKm)Noteearningsreserve Totalinterestequity2022Defined benefit plansRemeasurement gain/(loss), defined benefit plans 7.1 253 - 253(45) 208 Asset ceiling 7.1 (43) - (43) - (43)Foreign exchange adjustmentsForeign exchange adjustments of foreign entities - (45)(45) (57)(102)Recycling of accumulated foreign exchange adj. on country exits - (33)(33) - (33)Hyperinflation restatement of equity at 1 January - 403 403 411 814 Hedging Fair value adjustments of net investment hedges 4.7 - (43)(43) - (43)TaxTax related to the items above (62) 10 (52)9 (43)Total 148 292 440 318 758 2021Defined benefit plansRemeasurement gain/(loss), defined benefit plans 7.1 1,145 - 1,145 - 1,145 Asset ceiling 7.1(1,080) - (1,080) - (1,080)Foreign exchange adjustmentsForeign exchange adjustments of foreign entities - 312 312 (15) 297 Recycling of accumulated foreign exchange adj. on country exits - (7)(7) - (7)Hedging Fair value adjustments of net investment hedges 4.7 - (191)(191) - (191)TaxTax related to the items above (11) 42 31 - 31 Total 54 156 210 (15) 195 Development in 2022In 2022, other comprehensive income in-creased by DKK 563 million mainly as a result of hyperinflation restatement in Turkey and remeasurement gain/losses on defined benefit plans. This was partly offset by foreign exchange adjustments of foreign entities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__82": {
"value": "4.1.2 Translation reserve(DKKm)At 1 January 2022 Foreign exchange adjustments of subsidiaries (ISS's shareRecycling of accumulated foreign exchange adj. on country exits Hyperinflation in Turkey Fair value adjustments of net investment hedges, net of taAt 31 December 2022",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__81": {
"value": "Average number of shares('000)2022 2021Average number of shares 185,668 185,668 Average number of treasury shares(938)(970)Average number of shares (basic)184,730 184,698 Average number of PSUs and RSUs expected to vest 2,513 1,305Average number of shares (diluted)187,243 186,003Average number of shares is calculated for the purpose of the calculation of EPSs. The calculation of average number of diluted shares excludes a total of 1,244,928 (2021: 1,714,684) PSUs and RSUs which are not expected to vest.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__91": {
"value": "Retained earnings is the Group\u2019s free reserves, which includes share premium. Share premium comprises amounts above the nominal share capital paid by shareholders when shares are issued by ISS A/S. Translation reserve comprises foreign exchange differences arising from the translation of financial statements of foreign entities with a functional currency other than DKK as well as from the trans-lation of non-current balances which are consid-ered part of the investment in foreign entities and fair value adjustments of net investment hedges. On full realisation of a foreign entity where control is lost the accumulated foreign exchange adjust-ments are transferred to profit or loss in the same line item as the gain or loss. Treasury shares The cost of acquisition and pro-ceeds from sale of treasury shares are recognised in reserve for treasury shares. Dividends received in relation to treasury shares are recognised in retained earnings. Proposed dividends are recognised as a liability at the date when they are adopted at the annual general meeting (declaration date). Dividends proposed for the year are shown in a separate reserve under Equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__90": {
"value": "Retained earnings is the Group\u2019s free reserves, which includes share premium. Share premium comprises amounts above the nominal share capital paid by shareholders when shares are issued by ISS A/S. Translation reserve comprises foreign exchange differences arising from the translation of financial statements of foreign entities with a functional currency other than DKK as well as from the trans-lation of non-current balances which are consid-ered part of the investment in foreign entities and fair value adjustments of net investment hedges. On full realisation of a foreign entity where control is lost the accumulated foreign exchange adjust-ments are transferred to profit or loss in the same line item as the gain or loss. Treasury shares The cost of acquisition and pro-ceeds from sale of treasury shares are recognised in reserve for treasury shares. Dividends received in relation to treasury shares are recognised in retained earnings. Proposed dividends are recognised as a liability at the date when they are adopted at the annual general meeting (declaration date). Dividends proposed for the year are shown in a separate reserve under Equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__89": {
"value": "Retained earnings is the Group\u2019s free reserves, which includes share premium. Share premium comprises amounts above the nominal share capital paid by shareholders when shares are issued by ISS A/S. Translation reserve comprises foreign exchange differences arising from the translation of financial statements of foreign entities with a functional currency other than DKK as well as from the trans-lation of non-current balances which are consid-ered part of the investment in foreign entities and fair value adjustments of net investment hedges. On full realisation of a foreign entity where control is lost the accumulated foreign exchange adjust-ments are transferred to profit or loss in the same line item as the gain or loss. Treasury shares The cost of acquisition and pro-ceeds from sale of treasury shares are recognised in reserve for treasury shares. Dividends received in relation to treasury shares are recognised in retained earnings. Proposed dividends are recognised as a liability at the date when they are adopted at the annual general meeting (declaration date). Dividends proposed for the year are shown in a separate reserve under Equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__84": {
"value": "4.1.4 Proposed dividends In 2022, we reached our financial leverage target of below 3x, which was the prerequisite for reinstating dividend payments. At our Capital Markets Day in November 2022, we announced our intention to pay stable and increasing dividends to shareholders over time. Our new dividend policy targets a pay-out ratio of approximately 20-40% of adjusted net profit (cf. 8.5, Definitions).At the annual general meeting to be held on 13 April 2023, the Board of Directors will propose a dividend for 2022 of 2.1 per share of DKK 1 (2021: DKK 0.0 per share), equivalent to DKK 390 million (2021: none) and a pay-out ratio of 20%.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__85": {
"value": "2.1",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK/xbrli:shares"
}
},
"s10_notes__8__86": {
"value": "0",
"decimals": 1,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:DKK/xbrli:shares"
}
},
"s10_notes__7__87": {
"value": "390000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:DKK"
}
},
"s10_notes__7__83": {
"value": "4.1.3 Treasury shares 2022 2021Purchaseprice (DKKm)Number NumberAt 1 January 191 970,082 970,082Settlement of vested PSUs(6) (31,739) - At 31 December 185 938,343 970,082ISS holds treasury shares for the purpose of covering obligations under existing share-based incentive programmes. At 31 December 2022, treasury shares equaled 0.5% of the share capital. Hedging Subsidiaries Total (152)(1,294)(1,446) - (45)(45) - (33)(33) - 403 403 (33) - (33) (185)(969)(1,154)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__88": {
"value": "4.1.5 Other comprehensive incomeAttributable to owners of ISS A/SNon-Retained Translation controllingTotal (DKKm)Noteearningsreserve Totalinterestequity2022Defined benefit plansRemeasurement gain/(loss), defined benefit plans 7.1 253 - 253(45) 208 Asset ceiling 7.1 (43) - (43) - (43)Foreign exchange adjustmentsForeign exchange adjustments of foreign entities - (45)(45) (57)(102)Recycling of accumulated foreign exchange adj. on country exits - (33)(33) - (33)Hyperinflation restatement of equity at 1 January - 403 403 411 814 Hedging Fair value adjustments of net investment hedges 4.7 - (43)(43) - (43)TaxTax related to the items above (62) 10 (52)9 (43)Total 148 292 440 318 758 2021Defined benefit plansRemeasurement gain/(loss), defined benefit plans 7.1 1,145 - 1,145 - 1,145 Asset ceiling 7.1(1,080) - (1,080) - (1,080)Foreign exchange adjustmentsForeign exchange adjustments of foreign entities - 312 312 (15) 297 Recycling of accumulated foreign exchange adj. on country exits - (7)(7) - (7)Hedging Fair value adjustments of net investment hedges 4.7 - (191)(191) - (191)TaxTax related to the items above (11) 42 31 - 31 Total 54 156 210 (15) 195 Development in 2022In 2022, other comprehensive income in-creased by DKK 563 million mainly as a result of hyperinflation restatement in Turkey and remeasurement gain/losses on defined benefit plans. This was partly offset by foreign exchange adjustments of foreign entities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__93": {
"value": "4.2 Loans and borrowings (DKKm)2022 2021Issued bonds 13,973 14,064 Lease liabilities 2,464 2,539 Bank loans 363 340 Derivatives 108 39 Total 16,908 16,982 Non-current liabilities 15,945 16,094 Current liabilities 963 888 Loans and borrowings 16,908 16,982 1)Cash and cash equivalents and other financial items(5,368)(3,531)Net debt 11,540 13,451 1) Includes securities of DKK 104 million (2021: DKK 103 million) and the net positive fair value of derivatives of DKK 50 million. Changes in loans and borrowingsIssued Lease Bank Deri va-(DKKm)bondsliabilitiesloans tives Other Total 2022At 1 January 14,064 2,539 340 39 - 16,982 Foreign exchange adjustments - (14)(86) - - (100)Cash flows - (865)(58) - - (923)Acquisitions - 40 - - - 40 Lease additions - 765 - - - 765 Fair value adjustments (108) - 43 69 - 4 Other 17 (1) 124 - - 140 At 31 December 13,973 2,464 363 108 - 16,908 2021At 1 January 15,537 2,565 535 6 61 18,643 Foreign exchange adjustments (6) 27 (131) - - (110)Cash flows (1,577)(947)(472) - (61)(2,996)Lease additions - 859 - - - 859 Fair value adjustments - - 169 33 - 202 Other 110 35 239 - - 384 At 31 December 14,064 2,539 340 39 - 16,982 Financing fees At 31 December 2022, accumulated financing fees amounted to DKK 57 million (2021: DKK 79 million). The decrease compared to last year was due to ordinary amortisation, which was recognised in financial expenses, amounting to DKK 22 million (2021: DKK 28 million). No new financing fees were capitalised in 2022.Fair value At 31 December 2022, the fair value of loans and borrowings was DKK 15,751 million (2021: DKK 17,441 million). The fair value of bonds was based on the quoted market price on the Luxembourg Stock Exchange and measurement is categorised as Level 1 in the fair value hierarchy. For the remaining loans and borrowings, fair value is in all material respects equal to the nominal value as illustrated in 4.5, Interest rate risk. Accounting policyIssued bonds and bank loans are recognised initially at fair value net of directly attributable transaction costs and subsequently at amortised cost using the effective interest method. Any difference between the proceeds initially received and the nominal value is recognised in Financial expenses over the term of the loan. At the date of borrowing, financing fees are recognised as part of loans and borrowings and subsequently amortised over the term of the loan and recognised in Financial expenses. Lease liabilities At the commencement date, the Group recognises lease liabilities at the present val-ue of the lease payments to be made over the lease term. Lease payments include fixed payments less any incentive payments, variable lease payments that depend on an index or rate, e.g. when a mini-mum indexation is applied, and amounts expected to be paid under residual value guarantees. Lease payments also include the exercise price of a pur-chase option reasonably certain to be exercised by the Group and payment of penalties for terminating a lease, if the lease term reflects the Group exer-cising the option to terminate. The present value is calculated using the Group\u2019s incremental borrowing rate if the interest rate implicit in the lease is not readily determinable. Subsequently, the lease liability is measured at amortised cost using the effective interest meth-od. The liability is remeasured due to a modifica-tion, a change in lease term or a change in the assessment to purchase the underlying asset. Also, the liability is remeasured due to a change in future lease payments (e.g. a change in an index or rate) or due to a change in the Group\u2019s estimate of the amount expected to be payable under a residual guarantee.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__92": {
"value": "4.2 Loans and borrowings (DKKm)2022 2021Issued bonds 13,973 14,064 Lease liabilities 2,464 2,539 Bank loans 363 340 Derivatives 108 39 Total 16,908 16,982 Non-current liabilities 15,945 16,094 Current liabilities 963 888 Loans and borrowings 16,908 16,982 1)Cash and cash equivalents and other financial items(5,368)(3,531)Net debt 11,540 13,451 1) Includes securities of DKK 104 million (2021: DKK 103 million) and the net positive fair value of derivatives of DKK 50 million. Changes in loans and borrowingsIssued Lease Bank Deri va-(DKKm)bondsliabilitiesloans tives Other Total 2022At 1 January 14,064 2,539 340 39 - 16,982 Foreign exchange adjustments - (14)(86) - - (100)Cash flows - (865)(58) - - (923)Acquisitions - 40 - - - 40 Lease additions - 765 - - - 765 Fair value adjustments (108) - 43 69 - 4 Other 17 (1) 124 - - 140 At 31 December 13,973 2,464 363 108 - 16,908 2021At 1 January 15,537 2,565 535 6 61 18,643 Foreign exchange adjustments (6) 27 (131) - - (110)Cash flows (1,577)(947)(472) - (61)(2,996)Lease additions - 859 - - - 859 Fair value adjustments - - 169 33 - 202 Other 110 35 239 - - 384 At 31 December 14,064 2,539 340 39 - 16,982 Financing fees At 31 December 2022, accumulated financing fees amounted to DKK 57 million (2021: DKK 79 million). The decrease compared to last year was due to ordinary amortisation, which was recognised in financial expenses, amounting to DKK 22 million (2021: DKK 28 million). No new financing fees were capitalised in 2022.Fair value At 31 December 2022, the fair value of loans and borrowings was DKK 15,751 million (2021: DKK 17,441 million). The fair value of bonds was based on the quoted market price on the Luxembourg Stock Exchange and measurement is categorised as Level 1 in the fair value hierarchy. For the remaining loans and borrowings, fair value is in all material respects equal to the nominal value as illustrated in 4.5, Interest rate risk. Accounting policyIssued bonds and bank loans are recognised initially at fair value net of directly attributable transaction costs and subsequently at amortised cost using the effective interest method. Any difference between the proceeds initially received and the nominal value is recognised in Financial expenses over the term of the loan. At the date of borrowing, financing fees are recognised as part of loans and borrowings and subsequently amortised over the term of the loan and recognised in Financial expenses. Lease liabilities At the commencement date, the Group recognises lease liabilities at the present val-ue of the lease payments to be made over the lease term. Lease payments include fixed payments less any incentive payments, variable lease payments that depend on an index or rate, e.g. when a mini-mum indexation is applied, and amounts expected to be paid under residual value guarantees. Lease payments also include the exercise price of a pur-chase option reasonably certain to be exercised by the Group and payment of penalties for terminating a lease, if the lease term reflects the Group exer-cising the option to terminate. The present value is calculated using the Group\u2019s incremental borrowing rate if the interest rate implicit in the lease is not readily determinable. Subsequently, the lease liability is measured at amortised cost using the effective interest meth-od. The liability is remeasured due to a modifica-tion, a change in lease term or a change in the assessment to purchase the underlying asset. Also, the liability is remeasured due to a change in future lease payments (e.g. a change in an index or rate) or due to a change in the Group\u2019s estimate of the amount expected to be payable under a residual guarantee.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__94": {
"value": "Accounting policyIssued bonds and bank loans are recognised initially at fair value net of directly attributable transaction costs and subsequently at amortised cost using the effective interest method. Any difference between the proceeds initially received and the nominal value is recognised in Financial expenses over the term of the loan. At the date of borrowing, financing fees are recognised as part of loans and borrowings and subsequently amortised over the term of the loan and recognised in Financial expenses. Lease liabilities At the commencement date, the Group recognises lease liabilities at the present val-ue of the lease payments to be made over the lease term. Lease payments include fixed payments less any incentive payments, variable lease payments that depend on an index or rate, e.g. when a mini-mum indexation is applied, and amounts expected to be paid under residual value guarantees. Lease payments also include the exercise price of a pur-chase option reasonably certain to be exercised by the Group and payment of penalties for terminating a lease, if the lease term reflects the Group exer-cising the option to terminate. The present value is calculated using the Group\u2019s incremental borrowing rate if the interest rate implicit in the lease is not readily determinable. Subsequently, the lease liability is measured at amortised cost using the effective interest meth-od. The liability is remeasured due to a modifica-tion, a change in lease term or a change in the assessment to purchase the underlying asset. Also, the liability is remeasured due to a change in future lease payments (e.g. a change in an index or rate) or due to a change in the Group\u2019s estimate of the amount expected to be payable under a residual guarantee.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__100": {
"value": "4.3 Financial income and expenses (DKKm)2022 2021Interest income on cash and cash equivalents 69 41 Monetary gain on hyperinflation restatement 138 - Financial income 207 41 1)Interest expenses on loans and borrowings (301)(299)1)Interest expenses on lease liabilities (82)(69)Bank fees (50)(52)Commitment fee (43)(61)1)Amortisation of financing fees (non-cash)(22)(28)Net interest on defined benefit obligations (17)(17)Other (32)(30)Foreign exchange losses (49)(51)Redemption premium, bonds - (90)Financial expenses (596)(697)1) Measurement basis amortised cost.Monetary gain on hyperinflation restatement related to the implementation of IAS 29 \"Finan-cial Reporting in Hyperinflationary Economies\", cf. 7.2, Hyperinflation in Turkey.Interest expenses on loans and borrowings comprised mainly interest on issued bonds and was in line with 2021. Repurchase of EMTNs in December 2021 and lower interest expenses due to an interest rate swap entered into in May 2022, cf. 4.5, Interest rate risk, were offset by increased interest expenses related to a local Turkish facility following the acquisition in 2021.Redemption premium, bonds in 2021 related to the repurchase of EUR 200 million of the total outstanding EUR 500 million EMTNs maturing 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__99": {
"value": "4.3 Financial income and expenses (DKKm)2022 2021Interest income on cash and cash equivalents 69 41 Monetary gain on hyperinflation restatement 138 - Financial income 207 41 1)Interest expenses on loans and borrowings (301)(299)1)Interest expenses on lease liabilities (82)(69)Bank fees (50)(52)Commitment fee (43)(61)1)Amortisation of financing fees (non-cash)(22)(28)Net interest on defined benefit obligations (17)(17)Other (32)(30)Foreign exchange losses (49)(51)Redemption premium, bonds - (90)Financial expenses (596)(697)1) Measurement basis amortised cost.Monetary gain on hyperinflation restatement related to the implementation of IAS 29 \"Finan-cial Reporting in Hyperinflationary Economies\", cf. 7.2, Hyperinflation in Turkey.Interest expenses on loans and borrowings comprised mainly interest on issued bonds and was in line with 2021. Repurchase of EMTNs in December 2021 and lower interest expenses due to an interest rate swap entered into in May 2022, cf. 4.5, Interest rate risk, were offset by increased interest expenses related to a local Turkish facility following the acquisition in 2021.Redemption premium, bonds in 2021 related to the repurchase of EUR 200 million of the total outstanding EUR 500 million EMTNs maturing 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__98": {
"value": "4.3 Financial income and expenses (DKKm)2022 2021Interest income on cash and cash equivalents 69 41 Monetary gain on hyperinflation restatement 138 - Financial income 207 41 1)Interest expenses on loans and borrowings (301)(299)1)Interest expenses on lease liabilities (82)(69)Bank fees (50)(52)Commitment fee (43)(61)1)Amortisation of financing fees (non-cash)(22)(28)Net interest on defined benefit obligations (17)(17)Other (32)(30)Foreign exchange losses (49)(51)Redemption premium, bonds - (90)Financial expenses (596)(697)1) Measurement basis amortised cost.Monetary gain on hyperinflation restatement related to the implementation of IAS 29 \"Finan-cial Reporting in Hyperinflationary Economies\", cf. 7.2, Hyperinflation in Turkey.Interest expenses on loans and borrowings comprised mainly interest on issued bonds and was in line with 2021. Repurchase of EMTNs in December 2021 and lower interest expenses due to an interest rate swap entered into in May 2022, cf. 4.5, Interest rate risk, were offset by increased interest expenses related to a local Turkish facility following the acquisition in 2021.Redemption premium, bonds in 2021 related to the repurchase of EUR 200 million of the total outstanding EUR 500 million EMTNs maturing 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__97": {
"value": "4.3 Financial income and expenses (DKKm)2022 2021Interest income on cash and cash equivalents 69 41 Monetary gain on hyperinflation restatement 138 - Financial income 207 41 1)Interest expenses on loans and borrowings (301)(299)1)Interest expenses on lease liabilities (82)(69)Bank fees (50)(52)Commitment fee (43)(61)1)Amortisation of financing fees (non-cash)(22)(28)Net interest on defined benefit obligations (17)(17)Other (32)(30)Foreign exchange losses (49)(51)Redemption premium, bonds - (90)Financial expenses (596)(697)1) Measurement basis amortised cost.Monetary gain on hyperinflation restatement related to the implementation of IAS 29 \"Finan-cial Reporting in Hyperinflationary Economies\", cf. 7.2, Hyperinflation in Turkey.Interest expenses on loans and borrowings comprised mainly interest on issued bonds and was in line with 2021. Repurchase of EMTNs in December 2021 and lower interest expenses due to an interest rate swap entered into in May 2022, cf. 4.5, Interest rate risk, were offset by increased interest expenses related to a local Turkish facility following the acquisition in 2021.Redemption premium, bonds in 2021 related to the repurchase of EUR 200 million of the total outstanding EUR 500 million EMTNs maturing 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__96": {
"value": "4.3 Financial income and expenses (DKKm)2022 2021Interest income on cash and cash equivalents 69 41 Monetary gain on hyperinflation restatement 138 - Financial income 207 41 1)Interest expenses on loans and borrowings (301)(299)1)Interest expenses on lease liabilities (82)(69)Bank fees (50)(52)Commitment fee (43)(61)1)Amortisation of financing fees (non-cash)(22)(28)Net interest on defined benefit obligations (17)(17)Other (32)(30)Foreign exchange losses (49)(51)Redemption premium, bonds - (90)Financial expenses (596)(697)1) Measurement basis amortised cost.Monetary gain on hyperinflation restatement related to the implementation of IAS 29 \"Finan-cial Reporting in Hyperinflationary Economies\", cf. 7.2, Hyperinflation in Turkey.Interest expenses on loans and borrowings comprised mainly interest on issued bonds and was in line with 2021. Repurchase of EMTNs in December 2021 and lower interest expenses due to an interest rate swap entered into in May 2022, cf. 4.5, Interest rate risk, were offset by increased interest expenses related to a local Turkish facility following the acquisition in 2021.Redemption premium, bonds in 2021 related to the repurchase of EUR 200 million of the total outstanding EUR 500 million EMTNs maturing 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__95": {
"value": "4.3 Financial income and expenses (DKKm)2022 2021Interest income on cash and cash equivalents 69 41 Monetary gain on hyperinflation restatement 138 - Financial income 207 41 1)Interest expenses on loans and borrowings (301)(299)1)Interest expenses on lease liabilities (82)(69)Bank fees (50)(52)Commitment fee (43)(61)1)Amortisation of financing fees (non-cash)(22)(28)Net interest on defined benefit obligations (17)(17)Other (32)(30)Foreign exchange losses (49)(51)Redemption premium, bonds - (90)Financial expenses (596)(697)1) Measurement basis amortised cost.Monetary gain on hyperinflation restatement related to the implementation of IAS 29 \"Finan-cial Reporting in Hyperinflationary Economies\", cf. 7.2, Hyperinflation in Turkey.Interest expenses on loans and borrowings comprised mainly interest on issued bonds and was in line with 2021. Repurchase of EMTNs in December 2021 and lower interest expenses due to an interest rate swap entered into in May 2022, cf. 4.5, Interest rate risk, were offset by increased interest expenses related to a local Turkish facility following the acquisition in 2021.Redemption premium, bonds in 2021 related to the repurchase of EUR 200 million of the total outstanding EUR 500 million EMTNs maturing 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__101-1": {
"value": "4.4 Financial risk management The Group is exposed to a number of financial risks arising from its operating and financing activi-ties, mainly interest rate risk, liquidity risk, currency risk and credit risk. It is management\u2019s assessment that the Group\u2019s exposure to these risks is low. The Group has not identified additional financial risk exposures in 2022 compared to 2021.Financial risks are managed centrally by Group Treasury based on the Financial Policy, which is reviewed and approved annually by the Board of Directors. Exposure to credit risk on trade receivables and expected credit losses is however managed locally in the operating entities, cf. 2.1, Trade receivables and credit risk. It is the Group\u2019s policy to mitigate risk exposure derived from its business activities. Group policy does not allow tak-ing speculative positions in the financial markets.On an ongoing basis the Group considers whether the financial risk management approach appropriately addresses the risk exposures.Through our risk management procedures, financial risks are monitored and reduced to an acceptable level.An overview of financial risks and impact assessment at 31 December 2022 is provided to the right. The Group\u2019s objectives and policies for measuring and managing risk exposure are explained in the respective notes. Type Risk Basis for assessment at 31 December NoteCredit risk Low \u2022 Not past due on trade receivables is around 90% 2.1(aging analysis)\u2022 Expected credit losses on trade receivables are less than 2% of gross receivables (credit ratings)\u2022 The Group transacts only with financial institutions with a credit rating of at least A- (cash and cash equivalents)Interest rate risk Low \u2022 82% of the Group's bank loans and bonds carried 4.5fixed rates (2021: 98%)\u2022 Duration of gross debt (fixed-rate period) 2.9 years (2021: 4.3)Liquidity risk Low \u2022 No short-term maturities of debt4.6\u2022 Diversified funding portfolio of debt (bonds and bank loans)\u2022 No financial covenants in our main Group facilities (cer-tain covenants apply to the local loan facility in Turkey)Currency risk Low \u2022 The Group benefits from a natural hedge in 4.7having income, costs and investments in the same functional currency, country-by-country\u2022 97.6% of the Group's loans and borrowings (external) denominated in EUR (2021: 97.7%)\u2022 78.4% (2021: 78.8%) of the Group\u2019s external borrowings were denominated in EUR, including net investment hedges4.5 Interest rate risk Interest rate risk\u2013 low exposureInterest rate risk arises from the possibility that changes in interest rates will affect future cash flows or the fair value of finan-cial instruments. Exposure relates to bank loans, bonds or interest rate swaps with floating interest rates. Risk management policy\u2022 At least 50% of the Group\u2019s bank loans and issued bonds must carry fixed interest rates directly or through derivatives\u2022 Duration of gross debt (fixed-rate period) shall be 2-6 years Mitigation\u2022 The fixed/floating ratio and gross debt duration (fixed-rate period) are measured on a monthly basis\u2022 Interest rate swaps (fair value hedge) are used to manage the fixed/floating ratio on gross debtLoans and borrowings2022 2021FiefloNominal Nominal Carrying Carrying in(DKKm)interest rate Currency MaturityvalueamountamountIssued bonds (fixed interest rate)EMTNs (EUR 300 million)2.125% EUR 2024 2,231 2,229 2,226 EMTNs (EUR 500 million)1.250% EUR 2025 3,718 3,594 3,695 EMTNs (EUR 500 million)0.875% EUR 2026 3,718 3,700 3,695 EMTNs (EUR 600 million)1.500% EUR 2027 4,462 4,450 4,448 14,129 13,973 14,064 Bank loans (floating interest rate)Loan facility Turkey TLFREF TRY 2026 192 201 300 Bank loans and overdrafts - Multi - 180 162 40 372 363 340 Fair Recognised Negative value, in profit (DKKm)fair valuenetor lossMaturityFair value hedge Interest rate swap (108) (108) 7 2025In May 2022, ISS entered into an interest rate swap in order to reduce the fixed/floating ratio on our gross debt. A principal amount of EUR 300 million has been swapped from a fixed interest rate to a floating rate. The fair value adjustments recognised in profit or loss at 31 December is disclosed above. Interest rate sensitivity An increase in relevant interest rates of 1%-point, with all other variables held constant, would have decreased net profit by DKK 26 million (2021: decreased by DKK 4 million). The increase in interest rate sensitivity is a result of the interest rate swap entered into in May 2022.The estimate was based on the Group\u2019s floating rate loans and borrowings, i.e. disregarding cash and cash equivalents, as the level at 31 December is typically the highest in the year and thus not a representative for the purpose of this analysis. Loan portfoliovs. \u2013 fixed vs. floating interest rates ng est rates202282% (98%) Fixed18%(2%) FloatingAccounting policyThe interest rate swap qualifies as a fair value hedge as the risk being hedged is the possible change in the fair value of a recognised liability. The carrying amount of the hedged item is adjusted for fair value changes attributable to the risk being hedged and changes are recognised in profit or loss.4.6 Liquidity risk Liquidity risk \u2013 low exposureLiquidity risk results from the Group\u2019s potential inability or difficulty in meeting the contractual obligations associated with its financial liabilities due to insufficient liquidity.Risk management policy\u2022 Maintain an appropriate level of short- and long-term liquidity reserves (liquid funds and committed credit facilities)\u2022 Maintain a smooth maturity profile in terms of different maturities\u2022 Maintain access to diversified funding sourcesMitigation\u2022 Raising capital is managed centrally in Group Treasury to ensure efficient liquidity management\u2022 Group Treasury monitors the risk of insufficient liquidity on a daily basis\u2022 Liquidity is transferred to/from ISS Global A/S, which operates as the Group\u2019s internal bank\u2022 For day-to-day liquidity management cash pools have been established in the majority of the local entities4.6.1 Contractual maturities Financial liabilitiesCarrying Contractual< 1 1\u20132 2\u20133 3\u20134 4\u20135 > 5 (DKKm)amountcash flowsyearyearsyearsyearsyearsyears2022Loans and borrowings, excl. lease 14,444 15,332 539 2,512 3,914 3,861 4,506 - Lease liabilities 2,464 2,600 765 578 436 271 180 370 Trade payables and other 3,746 3,746 3,746 - - - - - Total financial liabilities 20,654 21,678 5,050 3,090 4,350 4,132 4,686 3702021Loans and borrowings, excl. lease 14,443 15,489 326 311 2,537 3,930 3,879 4,506 Lease liabilities 2,539 2,658 786 561 418 289 197 407 Trade payables and other 2,402 2,402 2,402 - - - - - Total financial liabilities 19,384 20,549 3,514 872 2,955 4,219 4,076 4,913 The contractual maturities of financial liabilities, based on undiscounted contractual cash flows, are shown in the table. The undiscounted contractual cash flows include expected interest payments, estimated based on market expecta-tions at 31 December.The risk implied from the values reflects the one-sided scenario of cash outflows only. Trade payables and other financial liabilities are mainly used to finance assets such as trade receivables and property, plant and equipment. Current financingThe maturity profile of the Group\u2019s current financing, i.e. issued bonds and bank loans, based on nominal values including any undrawn amounts and excluding interest payments, is illustrated in the chart to the right. Debt maturity profile(DKKbn)9.710,07,55,04.53.63.72,50,020272026202520242023Revolving Credit Facility (undrawn)EMTNs4.6.2 Liquidity reserve (DKKm)2022 2021Cash and cash equivalents 5,214 3,428 Restricted cash (35)(31)Unused revolving credit facilities 7,276 7,312 Liquidity reserves 12,455 10,709 Not readily available 1,078 1,061 Readily available liquidity 11,377 9,648 Cash and cash equivalent of DKK 5,214 million reflects the strong liquidity position of the Group. The level is typically highest at 31 December and not a representative level for the rest of the year. Restricted cash DKK 35 million of the total cash and cash equivalents at 31 December 2022 was placed on blocked or restricted bank accounts due to legal cases and tax-related circumstances. Unused revolving credit facilities The Group has a EUR 1 billion revolving credit facility maturing in November 2024. In addition to the unused revolving credit facilities at Group level, local uncommitted credit facilities are available in countries, which are not considered part of the readily available liquidity. At 31 December 2022, these amounted to DKK 0.9 billion of which DKK 0.2 billion was drawn (2021: DKK 1.1 billion of which all were unused).Not readily available Cash is considered readily available for upstreaming to the parent company (ISS A/S) within five days. In a number of countries, transfer to ISS A/S is assessed to take more than five days due to local administrative processes, and thus is not deemed readily available.4.7 Currency riskCurrency risk \u2013 low exposureCurrency risk is the risk that arises from changes in exchange rates, and affects the Group\u2019s result, investments or value of financial instruments. The Group generally benefits from a natural hedge in having income, costs and invest-ments in the same functional currency country by country. Currency risk therefore predominantly arises from funding and investments in subsidiaries.Risk management policy \u2022 It is Group policy to pool funding activities centrally and fund investments in subsidiar-ies through a combination of intercompany loans and equity\u2022 Currency risk on intercompany loans is as a main policy hedged against DKK or EUR when exposure exceeds DKK 5 million. Some currencies cannot be hedged within a reasonable price range in which case cor-relation to a proxy currency is considered and, if deemed appropriate, proxy hedging is applied\u2022 Currency risk on net investments are as a main policy hedged against DKK or EUR when annual EBITDA of the relevant func-tional currency corresponds to 5% or more of Group EBITDA up to an amount of 3-5x EBITDA in the relevant functional currency and adjusted as appropriate to relevant market entry and exit risk\u2022 Exposure to EUR is monitored but not hedged due to the fixed rate exchange policy between DKK/EURMitigation \u2022 Currency swaps are used to hedge currency risk on loans and borrowings (external), intercompany balances and long-term receivables (external)\u2022 Currency exposure on loans and borrowings, intercompany balances and cash and cash equivalents is measured at least on a weekly basis\u2022 Currency swaps (net investment hedges) or debt are used to hedge the currency exposure to investments in subsidiaries (other than EUR).4.7.1 Loans and borrowings SensitivityCurrency Currency exposure swapsExposure, Increase Profit (DKKm)(nominal)(contractual)netin FX or loss2022EUR/DKK (17,212) 7,333 (9,879)1% (99)USD/DKK 1,431 (1,575)(144)10% (14)Other/DKK (1,176) 1,774 598 10% 60 Total (16,957) 7,532 (9,425)2021EUR/DKK(17,375)6,864(10,511)1% (105)USD/DKK 1,505(1,639) (134)10%(13)Other/DKK(1,173)1,365 192 10% 19Total(17,043)6,590(10,453)Foreign currency sensitivity (loans and borrowings) A change in relevant currencies, with all other variables held constant, would have impacted profit or loss with the amounts above. The analysis is based on the Group\u2019s internal monitoring of currency exposure on loans and borrowings, intercompany loans, external long-term receivables, cash and cash equivalents as well as accrued royalties (Group internal). 4.7.2 Net investment hedgesNet Hedging of Exposure,Average Change Fair (DKKm)investmentinvestmentnetpricein fair valuevalue Maturity2022GBP 1,699 1,216 483 9 53 24 March 2023USD 1,146 767 379 7 (57) 27 March 2023CHF 1,673 755 918 8 (39) 19 March 2023Total 4,518 2,738 1,780 - (43) 70 2021GBP 1,492 1,285 207 9 (100)(18)March 2022USD 1,093 722 371 7 (60) 3 March 2022CHF 1,847 718 1,129 7 (31)(4)March 2022Total 4,432 2,725 1,707 - (191)(19)Foreign currency sensitivity (net investments) A 10% change in the mentioned currencies, with all other variables held constant, would have changed the fair value recognised in Other comprehensive income by DKK 48 million for GBP, by DKK 38 million for USD and by DKK 92 million for CHF.Impact on equity The effect of translation of net assets in foreign subsidiaries before the effect of net investment hedges decreased equity by DKK 102 million (2021: an increase of DKK 297 million) primarily related to Turkey, Switzerland and the UK.Accounting policyDerivative financial intruments are initially recognised at fair value at the trade date and sub-sequently remeasured at fair value at the reporting date. The fair value of derivatives is presented in Other receivables when the fair value is positive and in Other liabilities when the fair value is negative. Fair value measurement takes current market data into account. The Group uses valuation tech-niques that are appropriate in the circumstances and for which sufficient data are available to measure fair value. Measurement is categorised as Level 2 in the fair value hierarchy as it is not based on observable market data.Currency swaps are used to hedge the expo-sure to currency risk on loans and borrowings (external) and intercompany balances. As changes in the fair value of both the hedged item and the currency swap are recognised in profit or loss, hedge accounting is not applied. Currency swaps (net investment hedges) or debt is used to hedge the currency exposure to invest-ments in subsidiaries (other than for EUR). Net investment hedges Changes in the fair value of the hedging instrument relating to the effective portion of the hedge are recognised in other comprehensive income while fair value changes relating to the ineffective portion are recognised in financial income or financial expenses. On disposal of the foreign operation, the cumulative fair value recognised in equity is recognised in the statement of profit or loss when the gain or loss on disposal is recognised. 4.7.3 Translation risk The Group\u2019s exposure to currency risk on transaction level is low since income, costs and investments are in the same functional currency country by country.Impact on profit or loss In 2022, changes in weighted average exchange rates resulted in an increase in Group revenue of DKK 689 million or 0.9% (2021: decrease of 0.6%) and a decrease of the Group\u2019s operating profit before other items of DKK 16 million or 1.0% (2021: decrease of 1.2%).Change in 2021 to 2020 to avg. FX rates)20222021GBP 0.8% 3.2% CHF 7.7% (1.2)%USD 12.6% (3.8)%AUD 3.9% 4.8% NOK 0.7% 5.1% SEK (4.5)% 3.1% TRY (40.8)% (22.9)%EUR 0.0% (0.2)% ( ) = Weakened against DKK.Foreign currency sensitivity A 10% change (EUR: 1% change) in relevant currencies, with all other variables held constant, would have impacted revenue and operating profit before other items with the amounts below. Operating profit (DKKm)Revenuebefore other itemsGBP 984 40USD 625 31CHF 573 42AUD 462 33NOK 402 31 TRY 319 24SEK 298 16EUR 240 9 Other 1,264 60 Total 5,167 286 currencyRevenue by currency76.5DKKbn31% EUR13% GBP8% USD8% CHF6% AUD5% DKK4% NOK4% TRY4% SEK17% Other% of Group revenue",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__110-1": {
"value": "4.5 Interest rate risk Interest rate risk\u2013 low exposureInterest rate risk arises from the possibility that changes in interest rates will affect future cash flows or the fair value of finan-cial instruments. Exposure relates to bank loans, bonds or interest rate swaps with floating interest rates. Risk management policy\u2022 At least 50% of the Group\u2019s bank loans and issued bonds must carry fixed interest rates directly or through derivatives\u2022 Duration of gross debt (fixed-rate period) shall be 2-6 years Mitigation\u2022 The fixed/floating ratio and gross debt duration (fixed-rate period) are measured on a monthly basis\u2022 Interest rate swaps (fair value hedge) are used to manage the fixed/floating ratio on gross debtLoans and borrowings2022 2021FiefloNominal Nominal Carrying Carrying in(DKKm)interest rate Currency MaturityvalueamountamountIssued bonds (fixed interest rate)EMTNs (EUR 300 million)2.125% EUR 2024 2,231 2,229 2,226 EMTNs (EUR 500 million)1.250% EUR 2025 3,718 3,594 3,695 EMTNs (EUR 500 million)0.875% EUR 2026 3,718 3,700 3,695 EMTNs (EUR 600 million)1.500% EUR 2027 4,462 4,450 4,448 14,129 13,973 14,064 Bank loans (floating interest rate)Loan facility Turkey TLFREF TRY 2026 192 201 300 Bank loans and overdrafts - Multi - 180 162 40 372 363 340 Fair Recognised Negative value, in profit (DKKm)fair valuenetor lossMaturityFair value hedge Interest rate swap (108) (108) 7 2025In May 2022, ISS entered into an interest rate swap in order to reduce the fixed/floating ratio on our gross debt. A principal amount of EUR 300 million has been swapped from a fixed interest rate to a floating rate. The fair value adjustments recognised in profit or loss at 31 December is disclosed above. Interest rate sensitivity An increase in relevant interest rates of 1%-point, with all other variables held constant, would have decreased net profit by DKK 26 million (2021: decreased by DKK 4 million). The increase in interest rate sensitivity is a result of the interest rate swap entered into in May 2022.The estimate was based on the Group\u2019s floating rate loans and borrowings, i.e. disregarding cash and cash equivalents, as the level at 31 December is typically the highest in the year and thus not a representative for the purpose of this analysis. Loan portfoliovs. \u2013 fixed vs. floating interest rates ng est rates202282% (98%) Fixed18%(2%) FloatingAccounting policyThe interest rate swap qualifies as a fair value hedge as the risk being hedged is the possible change in the fair value of a recognised liability. The carrying amount of the hedged item is adjusted for fair value changes attributable to the risk being hedged and changes are recognised in profit or loss.4.7 Currency riskCurrency risk \u2013 low exposureCurrency risk is the risk that arises from changes in exchange rates, and affects the Group\u2019s result, investments or value of financial instruments. The Group generally benefits from a natural hedge in having income, costs and invest-ments in the same functional currency country by country. Currency risk therefore predominantly arises from funding and investments in subsidiaries.Risk management policy \u2022 It is Group policy to pool funding activities centrally and fund investments in subsidiar-ies through a combination of intercompany loans and equity\u2022 Currency risk on intercompany loans is as a main policy hedged against DKK or EUR when exposure exceeds DKK 5 million. Some currencies cannot be hedged within a reasonable price range in which case cor-relation to a proxy currency is considered and, if deemed appropriate, proxy hedging is applied\u2022 Currency risk on net investments are as a main policy hedged against DKK or EUR when annual EBITDA of the relevant func-tional currency corresponds to 5% or more of Group EBITDA up to an amount of 3-5x EBITDA in the relevant functional currency and adjusted as appropriate to relevant market entry and exit risk\u2022 Exposure to EUR is monitored but not hedged due to the fixed rate exchange policy between DKK/EURMitigation \u2022 Currency swaps are used to hedge currency risk on loans and borrowings (external), intercompany balances and long-term receivables (external)\u2022 Currency exposure on loans and borrowings, intercompany balances and cash and cash equivalents is measured at least on a weekly basis\u2022 Currency swaps (net investment hedges) or debt are used to hedge the currency exposure to investments in subsidiaries (other than EUR).4.7.1 Loans and borrowings SensitivityCurrency Currency exposure swapsExposure, Increase Profit (DKKm)(nominal)(contractual)netin FX or loss2022EUR/DKK (17,212) 7,333 (9,879)1% (99)USD/DKK 1,431 (1,575)(144)10% (14)Other/DKK (1,176) 1,774 598 10% 60 Total (16,957) 7,532 (9,425)2021EUR/DKK(17,375)6,864(10,511)1% (105)USD/DKK 1,505(1,639) (134)10%(13)Other/DKK(1,173)1,365 192 10% 19Total(17,043)6,590(10,453)Foreign currency sensitivity (loans and borrowings) A change in relevant currencies, with all other variables held constant, would have impacted profit or loss with the amounts above. The analysis is based on the Group\u2019s internal monitoring of currency exposure on loans and borrowings, intercompany loans, external long-term receivables, cash and cash equivalents as well as accrued royalties (Group internal). 4.7.2 Net investment hedgesNet Hedging of Exposure,Average Change Fair (DKKm)investmentinvestmentnetpricein fair valuevalue Maturity2022GBP 1,699 1,216 483 9 53 24 March 2023USD 1,146 767 379 7 (57) 27 March 2023CHF 1,673 755 918 8 (39) 19 March 2023Total 4,518 2,738 1,780 - (43) 70 2021GBP 1,492 1,285 207 9 (100)(18)March 2022USD 1,093 722 371 7 (60) 3 March 2022CHF 1,847 718 1,129 7 (31)(4)March 2022Total 4,432 2,725 1,707 - (191)(19)Foreign currency sensitivity (net investments) A 10% change in the mentioned currencies, with all other variables held constant, would have changed the fair value recognised in Other comprehensive income by DKK 48 million for GBP, by DKK 38 million for USD and by DKK 92 million for CHF.Impact on equity The effect of translation of net assets in foreign subsidiaries before the effect of net investment hedges decreased equity by DKK 102 million (2021: an increase of DKK 297 million) primarily related to Turkey, Switzerland and the UK.4.7.3 Translation risk The Group\u2019s exposure to currency risk on transaction level is low since income, costs and investments are in the same functional currency country by country.Impact on profit or loss In 2022, changes in weighted average exchange rates resulted in an increase in Group revenue of DKK 689 million or 0.9% (2021: decrease of 0.6%) and a decrease of the Group\u2019s operating profit before other items of DKK 16 million or 1.0% (2021: decrease of 1.2%).Change in 2021 to 2020 to avg. FX rates)20222021GBP 0.8% 3.2% CHF 7.7% (1.2)%USD 12.6% (3.8)%AUD 3.9% 4.8% NOK 0.7% 5.1% SEK (4.5)% 3.1% TRY (40.8)% (22.9)%EUR 0.0% (0.2)% ( ) = Weakened against DKK.Foreign currency sensitivity A 10% change (EUR: 1% change) in relevant currencies, with all other variables held constant, would have impacted revenue and operating profit before other items with the amounts below. Operating profit (DKKm)Revenuebefore other itemsGBP 984 40USD 625 31CHF 573 42AUD 462 33NOK 402 31 TRY 319 24SEK 298 16EUR 240 9 Other 1,264 60 Total 5,167 286 currencyRevenue by currency76.5DKKbn31% EUR13% GBP8% USD8% CHF6% AUD5% DKK4% NOK4% TRY4% SEK17% Other% of Group revenue",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__111": {
"value": "Loans and borrowings2022 2021FiefloNominal Nominal Carrying Carrying in(DKKm)interest rate Currency MaturityvalueamountamountIssued bonds (fixed interest rate)EMTNs (EUR 300 million)2.125% EUR 2024 2,231 2,229 2,226 EMTNs (EUR 500 million)1.250% EUR 2025 3,718 3,594 3,695 EMTNs (EUR 500 million)0.875% EUR 2026 3,718 3,700 3,695 EMTNs (EUR 600 million)1.500% EUR 2027 4,462 4,450 4,448 14,129 13,973 14,064 Bank loans (floating interest rate)Loan facility Turkey TLFREF TRY 2026 192 201 300 Bank loans and overdrafts - Multi - 180 162 40 372 363 340",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__114": {
"value": "Fair Recognised Negative value, in profit (DKKm)fair valuenetor lossMaturityFair value hedge Interest rate swap (108) (108) 7 2025In May 2022, ISS entered into an interest rate swap in order to reduce the fixed/floating ratio on our gross debt. A principal amount of EUR 300 million has been swapped from a fixed interest rate to a floating rate. The fair value adjustments recognised in profit or loss at 31 December is disclosed above.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__113": {
"value": "Fair Recognised Negative value, in profit (DKKm)fair valuenetor lossMaturityFair value hedge Interest rate swap (108) (108) 7 2025In May 2022, ISS entered into an interest rate swap in order to reduce the fixed/floating ratio on our gross debt. A principal amount of EUR 300 million has been swapped from a fixed interest rate to a floating rate. The fair value adjustments recognised in profit or loss at 31 December is disclosed above.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__112-1": {
"value": "Fair Recognised Negative value, in profit (DKKm)fair valuenetor lossMaturityFair value hedge Interest rate swap (108) (108) 7 2025In May 2022, ISS entered into an interest rate swap in order to reduce the fixed/floating ratio on our gross debt. A principal amount of EUR 300 million has been swapped from a fixed interest rate to a floating rate. The fair value adjustments recognised in profit or loss at 31 December is disclosed above.4.7.2 Net investment hedgesNet Hedging of Exposure,Average Change Fair (DKKm)investmentinvestmentnetpricein fair valuevalue Maturity2022GBP 1,699 1,216 483 9 53 24 March 2023USD 1,146 767 379 7 (57) 27 March 2023CHF 1,673 755 918 8 (39) 19 March 2023Total 4,518 2,738 1,780 - (43) 70 2021GBP 1,492 1,285 207 9 (100)(18)March 2022USD 1,093 722 371 7 (60) 3 March 2022CHF 1,847 718 1,129 7 (31)(4)March 2022Total 4,432 2,725 1,707 - (191)(19)Foreign currency sensitivity (net investments) A 10% change in the mentioned currencies, with all other variables held constant, would have changed the fair value recognised in Other comprehensive income by DKK 48 million for GBP, by DKK 38 million for USD and by DKK 92 million for CHF.Impact on equity The effect of translation of net assets in foreign subsidiaries before the effect of net investment hedges decreased equity by DKK 102 million (2021: an increase of DKK 297 million) primarily related to Turkey, Switzerland and the UK.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__105": {
"value": "4.6 Liquidity risk Liquidity risk \u2013 low exposureLiquidity risk results from the Group\u2019s potential inability or difficulty in meeting the contractual obligations associated with its financial liabilities due to insufficient liquidity.Risk management policy\u2022 Maintain an appropriate level of short- and long-term liquidity reserves (liquid funds and committed credit facilities)\u2022 Maintain a smooth maturity profile in terms of different maturities\u2022 Maintain access to diversified funding sourcesMitigation\u2022 Raising capital is managed centrally in Group Treasury to ensure efficient liquidity management\u2022 Group Treasury monitors the risk of insufficient liquidity on a daily basis\u2022 Liquidity is transferred to/from ISS Global A/S, which operates as the Group\u2019s internal bank\u2022 For day-to-day liquidity management cash pools have been established in the majority of the local entities4.6.1 Contractual maturities Financial liabilitiesCarrying Contractual< 1 1\u20132 2\u20133 3\u20134 4\u20135 > 5 (DKKm)amountcash flowsyearyearsyearsyearsyearsyears2022Loans and borrowings, excl. lease 14,444 15,332 539 2,512 3,914 3,861 4,506 - Lease liabilities 2,464 2,600 765 578 436 271 180 370 Trade payables and other 3,746 3,746 3,746 - - - - - Total financial liabilities 20,654 21,678 5,050 3,090 4,350 4,132 4,686 3702021Loans and borrowings, excl. lease 14,443 15,489 326 311 2,537 3,930 3,879 4,506 Lease liabilities 2,539 2,658 786 561 418 289 197 407 Trade payables and other 2,402 2,402 2,402 - - - - - Total financial liabilities 19,384 20,549 3,514 872 2,955 4,219 4,076 4,913 The contractual maturities of financial liabilities, based on undiscounted contractual cash flows, are shown in the table. The undiscounted contractual cash flows include expected interest payments, estimated based on market expecta-tions at 31 December.The risk implied from the values reflects the one-sided scenario of cash outflows only. Trade payables and other financial liabilities are mainly used to finance assets such as trade receivables and property, plant and equipment. Current financingThe maturity profile of the Group\u2019s current financing, i.e. issued bonds and bank loans, based on nominal values including any undrawn amounts and excluding interest payments, is illustrated in the chart to the right. Debt maturity profile(DKKbn)9.710,07,55,04.53.63.72,50,020272026202520242023Revolving Credit Facility (undrawn)EMTNs4.6.2 Liquidity reserve (DKKm)2022 2021Cash and cash equivalents 5,214 3,428 Restricted cash (35)(31)Unused revolving credit facilities 7,276 7,312 Liquidity reserves 12,455 10,709 Not readily available 1,078 1,061 Readily available liquidity 11,377 9,648 Cash and cash equivalent of DKK 5,214 million reflects the strong liquidity position of the Group. The level is typically highest at 31 December and not a representative level for the rest of the year. Restricted cash DKK 35 million of the total cash and cash equivalents at 31 December 2022 was placed on blocked or restricted bank accounts due to legal cases and tax-related circumstances. Unused revolving credit facilities The Group has a EUR 1 billion revolving credit facility maturing in November 2024. In addition to the unused revolving credit facilities at Group level, local uncommitted credit facilities are available in countries, which are not considered part of the readily available liquidity. At 31 December 2022, these amounted to DKK 0.9 billion of which DKK 0.2 billion was drawn (2021: DKK 1.1 billion of which all were unused).Not readily available Cash is considered readily available for upstreaming to the parent company (ISS A/S) within five days. In a number of countries, transfer to ISS A/S is assessed to take more than five days due to local administrative processes, and thus is not deemed readily available.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__116": {
"value": "4.6.2 Liquidity reserve (DKKm)2022 2021Cash and cash equivalents 5,214 3,428 Restricted cash (35)(31)Unused revolving credit facilities 7,276 7,312 Liquidity reserves 12,455 10,709 Not readily available 1,078 1,061 Readily available liquidity 11,377 9,648 Cash and cash equivalent of DKK 5,214 million reflects the strong liquidity position of the Group. The level is typically highest at 31 December and not a representative level for the rest of the year. Restricted cash DKK 35 million of the total cash and cash equivalents at 31 December 2022 was placed on blocked or restricted bank accounts due to legal cases and tax-related circumstances. Unused revolving credit facilities The Group has a EUR 1 billion revolving credit facility maturing in November 2024. In addition to the unused revolving credit facilities at Group level, local uncommitted credit facilities are available in countries, which are not considered part of the readily available liquidity. At 31 December 2022, these amounted to DKK 0.9 billion of which DKK 0.2 billion was drawn (2021: DKK 1.1 billion of which all were unused).Not readily available Cash is considered readily available for upstreaming to the parent company (ISS A/S) within five days. In a number of countries, transfer to ISS A/S is assessed to take more than five days due to local administrative processes, and thus is not deemed readily available.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__115": {
"value": "4.6.2 Liquidity reserve (DKKm)2022 2021Cash and cash equivalents 5,214 3,428 Restricted cash (35)(31)Unused revolving credit facilities 7,276 7,312 Liquidity reserves 12,455 10,709 Not readily available 1,078 1,061 Readily available liquidity 11,377 9,648 Cash and cash equivalent of DKK 5,214 million reflects the strong liquidity position of the Group. The level is typically highest at 31 December and not a representative level for the rest of the year. Restricted cash DKK 35 million of the total cash and cash equivalents at 31 December 2022 was placed on blocked or restricted bank accounts due to legal cases and tax-related circumstances. Unused revolving credit facilities The Group has a EUR 1 billion revolving credit facility maturing in November 2024. In addition to the unused revolving credit facilities at Group level, local uncommitted credit facilities are available in countries, which are not considered part of the readily available liquidity. At 31 December 2022, these amounted to DKK 0.9 billion of which DKK 0.2 billion was drawn (2021: DKK 1.1 billion of which all were unused).Not readily available Cash is considered readily available for upstreaming to the parent company (ISS A/S) within five days. In a number of countries, transfer to ISS A/S is assessed to take more than five days due to local administrative processes, and thus is not deemed readily available.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__122": {
"value": "4.7.1 Loans and borrowings SensitivityCurrency Currency exposure swapsExposure, Increase Profit (DKKm)(nominal)(contractual)netin FX or loss2022EUR/DKK (17,212) 7,333 (9,879)1% (99)USD/DKK 1,431 (1,575)(144)10% (14)Other/DKK (1,176) 1,774 598 10% 60 Total (16,957) 7,532 (9,425)2021EUR/DKK(17,375)6,864(10,511)1% (105)USD/DKK 1,505(1,639) (134)10%(13)Other/DKK(1,173)1,365 192 10% 19Total(17,043)6,590(10,453)Foreign currency sensitivity (loans and borrowings) A change in relevant currencies, with all other variables held constant, would have impacted profit or loss with the amounts above. The analysis is based on the Group\u2019s internal monitoring of currency exposure on loans and borrowings, intercompany loans, external long-term receivables, cash and cash equivalents as well as accrued royalties (Group internal).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__121": {
"value": "Derivative financial intruments are initially recognised at fair value at the trade date and sub-sequently remeasured at fair value at the reporting date. The fair value of derivatives is presented in Other receivables when the fair value is positive and in Other liabilities when the fair value is negative. Fair value measurement takes current market data into account. The Group uses valuation tech-niques that are appropriate in the circumstances and for which sufficient data are available to measure fair value. Measurement is categorised as Level 2 in the fair value hierarchy as it is not based on observable market data.Currency swaps are used to hedge the expo-sure to currency risk on loans and borrowings (external) and intercompany balances. As changes in the fair value of both the hedged item and the currency swap are recognised in profit or loss, hedge accounting is not applied. Currency swaps (net investment hedges) or debt is used to hedge the currency exposure to invest-ments in subsidiaries (other than for EUR). Net investment hedges Changes in the fair value of the hedging instrument relating to the effective portion of the hedge are recognised in other comprehensive income while fair value changes relating to the ineffective portion are recognised in financial income or financial expenses. On disposal of the foreign operation, the cumulative fair value recognised in equity is recognised in the statement of profit or loss when the gain or loss on disposal is recognised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__120": {
"value": "Derivative financial intruments are initially recognised at fair value at the trade date and sub-sequently remeasured at fair value at the reporting date. The fair value of derivatives is presented in Other receivables when the fair value is positive and in Other liabilities when the fair value is negative. Fair value measurement takes current market data into account. The Group uses valuation tech-niques that are appropriate in the circumstances and for which sufficient data are available to measure fair value. Measurement is categorised as Level 2 in the fair value hierarchy as it is not based on observable market data.Currency swaps are used to hedge the expo-sure to currency risk on loans and borrowings (external) and intercompany balances. As changes in the fair value of both the hedged item and the currency swap are recognised in profit or loss, hedge accounting is not applied. Currency swaps (net investment hedges) or debt is used to hedge the currency exposure to invest-ments in subsidiaries (other than for EUR). Net investment hedges Changes in the fair value of the hedging instrument relating to the effective portion of the hedge are recognised in other comprehensive income while fair value changes relating to the ineffective portion are recognised in financial income or financial expenses. On disposal of the foreign operation, the cumulative fair value recognised in equity is recognised in the statement of profit or loss when the gain or loss on disposal is recognised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__119": {
"value": "Derivative financial intruments are initially recognised at fair value at the trade date and sub-sequently remeasured at fair value at the reporting date. The fair value of derivatives is presented in Other receivables when the fair value is positive and in Other liabilities when the fair value is negative. Fair value measurement takes current market data into account. The Group uses valuation tech-niques that are appropriate in the circumstances and for which sufficient data are available to measure fair value. Measurement is categorised as Level 2 in the fair value hierarchy as it is not based on observable market data.Currency swaps are used to hedge the expo-sure to currency risk on loans and borrowings (external) and intercompany balances. As changes in the fair value of both the hedged item and the currency swap are recognised in profit or loss, hedge accounting is not applied. Currency swaps (net investment hedges) or debt is used to hedge the currency exposure to invest-ments in subsidiaries (other than for EUR). Net investment hedges Changes in the fair value of the hedging instrument relating to the effective portion of the hedge are recognised in other comprehensive income while fair value changes relating to the ineffective portion are recognised in financial income or financial expenses. On disposal of the foreign operation, the cumulative fair value recognised in equity is recognised in the statement of profit or loss when the gain or loss on disposal is recognised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__109": {
"value": "Derivative financial intruments are initially recognised at fair value at the trade date and sub-sequently remeasured at fair value at the reporting date. The fair value of derivatives is presented in Other receivables when the fair value is positive and in Other liabilities when the fair value is negative. Fair value measurement takes current market data into account. The Group uses valuation tech-niques that are appropriate in the circumstances and for which sufficient data are available to measure fair value. Measurement is categorised as Level 2 in the fair value hierarchy as it is not based on observable market data.Currency swaps are used to hedge the expo-sure to currency risk on loans and borrowings (external) and intercompany balances. As changes in the fair value of both the hedged item and the currency swap are recognised in profit or loss, hedge accounting is not applied. Currency swaps (net investment hedges) or debt is used to hedge the currency exposure to invest-ments in subsidiaries (other than for EUR). Net investment hedges Changes in the fair value of the hedging instrument relating to the effective portion of the hedge are recognised in other comprehensive income while fair value changes relating to the ineffective portion are recognised in financial income or financial expenses. On disposal of the foreign operation, the cumulative fair value recognised in equity is recognised in the statement of profit or loss when the gain or loss on disposal is recognised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__108": {
"value": "Derivative financial intruments are initially recognised at fair value at the trade date and sub-sequently remeasured at fair value at the reporting date. The fair value of derivatives is presented in Other receivables when the fair value is positive and in Other liabilities when the fair value is negative. Fair value measurement takes current market data into account. The Group uses valuation tech-niques that are appropriate in the circumstances and for which sufficient data are available to measure fair value. Measurement is categorised as Level 2 in the fair value hierarchy as it is not based on observable market data.Currency swaps are used to hedge the expo-sure to currency risk on loans and borrowings (external) and intercompany balances. As changes in the fair value of both the hedged item and the currency swap are recognised in profit or loss, hedge accounting is not applied. Currency swaps (net investment hedges) or debt is used to hedge the currency exposure to invest-ments in subsidiaries (other than for EUR). Net investment hedges Changes in the fair value of the hedging instrument relating to the effective portion of the hedge are recognised in other comprehensive income while fair value changes relating to the ineffective portion are recognised in financial income or financial expenses. On disposal of the foreign operation, the cumulative fair value recognised in equity is recognised in the statement of profit or loss when the gain or loss on disposal is recognised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__106-1": {
"value": "Derivative financial intruments are initially recognised at fair value at the trade date and sub-sequently remeasured at fair value at the reporting date. The fair value of derivatives is presented in Other receivables when the fair value is positive and in Other liabilities when the fair value is negative. Fair value measurement takes current market data into account. The Group uses valuation tech-niques that are appropriate in the circumstances and for which sufficient data are available to measure fair value. Measurement is categorised as Level 2 in the fair value hierarchy as it is not based on observable market data.Currency swaps are used to hedge the expo-sure to currency risk on loans and borrowings (external) and intercompany balances. As changes in the fair value of both the hedged item and the currency swap are recognised in profit or loss, hedge accounting is not applied. Currency swaps (net investment hedges) or debt is used to hedge the currency exposure to invest-ments in subsidiaries (other than for EUR). Net investment hedges Changes in the fair value of the hedging instrument relating to the effective portion of the hedge are recognised in other comprehensive income while fair value changes relating to the ineffective portion are recognised in financial income or financial expenses. On disposal of the foreign operation, the cumulative fair value recognised in equity is recognised in the statement of profit or loss when the gain or loss on disposal is recognised.Foreign currency The consolidated financial statements are presented in Danish kroner (DKK), which is ISS A/S\u2019s functional currency. Transactions in currencies other than the functional currency of the respective Group companies are considered transactions denominated in foreign currencies.On initial recognition, except for companies operating in hyperinflationary environments, these are translated to the respective functional currencies of the Group companies at the exchange rates at the transaction date. Foreign exchange adjustments arising between the exchange rates at the transaction date and at the date of payment are recognised in Financial income or Financial expenses. Receivables, payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the report-ing date. The difference between the exchange rates at the reporting date and at the date of transaction or the exchange rate in the latest financial statements is recognised in Financial income or Financial expenses. On recognition in the consolidated financial statements of Group companies with a func-tional currency other than DKK, the statements of profit or loss and statements of cash flows are translated at the exchange rates at the transaction date and the statements of financial position are translated at the exchange rates at the reporting date. An average exchange rate for the month is used as the exchange rate at the transaction date to the extent that this does not significantly deviate from the exchange rate at the transaction date. Foreign exchange adjustments arising on translation of the opening balance of equity of foreign entities at the exchange rates at the reporting date and on translation of the profit or loss statements from the exchange rates at the transaction date to the exchange rates at the reporting date are recognised in other comprehensive income and presented in equity under a separate translation reserve. However, if the foreign entity is a non-wholly owned subsidiary, the relevant proportion of the translation difference is allocated to the non-controlling interest. Foreign exchange adjustments of balances with foreign entities which are considered part of the investment in the entity are recognised in other comprehensive income and presented in equity under a separate translation reserve.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__124": {
"value": "4.7.3 Translation risk The Group\u2019s exposure to currency risk on transaction level is low since income, costs and investments are in the same functional currency country by country.Impact on profit or loss In 2022, changes in weighted average exchange rates resulted in an increase in Group revenue of DKK 689 million or 0.9% (2021: decrease of 0.6%) and a decrease of the Group\u2019s operating profit before other items of DKK 16 million or 1.0% (2021: decrease of 1.2%).Change in 2021 to 2020 to avg. FX rates)20222021GBP 0.8% 3.2% CHF 7.7% (1.2)%USD 12.6% (3.8)%AUD 3.9% 4.8% NOK 0.7% 5.1% SEK (4.5)% 3.1% TRY (40.8)% (22.9)%EUR 0.0% (0.2)% ( ) = Weakened against DKK.Foreign currency sensitivity A 10% change (EUR: 1% change) in relevant currencies, with all other variables held constant, would have impacted revenue and operating profit before other items with the amounts below. Operating profit (DKKm)Revenuebefore other itemsGBP 984 40USD 625 31CHF 573 42AUD 462 33NOK 402 31 TRY 319 24SEK 298 16EUR 240 9 Other 1,264 60 Total 5,167 286 currencyRevenue by currency76.5DKKbn31% EUR13% GBP8% USD8% CHF6% AUD5% DKK4% NOK4% TRY4% SEK17% Other% of Group revenue",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__125": {
"value": "5.1 Income taxIncome tax in profit or loss(DKKm)2022 2021Current tax 538 486 Deferred tax (89) 46 Prior year adjustments, net (8)(23)Income tax 441 509Development in effective tax rateIn 2022, the Group\u2019s effective tax rate decreased to 18.0% from 48.7% in 2021. Compared to the statutory income tax rate of 22% in Denmark, the effective tax rate was mainly reduced by the follow-ing three factors; release of valuation allowance on deferred tax assets, divestment gains (non-tax-able) and hyperinflation restatement in Turkey.In 2021, the effective tax rate was negatively impacted by recognised valuation allowances on deferred tax assets, goodwill impairment in France (non-tax deductible) and other non-tax- deductible costs, mainly interest limitation.Effective tax rate (ETR) Group 2022 2021Statutory income tax rate, Denmark 22.0 % 22.0 % Foreign tax rate differential, net(0.3)% (14.4)% Total 21.7 % 7.6 % Non-tax-deductible expenses less non-taxable income (2.1)% 8.5 % Non-tax-deductible impairment(0.0)% 12.1 % Prior year adjustments, net(0.3)% (2.2)% Change in valuation of tax assets, net (2.2)% 17.4 % Changes in tax rates 0.4 % (0.7)% Hyperinflation(1.6)% 0.0 % Other taxes 2.1 % 6.0 % Effective tax rate18.0 % 48.7 % Statutory income Main countriestax 2022 2021Australia 30.0% 30.3 % 30.2 % 2)Denmark (incl. HQ)22.0% 27.0 % (7.1)% Finland 20.0% 24.5 % 25.9 % 1) 2)France 25.0% (46.0)%(10.9)% 1) 2)Germany 30.3% 40.4 % 0.0 % Norway 22.0% 20.2 % 22.6 % Spain 25.0% (18.9)% 21.9 % Switzerland 18.0% 18.1 % 7.5 % UK 19.0% 17.1 % 122.7 % 3)US 21.0% (104.2)% 21.4 % 1) Profit before tax was negative in 2022.2) Profit before tax was negative in 2021.3) Based on low profit before tax in 2022. Foreign tax rate differential, net was negligible in 2022, whereas 2021 was impacted by tax losses in countries with a higher corporate income tax rate than in Denmark, most significantly France and Germany.Non-tax deductible expenses less not-tax-able income comprised various income and expenses across the Group. In 2022, non-tax-able divestment gains in Hong Kong and the UK impacted positively, partly offset by the recurring negative impacts from Denmark due to interest limitation and withholding taxes without credit relief as well as the tax credit CICE in France.Non-tax-deductible impairment in 2021 related to goodwill impairment in France.Prior year adjustments, net related to adjust-ment in the final tax returns and were insignif-icant in 2022. In 2021, the adjustment mainly related to the UK.Change in valuation of tax assets, net in 2022 related to release of valuation allowances on tax losses in Spain, the Netherlands and Germany partly offset by an increase in France. In 2021, the change mainly related to Germany and France.Changes in tax rates in 2022 was driven by changed income tax rates in Turkey from 23% to 20% (effective from 2023) and in the UK from 19% to 25% (effective from April 2023). In 2021, the change was mainly driven by a reduction of the corporate tax rate in France from 33% to 25% over the period 2018-2022.Accounting policyIncome tax comprises current tax and changes in deferred tax, including effects from changes in tax rate, and is recognised in profit or loss or other comprehensive income.Tax receivables and payables are recognised in the statement of financial position as tax comput-ed on taxable income for the year, adjusted for tax on taxable income prior years and tax paid on account.Hyperinflation related to implementation of IAS 29 \u201cFinancial Reporting in Hyperinflationary Economies\u201d, cf. 7.2, Hyperinflation in Turkey, including the positive impact from change in local tax rules leading to step-up in tax bases of assets due to hyperinflation.Other taxes mainly comprised withholding tax, e.g. in Denmark, and Cotisation sur la Valeur Ajout\u00e9e des Entreprises (CVAE) in France.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__127-1": {
"value": "Income tax comprises current tax and changes in deferred tax, including effects from changes in tax rate, and is recognised in profit or loss or other comprehensive income.Tax receivables and payables are recognised in the statement of financial position as tax comput-ed on taxable income for the year, adjusted for tax on taxable income prior years and tax paid on account.Accounting policyDeferred tax is provided using the liability method on temporary differences between tax bases of assets and liabilities and their carrying amounts. Deferred tax is not recognised on temporary differences relating to goodwill which is not deductible for tax purposes and other items where temporary differences, apart from in business combinations, arose at the time of acquisition without affecting either Net profit or taxable income. Where alternative taxation rules can be applied to determine the tax base, deferred tax is measured according to manage-ment\u2019s intended use of the asset or settlement of the liability. Deferred tax is measured according to the taxation rules and tax rates in the respective countries applicable at the reporting date when the deferred tax becomes current tax. Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in non-current assets at the expected value of their utilisation, either as a set-off against tax on future income, or as a set-off against deferred tax liabilities in the same legal tax entity and jurisdiction.Deferred tax assets and liabilities are offset if the Group has a legal right to offset these, intends to settle these on a net basis or to realise the assets and settle the liabilities, simultaneously.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__126": {
"value": "Income tax comprises current tax and changes in deferred tax, including effects from changes in tax rate, and is recognised in profit or loss or other comprehensive income.Tax receivables and payables are recognised in the statement of financial position as tax comput-ed on taxable income for the year, adjusted for tax on taxable income prior years and tax paid on account.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__129": {
"value": "5.2 Deferred taxDeferred Deferred tax assetstax liabilities(DKKm)2022 2021 2022 2021Tax losses carried forward 482 336 - - Goodwill 4 4 387 413 Brands - - 350 350 Customer contracts 7 8 150 141 Property, plant and equipment 220 139 425 381 Provisions and other liabilities 977 1,062 685 563 Pensions 126 158 62 22 Tax losses in foreign subsidiaries under Danish joint taxation - - 23 23 Set-off within legal tax units and jurisdictions(904)(917) (904)(917)Total 912 790 1,178 976Development in deferred tax (DKKm)2022 2021Liabilities, net at 1 January 186 204 Prior year adjustments, net 32 (96)Foreign exchange adjustments (22) (24)Hyperinflation restatement 62 - Acquisitions and divestments, net 20 72 Other comprehensive income 53 11 Reclassification to Assets/ (Liabilities) held for sale 24 (27)Tax on profit before tax (89) 46 Liabilities, net at 31 December 266 186 Prior year adjustments, net mainly related to adjustment of tax deductions (temporary differences) in the final tax returns.Acquisitions and divestments, net in 2022 related to the acquisition of Livit FM Services AG in Switzerland (2021: R\u00f6nesans Facility Manage-ment Company in Turkey).Other comprehensive income comprised tax on actuarial gains on pensions.Unrecognised deferred tax assets At 31 December 2022, the Group had unrec-ognised deferred tax assets which comprised tax losses carried forward and other deductible temporary differences of DKK 1,814 million (2021: DKK 1,871 million) primarily relating to Germany, France and the Netherlands. Unrecognised tax losses can be carried forward indefinitely in the individual countries, except for China, where tax losses can be carried forward for 5 years.Uncertain tax positions Uncertain tax positions include ongoing disputes with tax authorities in certain jurisdic-tions and have been provided for in accordance with the accounting policies. Management believes that the provisions made are adequate. However, the actual obligations may deviate as they depend on the result of litigations and set-tlements with the relevant tax authorities. The final outcome of some of the ongoing disputes is expected to be determined in 2023-2024.Accounting policyDeferred tax is provided using the liability method on temporary differences between tax bases of assets and liabilities and their carrying amounts. Deferred tax is not recognised on temporary differences relating to goodwill which is not deductible for tax purposes and other items where temporary differences, apart from in business combinations, arose at the time of acquisition without affecting either Net profit or taxable income. Where alternative taxation rules can be applied to determine the tax base, deferred tax is measured according to manage-ment\u2019s intended use of the asset or settlement of the liability. Deferred tax is measured according to the taxation rules and tax rates in the respective countries applicable at the reporting date when the deferred tax becomes current tax. Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in non-current assets at the expected value of their utilisation, either as a set-off against tax on future income, or as a set-off against deferred tax liabilities in the same legal tax entity and jurisdiction.Deferred tax assets and liabilities are offset if the Group has a legal right to offset these, intends to settle these on a net basis or to realise the assets and settle the liabilities, simultaneously. Significant accounting estimates and judgementsDeferred tax assets relating to tax losses carried forward are recognised, when management assesses that these can be offset against positive taxable income in the foreseeable future. The assessment is made at the reporting date taking into account the impact from limitation in interest deductibility and local tax restrictions in utilisation of tax losses. The assessment of future taxable in-come is based on financial forecasts approved by management and expectations on the operational development, mainly in terms of organic growth and operating margin.Management made a reassessment of the probabili-ty that future taxable profit will be available in the foreseeable future against which the Group can uti-lise tax losses (i.e for current year and those carried forward from prior years (valuation allowances). The assessment is based on the cash flow projections made for the purpose of the Group\u2019s impairment tests, see 3.2, Impairment tests, and represents management\u2019s best estimate, but is by nature asso-ciated with significant uncertainty. Uncertain tax positions As part of operating a global business, disputes with tax authorities around the world may occur. Management peri-odically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and consid-ers whether it is probable that a tax authority will accept an uncertain tax treatment. The possible outcome of uncertain tax positions are measured based on management\u2019s best estimate of the amount required to settle the obligation and rec-ognised in deferred tax or income tax depending on the tax position.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__130": {
"value": "Accounting policyDeferred tax is provided using the liability method on temporary differences between tax bases of assets and liabilities and their carrying amounts. Deferred tax is not recognised on temporary differences relating to goodwill which is not deductible for tax purposes and other items where temporary differences, apart from in business combinations, arose at the time of acquisition without affecting either Net profit or taxable income. Where alternative taxation rules can be applied to determine the tax base, deferred tax is measured according to manage-ment\u2019s intended use of the asset or settlement of the liability. Deferred tax is measured according to the taxation rules and tax rates in the respective countries applicable at the reporting date when the deferred tax becomes current tax. Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in non-current assets at the expected value of their utilisation, either as a set-off against tax on future income, or as a set-off against deferred tax liabilities in the same legal tax entity and jurisdiction.Deferred tax assets and liabilities are offset if the Group has a legal right to offset these, intends to settle these on a net basis or to realise the assets and settle the liabilities, simultaneously.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__133": {
"value": "The value of services received in exchange for granted performance-based share units (PSUs) and restricted share units (RSUs) are measured at fair value at the grant date and recognised in employee costs over the vesting period with a corresponding increase in equity, as both of the schemes are equity-settled. The fair value of granted PSUs under the long-term incentive programme is measured using a generally accepted valuation model taking into consideration the terms and conditions upon which the PSUs were granted including mar-ket-based vesting conditions (Total Shareholder Return (TSR) condition). On initial recognition, an estimate is made of the number of PSUs and RSUs expected to vest. The estimated number is subsequently revised for changes in the number of PSUs and RSUs expected to vest due to non-market based vesting conditions.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__131": {
"value": "6.1 Management remuneration The Executive Group Management (EGM) com-prises the Executive Group Management Board (EGMB) and Corporate Senior Officers of the Group. Members of the EGM have authority and responsibility for planning, implementing and controlling the Group\u2019s activities and are together with the Board of Directors (Board) considered as the Group\u2019s key management personnel. 2022 2021EGM EGMCorporate Corporate Senior Senior (DKK '000)Board EGMBOfficers Board EGMBOfficersBase salary and non-monetary benefits 8,587 15,269 49,073 8,724 21,842 39,172Bonus programmes - 11,572 28,885 - 12,007 18,739\u200a1)Share-based payments- 7,310 14,381 - (3,794)11,695Severance pay - - - - 14,280 -Total remuneration 8,587 34,151 92,339 8,724 44,335 69,6061) In 2021, share-based payments to the EGMB included an income of DKK 8 million due to forfeited PSUs and RSUs under the incentive programmes as the CEO Europe left ISS.Remuneration policy is described in the Remuneration report which is available here.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__132": {
"value": "6.2 Share-based paymentsTo drive delivery of short- and long-term financial results, retention of leaders and alignment to shareholder value creation, the Group has implemented two types of equity-settled share-based incentive programmes:\u2022 a long-term incentive programme (LTIP); and\u2022 a special incentive programme (SIP)6.2.1 Long-term incentive programme Members of the EGM and other senior officers of the Group, are granted a number of perfor-mance share units (PSUs) under the annual LTIP. Upon vesting, each PSU entitles the holder to receive one share at no cost. Participants are compensated for any dividend distributed between time of grant and time of vesting. Subject to certain criteria, the PSUs will vest after three years. The vesting criteria are total share-holder return (TSR), measured relative to peer group performance, and earnings per share (EPS). For LTIP 2021 and LTIP 2022, TSR and EPS weighted 40%, respectively, and the remaining 20% related to service-based objectives. For LTIP 2020 and LTIP 2019, TSR and EPS were equally weighted. TSR peers are the Nasdaq Copenha-gen OMX C25 and a peer group of comparable international service companies. Accounting policyThe value of services received in exchange for granted performance-based share units (PSUs) and restricted share units (RSUs) are measured at fair value at the grant date and recognised in employee costs over the vesting period with a corresponding increase in equity, as both of the schemes are equity-settled. The fair value of granted PSUs under the long-term incentive programme is measured using a generally accepted valuation model taking into consideration the terms and conditions upon which the PSUs were granted including mar-ket-based vesting conditions (Total Shareholder Return (TSR) condition). On initial recognition, an estimate is made of the number of PSUs and RSUs expected to vest. The estimated number is subsequently revised for changes in the number of PSUs and RSUs expected to vest due to non-market based vesting conditions.TSR performance criteriaThreshold Vesting TSRBelow 0\u200a% Below median thresholdof peersThreshold 25\u200a% At median of peersMaximum 100\u200a% At upper quartile of peers or betterFair value and profit or loss impact LTIP 2019 LTIP 2020 LTIP 2021 LTIP 2022PSUs and participants (number)Maximum PSUs at initial grant date 928,367 1,785,896 1,349,527 1,509,951 Total PSUs granted 813,090 1,473,659 1,316,818 1,353,855 Participants 142 120 145 161 Fair value (DKKm)PSUs expected to vest at initial grant date 101 74 94 98 PSUs expected to vest at 31 December - 53 77 75 Profit or loss impact (DKKm)Recognised in the year 1 22 25 24 Not yet recognised (PSUs expected to vest) - 4 30 57 Assumptions at the time of grant 1)Share price, DKK 207 98 111 117 2)Expected volatility26.6% 29.1% 47.2% 47.5%Expected life of grant, years 3 3 3 3 2)Risk-free interest rate(0.3)%-2.7% (0.4)%-1.9% (0.6)%-0.9% (0.1%)-1.5%1) Based on five-day average. 2) Based on observable market data for peer groups.Vested programmes In March 2022, the LTIP 2019 programme vested. Based on the annual EPS and TSR performances for 2019, 2020 and 2021, 0% of the granted PSUs vested. After this vesting, no further PSUs are outstanding under the LTIP 2019 and the Furthermore, in March 2023, the PSUs granted under LTIP 2020 will vest with 32% based on the annual EPS and TSR performances for 2020, 2021 and 2022. Outstanding PSUsEGMOtherCorporateSenior LTIP 2019 (vested in 2022)EGMBSenior OfficersOfficers TotalOutstanding at 1 January 2021 42,583 83,015 560,451 686,049 Cancelled (35,686)(6,370)(23,034)(65,090)Outstanding at 31 December 2021 6,897 76,645 537,417 620,959Transferred - 6,643 (6,643) - Forfeited (6,897)(83,288)(530,774)(620,959)Outstanding at 31 December 2022 - - - -LTIP 2020 (vesting in 2023)Outstanding at 1 January 2021 132,633 177,999 1,129,354 1,439,986 Cancelled (72,864) - (104,144)(177,008)Outstanding at 31 December 2021 59,769 177,999 1,025,210 1,262,978 Transferred - (10,382) 10,382 -Cancelled - -(31,586)(31,586)Outstanding at 31 December 2022 59,769 167,617 1,004,006 1,231,392 LTIP 2021 (vesting in 2024)Granted 201,828 176,746 862,373 1,240,947 Cancelled (53,531) - (89,652)(143,183)Outstanding at 31 December 2021 148,297 176,746 772,721 1,097,764 Granted - 11,015 64,856 75,871 Transferred - 9,107 (9,107) - Cancelled - (8,583) (71,403) (79,986)Outstanding at 31 December 2022 148,297 188,285 757,067 1,093,649 LTIP 2022 (vesting in 2025)Granted 139,713 265,208 948,934 1,353,855 Transferred - 8,710 (8,710) - Cancelled - (18,233)(115,516)(133,749)Outstanding at 31 December 2022 139,713 255,685 824,708 1,220,106 6.2.2 Special incentive programmes The Group has currently one Special IncentiveProgramme (SIP). Corporate Senior Officers (EMG members) and other senior officers of the Group are granted a number of Restricted Share Units (RSUs).Upon vesting, each RSU entitles the holder to receive one share at no cost.Subject to individual service criteria, the RSUs will vest after three years.Fair value and profit or loss impactSIP 2020-2022 SIP 2020-2023RSU and participants (number)Maximum RSUs at initial grant date 64,159 246,767 Total RSUs granted 55,263 238,489 Participants 9 37 Fair value (DKKm)RSUs expected to vest at initial grant date 6 24 RSUs expected to vest at 31 December - 23 Profit or loss impact (DKKm)Recognised in the year 0 8 Not yet recognised (RSUs expected to vest) - 2 Assumptions at the time of grantShare price, DKK 101 101 Expected life of grant, years 2 3Vested programmes In March 2022, the SIP 2020-2022 programmevested. Based on individual service criteria, 83% of the granted RSUs vested. After this vesting, no further RSUs are outstanding under the SIP 2020-2022 and the programme has lapsed.Furthermore, in March 2023, the RSUs granted under the SIP 2020-2023 programme will vest 100% subject to achievement of individual service criteria. Outstanding RSUsCorporateOtherSenior SeniorSIP 2020-2022 (vested in 2022)Officers (EGM)Officers TotalOutstanding at 1 January 2021 - 22,296 22,296 Granted 26,619 1,783 28,402 Cancelled - (6,513)(6,513)Outstanding at 31 December 2021 26,619 17,566 44,185Granted - 4,565 4,565 Forfeited - (2,696)(2,696)Cancelled (26,619)(19,435)(46,054)Outstanding at 31 December 2022 - - - SIP 2020-2023 (vesting in 2023)Outstanding at 1 January 2021 - 204,223 204,223 Granted 26,619 1,888 28,507 Cancelled - (12,853)(12,853)Outstanding at 31 December 2021 26,619 193,258 219,877 Granted - 5,759 5,759 Transferred 10,432 (10,432) - Cancelled - (1,462)(1,462)Outstanding at 31 December 2022 37,051 187,123 224,174",
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"s10_notes__7__134": {
"value": "7.1 Pensions and similar obligations7.1.1 Pension schemesDefined contribution plansThe majority of the Group\u2019s pension schemes are defined contribution plans where contributions are paid to publicly or privately administered pension plans. The Group has no further payment obligations once the contributions have been paid. In 2022, contributions amounted to DKK 1,223 million (2021: DKK 1,140 million), corresponding to 84% of the Group\u2019s pension costs (2021: 83%).Defined benefit plans The Group has a number of defined benefit plans where the responsibility for the obligation towards the employees rests with the Group. The largest plans are in Switzerland and the UK accounting for 86% (2021: 86%) of the Group\u2019s obligation (gross) and 97% (2021: 97%) of its plan assets. The plans are primarily based on years of service, and benefits are determined on the basis of salary and position. The Group assumes the risk associated with future developments in salary, interest rates, inflation, mortality and disability, etc.The majority of the obligations are funded with assets placed in independent pension funds. In some countries, primarily Sweden, France, Turkey, Hong Kong and Mexico, the obligation is unfunded. For these unfunded plans, obligation amounted to DKK 633 million or 8% of the present value of the gross obligation (2021: DKK 788 million or 9%).Switzerland Participants are insured against the financial consequences of retirement, disabil-ity and death. The pension plans guarantee a minimum interest credit and fixed conversion rates at retirement and include a risk-sharing element between ISS and the plan participants. Contributions are paid by both the employee and the employer. The plans must be fully funded. In case of underfunding, recovery measures must be taken, such as additional financing from the employer or from the employer and employees, reduction of benefits or a combination of both. The UK Participants are insured against the financial consequences of retirement and death, and do not provide any insured disability benefits. The pension plans guarantee a defined benefit pension at retirement on a final salary basis. The majority of the plans does not include a risk-sharing element between ISS and the plan participants.Multiemployer pension plansThe Group participates in multiemployer pension schemes that by nature are defined benefit plans in a few countries. Some funds are not able to provide the necessary information in order for the Group to account for the schemes as defined benefit plans and these schemes are therefore accounted for as defined contribution plans.costsPension costs1.4DKKbn84%Defined contribution16% Defined benefitSignificant accounting estimatesActuarial calculations and valuations are performed annually for all major plans. The present value of defined benefit obligations is determined on the basis of assumptions about the future develop-ment in variables such as salary levels, interest rates, in\ufb02ation and mortality. Applied actuarial assumptions vary from country to country due to local conditions. All assumptions are assessed at the reporting date. Changes in these assumptions may significantly affect the liabilities and pension costs under defined benefit plans. The range and weighted average of these assumptions as well as sensitivities on key assumptions are disclosed in this note.The discount rates used for calculating the present value of expected future cash flows are based on the market yield of high-quality corporate bonds or government bonds with a maturity approximating to the terms of the defined benefit obligations. When the Group participates in multi-employer pension plans being accounted for as defined con-tribution plans due to unavailability of information, there is a risk that the plans are not sufficiently funded. However, information on surplus or deficit in the schemes is not available. 7.1.2 Defined benefit obligation2022 2021Present Fair value Present Fair value value of of plan Carrying value of of plan Carrying (DKKm)obligationassetsamountobligationassetsamountAt 1 January 8,625 8,997 (372) 8,684 7,796 888 Current service costs 197 - 197 219 - 219Interest on obligation/plan assets 72 55 17 45 28 17Past service costs 11 - 11 - - -Recognised in profit or loss 280 55 225 264 28 236 Actuarial (gain)/loss: Demographic assumptions 7 - 7 (256) - (256) Financial assumptions (1,702) - (1,702)(209) - (209) Experience adjustments 490 - 490 67 - 67 Return on plan assets - (997) 997 - 747 (747)Asset ceiling - (43) 43 - (1,080) 1,080 Recognised in other comprehensive income (1,205)(1,040)(165)(398)(333)(65)Foreign exchange adjustments 214 295 (81) 386 414 (28)Acquisitions and divestments, net 227 219 8 - 0 (0)Employee contributions 154 154 - 141 141 - Employer contributions - 207 (207) - 199 (199)Benefits paid (342)(267)(75)(266)(174)(92)Asset ceiling - 43 (43) - 1,080 (1,080)Reclass. to Liabilities held for sale - - - (186)(154)(32)Other changes 253 651 (398)75 1,506 (1,431)At 31 December 7,953 8,663 (710) 8,625 8,997 (372)Recognised in the statement of financial position(DKKm) 2022 2021Carrying amount of defined benefit plans (710) (372)1)Accumulated impact from asset ceiling 1,352 1,2532)Defined benefit obligation, net 642 881 Other long-term employee benefits 543 470 Pensions and similar obligations 1,185 1,3511) Including a foreign exchange adjustment on the opening balance of DKK 56 million.2) Including an asset of DKK 247 million (2021: DKK 86 million) related to defined benefit plans in the UK. Developments in 2022 Actuarial calculations for 2022 have been ob-tained for all major plans. The actuarial calcula-tions led to recognition of actuarial gains due to increased discount rates (financial assumptions) of DKK 1,702 million, mainly in Switzerland and the UK. This was largely offset by actuarial losses of DKK 490 million due to increased salary and inflation expectations (experience adjustments) and loss on plan assets of DKK 997 million, both primarily related to Switzerland and the UK. The net impact on the pension obligation was a gain of DKK 165 million recognised in other compre-hensive income.In 2021, we saw strong asset returns and an actuarial gain, which led to a significant increase in the surplus on the major plans in Switzerland. Due to surplus restrictions (ISS does not have access to the overfunding), an increase in the asset ceiling was recognised. In 2022, market conditions for listed shares and real estate de-teriorated resulting in significant losses on plan assets in Switzerland and the UK. However, due to a larger decrease in the pension obligation the asset ceiling has further increased. As such, by the end of 2022, the accumulated impact from the asset ceiling was DKK 1,352 million (2021: DKK 1,253 million).Contributions in 2023The Group expects to contribute DKK 322 million in 2023 (2022: DKK 261 million).categories of Plan assetsan assets\u2013 major categories8.7DKKbn34% Listed shares19% Property 18% Corporate bonds6% Cash and cash equivalents 2% Government bonds21% Other% of total plan assetsobligation, Penross\u2013 funded vs. unfunded8.0DKKbn92%Funded8%Unfundedobligation, Penross\u2013 by country8.0DKKbn75%Switzerland11%UK14%Other7.1.3 Actuarial assumptions2022 2021Other Other CHF GBP EURcurrencies CHF GBP EURcurrenciesDiscount rates 2.3% 4.8 % 3.70-3.75% 1.0-10.7% 0.3% 2.0% 0.35-1.0% 0.2-19.3% Salary increase 1.3% 0.0-2.65% 2.56-3.2% 0.0-12.0% 1.0% 0.0-2.65% 0.0-3.5% 0.0-15.0% Pension increase 0.0% 2.65-3.15% 0.0-2.15% 0.0-2.2% 0.0% 2.65-3.20% 0.0-0.64% 0.0-2.0% Sensitivity analysis Below the sensitivities related to significant actuarial assumptions used in the calculation of the defined benefit obligation are illustrated in terms of estimated increase/(decrease) in the obligation.The analysis is based on changes in assump-tions, with all other variables held constant, that the Group considered to be reasonably possible at the reporting date.2022 2021(DKKm)+0.5%(0.5)% +0.5%(0.5)%Discount rate (334) 363 (490) 545 Price inflation 74 (65) 165 (51)Salary increase 93 (74) 132 (4)Pension increase 248 (248) 302 (85)+1 year -1 year +1 year -1 yearLife expectancy 136 (133) 212 (182)Duration The estimated weighted average duration of the defined benefit obligation was 9 years (2021: 12 years) and is split into:(Years)2022 2021Active employees 6 8 Retired employees 11 15 \u20091)Deferred vested 7 6 Total employees 9 12 1) The impact from deferred vested on total estimated weighted average duration is minor due to the fact that deferred vested make up less than 2% of the participants, and do not exist in many of the shorter duration plans.Accounting policyContributions to defined contribution plans are recognised in Employee costs when the related service is provided. Any contributions outstanding are recognised in Other liabilities.Defined benefit plans The Group\u2019s net obligation is calculated by a qualified actuary using the pro-jected unit credit method, separately for each plan by estimating the amount of future benefits that employees have earned in return for their service in the current and prior periods. The present value less the fair value of any plan assets is recognised in Pensions and similar obligations. When the calculation results in a potential asset, rec-ognition is limited to the present value of economic benefits available in the form of future refunds from or reductions in future contributions to the plan. To calculate the present value, consideration is given to applicable minimum funding requirements. Pension costs are calculated based on actuarial es-timates and financial expectations at the beginning of the year. Service costs are recognised in Employee costs and net interest is recognised in Financial expenses. Differences between the expected development in pension assets and liabilities and the realised amounts at the reporting date are designated actuarial gains or losses and recognised in other comprehensive income. When the benefits are changed or a plan is curtailed, the resulting change in benefits that relates to past service or the gain or loss on curtailment is recognised in Employee costs. Gains and losses on settlement is recognised when incurred. The aggregated value of unfunded plans is pre-sented as a net liability and the aggregated value of funded plans are presented as a net asset. Other long-term employee benefits are recognised as defined pension plans, except that actuarial gains and losses are recognised in Employee costs. Other long-term employee benefits comprise jubilee benefits, long-service or sabbatical leave, etc.",
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"s10_notes__7__135": {
"value": "Accounting policyContributions to defined contribution plans are recognised in Employee costs when the related service is provided. Any contributions outstanding are recognised in Other liabilities.Defined benefit plans The Group\u2019s net obligation is calculated by a qualified actuary using the pro-jected unit credit method, separately for each plan by estimating the amount of future benefits that employees have earned in return for their service in the current and prior periods. The present value less the fair value of any plan assets is recognised in Pensions and similar obligations. When the calculation results in a potential asset, rec-ognition is limited to the present value of economic benefits available in the form of future refunds from or reductions in future contributions to the plan. To calculate the present value, consideration is given to applicable minimum funding requirements. Pension costs are calculated based on actuarial es-timates and financial expectations at the beginning of the year. Service costs are recognised in Employee costs and net interest is recognised in Financial expenses. Differences between the expected development in pension assets and liabilities and the realised amounts at the reporting date are designated actuarial gains or losses and recognised in other comprehensive income. When the benefits are changed or a plan is curtailed, the resulting change in benefits that relates to past service or the gain or loss on curtailment is recognised in Employee costs. Gains and losses on settlement is recognised when incurred. The aggregated value of unfunded plans is pre-sented as a net liability and the aggregated value of funded plans are presented as a net asset. Other long-term employee benefits are recognised as defined pension plans, except that actuarial gains and losses are recognised in Employee costs. Other long-term employee benefits comprise jubilee benefits, long-service or sabbatical leave, etc.",
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"s10_notes__7__136": {
"value": "7.2 Hyperinflation in TurkeyEffective 1 January 2022, the Group has implemented IAS 29 \u201cFinancial Reporting in Hyperinflationary Economies\u201d for its subsidiary in Turkey, as the cumulative three-year inflation rate in the country exceeded the threshold of 100% in February.The aim of IAS 29 is to ensure that consolidated financial statements reflect the current purchasing power by:\u2022 restating reported numbers based on changes in the general price index; and\u2022 applying end-of-period exchange rates.The translation method as well as recognition and measurement are described under accounting policies below.Impact on the consolidated financial statements The implementation of IAS 29 did not have a material impact on the Group\u2019s profit or loss and cash flow statements and consequently the effect on our three KPIs was immaterial, i.e. organic growth (non-IFRS), operating margin (non-IFRS) and free cash flow (non-IFRS). How-ever, the restatement for inflation significantly impacted the Group\u2019s statement of financial position, mainly by increasing the value of goodwill and customer contracts.Profit or loss The restatement of revenue had a net positive impact of DKK 154 million of which DKK 580 million related to the increase in the price index of 21% in 2022. This was partly offset by the impact from retranslation to exchange rates at 31 December of DKK 426 million.Operating profit before other items was nega-tively impacted by DKK 29 million, as the inflationrestatement of right-of-use assets and property, plant and equipment led to higher depreciation and amortisation of DKK 42 million. This more than offset the net positive impact from inflation restatement and retranslation.Financial expenses, net was positively impacted by DKK 148 million reflecting the restatement of non-monetary items for the inflation develop-ment in 2022 and the offset of inflation restate-ment of profit or loss items in the same period.Based on the above, and the resulting negative impact on Income tax of DKK 42 million, Net profit increased DKK 66 million for 2022.Cash flows The impact on consolidated statement of cash flows was insignificant.Inflation restatementYTDNon-Retrans- Total (excl. monetary Profit lation adjust-YTD (DKKm)IAS 29)itemsor loss(YE FX)ments(reported)Profit or loss Revenue 76,384 - 580 (426) 154 76,538 Depreciation and amortisation(1,475)(48) - 6 (42)(1,517)Other costs (72,033) - (529) 388 (141)(72,174)Operating profit before other items 2,876 (48) 51 (32) (29) 2,847 Other income and expenses, net 58 - (1) - (1) 57 Amortisation of customer contracts(59)(12) - 2 (10)(69)Operating profit 2,875 (60) 50 (30)(40) 2,835 Financial income 68 180 (40)(1) 139 207 Financial expenses (605) - (18) 27 9 (596)Operating profit before tax 2,338 120 (8)(4) 108 2,446 Income tax (399)(43) 8 (7) (42) (441)Net profit from continuing operations 1,939 77 - (11) 66 2,005 Net profit from discontinued operations 131 - - - - 131 Net profit 2,070 77 - (11) 66 2,136 Cash flows Operating profit before other items 2,889 (48) 51 (32)(29) 2,860 Depreciation and amortisation 1,475 48 - (6) 42 1,517 Non-cash items related to hyperinflation - - (51) - (51)(51)Other cash flow items (1,024) - - 31 31 (993)Cash flow from operating activities 3,340 - - (7)(7) 3,333 Cash flow from investing activities (553) - - 7 7 (546)Cash flow from financing activities (928) - - (2)(2)(930)Free cash flow (non-IFRS) 1,726 - - 8 8 1,734 Financial ratios Organic growth (non-IFRS)7.78% - - - - 7.78%Operating margin 3.77%(0.07)% 0.07%(0.05)%(0.05)% 3.72%Inflation restatementYTDNon-Retrans- Total (excl. monetary Profit lation adjust-YTD (DKKm)IAS 29)itemsor loss(YE FX)ments(reported)Financial position Goodwill 19,806 644 - - 644 20,450 Other intangible assets 3,246 224 - - 224 3,470 Right-of-use assets and Property, plant and equipment 3,235 85 - - 85 3,320 Other assets 19,765 - - - - 19,765 Total assets 46,052 953 - - 953 47,005 Other comprehensive income (56) 814 - - 814 758 Other equity elements 9,980 77 - - 77 10,057 Total equity 9,924 891 - - 891 10,815 Deferred tax liabilities 1,116 62 - - 62 1,178 Other liabilities 35,012 - - - - 35,012 Total equity and liabilities 46,052 953 - - 953 47,005 Financial position The restatement for inflation increased goodwill by DKK 644 million and Other intangible assets (cus-tomer contracts) by DKK 224 million mainly due to restatement of the fair values carried from the acquisition of R\u00f6nesans in 2021 and the original acquisition when entering Turkey in 2005.Right-of-use assets and property, plant and equipment increased (DKK 85 million) based on assumed average useful lives of 3-5 years. As a result, depreciation and amortisation were recalcu-lated, which led to higher costs in profit or loss.Equity increased by DKK 891 million mainly as a result of the opening restatement of non-mone-tary items of DKK 814 million and the restatement effect from changes in the price index in 2022.Accounting policyInflation restatement Non-monetary items, which are carried at historical cost, such as goodwill, customer contracts, right-of-use assets, property, plant and equipment and de-ferred tax, have been restated for the effect of inflation based on changes in the price index for the period from initial recognition to 31 December 2022 or to the date of disposal, where relevant. The restatement was made effective from the time, the items were initially recognised, which was no earlier than 2005, when ISS first entered Turkey through an acquisition.The restating gain or loss relating to the change in the price index for the reporting period has been recognised in profit or loss under financial income or expenses, except for the tax effect, which has been recognised under income tax. The gain or loss relating to the prior periods has been recognised in other comprehensive income.Management has assessed whether the restatement of non-monetary items represents an indication of impairment to ensure that the restated amounts do not exceed the recoverable amounts of the assets, see 3.2, Impairment tests.Monetary items such as receivables, payables, loans and borrowings are not subject to restatement for the effects of inflation as these items already reflect the purchasing power at the reporting date.Equity includes the opening effect of restating non-monetary items. Further, the restatement effects of inflation based on changes in the price index for the reporting period have been recognised in other comprehensive income with set-off within financial income or expenses in profit or loss.Profit or loss transactions in the period have been restated to reflect changes in the price index from the time of transaction to the end of the reporting period, with the exception of depreciation and amortisation. The latter have been recalculated based on the inflation-adjusted costs of intangible assets and right-of-use assets and property, plant and equipment. The recalculation has been based on the useful lives of the relevant assets based on the Group\u2019s accounting policy, cf. 2.6, Right-of-use assets and property, plant and equipment.Cash flow statement Operating profit before other items includes a non-cash effect from the inflation restatement, which has been eliminated in the line Non-cash items related to hyperinflation.Price index Restatement for hyperinflation of the financial state-ments of the Turkish subsidiary was based on the development in the consumer price index provided by the Turkish Statistical Institute. For 2022, the inflation rate in Turkey was 64%.Retranslation from TRY to DKK The financial statements of the Turkish subsidiary, including effects of inflation restatement, have been translated into DKK applying the TRY/DKK exchange rate at the reporting date as opposed to the Group\u2019s normal practice of translating the profit or loss using the exchange rate at the transaction date or an average exchange rate for the month. The TRY/DKK exchange rate decreased from 50.53 at the beginning of 2022 to 37.25 at 31 December 2022. The average TRY/DKK exchange for the reporting period was 43.00.",
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"s10_notes__7__137": {
"value": "7.3 Related partiesParent and ultimate controlling party The Group\u2019s parent ISS A/S is the ultimate con-trolling party. At 31 December 2022, ISS had no related parties with either control of the Group or significant influence in the Group. Key management personnel The Board of Directors (Board) and the Executive Group Management (EGM) are considered the Group\u2019s key management personnel as defined in 6.1, Management remuneration. Apart from remuneration, including share-based incentive programmes, there were no significant transactions with members of the Board and the EGM in 2022.",
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"s10_notes__7__138": {
"value": "7.4 Fees to auditors(DKKm)2022 2021Statutory audit 73 71 Other assurance services 2 1 Tax and VAT advisory services 7 6 Other services 4 9 Total 86 87 Other assurance services comprised work related to the interim financial statements and other assurance services.Tax and VAT advisory services mainly related to tax compliance services.Other services comprised among other things work related to acquisitions and divestments, such as financial and tax due diligence.",
"dimensions": {
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s10_notes__7__139": {
"value": "7.5 Subsequent eventsOn 6 February 2023, two earthquakes caused large scale devastation and loss of thousands of lives in Turkey and Syria. ISS is one of the largest private employers in Turkey and approximately 4,500 of our placemakers service workplaces for around 100 of our customers, including two hospitals, in the impacted areas of Turkey. Tragically, three of our placemakers were fatally injured, several are in medical treatment and even more suffered loss of immediate family members and housing. Our teams on the ground in Turkey have since the earthquakes focused on ensuring the safety and welfare of our people and customers who are facing unimaginable challenges and devastation.ISS has not suffered material damage to its assets in Turkey. Furthermore, the impacted areas account for less than 1% of ISS\u2019s global activities and the vast majority of our customers\u2019 operations continue or will continue after repairs. Consequently, it is management\u2019s assessment that the earthquakes will not have a material impact on the results of the Group\u2019s operations and financial position in 2023.Other than set out above or elsewhere in these consolidated financial statements, we are not aware of events subsequent to 31 December 2022, which are expected to have a material impact on the Group\u2019s financial position.",
"dimensions": {
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"s10_notes__7__140": {
"value": "The 2022 Annual Report for ISS A/S was discussed and approved by the Executive Group Management Board (the EGMB) and the Board of Directors (the Board) on 23 February 2023 and issued for approval at the subsequent annual general meeting on 13 April 2023.",
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},
"s10_notes__7__142-1": {
"value": "Basis of preparation The consolidated financial statements of the Group have been prepared in accordance with IFRS as adopted by the EU and additional requirements of the Danish Financial Statements Act. In addition, the consolidated financial statements have been prepared in compliance with the IFRSs issued by the IASB. The consolidated financial statements have beenprepared on the basis that the Group willcontinue to operate as a going concern.The Group\u2019s significant accounting policies and accounting policies related to IAS 1 minimum presentation items are described in the relevant notes to the consolidated financial statements. A list of the notes is shown on p. 50.All amounts have been rounded to nearest DKK million (DKKm), unless otherwise stated.Fair value measurement and disclosure Items are measured at historical cost, except for assets and liabilities held for sale, derivative financial instruments and contingent consider-ation that have been measured at fair value.Assets and liabilities measured at fair value are categorised within the fair value hierarchy and disclosed in the relevant notes.For the purpose of fair value disclosures, management has assessed that the fair values of cash and cash equivalents, trade receivables, contingent consideration, trade payables and other current and non-current financial assets and liabilities approximates their carrying amount largely due to the short-term matur-ities of these instruments. The fair value of loans and borrowings, including methods and assumptions used to estimate the fair value, are disclosed in 4.2, Loans and borrowings.Reporting under the ESEF RegulationThe Group is required to file the Annual Re-port in the European Single Electronic Format (ESEF) using a combination of the XHTML format and to tag the primary consolidated financial statements using iXBRL (Inline eXtensible Business Language).The Group\u2019s iXBRL tags comply with the ESEF taxonomy, which has been developed on the basis of IFRS taxonomy published by the IFRS Foundation. The line items in the consoli-dated financial statements are tagged to elements in the ESEF taxonomy. For financial line items that are not directly defined in the ESEF taxonomy, an extension to the taxono-my has been created.ISS has considered the accounting meaning of a taxonomy element when selecting the appropriate block tag for marking up such disclosure, particularly where multiple block tags match a disclosure. As a minimum, ISS has marked-up disclosures included in the consolidated financial statements (including headers) with the elements required (Annex II of the Regulatory Technical Standard on ESEF). If disclosures or information corre-sponds to more than one element of differ-ent levels of details, ISS has used each of them and multi-tagged the disclosure to the extent that corresponds with the underlying accounting meaning of the disclosures. The Annual Report submitted to the Danish Financial Supervisory Authority (the Officially Appointed Mechanism) is included in the zip file ISS-2022-12-31-en.zip.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__141": {
"value": "Basis of preparation The consolidated financial statements of the Group have been prepared in accordance with IFRS as adopted by the EU and additional requirements of the Danish Financial Statements Act. In addition, the consolidated financial statements have been prepared in compliance with the IFRSs issued by the IASB. The consolidated financial statements have beenprepared on the basis that the Group willcontinue to operate as a going concern.The Group\u2019s significant accounting policies and accounting policies related to IAS 1 minimum presentation items are described in the relevant notes to the consolidated financial statements. A list of the notes is shown on p. 50.All amounts have been rounded to nearest DKK million (DKKm), unless otherwise stated.Fair value measurement and disclosure Items are measured at historical cost, except for assets and liabilities held for sale, derivative financial instruments and contingent consider-ation that have been measured at fair value.Assets and liabilities measured at fair value are categorised within the fair value hierarchy and disclosed in the relevant notes.For the purpose of fair value disclosures, management has assessed that the fair values of cash and cash equivalents, trade receivables, contingent consideration, trade payables and other current and non-current financial assets and liabilities approximates their carrying amount largely due to the short-term matur-ities of these instruments. The fair value of loans and borrowings, including methods and assumptions used to estimate the fair value, are disclosed in 4.2, Loans and borrowings.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__143": {
"value": "The consolidated financial statements have beenprepared on the basis that the Group willcontinue to operate as a going concern.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__145": {
"value": "Fair value measurement and disclosure Items are measured at historical cost, except for assets and liabilities held for sale, derivative financial instruments and contingent consider-ation that have been measured at fair value.Assets and liabilities measured at fair value are categorised within the fair value hierarchy and disclosed in the relevant notes.For the purpose of fair value disclosures, management has assessed that the fair values of cash and cash equivalents, trade receivables, contingent consideration, trade payables and other current and non-current financial assets and liabilities approximates their carrying amount largely due to the short-term matur-ities of these instruments. The fair value of loans and borrowings, including methods and assumptions used to estimate the fair value, are disclosed in 4.2, Loans and borrowings.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__144": {
"value": "Fair value measurement and disclosure Items are measured at historical cost, except for assets and liabilities held for sale, derivative financial instruments and contingent consider-ation that have been measured at fair value.Assets and liabilities measured at fair value are categorised within the fair value hierarchy and disclosed in the relevant notes.For the purpose of fair value disclosures, management has assessed that the fair values of cash and cash equivalents, trade receivables, contingent consideration, trade payables and other current and non-current financial assets and liabilities approximates their carrying amount largely due to the short-term matur-ities of these instruments. The fair value of loans and borrowings, including methods and assumptions used to estimate the fair value, are disclosed in 4.2, Loans and borrowings.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__146": {
"value": "Basis of consolidation The consolidated financial statements comprise ISS A/S and entities controlled by ISS A/S. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. Intra-group balances, income, expenses and cash flow relating to transactions between members of the Group are eliminated. Unre-alised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment.The non-controlling interest\u2019s share of net profit and equity of subsidiaries, which are not whol-ly-owned, are included in the Group\u2019s net profit and equity, respectively, but disclosed separately. By virtue of agreement certain non-controlling shareholders are only eligible of receiving benefits from their non-controlling interest when ISS as controlling shareholder has received their initial investment and compound interest on such. In such instances the subsidiaries\u2019 result and equity are fully allocated to ISS until the point in time where ISS has recognised amounts exceeding their investment including compound interest on such. A change in ownership interest of a subsidiary, without loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognised in Other income and expenses, net. Any investment retained is recognised at fair value on initial recognition.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__147": {
"value": "Foreign currency The consolidated financial statements are presented in Danish kroner (DKK), which is ISS A/S\u2019s functional currency. Transactions in currencies other than the functional currency of the respective Group companies are considered transactions denominated in foreign currencies.On initial recognition, except for companies operating in hyperinflationary environments, these are translated to the respective functional currencies of the Group companies at the exchange rates at the transaction date. Foreign exchange adjustments arising between the exchange rates at the transaction date and at the date of payment are recognised in Financial income or Financial expenses. Receivables, payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the report-ing date. The difference between the exchange rates at the reporting date and at the date of transaction or the exchange rate in the latest financial statements is recognised in Financial income or Financial expenses. On recognition in the consolidated financial statements of Group companies with a func-tional currency other than DKK, the statements of profit or loss and statements of cash flows are translated at the exchange rates at the transaction date and the statements of financial position are translated at the exchange rates at the reporting date. An average exchange rate for the month is used as the exchange rate at the transaction date to the extent that this does not significantly deviate from the exchange rate at the transaction date. Foreign exchange adjustments arising on translation of the opening balance of equity of foreign entities at the exchange rates at the reporting date and on translation of the profit or loss statements from the exchange rates at the transaction date to the exchange rates at the reporting date are recognised in other comprehensive income and presented in equity under a separate translation reserve. However, if the foreign entity is a non-wholly owned subsidiary, the relevant proportion of the translation difference is allocated to the non-controlling interest. Foreign exchange adjustments of balances with foreign entities which are considered part of the investment in the entity are recognised in other comprehensive income and presented in equity under a separate translation reserve.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__149": {
"value": "8.2 Change in accounting policiesFrom 1 January 2022, the Group has adopted the below standards and interpretations with no sig-nificant impact on recognition and measurement: \u2022 Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets: Onerous Contracts \u2013 Costs of Fulfilling a Contract.\u2022 Amendments to IFRS 3 Business Combinations \u2013 Reference to the Conceptual FrameworkIAS 29 Financial Reporting in Hyperinflation EconomiesEffective 1 January 2022, the Group implement-ed IAS 29, Financial Reporting in Hyperinfla-tionary Economies, as management considered Turkey as a hyperinflationary environment. Management based its assessment on the cumulative three-year inflation, which exceeded the threshold of 100% in February 2022. As a result, the financial statements of ISS Turkey for 2022 were restated for hyperinflation before the reported amounts were translated to the Group's functional currency, DKK, applying the exchange rate at the reporting date. Since the Group\u2019s functional currency, DKK, is a non-hyperinflationary currency, IAS 29 does not require restatement of comparative figures in the year of implementation. Consequently, comparative figures have not been restated.The implementation impact and the applied accounting policies are disclosed in 7.2, Hyperinflation in Turkey.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__148": {
"value": "8.2 Change in accounting policiesFrom 1 January 2022, the Group has adopted the below standards and interpretations with no sig-nificant impact on recognition and measurement: \u2022 Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets: Onerous Contracts \u2013 Costs of Fulfilling a Contract.\u2022 Amendments to IFRS 3 Business Combinations \u2013 Reference to the Conceptual FrameworkIAS 29 Financial Reporting in Hyperinflation EconomiesEffective 1 January 2022, the Group implement-ed IAS 29, Financial Reporting in Hyperinfla-tionary Economies, as management considered Turkey as a hyperinflationary environment. Management based its assessment on the cumulative three-year inflation, which exceeded the threshold of 100% in February 2022. As a result, the financial statements of ISS Turkey for 2022 were restated for hyperinflation before the reported amounts were translated to the Group's functional currency, DKK, applying the exchange rate at the reporting date. Since the Group\u2019s functional currency, DKK, is a non-hyperinflationary currency, IAS 29 does not require restatement of comparative figures in the year of implementation. Consequently, comparative figures have not been restated.The implementation impact and the applied accounting policies are disclosed in 7.2, Hyperinflation in Turkey.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__150": {
"value": "8.4 Group companiesNorthern Europe Denmark (ISS A/S's country of domicile)ISS Facility Services A/S 100%ISS Finance B.V. 100%ISS World Services A/S 100%ISS Global A/S 100%ISS Global Management A/S 100%ISS Holding France A/S 100%ISS Lending A/S 100%Belgium & LuxembourgISS Catering N.V. 100%ISS Facility Services N.V. 100%ISS Facility Services S.A. 100%FinlandISS Palvelut Holding Oy 100%ISS Palvelut Oy 100%Suomen Laatutakuu Palvelut Oy 100%NetherlandsISS Building Maintenance Services B.V. 100%ISS Catering Services B.V. 100%ISS Holding Nederland B.V. 100%ISS Integrated Facility Services B.V. 100%ISS Nederland B.V. 100%Talentgroep Montaigne Facility Management B.V.100%Norway ISS Holding AS 100%ISS Management AS 100%ISS Facility Services AS 100%ISS Serveringspartner AS 100%ISS Service Management AS 100%PolandISS Facility Services Sp. Z o.o. 100%ISS World Services Poland Sp. Z.o.o 100%SwedenISS Facility Services Holding AB 100%ISS Facility Services AB 100%ISS Palvelut Holding AB 100%UK & IrelandISS UK Holding Limited 100%ISS UK Limited 100%ISS Facility Services Ltd. 100%ISS Mediclean Limited 100%Pegasus Security Holdings Limited 100%ISS Ireland Ltd. 100%Central & Southern Europe Austria ISS Austria Holding GmbH 100%ISS Facility Services GmbH 100%ISS Ground Services GmbH 51%France GIE ISS Services 100%ISS Facility Management SAS 100%ISS Holding Paris SAS 100%ISS Logistique et Production SAS 100%GermanyISS Automotive Services GmbH 100%ISS Facility Services Holding GmbH 100%ISS Integrated Facility Services GmbH 100%ISS Energy Services GmbH 100%ISS Communication Services GmbH 100%ItalyISS Facility Services S.r.l. 100%PortugalISS Tech Portugal, Unipessoal Lda. 100%SpainIntegrated Service Solutions, S.L. 100%ISS Facility Services, S.A. 100%ISS Soluciones De Seguridad, S.L. 100%UTE-HOSPITALES S.A.S 65%1)SwitzerlandISS Facility Services AG 100%ISS Schweiz AG 100%Livit FM Services AG 100%TurkeyISS Hazir Yemek \u00dcretim ve Hizmet A.\u015e. 50.1%4)ISS Proser Koruma ve G\u00fcvenlik Hizmetleri A.\u015e. 50.1%4)ISS Tesis Y\u00f6netim Hizmetleri A.\u015e. 50.1%4)ISS \u0130\u015fletme Hizmetleri A.\u015e (R\u00f6nesans)50.1%4)ISS Bitki Bakim ve Hasere Kontrol Hizmetleeri A.\u015e.50.1%4)Americas ChileApunto Servicios de Alimentacion S.A. 100%ISS Chile S.A. 100%ISS Facility Services S.A. 100%ISS Servicios de Limpieza Mecanizada S.A. 100%ISS Servicios Generales Ltda. 100%ISS Servicios Integrales Ltda. 100%MexicoISS Centro Am\u00e9rica, S. de R.L. de C.V. 100%ISS Facility Services, S.A. de C.V. 100%US & CanadaISS Facility Services Holding, Inc 100%ISS Management and Finance Co, Inc 100%ISS Facility Services, Inc (US)100%Guckenheimer Enterprises Inc 100%ISS C&S Building Maintenance Corporation 100%ISS Facility Services California, Inc 100%ISS Holding Inc 100%ISS TMC Services, Inc 100%ISS Facility Services Inc. (CA)100%Asia & PacificAustralia & New ZealandISS Facility Management Pty Limited 100%ISS Facility Services Australia Limited 100%ISS Facility Services Pty Ltd. 100%ISS Health Services Pty Ltd. 100%ISS Holdings Pty Ltd. 100%ISS Integrated Services Pty Ltd 100%ISS Property Services Pty Ltd 100%ISS Security Pty Ltd 100%Pacific Invest December 2004 Pty Ltd. 100%Pacific Service Solutions Pty Ltd. 100%ISS Facility Services Ltd. 100%ISS Holdings NZ Ltd. 100%ChinaISS Facility Services (Shanghai) Ltd. 100%ISS Hongrun (Shanghai) Cleaning Services Limited100%ISS Property Management (Beijing) Co.,Ltd100%Shanghai B&A Property Management Co., Ltd. 100%Shanghai B&A Security Co., Ltd. 100%Shanghai ISS Catering Management Ltd. 100%Hong KongHung Fat Cleaning Transportation Co., Ltd. 100%ISS Adams Secuforce Ltd. 100%ISS China Holdings Ltd. 100%ISS China Holdings I Ltd. 100%ISS EastPoint Properties Ltd. 100%ISS EastPoint Property Management Ltd. 100%ISS Facility Services Ltd. 100%ISS Greater China Ltd. 100%ISS Hygiene Services (HK) Ltd. 100%ISS Mediclean (HK) Ltd. 100%ISS Pan Asia Security Services Ltd. 100%JSL Ltd. 100%Silvertech E&M Engineering Co., Ltd. 100%India2)Innovative and Payroll Advisory 46% Services Pvt. Ltd.ISS Facility Services India Pvt. Ltd. 100%ISS SDB Security Services Pvt. Ltd. 46%2)2)Modern Protection & Investigations Pvt. Ltd. 46%ISS Support Services Pvt. Ltd. 100%IndonesiaPT ISS Facility Services 99%PT ISS Indonesia 100%2)PT ISS Jasa Fasilitas 0%SingaporeISS Asia Pacific Pte. Ltd. 100%ISS Catering Services Pte. Ltd. 100%ISS Facility Services Pte. Ltd. 100%ISS Hydroculture Pte. Ltd. 100%ISS M&E Pte. Ltd. 100%Discontinued operations Brunei 3)ISS Facility Services Sdn. Bhd. 50%1) Joint venture2) By virtue of the governance structure, the Group has the power to govern the financial and operating policies of the company. Consequently, the company is consolidated as a subsidiary.3) Divested on 9 February 2023.4) Under certain circumstances or events, ISS may be obliged to choose to purchase other shareholders\u2019 shareholdings or dispose of its own shareholdings.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__196": {
"value": "ISS A/S",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__197": {
"value": "Denmark",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__198": {
"value": "A/S",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__199": {
"value": "Denmark",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__200": {
"value": "Buddingevej 197, DK-2860 S\u00f8borg",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__201": {
"value": "Global",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__202": {
"value": "Workplace and facility service solutions",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__203": {
"value": "ISS A/S",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s10_notes__7__204": {
"value": "ISS A/S",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:213800LEZA58SZNCBN19",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}