2021
ANNUAL REPORT
PEOPLE MAKE PLACES
Contents
Remuneration
report
Corporate
responsibility report
Corporate
governance report
Other statutory reports
ISS case stories
12 Cleaning: Meeting new
standards for hygiene
24 Sustainability: Nestlé eliminates
waste to landll with ISS
39 People: Fostering an inclusive
learning culture at ISS Austria
48 Technical: New service concept
reduces costs and emissions for PwC
107 Responding to natural disasters:
Supporting businesses through
natural disasters
ISS at a glance
Letter to our stakeholders 3
Performance highlights 5
Our story 6
Strategic update 7
Our global footprint 8
The ISS investment case 9
Outlook 2022 10
Five-year summary 11
Our performance
Group results 14
Cash generation and free cash ow 16
Capital structure 17
Key account development 18
Strategic divestment programme 19
Continental Europe 20
Northern Europe 21
Asia & Pacic 22
Americas 23
Our business
Our strategy 26
Our people 30
Our business risks 32
Corporate responsibility 35
Our journey to net zero 36
Climate-related risks 37
Diversity, inclusion & belonging 38
Our governance
Corporate governance 41
Our governance structure 44
Meet the Board of Directors 45
Meet the Executive Group Management 47
Financial statements
Consolidated nancial statements 50
Parent company nancial statements 98
Management statement 103
Independent auditor’s report 104
Denitions 108
Country revenue 109
2021
PEOPLE MAKE PLACES
STATUTORY REPORT ON
CORPORATE GOVERNANCE
2021
REMUNERATION REPORT
PEOPLE MAKE PLACES
2021
CORPORATE
RESPONSIBILITY REPORT
PEOPLE MAKE PLACES

Letter to our stakeholders
Led by our purpose of connecting people and
places to make the world work better, we have
focused on providing a clean and safe working
environment for our customers’ employees as well
as our own employees – who we call placemakers.
This remained a top priority to keep vital infra-
structure and key production facilities open and
operational in a year where the pandemic was yet
again a dominating factor. At the same time, we
supported a rapidly-changing global workplace
with hybrid work becoming the new normal at
many of our oce-based customers. We want to
thank all our employees for working tirelessly in
ensuring this vital support to our customers.
2021 was another dicult year for the world as
the Covid-19 pandemic continued to challenge
societies and businesses. As a leading provider of
services to the global workplace, this also aected
ISS. The adverse impact on our revenue from
Covid-19 restrictions and lockdowns continued
to vary across our services, customer segments
and geographies. However, we also saw a positive
contribution from continued strong demand for
deep-cleaning and disinfection solutions, which
supported our revenue related to project work.
Solid nancial developments
Despite the challenges posed by the pandemic
and a volatile business environment with wage
ination and labour shortages in many regions,
ISS remained resilient and delivered signicant
nancial and operational progress in 2021.
This was not least due to the impact from our
turnaround programme and restructuring initia-
tives across our business and a strong focus on
servicing our key customer segments.
Organic growth was 2.0% in 2021, compared
with (6.6)% in 2020, mainly due to improvements
in the portfolio revenue despite continued
subdued activity across many segments and
regions. Growth remains a key focus area for us,
and with the OneISS strategy we are investing
further to develop our commercial processes
and in delivering world-class customer solutions
to attract and retain customers.
Our execution of the turnaround programme
and restructuring initiatives and the implemen-
tation of the OneISS strategy led to a signicant
improvement of our operating margin as well
as strong cash ow generation. As a result, we
raised our nancial guidance in the second
half of 2021 and ended the full year with an
operating margin of 2.5% and a free cash ow of
DKK 1.7 billion, in line with our revised guidance.
Delivering on our strategic ambitions
The nancial progress was a testament to our
persistent focus on implementing the OneISS
strategy, which sets out our dual priority of
Niels Smedegaard
Chair
Jacob Aarup-Andersen
Group CEO
Looking back, 2021 was a year of
fundamental change for ISS. We made


we have only just embarked on this multi-

we will provide further progress in 2022
and the years to come.
ISS delivered signicant strategic, nancial, and operational progress in 2021.
Thanks to our more than 350,000 placemakers, and despite substantial headwinds,
not least from the Covid-19 pandemic, ISS supported the needs of our customers as
the global workplace was undergoing rapid change. Furthermore, we strengthened
our eorts substantially towards a full-scope net zero business by 2040.
ISS AT A GLANCE
delivering a short-term turnaround while at the
same time ensuring long-term improvements to
the global operating model.
We launched our strategy refresh in December
2020 with the clear aim of sharpening our
focus on key segments, accelerating technology
investments, and introducing a new globally
aligned operating model. With the refreshed
strategy, we are taking advantage of our global
scale to drive superior value for all stakeholders,
to become the most respected global leader in
integrated facility services and to strengthen our
position as the global number one in cleaning.
During 2021, we made a number of organi-
sational changes, introduced a new country
blueprint and launched changes to the top
management teams of ISS. All to ensure that
ISS is t for the future and that we can full
our strategic ambitions by delivering strong
outcomes for all stakeholders. As a result, 40%
of our top 400 leaders are new to their roles.
Furthermore, we have signicantly strengthened
the Executive Group Management team with a
good combination of executives recruited within
ISS’s own talent pool and external proles with
the right international expertise and experience.
Turnaround initiatives on track
We continued to execute on our turnaround
programme for 2021-2022 focusing on
protability and cash generation. The turn-
around plan entails a substantial improvement
of underperforming contracts and countries,
a recovery from the Covid-19 situation and a
sharpened strategic focus through our divest-
ment programme. During the year, we achieved
important milestones on these priorities.
In June, we reached an agreement to gradually
exit the underperforming partnership contract
with Danish Defence. Furthermore, the perfor-
mance of the Deutsche Telekom contract, our
largest contract globally, developed according
to the recovery plan and we saw improvements
in the performance of our operations in France
and the UK.
On our divestment programme, we signed or
completed a total of 14 divestments during the
year (including in January 2022), taking us well
ahead of our plan and securing net proceeds of
DKK 1.8 billion out of the targeted DKK 2 billion
by year-end 2022. In addition, we saw the early
signs of recovery from the pandemic as cus-
tomers gradually returned to oces in certain
countries and despite the recent rise in infection
rates. Overall, we delivered according to plan on
the turnaround programme, and in some areas
even ahead of our expectations.
High retention rate for key accounts
In line with our strategic focus on global key
accounts, we maintained a high retention rate
for key accounts of 94%. During the year, we
further strengthened our position both within
existing and new key accounts across several
markets. In March, we agreed to extend the stra-
tegic partnership with Barclays until 2025. For
the past nine years, ISS has delivered integrated
facility and workplace services in more than 30
countries across the Barclays portfolio.
In June, we announced an agreement with en-
ergy company Equinor to deliver services to its
oce sites. The contract will run for ve years,
with a possible extension of ve additional years.
This is the largest contract of its kind on the Nor-
wegian market. In Turkey, we strengthened our
position in the strategically important healthcare
sector with the acquisition of Rönesans Facility
Management Company in September. The
expansion in the Turkish healthcare sector will
advance our eorts to accelerate our leadership
position within this key segment.
At the end of the year, we agreed to extend the
long-standing partnership with Hewlett Packard
Enterprise for another ve years and generally,
we managed to renew a number of other large
key accounts with multi-year contracts through-
out the year.
Continued focus on
operational performance
To further strengthen the execution of our
strategy and improve our global operating
model, we have taken signicant steps towards
building a much more aligned organisation
and implementing unied processes. OneISS is
all about truly leveraging the power of being a
large global enterprise and with that constantly
providing the best of ISS to our customers. By
doing so, we raise the eciency, quality, and
consistency of our operational performance.
One example was the introduction of sophisticat-
ed benchmarking tools for enhanced productivity
of daily oce cleaning in selected countries
and contracts. The tool allows operators and
specialists to identify improvement potential at
customer sites as well as the required actions to
achieve it. We also introduced a new strategy and
structure for Global IT, Digitalisation & Services
focusing on insourcing and centralisation of IT
resources, delivering the right digital applications
for our customers and employees, and building
on scalable and cybersecure tech platforms.
In December, we ocially opened our new head-
quarter hub in the Polish capital of Warsaw. The
hub will – as a supplement to our main head oce
in Denmark – play an important role in fullling
our strategic ambitions and ensuring that we have
access to the best talent pool going forward.
Ensuring a safe, diverse, inclusive
and sustainable workplace
As the world continues to recover from the
pandemic, our focus remains on supporting our
customers in their current and future needs. Not
least when it comes to ensuring a safe and sus-
tainable global workplace to the benet of our
planet and the people who live and work on it.
At ISS, we recognise the full scope of the ongoing
climate and environmental crisis. And we are
strongly committed to carrying out our opera-
tions and delivering our services in a sustainable
way. For this reason, we have recently appointed
a new Head of Sustainability and in January 2022,
we launched our new sustainability targets, in-
cluding an ambitious target of reaching full-scope
net zero greenhouse gas emissions by 2040.
Social sustainability, which has always been in our
DNA, was also further strengthened in 2021. ISS is
built on a foundation of equity, inclusion, fairness
and respect for all individuals. With the appoint-
ment of a new Head of Diversity & Inclusion and
the launch of a new D&I strategy, we are commit-
ted to taking a proactive responsibility towards
our surrounding communities, our customers,
and society by reecting diversity and reinforcing
an inclusive culture where everyone can be their
authentic self and feel that they belong.
Looking back, 2021 was a year of fundamental
change for ISS. We made signicant progress
strategically, nancially and operationally.
However, we have only just embarked on this
multi-year journey that will create a stronger,
simpler and closer ISS. With a solid foundation,
a clear strategy and not least the support of our
dedicated placemakers who every day connect
people and places to make the world work bet-
ter, we are condent that we will provide further
progress in 2022 and the years to come.
ISS AT A GLANCE
Performance highlights
Organic growth Operating margin 
DKKbn
Operating
before
other items


DKKbn



DKKbn
Revenue


DKKbn %
Operating profit before other items (DKKbn)
Operating margin (%)
(6)
(3)
0
3
6
202120202019
(5.5)
(2.5)
0.0
2.5
5.0
Free cash flow (DKKbn)
DKKbn
(2)
(1)
0
1
2
202120202019
%
(%)
0
10
20
30
40
202120202019
30%
35%
33%
2.7
Initial recovery from Covid-19 of portfolio revenue, par-
ticularly in H2, when customers started to return to their
oces, led to positive organic growth in 2021.
We continued to see a positive trend in employee turnover
driven by our key account focus, including discontinuation
of high-churn non-key account contracts, divestments and
persistent push for retention initiatives in countries.
Progress on underperforming contracts and countries,
impact from ongoing restructuring initiatives and initial
recovery from Covid-19 were the main drivers of the
signicant improvement in 2021.
Our strong focus on customer satisfaction and proactive
work with customers to seek renewals ahead of expiry led
to improvement in 2021.
The solid free cash ow in 2021 was driven by signicant im-
provement in our operational performance, continued strong
working capital performance and strict investment discipline.
We continued to focus on HSE risks across the organisa-
tion, e.g. through campaigns to reinforce safety behaviour
at sites. In the past decade we have reduced our LTIF by
more than 80% from the baseline of 13.
DKKbn %
Revenue (DKKbn)
Organic growth (%)
40
50
60
70
80
(8)
(4)
0
4
8
202120202019
Employee turnover Customer retention Lost Time Injury Frequency
%
(%)
60
70
80
90
100
202120202019
91%91%
92%
Frequency
Target 2021: ≤ 2.8
0
1
2
3
4
202120202019
2.8
2.5
2.7
ISS AT A GLANCE
Our story
We are placemakers
From strategy through to operations, we partner
with customers to deliver places that work, think
and give. They choose us because we create,
manage and maintain environments that make
life easier, more productive and enjoyable.
Our people care about the people they support,
always adding a human touch to create places
that deliver and delight. Every ISS person in
every customer facility is one of us – trained,
equipped, motivated and working to high
standards.
Working with customers day by day, side by
side, we come to understand every aspect of
the user experience. We deploy data, insights
and knowledge to develop innovative strategies
and intelligent solutions to meet the intricate
realities of service delivery. This helps us man-
age risk, reduce cost and ensure consistency.
As a global company with a heritage of fairness,
equality and inclusion, we empower all of our
people to deal with problems and opportunities
when they arise. We see it as our job to help our
customers achieve their purpose. Whether it is
hospitals healing patients, businesses boosting
productivity, airports transferring passengers or
manufacturing sites producing goods, we are
there to help.
People make places and places make people.
We know that when we get things right, it
enhances lives and makes the world work better
– and that is what drives us.
Caring for people,
places and the planet
Making the world work better starts with our
belief in creating a fair and inclusive society.
We take care of, and provide opportunity for
people, helping them to develop themselves.
We do this because we know our people can
and do make a dierence. We believe that
people make places and places make people.
ISS helps to protect and maintain places
– buildings and the assets inside them. We
help our customers minimise their impact on
the planet by reducing their consumption of
energy, carbon and water and cutting their
production of waste, including food.
We bring all of this to life through a unique
combination of data, insight and service
excellence.
Our purpose
Connecting
people and places
to make the world
work better
Our promise
A sustainable
business model
that supports the
world we live in
ISS AT A GLANCE
Core services
Our strategic choices
IFS revenue share
Key account share
Cleaning
Technical
Food
Other, incl.
workplace
Strategic update
Progress 2021
Turnaround 2021-2022
• Agreement reached to exit Danish Defence gradually until May 2022
• Good progress on remaining underperforming contracts and countries
• Initial recovery from Covid-19 with customers slowly returning to oce
in some countries
Divestment programme
• Secured net proceeds of DKK 1.8bn (target of DKK 2bn in 2021-2022)
• Chile reclassied to continuing operations
• Rescoped in January 2022 to only include the remaining three countries
and two business units
Global operating model
• New country blueprint organisation with distinct focus on key accounts
and single-service customers
• New Operations Performance function established, including roll-out of
benchmarking tool for enhanced productivity of daily oce cleaning in
selected countries and contracts
• New global product management team and governance, tightly linked
with technology
• New global commercial team and strengthened bid process
• New technology strategy led by new EGM member responsible for
Technology and Digital
• New Head of Sustainability hired and commitment to net zero
emissions by 2040 announced in January 2022
OneISS
In December 2020, we launched our refreshed
strategy, OneISS, conrming our key account
strategy and our Integrated Facility Services
(IFS) delivery model. We continue to focus on
self-delivery of our core services by experienced
placemakers, who care.
Acknowledging that historic execution was
unsatisfactory, OneISS focuses on delivering a
short-term turnaround of our underperforming
contracts and countries, recovery from Covid-19
and a sharpened focus through our divestment
programme. At the same time, we are investing
in a long-term improvement of the global oper-
ating model to enable us to deliver consistent
high-quality outcomes to our customers.
Execution on track
During 2021, we made signicant progress.
Our turnaround programme is on track, and
we have laid the foundation for a strengthened
global operating model. We also saw a positive
impact from the restructuring initiatives initiated
in 2021 across the business in response to
Covid-19 as well as initial signs of recovery
appearing towards the end of 2021. We will
continue this journey in the coming years to
create OneISS – Stronger, Simpler, Closer.
Given the signicant progress we have made in
2021, we have updated our strategic priorities
going into 2022, see Our strategy, p. 29. This
will enable us to achieve our 2025 ambition and
deliver strong outcomes for all our stakeholders –
Customers, Society, Colleagues, and Shareholders.
Customer segments
Business
services & IT
Industry &
Manufacturing
Healthcare
Public
administration
Other


 
Customer
segments
IFS Delivery
Model

Key Account
share




Core
services
ISS AT A GLANCE
Our global
footprint
We operate in 30+ countries
with 40,500+ customers. Our
geographic footprint reects
markets with an attractive local
key account opportunity or are
important in supporting our
global customers.
Partnership
countries
1)
Americas
31,967
Employees
Asia &

130,347
Employees
Northern
Europe
58,165
Employees
Continental
Europe
124,739
Employees
Continental
Europe
39%
of group
revenue
Continental
Europe
Northern
Europe
33%
of group
revenue
Asia &
Pacific
17%
of group
revenue
Americas
Partnership
countries
1%
of group
revenue
Americas
10%
of group
revenue
1)
See p. 109.
Discontinued
operations
8,074
Employees
ISS AT A GLANCE
The ISS investment case
Major shareholders
Our market
KIRKBI Invest A/S
Longview Partners Limited
Vulcan Value Partners
Incentive A/S
Other
Attractive key account market with
signicant room to grow
Latest major shareholdings reported
by investors to ISS
ISS is a leading, global provider
of workplace and facility service
solutions and the absolute leader
within cleaning services. Following
a year of signicant progress on
our OneISS journey, we are well
positioned to gain market share in
a growing market underpinned by
increased outsourcing and continuing
demand for higher quality services.
Industry leadership
We serve our customers across the globe in
locations that account for the vast majority of the
world’s GDP. Our leadership position has been
established over more than a century – a position
that has allowed us to win some of the largest
workplace and facility management contracts in
the market. Both private and public sector organ-
isations outsource these services to us because
we bring insights, consistency and excellence –
driving intelligent solutions, greater eciency and
allowing them to focus on their own purpose.
Attractive market dynamics
The global facility services market has an
estimated value of USD 1 trillion of which key
accounts comprise around 40%. This highly
fragmented market holds consolidation poten-
tial and continues to grow driven by increased
outsourcing, convergence towards Integrated
Facility Services (IFS) and a continuing shift in
demand towards higher quality services.
Large customers are shifting from input-based
relationships to outcome-focused strategic
partnerships, where cleaning and workplace
management services are seen as pivotal drivers
of corporate culture and employee health and
engagement.
Post-Covid trends
With the impact of Covid-19 on workplaces, this
trend is further reinforced. Customers are not
just looking for world-class service delivery, but
for a partner to serve as key strategic adviser
in how to bring their real estate strategies and
workplace cultures to life. Large corporates are
re-assessing their workspace environment and
the management of facilities has become a key
strategic decision in ensuring a productive and
healthy working environment in the long-term.
Working-from-home trends will allow some
companies to rationalise their real estate
footprint, while increasing demand is expected
for higher quality and more frequent oerings,
including deep-cleaning and disinfection.
The continuing globalisation allows large global
FM players to grow faster than local players as
global companies increasingly require consis-
tent and seamless service delivery across sites,
countries, and regions. ISS is among the few
global companies with this service oering and
with our modest market share of around 2%, we
see plenty of room to grow.
Turnaround and enhanced
long-term performance
Historically, ISS has delivered stable margins and
attractive cash conversion, which was temporarily
disrupted in 2020 by Covid-19, a malware attack
and a few but signicant operational challenges.
In response, the new management team
launched OneISS, which is outlining a clear plan
to return to healthy margins (above 4%) and
leverage (net debt below 3x EBITDA) by the end
of 2022. Simultaneously, a new operating model
is being established to enhance execution for
strengthened long-term performance.
The turnaround targets will be achieved through
the recovery of our underperforming contracts
(Danish Defence and Deutsche Telekom) and coun-
tries (France and the UK) while recovering from
Covid-19 through restructuring initiatives as well as
the trimming and renegotiation of contracts.
The new operating model is founded in a cultural
transformation, including a new leadership team,
amended incentive structures and a stronger
global function to support local execution. The
enhancements will enforce a standardised
approach across ISS and enable consistent
delivery of high-quality outcomes to our key
account customers.
In 2021, we made signicant progress on the
turnaround as well as the long-term enhance-
ments of the operating model. This is further
described in Our strategy, p. 26, along with our
priorities for 2022.





ISS’s share

400
USDbn
ISS AT A GLANCE
Outlook 2022

2
)
Organic growth
Above 2%
Operating margin 
1
)
Above 3.5%
 Above DKK 1.3bn
Turnaround targets by 2022
Operating margin 
1
)
Above 4% as run-
rate entering 2023
Financial leverage Below 3x in 2022
1)
Based on Operating prot before other items.
2)
Excluding any impact from acquisitions and divestments completed
subsequent to 14 February 2022 as well as currency translation eects.
Delivery on 2021 outlook
Annual
report
2020
Interim

2021
Trading
update
Q3 2021
Actual
2021
Organic growth Positive Positive Positive 2.0%
Operating margin
 1)
Above 2% Above 2% Around 2.5% 2.5%
 Slighly positive Above DKK 1bn Around DKK 1.5bn DKK 1.7bn
In 2022, the execution of the OneISS strategy
and the ongoing turnaround will continue.
The operational and nancial improvements
achieved in 2021 provide a solid foundation for
continued progress in 2022, and the turnaround
targets are conrmed.
The outlook for 2022 assumes a continued re-
turn to the workplace and Covid-19 recovery. The
revenue recovery is expected to be gradual over
the year as large global companies have delayed
large-scale mandatory return-to-oce due to the
spreading of Covid-19 (the omicron variant).
Organic growth
Organic growth is expected to be above 2%
for 2022 (2021: 2.0%). Growth is driven by the
continued gradual recovery from Covid-19,
positive eects from management of ination
and impact from contract wins and expansions
achieved during 2021. However, we are also
mindful of the sustained global uncertainties
from Covid-19, where the spreading of the
omicron variant has led to some reinforcement
of restrictions, particularly in Asia & Pacic. A
negative impact is expected from a lower level
of projects and above-base work as well as the
planned exit of the Danish Defence contract.
Operating margin
Operating margin is expected to be above 3.5%
(2021: 2.5%). The main drivers of the increase are
continued improvement of the underperforming
contracts and countries, predominantly Deutsche
Telekom, a positive impact from Covid-19 revenue
recovery and continued improvement across the
business from ongoing restructuring initiatives.
Free cash ow
Free cash ow is expected to be above DKK 1.3
billion (2021: DKK 1.7 billion). The expected high-
er operating prot before other items compared
to 2021 will have a positive eect on free cash
ow. Inow from changes in working capital
is expected to be neutral to slightly positive
following the positive impact in 2021. Payments
related to restructuring projects initiated in
2020, including the exit fee to Danish Defence,
are expected to reduce free cash ow by around
DKK 0.5 billion.
Expected revenue impact from
divestments, acquisitions and
foreign exchange rates in 2022
Divestments and acquisitions completed by 14
February 2022 (including in 2021) are expected
to have a negative impact on revenue growth
in 2022 of 1.5-2.5%-points. Countries to be
divested continue to be reported as discon-
tinued operations and will not impact revenue
growth upon divestment. Based on the current
exchange rates, a negative impact on revenue
growth of 0-1%-point is expected in 2022 from
the development of foreign exchange rates.
Turnaround targets
As part of the launch of the OneISS strategy in
December 2020, ISS announced turnaround
targets to focus on the short-term recovery of
the business. Today, the turnaround targets –
which are outlining a healthy recovery with a
focus on protability and cash generation – are
conrmed. The target related to free cash ow is
replaced by the 2022 outlook for free cash ow
of above DKK 1.3 billion.
• Operating margin above 4% as run-rate when
entering 2023
• Net Debt / Pro Forma Adjusted EBITDA to be
reduced to below 3x by the end of 2022
The outlook should be read in conjunction with
“Forward- looking statements”, p. 108 and Our business
risks, pp. 32–34.
Delivery on 2021 outlook
As a result of the signicant nancial progress
in 2021, we raised our outlook twice and ended
the full year in line with our revised guidance, as
shown in the table above.
ISS AT A GLANCE ISS AT A GLANCE
Five-year summary
, p. 108
1)
In 2021, Chile was reclassied as held for use and continuing operations. Comparative gures were restated accordingly.
2)
As of 1 January 2019, the Group implemented IFRS 16 using the retrospective approach. Comparative gures were not restated.
3)
In 2021, Brunei, the Czech Republic, Hungary, the Philippines, Portugal, Romania, Russia, Slovenia, Slovakia and Taiwan were treated as
discontinued operations. In 2020, Brazil, Brunei, the Czech Republic, Hungary, Malaysia, the Philippines, Portugal, Romania, Russia, Slovenia,
Slovakia, Taiwan and Thailand were treated as discontinued operations. In 2019, 2018 and 2017, Argentina, Brazil, Brunei, Chile, the Czech Republic,
Estonia, Hungary, Israel, Malaysia, the Philippines, Romania, Slovenia, Slovakia, Thailand and Uruguay were treated as discontinued operations.
4)
Based on Operating prot before other items.
5)
Selected Environmental, Social and Governance data (ESG). For all ESG data, see the 2021 Corporate Responsibility report.
6)
Members elected at the annual general meeting.
7)
Required from 2019.
Financials 2021 2020 2019 2018 2017
Results
(
DKKm
)
Revenue
71,363 70,752 77,698 73,592 73,577
Operating prot before other items
1,776
(
3,203
)
3,252 3,698 3,995
Operating prot 1,701
(
4,707
)
2,522 2,386 3,247
Pro forma adjusted EBITDA 3,568
(
1,349
)
4,838 4,539 4,964
Financial expenses, net
(
656
) (
549
) (
703
) (
590
) (
498
)
Net prot from continuing operations 536
(
5,220
)
1,153 1,223 2,130
Net prot from discontinued operations
3)
101 25 218
(
932
) (
123
)
Net prot 637
(
5,195
)
1,371 291 2,007

(
DKKm
)
Cash ow from operating activities
3,221
(
361
)
2,064 3,347 3,613
Acquisition of intangible assets and property,
plant and equipment, net
(
586
) (
681
) (
1,095
) (
968
) (
907
)
Free cash ow 1,735
(
1,794
)
366 2,359 2,699
Financial position
(
DKKm
)
Total assets
43,655 43,605 50,061 49,811 50,835
Goodwill 19,753 19,662 21,257 20,911 22,894
Additions to property, plant and equipment 335 389 673 882 742
Equity 7,789 6,545 12,547 12,472 13,814
Net debt 13,451 15,802 14,730 10,757 11,325
Shares
(
‘000
)
Number of shares issued
185,668 185,668 185,668 185,668 185,668
Number of treasury shares 970 970 970 1,001 1,509
Average number of shares
(
basic
)
184,698 184,698 184,692 184,558 184,027
Average number of shares
(
diluted
)
186,003 185,136 186,000 185,420 185,299
 1)  2)
Ratios 2021 2020 2019 2018 2017
Financial ratios
(
%, unless otherwise stated
)
Organic growth
2.0
(
6.6
)
7.1 3.9 2.9
Acquisitions and divestments, net
(
0.5
) (
0.2
) (
2.2
) (
0.5
) (
6.9
)
Currency adjustments
(
0.6
) (
2.1
)
0.7
(
3.4
) (
2.5
)
Total revenue growth 0.9
(
8.9
)
5.6 0.0
(
6.5
)
Operating margin
 
4
)
2.5
(
4.5
)
4.2 5.0 5.4
Equity ratio 17.8 15.0 25.1 25.0 27.2
Net debt/Pro forma adjusted EBITDA 3.8x
(
11.7
)
x 3.0x 2.4x 2.3x
Share ratios
(
DKK
)
Basic earnings per share
(
EPS
)
3.3
(
28.2
)
7.3 1.5 10.9
Diluted EPS 3.3
(
28.2
)
7.3 1.5 10.8
Basic EPS
(
continuing operations
)
2.8
(
28.3
)
6.1 6.6 11.6
Diluted EPS
(
continuing operations
)
2.8
(
28.3
)
6.1 6.5 11.5
Proposed dividend per share - - - 7.70 7.70

5)
2021 2020 2019 2018 2017
Environmental (tonnes CO
2
eq.)
Vehicle emissions
(
Scope 1
)
71,159 78,704 89,334 91,199 96,664
Electricity emissions
(
Scope 2
)
5,180 7,390 12,009 14,804 16,498
Business Travel emissions
(
Scope 3
)
6,128 5,814 21,263 22,285 18,217
Social (%, unless otherwise stated)
Full-time employees
76 75 77 76 76
Employees (end of period), number 354,636 378,946 471,056 485,908 488,946
Employees (average), number 362,789 434,896 483,539 485,902 491,126
Employee turnover 30 33 35 42 44
Customer retention 92 91 91 90 90
Lost Time Injury Frequency
(
LTIF
)
, number 2.7 2.5 2.8 2.9 3.5
Fatalities, number 5 3 3 1 6
Governance
(
%
)
Gender diversity, Board
 6)
50 43 33 33 33
Board meeting attendance
 7)
95 96 94 n/a n/a
ISS AT A GLANCE
Throughout the Covid-19 pandemic, one
of our Global Banking Customers has kept
critical oces and operations running
smoothly with the help of PURE SPACE, an
advanced hygiene management solution
from ISS. Now, as part of its drive to be the
leading employer in the banking industry,
the bank is expanding the solution to en-
sure its employees feel safe as they return
to shared workspaces across the globe.
As one of the world’s leading banks, the
services are essential to millions of people,
businesses and institutions across the
globe. The key to success is its employees,
the people around the world who deliver
its services every day.
It is mission critical
At the start of the Covid-19 pandemic,
when governments and local authorities
began introducing lockdowns to slow the
spread of the virus, our customer had to
act fast. The company has over a dozen
mission-critical sites across the world. If any
of these closed, the disruption to customers
could be signicant – so it was essential that
they stayed open.
As part of the solution, our customer
decided to increase focus on hygiene and
cleaning by implementing PURE SPACE.
Developed by ISS to ensure higher levels of
hygiene in light of the Covid-19 pandemic,
PURE SPACE targets high-touch areas, such
as elevator buttons, door handles and taps,
using hospital-grade cleaning. This has re-
duced the risk of infection at our customers
mission-critical sites, protecting employees
and lowering the risk of disruption to
customers.
Following this success, our Global Banking
Customer is rolling out the solution to 44
more sites in over 19 countries.
Meeting new standards
for hygiene
CLEANING
“ISS has shown tremendous
resilience throughout the
pandemic. By oering additional
innovative solutions such as
PURE SPACE, we provide a
hygienic environment that
ensures well-being, maintains
hygiene and delivers condence
to our people and customers”,
says the Customer.
CASE
Our
performance
Group results
Despite continued challenges from
Covid-19 and a volatile business
environment, ISS delivered
signicant nancial and operational
progress in 2021. This was not
least due to improvements in
our underperforming contracts
and countries, the impact from
restructuring initiatives across our
business and a strong focus on
serving our key customer segments.
Group revenue
Group revenue was DKK 71.4 billion, an increase
of 0.9% compared with 2020. Organic growth
was 2.0%, while currency eects as well as
divestments and acquisitions, net reduced
revenue by 0.6% and 0.5%, respectively.
In 2021, ISS continued to be adversely impacted
by Covid-19 lockdowns and revenue reductions.
Organic growth was negative in Q1 but turned
positive from Q2 due to the annualisation eects
of Covid-19, and the initial signs of recovery. The
positive developments continued in Q3, as cus-
tomers in some geographies started to return to
their oces, especially from September, and the
year ended with positive organic growth of 5.8%
in Q4. As a result, organic growth for the year
was positive 2.0%.
Revenue from key accounts continued to show
resilience in 2021 with organic growth of 3.0%
compared to organic growth of (0.2)% for
non-key accounts. Projects and above-base work
grew organically by around 9%, especially due
to continued solid demand for deep cleaning
and disinfection, albeit slowing down in some
countries in the later part of the year. Portfolio
revenue on the other hand showed signs of
recovery towards the end of the year to oset
the signicant negative growth in Q1, ending at
for the full year of 2021 compared to 2020.
The adverse impact on revenue from Covid-19
continued to vary across service types, customer
segments and geographies. The services suer-
ing the most were generally those depending on
our customers’ employees being on site, such
as food services. In the rst six months of 2021,
revenue from food services declined 26% com-
pared to the same period last year. However, the
initial signs of recovery in Q3 and Q4 in some
countries contributed to reducing the majority
of the decline in H1 2021, causing food services
revenue for the full year of 2021 to decline 6%.
As a result, revenue from food services account-
ed for 11% of the Group’s 2021 revenue (2020:
11%). ISS’s largest service line, cleaning services,
has been stable throughout the pandemic and
comprised around half of the Group’s revenue in
2021, which was in line with 2020.
All regions, except for the Americas, reported
positive organic growth in 2021, supported
by Covid-19-related projects and above-base
work as well as initial portfolio recovery, as tight
Covid-19 restrictions were eased across Europe
towards the end of the year.
In Continental Europe, growth was driven by
strong key account performance especially in
Turkey, Spain, Switzerland, Italy and Austria as
well as high cost ination in Turkey being suc-
cessfully passed on to customers. In Northern
Europe, projects and above-base work in Finland,
Denmark and Norway contributed the most to
growth. Asia & Pacic was mainly supported by
strong performance in Australia and Hong Kong,
whereas growth was negative or at in the re-
maining countries. In the Americas, growth was
supported by initial recovery in food services in
the USA in the late part of 2021 and the gradual
start-up of the ve-year contract with a large
international manufacturing customer. However,
growth was slightly negative for the full year
due to the signicant Covid-19- related revenue
reduction in food services and the Aviation
segment in the rst half of the year.
QTR Revenue
& growth
(
10
)
(
5
)
0
5
10
%DKKbn
Revenue (DKKbn)
Organic growth (%)
Q4Q3Q2Q1
16
17
18
19
20
Portfolio and
above-base
(
20
)
(
10
)
(
20
)
(
10
)
0
10
20
%
Portfolio revenue, growth
Projects and above-base work, growth
Q4Q3Q2Q1
Organic growth
per region
Continental Europe
Northern Europe
Asia & Pacific
Americas
Q4Q3Q2Q1
(
15.0
)
(
7.5
)
0
7.5
15.0
%
Revenue and growth
Portfolio and above-base
Organic growth per region
Quarters 2021
Revenue
(
DKKm
)
2021 2020 Organic Acq./div. FX
Growth
2021
Continental Europe 27,846 27,634
4 %
(
1
)
%
(
2
)
% 1 %
Northern Europe 23,424 22,642
1 %
(
0
)
% 2 % 3 %
Asia & Pacic 12,381 12,385
0 %
(
0
)
% 0 %
(
0
)
%
Americas 7,141 7,565
(
2
)
%
(
1
)
%
(
3
)
%
(
6
)
%
Other countries 612 561
12 % -
(
3
)
% 9 %
Corporate/eliminations
(
41
)
(
35
)
- - - -
Total 71,363 70,752 
(
0.5
)

(
0.6
)
 
OUR PERFORMANCE

before other items
Operating prot before other items amounted to
DKK 1,776 million for an operating margin of 2.5%
(2020: (4.5)% or around 0.5% excluding restructur-
ing costs and one-os).
The operating margin increased signicantly in
2021, mainly due to improvements in underper-
forming contracts and countries as well as the
impact from the ongoing restructuring initiatives
across the business, including contract exits and
cost reductions. Also, the continuing demand
for higher margin projects and above-base work
and the initial recovery of portfolio revenue had a
positive impact on margins.
All regions reported positive margins in 2021
with Northern and Continental Europe contrib-
uting the most to the improvement compared to
2020. Improvements were seen in all countries
of the two regions in 2021, but most signicantly
in Denmark, the UK and Germany.
In Denmark, ISS reached an agreement with Danish
Defence to exit the partnership gradually from
November 2021 to the end of May 2022. Danish
Defence will take over all services currently being
handled by ISS. The transition was initiated in No-
vember 2021 and is progressing according to plan.
The turnaround initiatives in the UK led to good
progress in 2021. The Country Manager, who
joined in 2021, has through a number of man-
agement changes been driving the restructuring
initiatives, including making cost reductions,
portfolio trimming and improving the contract
performance of key accounts.
In Germany, the execution programme for the
Deutsche Telekom contract developed in line
with the plan to improve contract performance in
one of the largest and most rened contracts in
the Facility Management industry. This included
signicant milestones being reached in relation to
certain tailormade IT developments.
The large restructuring plan in France pro-
gressed with cost savings starting to materialise,
independently of Covid-19 recovery. The French
business has been heavily impacted by Covid-19
restrictions, and the pace of revenue recovery in
the most severely impacted customer segments
remains slow.
In the Americas, the margin increase was mainly
driven by the USA due to restructuring initiatives
initiated in 2020, renegotiation of food services
contracts and continued cost control. Furthermore,
the initial recovery of food services towards the end
of the year also supported the margin progression.
For Asia & Pacic, Australia and Hong Kong were
the main drivers of the improved margin due to a
focus on operational eciencies and the impact of
margin-accretive projects and above-base work.
Corporate costs amounted to DKK 1,241 million
(2020: DKK 901 million). In line with the OneISS
strategy, we are investing in our operating model,
including in technology, where certain investments
have been accelerated in 2021, commercial resourc-
es and centralisation of functions.
Other income and
expenses, net
Other income and expenses, net was an income of
DKK 439 million (2020: expense of DKK 983 million),
mainly due to a gain on the divestment of Kanal Ser-
vices in Switzerland and Specialized Service in the
USA, partly oset by depreciation and amortisation
in Chile for the years 2019 and 2020 triggered by
the decision to cease the country’s classication as
discontinued operations. In 2020, the net expense
was mainly the result of costs related to the IT
security incident in February 2020.
Goodwill impairment
Goodwill impairment was DKK 450 million (2020:
DKK 432 million) which related to France. Turn-
around initiatives in France progressed slowly.
However, rising interest rates and growing un-
certainty as to the pace of market recovery from
Covid-19 within the most impacted customer
segments, led to an increase in the applied WACC
and thus recognition of a goodwill impairment of
DKK 450 million in June 2021.

Operating prot was DKK 1,701 million (2020:
DKK (4,707) million).
Financial income and
expenses, net
Financial income and expenses, net was an
expense of DKK 656 million (2020: DKK 549 mil-
lion). The increase was mainly due to a premium
of DKK 90 million related to the repurchase of
EUR 200 million of the total of EUR 500 million
outstanding EMTN bonds maturing in 2024.
Income tax
The eective tax rate was 48.7% (2020: 0.7%)
calculated as Income tax of DKK 509 million
divided by Prot before tax of DKK 1,045 million.
The eective tax rate was adversely impacted by
non-tax-deductible impairment in France and
valuation allowances on deferred tax assets,
mainly in France and Germany. Furthermore,
non-tax-deductible costs, including interest
limitation, impacted negatively.

discontinued operations
Net prot from discontinued operations was
DKK 101 million (2020: DKK 25 million), including
a net gain of DKK 80 million mainly relating to
the six countries divested in 2021, most signi-
cantly Slovakia and the Czech Republic.
In December 2021, management decided to
cease the held for sale classication of Chile. As a
result, Chile was reported as part of the continu-
ing operations for the full year of 2021. Compar-
ative gures have been restated accordingly.

Net prot was DKK 637 million (2020: DKK
(5,195) million).

(
DKKm
)
2021 2020
Continental Europe 773 2.8 %
(
2,030
)
(
7.3
)
%
Northern Europe 1,097 4.7 %
(
1,200
)
(
5.3
)
%
Asia & Pacic 735 5.9 % 646 5.2 %
Americas 393 5.5 % 262 3.5 %
Other countries 19 3.1 % 20 3.6 %
Corporate/eliminations
(
1,241
)
-
(
901
)
-
Total 1,776 
(
3,203
)
(
4.5
)

OUR PERFORMANCE

operating activities
Cash ow from operating activities was DKK 3,221
million (2020: DKK (361) million), an increase of
DKK 3,582 million, predominantly stemming from
increased operating prot before other items.
This was mainly the result of improvements in
underperforming contracts and countries, the
impact of ongoing restructuring initiatives and
initial Covid-19 recovery in certain countries.
Changes in working capital were an inow of DKK
1,056 million (2020: DKK 951 million) mainly due
to a strong focus on working capital management.
Additionally, employee-related accruals increased
following the pick-up in activity as a result of the
initial Covid-19 recovery. Further, working capital
was supported by improved payment terms
for ISS and increased customer prepayments
following the extension of a global key account
contract. Utilisation of factoring increased slightly
to DKK 1.1 billion (2020: DKK 1.0 billion).
Changes in provisions was an outow of DKK
435 million, mainly due to payments related to
restructuring projects initiated in 2020.
Income tax paid was DKK 528 million (2020: DKK
666 million) mainly resulting from payment on
account for 2021 and nal payments related
to 2020. Payments were positively impacted by
utilisation of tax losses carried forward from
prior years, including 2020.

investing activities
Cash ow from investing activities was a net
inow of DKK 73 million (2020: net outow of
DKK 326 million).
The successful execution of our divestment
programme in 2021, led to an inow of DKK
1,191 million from divestment of businesses,
most signicantly related to the divestment of
Kanal Services in Switzerland and Specialized
Services in US.
Acquisition of businesses was an outow of
DKK 526 million for the acquisition of Rönesans
Facility Management Company in the healthcare
segment in Turkey, where we will be providing
services to four newly built hospitals.
Investments in intangible assets and property,
plant and equipment, net, of DKK 586 million
(2020: DKK 681 million), represented 0.8% (2020:
1.0%) of total revenue (including discontinued
operations), and mainly reected continued
strict investment discipline during Covid-19 and
fewer new contracts being transitioned.


Cash ow from nancing activities was a net
outow of DKK 2,832 million (2020: inow of DKK
1,103 million).
Repayment of bonds led to a cash outow of
DKK 1,577 million due to the repurchase of EUR
200 million of the total outstanding EUR 500
million EMTN bonds maturing in 2024. The early
redemption was enabled by the strong liquidity
position in 2021 resulting from the solid opera-
tional improvement and successful execution of
the strategic divestment programme.
Repayment of lease liabilities of DKK 947 million
was broadly in line with last year (2020: DKK
1,019 million).
Other nancial payments, net was an outow of
DKK 472 million stemming from working capital
facilities, though reduced by loan proceeds of
approximately DKK 450 million from a local facil-
ity established for the purpose of the acquisition
in Turkey.
Transactions with non-controlling interests was
an inow of DKK 164 million stemming from
the sale of a minority share in ISS Turkey to
Actera and the Turkish management team as an
integrated part of the acquisition of Rönesans
in Turkey.

Free cash ow amounted to DKK 1,735 million
(2020: DKK (1,794) million), an increase of DKK
3,529 million compared to 2020. The signicant
improvement was driven by operating prot
before other items and strong working capital
Cash generation
and free cash ow
performance. Lease additions amounted to
DKK 870 million, which was broadly in line with
2020.
(
2.0
)
0
2.0
4.0
DKKbn
20212020
Operat-
ing
prot
2)
Working
capital
Provi-
sions
Other
exp.
(
1.8
)
Cash flow bridge (GP)
5.0
0.1
0.3
1.7
(
1.9
)
0
5.0
10.0
15.0
DKKbn
20212020
FCF Acq. Div. NCI
1)
FX &
Other
Net debt waterfall
(
1.7
)
15.8
0.5
0.2 13.5
(
1.2
) (
0.1
)

Net debt
1)
Before other items
1)
NCI: Non-controlling interests
OUR PERFORMANCE
It is our primary capital allocation priority to
ensure that we maintain a strong and ecient
balance sheet and that our liquidity position
supports our operational needs and our contin-
ued strategy execution.
In 2021, ISS delivered solid improvements in op-
erational performance and strong execution of
the divestment programme. Based on the strong
liquidity position, ISS cancelled the EUR 700
million backup credit facility in May 2021. The
facility was established in Q2 2020 in response
to Covid-19 related uncertainties. Further, in
December 2021, we repurchased EUR 200 mil-
lion of the total of EUR 500 million outstanding
EMTN bonds maturing 2024, thereby reducing
gross debt levels. The Group’s liquidity reserves
at 31 December 2021 are described in note 4.6
to the consolidated nancial statements.
ISS has no unaddressed material debt maturities
until 2024 onwards. We are committed to our
Financial Policy of maintaining an investment
grade prole and ISS currently holds corpo-
rate credit ratings of BBB-/ Negative outlook
assigned by S&P and Baa3/ Stable outlook
assigned by Moody’s.
At 31 December 2021, net debt had decreased
to DKK 13.5 billion (2020: DKK 15.8 billion)
due to the strong free cash ow performance
and the divestment programme generating
signicant proceeds. Financial leverage was 3.8x
(2020: 7.1x excluding restructuring and one-o
costs).
Leverage is expected to reduce further in 2022
as operating performance and free cash ow
continue to improve. As such, we are on track to
meeting our target of deleveraging below 3.0x
to be achieved by 31 December 2022.
As previously announced, dividend payments
will not be reinstated, and no share buybacks
will be made, before the leverage target
has been achieved. As a result, the Board of
Directors will not propose dividends for 2021
at the annual general meeting to be held on 7
April 2022.
Target end 2022: below 3.0x
20212020
1)
2019
0
2
4
6
8
X
3.0
7.1
3.8
202120202019
10
15
20
25
30
%
15.0
25.1
17.8
Financial leverage
Equity ratio
Capital structure
Equity
At 31 December 2021, equity was DKK 7,789
million (2020: DKK 6,545 million), equivalent
to an equity ratio of 17.8% (2020: 15.0%). The
increase was mainly a result of net prot of DKK
637 million and currency adjustments of foreign
entities (net of hedges) of DKK 106 million.
Transactions with non-controlling interests
added DKK 350 million due to the sale of a
minority share of ISS Turkey to Actera and the
Turkish management team.
Furthermore, actuarial gains amounted to DKK
1,145 million due to strong asset returns on
plan assets, generally increasing interest rates
and updated mortality assumptions, mainly
in Switzerland. This was oset by the change
in asset ceiling of DKK 1,080 million related to
surplus restrictions in Switzerland. For further
details, see note 5.4 to the consolidated nancial
statements.
1)
Excluding restructuring and one-o costs
OUR PERFORMANCE
Key account revenue accounted for 69% of
Group revenue (2020: 67%) and generated
organic growth of 3.0%, which was slightly
better than the Group’s organic growth. As such,
demand from key accounts showed resilience,
despite Covid-19 lockdowns and restrictions,
with continued high demand for projects and
above-base work, mainly deep cleaning and
disinfection. In the second half of 2021, growth
was also supported by some recovery of our
portfolio revenue, as several countries expe-
rienced gradual, albeit slow, signs of recovery
linked to gradual normalisation of occupancy
rates at our customers’ oce sites.
The launch of a few large contracts also
contributed to the organic growth in 2021, most
signicantly the commencement of Iberdrola
in Spain, the launch of a Hospital Authority
contract in Hong Kong and the gradual start-up
of the IFS contract with a large international
manufacturing customer in the Americas. Fur-
ther, in Norway the below-mentioned contract
with Equinor commenced in Q4.
Covid-19 continued to impact the number of
contracts won in 2021, though with activity
picking up towards the end of the year. ISS
secured a few signicant contract wins and
continued to proactively work with customers to
ensure renewals. This led to several extensions
and expansions in 2021.
In Norway, ISS won a ve-year contract with
Equinor, with a possible ve-year extension
option. ISS also extended the global contract
with Barclays by ve years and the Rolls Royce
Developments in 2021
1)
Country Segment Term From
Wins
Equinor Norway Energy & Resources 5 years Q4 2021
Extensions/expansions
Rolls Royce 8 countries Industry & Manufact. 2 years Q1 2021
Barclays Global Business Services & IT 5 years Q2 2021
Victorian Department of Education and Training Australia Public Administration 1 year Q2 2021
Retail & Wholesale customer UK Retail & Wholesale 3 years Q3 2021
DSB Denmark Transport. & Infrastruct 5 years Q4 2021
Airport customer Australia Transport. & Infrastruct. 4 years Q4 2021
Industry & Manufacturing customer Global Industry & Manufact. 2 years Q4 2021
Transportation customer UK Transport. & Infrastruct. 1.5 year Q4 2021
International technology customer Americas Business Services & IT 1 year Q1 2022
Philip Morris Global Industry & Manufact. 5 years Q1 2022
Pharmaceutical customer Austria Pharmaceutical 3 years Q2 2022
HPE Global Business Services & IT 5 years Q3 2022
Exits/losses
Transportation customer Australia Transport. & Infrastruct. - Q4 2021
Danish Defence Denmark Public Administration - Q2 2022
1)
Annual revenue above DKK 100 million.
Key account development
contract by two years. Additionally, we expand-
ed the global contract with Philip Morris to
include workplace services in 31 countries from
Q1 2022. In the UK, contract extensions were
signed with a retail and wholesale customer
and a customer in the transportation and
infrastructure segment. We also extended
the long-standing partnership with HPE, our
rst-ever global key account, for another ve
years. ISS will continue to deliver a wide range
of IFS to HPE’s oces and production sites
until August 2027. Finally, in February 2022
we renewed the existing contract with a global
pharmaceutical customer for ve years. The
annual revenue of the contract is above 1% of
Group revenue.
In terms of contract exits in 2021, ISS entered
into an agreement with Danish Defence to exit
the partnership agreement gradually from
November 2021 to the end of May 2022.
Contract maturity
The majority of our key account contracts
have initial terms of three to ve years. A
signicant share of revenue is therefore
up for renewal every year. To mitigate this
risk, we have a strong focus on customer
satisfaction and proactively work with
our customers to seek renewals. In 2021,
despite Covid-19-related revenue re-
ductions, our key account retention rate
increased slightly to 94% (2020: 93%).
Retention rate
Overall:  (2020: 91%)
  (2020: 93%)
Maturity
– large key accounts
In 2021, revenue from large key
accounts (> DKK 200 million) was DKK
20.9 billion, or 29% of Group revenue.
Going into 2022, no large key accounts
have been lost, but customer contracts
representing revenue of DKK 3.4 billion
(5% of Group) are up for renewal in 2022
(excluding signed renewals up until
February 2022).
Expiry 2022
Expiry 2023
Expiry 2024
Expiry 2025
Expiry 2026+

 

Contract Maturity
(expiry)
20.9
DKKbn
OUR PERFORMANCE
Our strategic divestment programme
enjoyed strong momentum in 2021
with six countries and six business
units being divested.
Countries divested in 2021 were Slovakia,
the Czech Republic, Romania, Hungary, the
Philippines and Slovenia. In terms of business
units, the most signicant divestments in 2021
were Specialized Services in the USA and Kanal
Services in Switzerland. Subsequently, the Waste
Management business in Hong Kong was also
divested in January 2022.
By the end of 2021, 13 out of 18 countries in
scope for the programme had been divested.
Additionally, in January 2022 we signed an
agreement to divest our activities in Taiwan with
expected completion in Q1 2022.
In 2021, Chile (being one of the 18 countries in
scope) developed positively, both nancially and
strategically, as demonstrated by the wins of a
few large key account contracts. Based on the
positive developments and improved strategic t,
management decided to take Chile o the divest-
ment programme and cease the classication as
a discontinued operation in December 2021.
Strategic divestment
programme
Rescoping of
the programme
With the signicant progress made in 2021, the
divestments signed or completed in January
2022, and Chile being reclassied to continuing
operations, the divestment programme is
nearing completion.
As a result, ISS announced in January 2022 that
the programme scope had been updated to
comprise the remaining three countries, i.e. Bru-
nei, Portugal and Russia, and only two additional
business units for which sales processes have
not yet been initiated.
Divestment proceeds
In 2021, total net proceeds secured from the
divestment programme amounted to approx-
imately DKK 1.8 billion (including divestments
signed or completed in January 2022). Despite
the rescoping of the programme, ISS continues
to target around DKK 2 billion in total net
proceeds for 2021 and 2022.
Status on countries
 1)
Financial impact in 2021
At 31 December 2021, ve businesses (2020:
14 businesses) were classied as held for sale,
which comprised the discontinued operations
in Brunei, Portugal, Russia and Taiwan as well as
the Waste Management business in Hong Kong
(divested in January 2022). Assets and liabilities
held for sale amounted to DKK 515 million
(2020: DKK 1,861 million) and DKK 280 million
(2020: DKK 838 million), respectively.
In 2021, completed divestments and fair value
remeasurements resulted in a net gain before
tax of DKK 591 million (2020: loss of DKK 89
million) of which DKK 80 million was recognised
in Net prot from discontinued operations, see
note 3.2 to the consolidated nancial statements.
As a result of the reclassication of Chile to
continuing operations, depreciation and am-
ortisation amounting to DKK 59 million for the
years 2019 and 2020 were recognised in Other
income and expenses, net in 2021.
Ongoing
• Taiwan signed in January 2022
• Brunei
• Portugal
• Russia
1.8 DKKbn
realised

Divestment proceeds
2.0
DKKbn
Status on
business units
• 6 business units divested in 2021
• 2 business units remain in scope
for the programme
1)
Discontinued operations.
13 out of 18 countries divested
Argentina
Brazil
Czech republic
Estonia
Hungary
Israel
Malaysia
Philippines
Romania
Slovakia
Slovenia
Thailand
Uruguay
Chile reclassied
to continuing
operations
OUR PERFORMANCE
Core services
The market
Continental Europe is our largest region, com-
prising a number of key markets, where we hold
leading market positions, including Switzerland,
Germany and Spain. Most of the markets are
developed, but with signicant dierences in IFS
market maturity and macroeconomic environ-
ment. Key customer segments are Business
Services & IT, Industry & Manufacturing, Public
Administration, Healthcare and Pharmaceuticals.
Financial update
Revenue increased to DKK 27,846 million in
2021 (2020: DKK 27,634 million). Organic growth
was 4.4%, while divestments and acquisitions,
net and currency eects reduced revenue by
0.8% and 2.9%, respectively.
In 2021, the region remained impacted by
Covid-19 lockdowns and revenue reductions,
resulting in negative organic growth in Q1,
especially in Belgium and the Netherlands due
to broad exposure to food services. With the an-
nualisation of the year-over-year impact, growth
turned positive from Q2, further supported by
slowly improving business fundamentals over
the rest of 2021.
Continental
Europe
 was
DKK 773 million (2020: (2,030) million) for an op-
erating margin of 2.8% (2020: (7.3)% or around
0.5% adjusted for restructuring and one-o
costs). Most countries contributed to the im-
provement, led by Spain and Switzerland. Across
the region, restructuring initiatives, portfolio
trimming, focus on Covid-19 recovery, together
with strong demand for projects and above-base
work, impacted the margins positively.
In Germany, the execution programme for the
Deutsche Telekom contract developed in line
with the plan to improve contract performance
in one of the largest and most rened contracts
in the Facility Management industry.
The restructuring plan in France progressed with
cost savings slowly materialising. However, the
French business was heavily impacted by Covid-19
restrictions and the pace of revenue recovery
within the most aected customer segments
remains slow. The related uncertainties led to a
goodwill impairment of DKK 450 million in H1
2021. Despite improvements compared to 2021,
operating margin for the region was below Group
margin due to operational challenges in France
and on the Deutsche Telekom contract.
Cleaning
Food
Technical
Other, incl. workplace
For the full year, the positive growth was
driven by strong performance in Turkey, Spain,
Switzerland, Italy and Austria, albeit from
a low comparison base in 2020. In Turkey,
growth was supported by price increases from
signicant cost ination successfully passed
on to customers, and continued growth from
new hospital contracts launched in H2 2020.
In Spain and Italy, growth was mainly driven
by contract launches and expansions with key
accounts along with high demand for projects
and above-base work, especially deep cleaning
and disinfection, which also lifted growth in
Switzerland and Austria.
Projects and above-base work grew organically
by 12.9% to account for 18% of revenue for 2021
(2020: 17%). Despite selective contract exits in
Germany and the Netherlands, and a negative
year-over-year impact from lockdowns in Q1
2021, portfolio revenue grew organically by 2.7%
in 2021. During Q2-Q4 2021, most countries
experienced signs of recovery, albeit slow, linked
to gradual normalisation of occupancy rates at
our customers’ oce sites.
Commercially, our key account focus secured
new wins and several extensions resulting in a
strong retention rate of 96% (2020: 93%).
Organic growth Organic growth by QTR Operating margin
Continental Europe
Revenue & organic
growth
26
27
28
29
30
202120202019
Revenue (DKKbn)
Organic growth (%)
DKKbn
%
(
4
)
0
4
8
12
Continental Europe
Operating profit
& margin
202120202019
Operating profit before other items (DKKbn)
Operating margin (%)
DKKbn %
(
3.0
)
(
1.5
)
(
3.0
)
(
1.5
)
0.0
1.5
3.0
(
8
)
(
4
)
0
4
8
Continental Europe
Organic growth
quarterly
Q4Q3Q2Q1
%
%
(
5
)
0
5
10
15





of Group revenue

Key accounts
Continental Europe
Cores services
OUR PERFORMANCE
The market
ISS holds a market-leading position across the
region where markets are generally mature,
competitive and with a relatively high outsourc-
ing rate. The region holds the Group’s highest
key account share of 75%. The largest country in
the region is the UK, contributing around 45% of
revenue. Key segments are Business Services &
IT, Healthcare and Public Administration.
Financial update
Revenue increased to DKK 23,424 million
in 2021 (2020: DKK 22,642 million). Organic
growth was 1.3% and currency eects increased
revenue by 2.4%.
In 2021, the region remained impacted by
Covid-19 lockdowns and revenue reductions,
among others due to a relatively large exposure
to food services. In Q1, organic growth was
negative with Norway and the UK the most
signicantly impacted. Organic growth turned
positive from Q2, when signs of recovery began
to appear and as a result of the annualisation of
the year-over-year impact. This was supported by
improved performance in most countries, due to
Covid-19 recovery and contract start-ups in Q4.
Northern
Europe
 was
DKK 1,097 million (2020: DKK (1,200) million),
for an operating margin of 4.7% (2020: (5.3)%
or around (0.5)% adjusted for restructuring and
one-o costs).
All countries contributed to the margin improve -
ment through a continued focus on cost
control and initial recovery from Covid-19. The
turnaround initiatives in the UK have been very
eective, and good progress was seen in 2021.
The Country Manager, who joined in 2021, has
been driving a restructuring of the organisa-
tion in accordance with the OneISS blueprint,
eliminating overhead costs, portfolio trimming
and improving the contract performance of key
accounts.
In Denmark, ISS entered into an agreement with
Danish Defence to exit the partnership gradually
from November 2021 to the end of May 2022.
The transition is progressing according to plan.
Cleaning
Food
Technical
Other, incl. workplace
For the full year, the positive organic growth
across the region was driven by a partial
Covid-19 recovery, despite some delays in the
commercial pipeline, and high demand for proj-
ects and above-base work, mainly deep-cleaning
and disinfection. All countries contributed to
the positive organic growth. In Denmark and
Norway, growth was mainly driven by projects
and above-base work, though Norway was also
supported by the start-up of Equinor in Q4. In
the UK, food recovery and projects and above-
base work, mainly in the healthcare segment,
were the main drivers.
Portfolio revenue declined by 0.5%, negatively
impacted by Covid-19 restrictions, partly due to
the relatively large exposure to food services.
Revenue from projects and above-base work
increased organically by by 7.6% (2020: 22%),
reaching 24% of revenue for the region in 2021.
Commercially, our key account focus secured
both new sales and extensions resulting in a
key account retention rate of 93% (2020: 94%).
In Norway, ISS won a ve-year contract with
Equinor with a ve-year extension option.
Core services



of Group revenue

Key accounts
Organic growth Organic growth by QTR Operating margin
Nothern Europe
Revenue & organic
growth
21
22
23
24
25
26
202120202019
Revenue (DKKbn)
Organic growth (%)
DKKbn %
(
9
)
(
6
)
(
3
)
0
3
6
Northern Europe
Organic growth
quarterly
Q4Q3Q2Q1
%
(
4
)
(
2
)
0
2
4
%
Nothern Europe
Operating profit
& margin
202120202019
Operating profit before other items (DKKbn)
Operating margin (%)
(
2
)
(
1
)
0
1
2
DKKbn %
(
6
)
(
3
)
0
3
6

Northern Europe
Cores services
OUR PERFORMANCE
Asia &
Pacic
Cleaning
Food
Technical
Other, incl. workplace
Core services
The market
The region comprises a mix of developed mar-
kets such as Australia, Hong Kong and Singapore
and developing markets, such as China, India
and Indonesia. ISS has a strong presence in the
region and holds a market-leading position in
several countries. Key customer segments are
Business Services & IT, Industry & Manufactur-
ing, Healthcare and Public Administration.
Financial update
Revenue amounted to DKK 12,381 million in
2021 (2020: DKK 12,385 million). Organic growth
was at, while divestments and acquisitions, net
and currency eects reduced revenue by 0% and
0%, respectively.
In 2021, Covid-19 continued to impact the
region both positively and negatively given its
diverse eects across the portfolio. Generally, a
sequential improvement was seen throughout
the year, as organic growth started out in nega-
tive territory, improved each quarter, and ended
the year in positive territory at 1.6% in Q4.
Commercially, Covid-19 continued to inuence
the number of contracts won in 2021. Although
contracts won declined compared to previous
years, we still managed to secure a number of
important new contracts and extend one large
key account contract with an airport customer
in Australia. As such, our key account retention
rate was 93% (2020: 94%).

increased to DKK 735 million (2020: DKK 646
million), for an operating margin of 5.9% (2020:
5.2%). The region thereby continued to show
resilient and stable margin levels above group
margins, reecting the strong operational
platform in the region. Australia and Hong Kong
increased their operating margins in 2021 due
to improved operational eciency and strong
demand for margin-accretive projects and above-
base work. In India, the improvement compared
to last year was mainly due to global key account
project work. On the other hand, Singapore was
adversely aected by a few large contract losses
and reduced government support schemes. In
Indonesia, the operating margin was negatively
impacted by one-o labour-related costs.
Return to work has been volatile and highly de-
pendent on many of the countries in the region
enforcing tougher restrictions (compared to
Europe) around oce work throughout the year.
Many countries remain at reduced oce work ca-
pacity and most countries only began reopening
their borders in November and December.
India, Indonesia and Singapore were most
signicantly aected by lockdowns resulting in
negative organic growth in both portfolio and
non-portfolio revenue. On the other hand, de-
spite challenging Covid-19 lockdowns, Australia
and Hong Kong were favourably impacted by
strong demand for projects and above-base
work, including deep cleaning and disinfection.
In Australia, growth was further supported by
several smaller key account contract launches
osetting the negative impact from Covid-19 in
the Aviation segment.
Across the region, projects and above-base work
grew 9% organically, largely due to demand for
deep cleaning and disinfection, to account for
18% of revenue. This mitigated the impact of
negative portfolio growth.



of Group revenue

Key accounts
Organic growth Organic growth by QTR Operating margin
APAC
Operating profit
& margin
0.4
0.5
0.6
0.7
0.8
0.9
202120202019
Operating profit before other items (DKKbn)
Operating margin (%)
DKKbn
%
4.5
5.0
5.5
6.0
6.5
7.0
APAC
Organic growth
quarterly
Q4Q3Q2Q1
(
2
)
(
1
)
0
1
2
%
%
APAC
Revenue & organic
growth
10
11
12
13
14
15
202120202019
Revenue (DKKbn)
Organic growth (%)
DKKbn %
(
5.0
)
(
2.5
)
0.0
2.5
5.0
7.5

Asia & Pacific
Core services

OUR PERFORMANCE
Americas
Cleaning
Food
Technical
Other, incl. workplace
Core services
The market
The Americas consists of the mature North
American market as well as Mexico and Chile.
North America is the world’s largest FM market,
accounting for around 30% of the global
outsourced FM market. Food services account
for a signicantly larger share of revenue than in
other regions. Key customer segments are Busi-
ness Services & IT, Industry & Manufacturing,
Pharmaceuticals, Transportation & Infrastructure
and Food & Beverage.
Financial update
Revenue decreased to DKK 7,141 million in
2021 (2020: DKK 7,565 million). Organic growth
was (1.6)% and currency eects as well as divest-
ments and acquisitions, net, reduced revenue by
2.6% and 1.4%, respectively.
In 2021, organic growth continued to be highly
impacted by Covid-19 due to large exposure to
food services and the Aviation segment. Reve-
nue from food services declined 17% to account
for 23% of the region’s revenue (2020: 26%)
compared to 11% for the Group (2020: 11%).
customers. As such, organic growth from key
accounts was positive at 6.2% in 2021 (2020:
(8.1)%) and the retention rate was 91% (2020:
94%).
Commercially, Covid-19 aected contract wins
mainly due to delayed commercial processes.
However, several smaller contracts were won.
Additionally, we extended the long-standing
partnership with our rst ever global key
account HPE.
As part of the strategic divestment programme,
the USA divested its Single Service Cleaning
business. The divestment will secure a sharper
focus on key accounts in our strategic customer
segments and IFS opportunities.
 was
DKK 393 million (2020: 262 DKK million) for an
operating margin of 5.5% (2020: 3.5%). The
increase was mainly driven by restructuring
initiatives in the USA initiated in 2020, renego-
tiation of food services contracts to “cost-plus”
contracts to stabilise margins at reduced
volumes, continued cost control and initial
revenue recovery. Mexico and Chile delivered
solid operating margins supported by new
sales to key account customers.
Organic growth was negative in Q1, but with the
annualisation of the Covid-19 impact and signs
of recovery, growth improved during the year
and turned positive in Q3 and ended as high as
19.4% for Q4.
For the full year, the negative organic growth
was driven entirely by the USA due to Covid-19
related revenue reductions in food services
and the Aviation segment at the beginning of
the year. The negative impact was, signicantly
reduced by the partial recovery and growth in
Q3 and Q4, where revenue from food services
increased as customers gradually returned to
oce. The gradual transition of the ve-year
IFS contract with a large international manu-
facturing customer also helped to mitigate the
negative impact from Covid-19.
Mexico recorded strong growth in 2021,
primarily due to new sales to key accounts.
In December 2021, Chile was reclassied to
continuing operations and thus returned to
being reported as part of the Americas. Chile
generated revenue of DKK 1,003 million in 2021
(2020: DKK 930 million).
Across the region, demand from key accounts
was more robust and resilient than from other

 


of Group revenue

Key accounts
Organic growth Organic growth by QTR Operating margin
America
Revenue & organic
growth
Revenue (DKKbn)
Organic growth (%)
4
5
6
7
8
9
202120202019
DKKbn
%
(
20
)
(
15
)
(
10
)
(
5
)
0
5
America
Organic growth
quarterly
Q4Q3Q2Q1
%
(
30
)
15
30
0
(
15
)
%
America
Operating profit
& margin
0.0
0.1
0.2
0.3
0.4
0.5
202120202019
Operating profit before other items (DKKbn)
Operating margin (%)
DKKbn
%
2
3
4
5
6
7
Americas
Core services
OUR PERFORMANCE
When Nestlé committed to zero environ-
mental impact in its operations by 2030,
eliminating waste to landll was a key goal.
This has been achieved at its Gympie coee
factory in Australia through a ve-year
project that shows the value of teamwork
and cross-departmental collaboration.
Today, every last bit of waste from the Nestlé
Gympie coee factory is carefully sepa-
rated at source and sent for disposal in a
managed and environmentally friendly way.
Much is turned into compost or renewable
fuel, and more still is recycled for reuse in
other products. Plastic milk bottle tops,
for example, are sent to a manufacturer of
prosthetic limbs, while spent coee grounds
go to the site’s boiler for use as a renewable
energy source. Not one single gram of
waste goes to landll.
Small changes

It was not always this way. In 2015, the fac-
tory produced 56 tons of landll waste. But
over the next ve years, this was gradually
reduced to zero. As Gary Thompson, ISS
Facility Manager at Nestlé Gympie explains,
this was achieved through a collaborative
project that involved everyone at the site –
from ISS service sta to Nestlé Gympie’s line
operators and engineers.
At the start of the project, Nestlé Gympie
and ISS formed a project team made up of
sta from both companies. The team began
by analysing exactly how much waste was
produced at the Gympie site. This was then
broken down into waste types. Armed with
this knowledge, the ISS team scoured the
local area to nd other factories and compa-
nies that could put the waste to good use. At
the same time, sta at Nestlé Gympie began
analysing the production process to see how
much waste could be eliminated at source.
The answer was: A surprisingly large amount.

sustainability journey
The waste project has been a huge success.
Since the rst quarter of 2021, the Nestlé
Gympie coee factory has been a zero waste
to landll site. This shows the power of team-
work and collaboration and is a signicant
step on Nestlé’s sustainability journey.
Nestlé’s ambition remains to have zero envi-
ronmental impact in its operations by 2030.
ISS manages over 80 sites for Nestlé around
the world and hence, have a signicant
role to play in helping Nestlé achieve these
goals, not just at Gympie, but beyond.
Nestlé eliminates waste
to landll with ISS
SUSTAINABILITY
“When it comes to waste management, Nestlé
ensures that waste is sorted into formats we
can handle; ISS’s job is to collect it and send
it on for safe disposal or recycling. This works
very smoothly today, but getting to this stage
required a dedicated eort and a huge amount of
collaboration between everyone at the site.”
Gary Thompson
ISS Regional Facility Manager at Nestlé
CASE
Our
business
Our strategy
Our value proposition
In December 2020, we launched
our refreshed strategy, OneISS. The
strategy conrms the long-term
attraction of key accounts and our
IFS business model.
Acknowledging that our execution in recent
years had proven unsatisfactory, OneISS outlines
the strategic direction with dual priorities of
delivering short-term turnaround, while at the
same time ensuring long-term improvement of
the global operating model.
The turnaround includes recovery of our four
underperforming contracts (Deutsche Telekom
and Danish Defence) and countries (the UK
and France) and sharpening our strategic focus
through our divestment programme.
Our new global operating model will further
strengthen our ability to be a strategic work-
place partner to our customers and consistently
deliver high quality outcomes. With OneISS, we
are building the right foundation to become
global leader in IFS and #1 globally in cleaning.
We have made signicant steps in 2021 and
will build on that foundation as we continue the
execution in 2022 and towards achievement of
our 2025 ambition.
Divestment programme
Our divestment programme had strong
momentum in 2021 with seven countries and
seven business units being divested (including
the divestments signed or completed in January
2022).
Since programme inception we have divested
operations in 14 out of the 18 countries in the
programme scope (up until January 2022) – in
addition to divesting several non-core business
units. Furthermore, Chile was descoped from
the divestment programme in December 2021
following encouraging strategic and nancial
development.
With the signicant progress made in 2021,
and Chile being descoped, the divestment
programme is nearing its completion, which
is expected in 2022. For further details, see
Strategic divestment programme, p. 19.
Our ambition
Global leader
in IFS
#1#1
Globally in
cleaning
People who go the extra mile
and care about the people
and places they support
Our commitment to
high standards in all
aspects of delivery
Intelligent solutions based on
our knowledge of every aspect
of the workplace experience
High
standards
Insight
Insight
Our 2025 ambition
Customers
To achieve industry
leading customer
engagement
Colleagues
To achieve industry-
leading employee
engagement
Shareholders
To deliver a top
quartile TSR
relative to peers
Society
To be a sustainability
leader on the
DJSI Europe Index
OUR BUSINESS
 Progress 2021
Deutsche
Telekom
• Delayed IT migration and operational challenges
• Signicant transition and mobilisation costs
leading to write-downs and one-o costs in 2020
• Execution programme developed in line with plan to improve
contract performance in one of the largest and most rened
contracts in the Facility Management industry
• Signicant milestones reached in relation to certain tailormade IT
developments
Danish
Defence
• Contract loss-making due to baseline and scope
being materially dierent than assumed in the
tender
• Onerous contract provision recognised in 2020
• Agreement reached to gradually exit the partnership from
November 2021 to May 2022
• Provision recognised in 2020 will be sucient to cover exit-related
costs and operation until full exit
• Turnaround target for 2022 reached by the end of 2021
UK
USA
UK
• Organisational structure too decentralised to
ensure satisfactory control environment
• Signicant revenue and operating margin
reduction due to Covid-19
• New country leadership team in place focusing on streamlining the
organisation
• Commercial team in place to support growth
• Improved nancial performance and positive run-rate margin by
the end of 2021
Finland
France
France
• Complex and fragmented organisational and
governance structure
• Signicant revenue and operating margin
reduction due to Covid-19
• The large restructuring plan progressed with planned FTE reductions
and cost savings starting to materialise
• Country Management focusing on operational eciencies and
commercial momentum
• The French market continued to be heavily impacted by Covid-19 with
slow recovery pace within the most impacted customer segments
Turnaround 2021-2022
Our turnaround programme 2021-2022 is
outlining a healthy recovery of our business
with focus on protability and cash generation.
Initiatives in the short-term focus on the recov-
ery of our four underperforming contracts and
countries, recovery from Covid-19 in addition to
the divestment programme.
Although there is still signicant work to be
done in 2022, we made good progress in 2021
with nancial run-rate improvements compared
to 2020, see status to the right. As such, we
reached our turnaround target for 2022 already
by the end of 2021 for Danish Defence, where
we will exit the contract gradually.
In terms of recovery from Covid-19, we saw
initial signs of recovery in our portfolio revenue
as customers started to return to oce in some
geographies, especially from Q3 2021. This also
led to an encouraging pick-up in food services
revenue in the second half of 2021, especially in
the USA and the UK.
We also saw a positive impact from the
restructuring initiatives initiated in 2020 across
the business in response to Covid-19, see Group
results, p. 15.
Underperforming contracts and countries
OUR BUSINESS
Priorities Objectives Progress 2021
Leveraging
global scale
• Fit for delivering IFS to key accounts
• Eective Group-country collaboration
• Required Group resources put in place
• Countries, business units and functions aligned to global blueprint,
including Operations Performance function focusing on operational
excellence in each country and at Group level
• Second HQ location established in Warsaw (increased talent pool)
Commercial
discipline
• Strategic workplace partner to key accounts
• Disciplined bid-to-operations process to mitigate
risk of signicant underperforming contracts and
countries
• Global customer segment leads hired
• New bid and transition process implemented, including stronger
governance
• Segment strategies and win plans developed in collaboration
between Group and countries
Operations
Performance
& Products
• Strong time management and cost control
• Innovative service oering for prioritised
customer segments
• Sustainability and D&I at the core
• Global product management and performance teams established
• Roll-out of benchmarking tool for enhanced productivity of daily
oce cleaning initiated in selected countries and contracts – so far
piloted in 60+ accounts in 6 countries
• Re-design of Food service products and contract models to
reposition risk prole post-pandemic
• New Head of Sustainability hired and commitment to net zero
emissions by 2040 announced in January 2022
Technology
• Technology backbone required to improve
commercial discipline (#2) and operational
excellence (#3) (cloud, cybersec, enterprise
systems)
• In-house code development capabilities
• Modernisation of legacy IT
• Approved global IT&D strategy
• Global tech team build-up, including full-line reporting for country
IT teams
• Cybersecurity capabilities strengthened
• Cloud migration accelerated
Culture
• Build on ISS’s long heritage of fairness, equality,
and inclusion to develop the next generation
company of belonging
• Improved eectiveness and unity
• Diverse and inclusive leadership
• New culture blueprint dened, including adding the new value ”Unity”
• New Diversity & Inclusion (D&I) strategy developed
• Commitment to 40% females in corporate leadership by 2025
• Top 400 leadership assessment completed
Strengthened global
operating model
OneISS will deliver a new, globally aligned oper-
ating model with shared structured processes
that will prove more eective at supporting
countries and unleashing the full potential of
ISS’s global scale. Our new operating model will
further strengthen our ability to be a strategic
workplace partner to our customers and consis-
tently deliver high quality outcomes.
Being the global leader in IFS for key accounts is
a challenging ambition – hence we need to build
the best customer oering and internal oper-
ating model as ONE enterprise – OneISS. With
our new operating model, we will develop our
services and underlying tech-enabled platform
required to operate thousands of customer sites
across the world in a consistent manner. Also,
we will strengthen our commercial capabilities
and build the right culture to support the
execution of our strategy.
In 2021, we initiated the journey towards a sig-
nicantly improved global operating model and
made good progress, particularly by establishing
the core foundation of the future model.
OUR BUSINESS
Strategic priorities for 2022
Given the signicant progress we made in
2021 in relation to our global operating model,
going into 2022 we have updated our strategic
priorities to support and strengthen the next
stage in our OneISS journey.
We will focus on ve key areas, where we believe,
that we will achieve a lasting impact on the
business and which will bring us closer to our
2025 ambition and realising our vision. The ve
updated strategic priorities will provide our key
accounts with a market-leading service oering
and delivery globally:
1
Commercial momentum
and segment leadership
We will plan in advance the customer relation-
ships we want to build, developing the right
customer knowledge and segment focus to
maintain long-term strategic relationships. We
are continually improving and strengthening our
bid-process, leveraging cross-country communi-
ty support to bring the very best reference cases
and expertise to new bids and renewals.
2
Brilliant
operating basics
Process eciency and controls is at the very
core of our success. With Brilliant Operating
Basics, we will drive the next wave of process
eciency enabled by technology and with a
focus on the core, high-volume processes.
3
Service products built on
leading technology platforms
We will oer standard service products under-
pinned by best practices to ensure high quality,
consistent delivery, coupled with the latest
innovations in technology. This will unlock not
only greater eciencies, but also improve the
customer experience and enhance sustainability
practices.
4
Environmental
sustainability
Our ambition is to have a positive impact on the
planet, people and communities we operate
in. Further, we have an ambition of making a
signicant positive impact on our customers’
sustainability eorts, which represents a
signicant business opportunity. To show our
commitments, in January 2022, we announced
our target of Net Zero emissions by 2040 in all
3 scopes, and will set and approve our Sci-
ence-Based Targets in 2022.
5
Safe, diverse and inclusive
workplaces (social sustainability)
We have a 120-year legacy as a people company
– social sustainability has always been in our
DNA – with safety for our people being the rst
priority. ISS is built on a foundation of equity,
inclusion, fairness, and respect for all individ-
uals. We have a strong drive to act as social
incubators and make a true dierence for our
employees, our customers and the communities
in which we operate. Also we will continue to
strengthen learning opportunities to promote
social mobility for all placemakers.
OUR BUSINESS
Our people
Investing in our people will be essen-
tial to our 2025 ambition of achieving
industry-leading customer and em-
ployee engagement. Our people will
play a key role by demonstrating the
right behaviours, the right values and
by embracing the unied mindset
required to deliver on our strategy
and achieve our purpose.
Our leadership is essential to shaping a culture
that will allow us to deliver on our strategy.
We deploy our leadership model, develop and
align global training processes and implement
common standards to drive the capabilities
needed to consistently deliver on our customer
value proposition.
Our ve ISS values, which are the cultural drivers
behind OneISS, guide our people to be great
service professionals and responsible citizens.
Alongside the values of Honesty, Responsibility,
Entrepreneurship and Quality, we launched
Unity in 2021. Unity is closely linked to our stra-
tegic focus on promoting diversity, inclusion and
belonging and highlights the sense of trust and
empowerment that diverse teams feel within ISS.
As a result we also strengthened our diversity
agenda further in 2021, see Diversity, inclusion &
belonging, p. 38.
Developing strong leaders
We launched our new Leadership Model to
develop our leaders in 2021. We have updated
our learning oering to ensure that we equip
our leaders with capabilities to deliver on the
leadership behaviours supporting our culture.
By the end of Q1 2022, all our Country Lead-
ership Teams will have completed leadership
workshops in our new leadership model and will
have clear plans for the way they will embed our
new leadership behaviours.
At the same time, we will launch our renewed
agship leadership development programme
which will facilitate clear and structured feedback
allowing leaders to gain insights into their person-
al leadership style, strengths, and development
areas – in line with the core behaviours central to
delivering OneISS. We will deliver this to our senior
leaders and mid-management across countries.
Our ambition is that all direct reports to Country
Leadership Team members will have graduated
from the programme by the end of 2022.
Key accounts continue to be key to our strategy.
The Key Account Manager Certication (KAMC)
programme is therefore crucial to ensuring
that we develop leaders able to retain and grow
our key account customers. The programme
contains detailed training sessions in account
operation, retention, and growth. Our Key
Account Managers are certied when they have
demonstrated the necessary understanding of
customer needs and priorities to engage with
them in a way that will lead to higher customer
satisfaction and protable growth.
In 2021, we updated the KAMC programme in
line with OneISS. Deployment will begin in Q1
2022 and our aim is to deploy the programme
across all of our global key accounts and more
than 550 local key accounts by the end of 2022.
Similarly, our site managers play an important
role in the day-to-day operation of our key
accounts. We run a Site Manager Programme,
which equips our site-managing leaders with
business acumen and leadership skills that help
them manage eective customer relationships
and build engaged teams.
We are also focused on standardising our
onboarding approach and on engaging with
our new joiners in the most eective way. Our
onboarding framework supports every new
colleague through a holistic journey covering
a three-month period. The purpose is to
provide support and learning, aligned with our
values, which delivers excellence in customer
experience, increases compliance and boosts
employee engagement and retention.
Our service culture
Service with a human touch (SWAHT) is the
programme which for years has translated
our culture into concrete service behaviours
bringing our value proposition to life. This year,
we launched the Placemaker’s Path, our updated
service culture programme replacing SWAHT. For
our customer-facing employees – who we call
our placemakers – the Placemaker’s Path is a ca-
reer-long learning and development programme.
Deployment of the programme began in 2021
Our values
Unity

Responsibility
Quality
Entrepreneurship
OUR BUSINESS
and our target is to deploy the Placemaker’s
Path in all global key accounts and more than
450 local key accounts by the end of 2022.
Our gratitude to our placemakers for their ded-
ication throughout the turbulence of Covid-19
cannot be overstated. Every year, at our annual
Global Leadership Conference, we give the “Em-
ployee of the year” award also called the Apple
Award of the Year, to one of our colleagues
who has gone above and beyond to serve our
customers. However, in 2021, we did not hand
out any individual awards simply because it
would have been impossible to do in a fair and
respectful way. Instead, we decided to recognise
every placemaker by organising a concert by a
legendary British musician in tribute to all our
placemakers.
Digitalisation
We acknowledge that technology is a key
enabler for delivering on our strategy – also in
our people processes. In 2021, we continued
the implementation of People@ISS – our global
people system. Thanks to this initiative, we are
enabling a data-driven approach to our people
and compliance agenda.
We have also identied the potential to use IT to
automate our recruitment process. For example,
through IRIS – a virtual hiring assistant able to
answer common candidate questions in over 100
languages, 24 hours a day. We are piloting IRIS
in the USA to explore opportunities to improve
eciency for new hires and hiring managers.
This year, we have taken the decision to invest in
a global employee platform to amplify our ability
to listen to and engage with our placemakers,
as part of a digital place providing access to
‘quality of life’ functionalities (expected to include
integrations with local rostering, payroll and leave
request systems where possible). Integrated
listening capabilities will provide our employees
with the opportunity to make their voices heard,
while accessing business and self-service tools, to
make their working lives easier. This will give ISS
stronger insights into employee engagement and
the ability to recognise improvement opportuni
-
ties in an agile and proactive way.
We continued to develop our global learning man
-
agement system, MyLearning. It is a multi-func-
tion platform, which supports the deployment and
tracking of over 2,000 global and country-specic
e-learning modules along with over 800 training
videos available in 27 languages and is accessible
to all ISS employees. Since its formal launch in
2015, the use of MyLearning across the organisa
-
tion has continued to grow. In 2017, approximate-
ly 100,000 e-learning modules were completed;
this gure now stands at over 5.3 million to date,
with over 800,000 completions in 2021.
Employee turnover
Employee retention
We operate in a marketplace where levels of
employee churn are inherently high. To reach
our 2025 ambition of achieving industry-leading
employee engagement, we are targeting a struc-
tural improvement in our employee retention.
Higher employee retention underpins a more
consistent, higher quality of service and reduces
the costs associated with attracting, recruiting
and onboarding new colleagues.
During 2021, Covid-19 continued to impact our
employee turnover, especially in Asia. However,
our persistent push for retention initiatives
in countries, e.g. improved labour conditions
relative to the market in certain countries
resulted in a global employee turnover of 30%
in 2021, continuing the positive trend from
previous years. The trend is also driven by our
key account focus, including the discontinuation
of high-churn, non-key account contracts and
not least divestment of businesses in countries
with relatively high employee turnover.
2022 people priorities
Looking ahead to 2022, we will work towards
our 2025 ambitions through focusing on
the deployment of our updated leadership
development and service culture programmes,
supporting OneISS.
20212020201920182017
42%
35%
33%
44%
30%
(
2,500
)
(
7,500
)
(
5,000
)
2,500
0
We will continue to roll out People@ISS to
support compliance in our people processes
and begin the pilot deployment of the global
employee platform to amplify our ability to
engage with our employees in a number of
additional countries in 2022.
As per our core values, we will also explore
opportunities to continuously integrate Diversity,
Inclusion and Belonging into our learning and
development programmes.
OUR BUSINESS
Our business risks
Risk management is an integral part
of our service performance and value
creation. We do, however, experience
incidents. Therefore, our main focus is
to build a business resilience to both
existing operational risks and external
events, including market changes.
Risk management in 2021
In 2020, we saw two signicant risk events,
Covid-19 and the IT security incident. These
events and the launch of the OneISS strategy in
December 2020, set the tone for our risk man-
agement activities in 2021 through three areas.
1
Stronger governance
Our risk governance centres around bi-annual
risk assessment procedures that provide bot-
tom-up risk assessments country-by-country to
support our top-down risk assessment anchored
with the Executive Group Management (the
EGM) and the Board of Directors (the Board).
Functional risk committees (chaired by EGM
members) serve as the integration point where
bottom-up and top-down perspectives meet.
2
Simpler processes
The two major risk events in 2020 clearly
indicated a too optimistic view on the probability
of such events occurring. As a result, we have
simplied our approach by moving away from
a probability-based risk assessment towards a
more holistic vulnerability measure. This, we be-
lieve, is more operational and action orientated,
and thus simpler to work with on a daily basis.
3
Closer community
We also estabished a new and strengthened risk
management function in our second Group HQ
location in Warsaw. Our risk management activities
are now operated by this team in close cooperation
with local country risk management resources.
Further, we have strengthened our nance
blueprint organisation by dening Risk Manage-
ment as a mandatory function and built a stronger
cooperation between risk management and our
operational functions. With these initiatives, we are
enabling a strong collaboration with risk owners
across customer accounts and functions.
Group risk review
As part of our bi-annual process, we reviewed the
Group’s key risks to reect the main exposures in
achieving our strategic objectives. The key risks
and mitigation measures identied in 2021 are de-
scribed on the following pages. We do not consider
macro-economic risks as company specic risks
that can impact our competitive advantage or mar-
ket relevance. Nevertheless, we monitor market
developments on an ongoing basis, and mitigate
any adverse impacts to the extent possible.
Market developments 2021
In 2020, the facility management industry experi-
enced an unprecedented disruption as Covid-19
impacted ways of working and workplace envi-
ronments globally. The impact on our business
was material. While cleaning services have been
stable since the outbreak of the pandemic, other
services have been materially impacted, espe-
cially food services. The impact of the pandemic
has continued to be signicant in 2021, and
our food service revenue is still subdued with a
large recovery potential from a broader return to
oce, particularly in the USA.
The long-term implications are uncertain – with
both risks and opportunities. Covid-19 has likely
accelerated working-from-home trends, and some
oce-based customers may therefore pursue
a reduction of their real estate footprint. This
could have a negative impact on our oerings to
oce-based customers. At the same time, ISS is
benetting from customers requesting higher
quality oerings, including increased frequency
of cleaning, additional deep cleaning and higher
quality food service solutions.
Other macro-economic risks have also played a
large role in 2021 and the beginning of 2022. In
our key markets, ination has been rising putting
pressure on wages and cost of goods. We have a
structured approach to ination risk, as even low
ination scenarios can impact margin signicantly,
if not appropriately managed. On the customer
side, we generally include pass-on clauses in our
contracts. Also, our scale and broad service scope
often allows us to drive eciencies through scope
changes that can limit ination impact for the
customer. In terms of cost of goods, our eorts
to centralise spend with fewer suppliers allows
the same benet of leveraging supplier scale to
manage cost increases. Wage ination is to a large
extent a result of collective bargaining agreements
or legislation and as such dicult to impact directly.
Demand for labour is high and in several countries
we have in 2021 experienced hiring challenges.
In some cases, we incentivise new joiners through
Group key risks 2021
• Operational and transformation
execution
• People risks
• IT and digital roadmap execution
• Information security and cyber risk
• Contract management
• Finance and reporting
• Compliance
• Subcontractors
• Corporate responsibility
Our exposure to nancial risks is disclosed
in note 4.4 to the consolidated nancial
statements.
cash benets, but generally we rely on our large
network and solid employer reputation.
2022 risk priorities
A key priority for 2022, is to make sure that
we have technology in place which will further
enhance risk management and compliance.
In 2022, we will nalise the implementation
of a new IT platform across risk management,
information security and data privacy (GDPR)
that will drive better transparency and insight
into risk and compliance areas.
Corporate responsibility, including Environ-
mental, Social and Governance (ESG), will also
continue to be a priority – both as a risk and
a strong opportunity for making a real impact
directly through our business performance
and indirectly through engagement with our
stakeholders. We acknowledge that this agenda
is only continuing to grow in importance which
is also why two of our ve strategic priorities for
2022 are within ESG.
OUR BUSINESS
Operational and
transformation execution
People
risks
IT and digital
roadmap execution
Information security
and cyber risk
Contract
management
Failure to properly meet our opera-
tional and transformation execution
goals, including, most importantly, the
implementation of OneISS.
Risk that ISS will not be able to
attract and retain the right people
in order to maintain operations and
meet our customer obligations.
Especially important in a pandemic
environment with overheated
labour market.
Failure to execute our IT strategy
envisioning a global IT approach with
more streamlined software and glob-
ally managed infrastructure, better
data quality and products that will
address our customers’ expectations
and needs.
ISS being target of cyberattacks
leading to business disruption and/
or disclosure of ISS’s and/or our
customer’s data.
Failure to fully identify, assess and
manage key risks and opportunities
in customer contracts thus adversely
impacting protability, leading to
operational or regulatory non-com-
pliance or suering nancial loss or
reputational damage.
Risk drivers
• Scale of transformation (complexity
and number of initiatives)
Risk drivers
• Scarcity of labour, e.g. due to
Covid-19 driving unavailability of
sta
• Wage ination
• “War for talent”
• Increasing employee expecta-
tions towards employers
Risk drivers
• Scale of IT transformation (com-
plexity and number of initiatives)
• Complex IT landscape with
fragmented applications and data
structures
• Cultural change
Risk drivers
• Lack of awareness of full cyber
risk/threat landscape
• Insucient employee and third
party cyber security awareness
Risk drivers
• Commercial discipline
• Complexity in contracts, services,
choice of commercial models
• Large portfolio of complex
contracts with increasing level of
oversight within the contract
Mitigation measures
• Clear roadmap for implementation
with adequate oversight and
assigned responsibilities
• Prioritisation of initiatives and
roll-out
• Well-dened success measures
• Robust change management
process, including communication
strategy and information ow
Mitigation measures
• Standardisation of people
processes, including integration
of our purpose and values
• Tailored learning and develop-
ment programmes at all levels of
the organisation
• Internal development opportu-
nities
• Ongoing realisation of our global
Diversity & Inclusion strategy
Mitigation measures
• Strategic alignment of business
and IT goals
• Ongoing implementation of new
IT operating model
• Clear roadmap for implementa-
tion with adequate oversight and
assigned responsibilities
• Prioritisation of initiatives and
roll-out
• Well-dened success measures
• Robust change management pro-
cess, including communication
strategy and information ow
Mitigation measures
• Standardisation of policies and
procedures
• Enhancement of cyber security
skillset
• Establishment of fully operational
Security Operations Centre as part
of cyber security programme
• Closer cooperation between cyber
risk experts and business
• Awareness campaigns
Mitigation measures
• Standardised policies for delivery
of services, people management,
HSE requirements and contractual
obligations
• Updated standard for commercial
bid processes, including involvement
of subject matter experts and
operational solution directors
• New contract transition model,
including certication of transition
experts being mandatory for leading
transition of new contracts
• Segmentation of customers and
focus on key segments
• Strengthening of partnership
country organisation
• Closer cooperation between coun-
tries on global key account delivery
OUR BUSINESS
Finance and reporting Compliance Subcontractors Corporate responsibility
Failure to execute the ongoing nance
transformation aiming for stronger,
more consistent nance processes,
improved data quality and controls.
Failure to comply with applicable
laws and regulations, including
required licenses and permits which
may lead to regulatory, operational,
and reputational losses.
Risk that ISS will not be able to
properly service its customers as a
result of failure of its subcontractors,
including subcontractor vetting and
performance monitoring.
Risk and untapped opportunity result-
ing from ISS not being able to meet
expectations as a “responsible corpo-
rate citizen” through environmental,
social, and corporate governance
processes, including realisation and
communication of our ESG strategy
and our climate-related initiatives.
Risk drivers
• Scale of transformation (complexity
and number of initiatives)
• Decentralised nancial IT systems
and inconsistent control structures
Risk drivers
• Complexity and volatility of
regulatory framework, including
diversity of regulatory regimes
• Complexity of ISS services and
choice of customer segments
• Multitude of geographies with
varying regulatory frameworks
Risk drivers
• Increasing complexity and scope
of services required by customers,
including non-standard services
• Insucient country capabilities to
self-deliver full scope of services
required by customers
Risk drivers
• Complexity of regulatory require-
ments related to ESG
• Increasing focus on climate-related
risks
• Customers’ requirements regard-
ing support in driving their ESG
agendas
Mitigation measures
• Clear road map for implementation
of global processes with adequate
oversight and assigned responsi-
bilities
• Prioritisation of initiatives and
rollout
• Well-dened success measures
• Robust change management
process, including communication
strategy and information ow
Mitigation measures
• Closer cooperation between
countries and HQ to foster a
stronger culture that ensures
compliance with applicable laws
and regulations
• Standardised global approach
towards monitoring and ensuring
compliance with global laws and
regulations, including potential
support of dedicated tools
• Standardised global approach
towards maintaining required
licenses and permits, including
potential support of dedicated
tools
Mitigation measures
• Standardised risk-based vendor
management process supported
by procurement tool delivering
vendor vetting data
• Implementation of Supplier Code
of Conduct
• List of subcontractors cooperat-
ing with ISS with focus on bigger,
more reliant business partners
• Performance of supplier audits
and strict performance supervi-
sion processes
• Strengthening of partnership
country organisation with more
stringent governance model
Mitigation measures
• Ongoing implementation of ESG
strategy
• ESG initiatives built into operations
and service delivery
• Robust communication and
training programme for ESG-related
initiatives across ISS
• Ongoing implementation of our
global Diversity & Inclusion strategy
OUR BUSINESS
Corporate responsibility
Caring for people,
places and the planet
From the company’s origins in 1901, ISS has
been a people organisation. Social sustainability
has always been in our DNA – with safety for our
people being the priority rst and foremost. ISS
is built on a foundation of equity, inclusion and
fairness and respect for all individuals.
As one of the global leaders in integrated facility
services and workplace management with
more than 350,000 employees and over 40,000
customers in more than 30 countries worldwide,
ISS has a signicant impact on societies and
the environment, and we have an important
role to play in solving some of the world’s most
pressing sustainability challenges.
This is why we are strongly committed to making
a positive dierence for people and the planet
through ambitious sustainability eorts within
our Environment, Social and Governance (ESG)
scope – both in our own enterprise and in close
cooperation with our customers.
The world is
rapidly changing
Climate change, resource scarcity and waste
overload are rapidly aecting our planet and the
environment. It aects all of us, in terms of our
weather, health, safety, economy and general
quality of life. The need for decisive change is clear
and urgent. At the same time, the Covid-19 pan-
demic has accelerated the social awakening and
the already ongoing shift of priorities of people
and organisations around the world, prompting
them to rethink how to protect the environment,
structure our societies and govern operations.
People are demanding extensive change from
companies on ESG. At ISS, we believe it is our
responsibility to champion this change.
Our approach
to sustainability
Sustainability is a key component in the OneISS
strategy for the entire ESG scope, in fact two
out of ve strategic priorities for 2022 focus on
sustainability. Our key competitive advantage
lies within Social (S) and our placemakers and
self-delivery model oer a unique basis for
Governance (G) and compliance. It has always
been incumbent on ISS, and a central part of our
beliefs and identity, to ensure health & safety,
diversity & inclusion and social mobility in our
workforce. Going forward, social sustainability
will still be our primary source of dierentiation.
However, Environment (E) has quickly become a
license to operate; employees, customers and
investors expect and demand greater transpar-
ency, engagement and evidence of environmen-
tal action and initiatives.
At ISS, we recognise the full scope of the ongo-
ing climate and environmental crisis, and we are
fully committed to carrying out our operations
and delivering our services in a sustainable way.
We believe that it is our societal responsibility,
our license to operate and ultimately the key
driver for future growth and success.
Accelerating our

In 2021, we accelerated our eorts across the
entire ESG scope, not least in relation to the
environment. First of all, we worked on setting
ambitious targets for reaching full-scope net
zero CO
2
emissions by 2040, as announced in
January 2022. The roadmap to getting there will
be led by our new Head of Sustainability, who
joined ISS on 1 January 2022.
On Task Force on Climate-related Financial
Disclosures (TCFD), which ISS committed to in
late 2020, we carried out a comprehensive as-
sessment and developed a three-year roadmap
for implementation.
Finally, we implemented the EU Taxonomy
Regulation, which came into force for the
nancial year 2021. The Taxonomy seeks to
provide clarity for companies, capital markets
and policy makers, on which economic activities
are sustainable and thereby support investment
ows into these activities.
In 2021, we also enhanced our activities within
Diversity & Inclusion when we hired a new Head
of Diversity & Inclusion and launched a new
strategy addressing ve dimensions of diversity.
Read more about our 2021 initiatives on the
following pages.
2025 ambition
Society
To be a sustainability leader
on the DJSI Europe Index
Corporate
responsibility
report
Read more in our CR
report as per section
99a and 99b of the
Danish Financial
Statements Act here
Deeply committed
to SDGs
2021
CORPORATE
RESPONSIBILITY REPORT
PEOPLE MAKE PLACES
OUR BUSINESS
Our journey
to net zero
In 2021, we initiated our journey
towards reaching full-scope net
zero CO
2
emissions. Our targets are
ambitious as we are determined to be
recognised as being among the best
environmental leaders in our industry
and a catalyst of real change.
At ISS, we recognise the full scope of the ongo-
ing climate and environmental crisis, and we are
strongly committed to carrying out our opera-
tions and delivering our services in a sustainable
fashion. ISS has been engaged in sustainability
eorts within climate and environment for many
years. With the announcement in January 2022
of our commitment to reaching full-scope net
zero CO
2
emissions by 2040, we are accelerating
our climate and environmental eorts even fur-
ther. Our commitment encompasses all activity
across the business, including the full scope of
our supply chain. For 2022, environment is also
dened as one of our ve strategic priorities.
Our overall targets
Our commitment encompasses all activity across
the business, including the full scope of our
supply chain. As such, we have set the target to:
• Reach net zero CO
2
emissions within scope 1
and 2 by 2030
• Reach net zero CO
2
emissions within scope 3
by 2040
Furthermore, we are committed to oering full-
scope reporting of our environmental footprint.
Reduction of food footprint
As a key element of our roadmap to net zero, we
will enhance our food sustainability programme
and reduce CO
2
emissions associated with the
food we serve globally by 25% by 2030 and
halve the amount of food waste by 2027.
Reducing water and
electricity consumption
Our roadmap to net zero also includes initiatives
in several other areas like electrication of our
global eet of approximately 20,000 vehicles,
increasing the renewable energy share in our
own buildings, and reducing water in cleaning
services.
Scope 1 + 2
emissions
Scope 3
emissions
Food served
(emissions)
Food
waste
Other
initiatives
Net zero
by 2030
Net zero
by 2040
Emissions

Waste

Examples:
• 
• Water reduction
• Renewable energy
The journey ahead
In the coming months and years, numerous
global activities within food sustainability, water
and waste reductions and energy management
will be initiated – both within ISS’s organisation
and not least, in close cooperation with custom-
ers and suppliers.
We are currently in the process of establishing
our specic science-based targets based on our
full-scope baseline of 2019 in alignment with
our commitment to the Science Based Targets
initiative (SBTi). This will enable us to develop
reduction strategies, working in partnerships
with our more than 40,000 customers and
80,000 suppliers worldwide.
OUR BUSINESS
Climate-related risks
We recognise the importance of
assessing the impact of climate
change on our business and late
2020, ISS committed to follow the
TCFD recommendations.
In 2021, we carried out a comprehensive assess-
ment to identify and understand the climate-re-
lated risks and opportunities ISS is exposed to
and how we can mitigate the impact.
We have developed a three-year roadmap for
implementing the Task Force on Climate-Related
Financial Disclosures (TCFD) recommendations
in 2021. These include disclosures about
climate-related risks and opportunities on our
governance, business strategy, risk manage-
ment and metrics.
As part of our role in addressing climate change,
ISS has committed to a number of climate-re-
lated targets, which aim to develop sustainable
business strategies, promote best practices in
emissions reductions, and mitigate the risks of
climate change.
For details on the recommendations in our
context, see the overview to the right.
Recommendations Our response Read more
Governance
Disclose the organisation’s governance
around climate-related risks and opportu-
nities
• The Board of Directors is responsible for risk, including
climate-related risks
• The Executive Group Management is responsible for
sustainability and has established a Sustainability
Committee addressing ESG-related matters, including
climate-related risks
Annual report:
• Corporate governance, p. 43
CR report:
• Our framework for Corporate
Responsibility, p. 11
Strategy
Disclose the actual and potential impacts of
climate-related risks and opportunities on
the organisation’s businesses, strategy and
nancial planning where such information
is material
• Our strategic ambition is to be recognised as an
environmental leader, advocating for more sustainable
actions, measures and goals
• Our focus on reducing the impact on the environment
and climate contributes to solving the global challenge of
climate change and creating a sustainable world for future
generations
CR report:
• Strategy, p. 29
Risk management
Disclose how the organisation identies,
assesses and manages climate-related risks
• Our initiatives and activities are carried out through a
systematic approach, whereby we identify potential for
more ecient use of resources, lower emissions and cost
optimisation. We proactively mitigate environmental risk
and anticipate our customers’ needs
CR report:
• Mitigating risks and challenges,
p. 12
Annual report:
• Our business risks, p. 32
Metrics and targets
Disclose the metrics and targets used to
assess and manage relevant climate-related
risks and opportunities where such infor-
mation is material
• Targets (%) for electricity and water consumptions as well as
car emissions
• Science-based targets initiative (scope 1-3) emissions
• Net zero 2040 target
• Commitment to SDG 13 – we take urgent action to combat
climate change and its impact
• UN Global Compact commitment
CR report:
• Targets, p. 32
• Climate-related disclosures, p. 32
• SDGs, p. 10
Annual report:
• Our journey to net zero, p. 36
OUR BUSINESS

of diversity
Gender balance 2021
Generation
& Age
Cultures, Race
& Ethnicity
Pride
Abilities
Gender balance
Diversity, inclusion & belonging
ISS is built on a foundation of equity,
inclusion, fairness, and respect for all
individuals. With our 120-year legacy
as a people company, diversity has
always been in our DNA. We have
taken signicant steps in 2021 to
strengthen this agenda even further.
We recognise our diverse workforce as a key
competitive advantage and a vital asset in our
long-term sustainable business success. Our
inclusive culture empowers our people, and
helps to make us more creative, productive, and
attractive as a workplace.
Diversity is about the unique characteristics, life
experience and perspectives that makes us who
we are. Inclusion means valuing and respecting
dierences and seeing those as essential for
success. Belonging is when employees feel they
can bring their authentic selves to work, when
dierences are embraced and valued. To come
to a stage of true belonging is our ultimate goal.
In 2021, we strengthened our Diversity &
Inclusion (D&I) focus with the appointment of a
new Head of Diversity & Inclusion to implement
our new strategic approach. We know that to
reap the real benets of our dierences we need
plans and concrete actions, which is also why
D&I is one of our ve strategic priorities for 2022.
Our strategic approach
Our strategy is driven through ve dimensions of
diversity, shown in the overview to the right, rep-
resenting the current needs of our business. We
are aware that there are many more dimensions
of diversity and we will broaden our focus in the
longer term.
We have dened a global target to increase
underrepresented minorities, with the rst one
being to achieve 40% gender balance in corporate
leadership by 2025. Gender balance is just one of
our dimensions of diversity, but we believe that
improving representations of underrepresented
minorities will truly be the change we want to see.
In 2022, we will continue to work on targets for our
additional dimensions.
In 2021, we also signed the UN Women’s Empow-
erment principles, which are designed to help
advance and empower women in the workplace,
marketplace and community. By signing up to
these principles, we are actively demonstrating our
commitment to our global gender balance target.
Status on gender balance
We believe that the advancement of women will
lead to greater innovation, improved organisa-
tional performance and better service to our
customers, enabling us to connect people and
places to make to world work better.
The representation of women at management lev-
el at the global head oce reached approximately
35% in 2021, up from 28% in 2020. To improve
the gender balance, we continue to leverage our
Diversity policy, requiring us to identify at least one
female candidate in searches for vacant positions.
We actively identify female candidates for our
leadership programmes. We also continuously
develop our succession planning aiming at iden-
tifying female successors, and table the matter of
women in leadership at ISS for discussion, both
at our talent board, and at least once a year at
Executive Group Management (EGM) level.
At our EGM, the female representation in-
creased to 25% in 2021 (2020: 20%) following
the changes to the management team in 2021
to support and strengthen the next stage in our
OneISS journey.
At the Board of Directors (Board), the target of
having at least 40% women elected at the
general meeting was met with 43% of these
Board members being women as also described
in Corporate Governance on p. 42.
EGM Corporate leadershipBoard
  
Women Women Women
  
Men Men Men
Gender Balance
(head office(Board))
EGM
EGM
Corporate leadership
Corporate leadership
OUR BUSINESS
Fostering an inclusive
learning culture at ISS Austria
With a workforce as diverse as ours, we
know the value of adapting learning and
development to the needs of our people. At
ISS, everyone has the right to learn – and
gain the skills they need to succeed and stay
safe. During the past year, ISS Austria has
become a testament to this commitment
by rolling out inclusive learning initiatives
for frontline workers, with particular focus
on non-native workers, the digitally illiterate
and an ageing workforce.
Committed to a strong
learning culture
“We wanted to help our frontline sta develop
the necessary skills in a safe and simple way,”
says Petra Bisanovic, Team Leader of Learn-
ing & Development at ISS Austria. “There is a
huge need for dierent channels of learning.
Each and every employee deserves to know
about ISS’s high standards – not only to do
their job, but also to protect their health.”
Petra and her team collaborated with the
Austrian Chamber of Commerce to launch
three solutions:
• An ergonomics course helping reduce
body strain on the ageing workforce and
ensuring correct posture while cleaning.
Participants wore body sensors while
cleaning, while a team of ergonomics
specialists studied the ndings, leading
to instructional videos demonstrating
optimal cleaning techniques.
• A series of interactive e-learning
courses teaching sta key work skills,
leveraging videos, quizzes and live
streaming and providing easy access to
education during Covid-19 restrictions.
To cater for non-native speakers and
the digitally illiterate, text was replaced
with images and colours to simplify the
learning process.
• An audio learning tool providing an
alter na tive to digital learning for the
digitally illiterate. The tool, called the
tiptoi
®
in German, was designed with the
game producer Ravensburger and uses
images and audio on the user’s native
language to teach key work skills, such as
new cleaning techniques.
Building the workplaces
of tomorrow
The initiatives were rolled out in ve lan-
guages – English, Serbo-Croatian, Turkish,
Romanian and Hungarian – to over 500
ISS placemakers, with the audio learning
tool being a particular success. In 2022, ISS
Austria plans to expand the initiatives to its
entire 6,500 frontline workforce.
PEOPLE
“Creating the workplaces of tomorrow depends on
smart digitalisation. This attention to our people’s
needs and skills is what makes us an attractive
employer and what makes us particularly strong
in delivering high-quality services to customers.”
Erich Steinreiber
Country Manager, ISS Austria
CASE
Our
Governance
Corporate governance
Transparency, constructive
stakeholder dialogue, sound
decision-making processes and
controls are key aspects of our
corporate governance for the benefit
of ISS and our stakeholders.
Framework
The Board of Directors (the Board) regularly
reviews the Group’s corporate governance
framework and policies in relation to the Group’s
activities, business environment, corporate
governance recommendations and statutory
requirements; and continuously assesses the
need for adjustments.
The rules on the governance of ISS A/S, includ-
ing share capital, general meetings, shareholder
decisions, election of members to the Board,
etc., is described in the Articles of Association
which are available here.
The Board reviews the Group’s share and capital
structure on an ongoing basis. The Board
believes the present share and capital structure
serves the best interests of both the sharehold-
ers and ISS as it gives ISS the flexibility to pursue
strategic goals, thus supporting long-term
shareholder value combined with short-term
shareholder value by way of ISS’s dividend policy.
Governance structure
Shareholders
The shareholders of ISS A/S exercise their rights
at the general meeting, which is the supreme
governing body of ISS.
Management
Management powers are distributed between
our Board and our Executive Group Manage-
ment Board (the EGMB). No person serves as a
member of both of these corporate bodies. Our
EGMB carries out the day-to-day management,
while our Board supervises the work of our
EGMB and is responsible for the overall manage-
ment and strategic direction.
The members of the EGMB are the Group
CEO and the Group CFO. Together, they form
the management registered with the Danish
Business Authority. The Group has a wider
Executive Group Management (the EGM), whose
members are ten Corporate Senior Officers in
addition to the EGMB. The EGM has a number of
committees including a Sustainability Committee
addressing ESG-related matters which are
reported and reviewed by the EGM and the
Board as required.
In the review of our governance structure on
p. 44, we have outlined the primary responsibil-
ities of the Board and the EGM as well as 2021
activity by Board committees.
Strengthening the EGM
In 2021, we strengthened our EGM and made
necessary organisational changes to support
our execution of the OneISS strategy even more.
On 1 May 2021, Liz Benizon took up the position
as Country Manager of ISS UK & Ireland and
joined the Executive Group Management.
On 1 June 2021, Markus Sontheimer took up the
position as Chief Information and Digital Officer
and joined the Executive Group Management.
On 1 January 2022, Carl-Fredrik Langard-Bjor
took up the position as CEO Northern Europe
and Celia Liu the position as CEO Central &
Southern Europe.
On 31 December 2021, Pierre-François Riolacci
stepped down as Group CEO Europe.
Full bios for the EGM are available here
Composition of the Board
The Board consists of ten members, seven elect-
ed by the general meeting and three elected
by and among the employees. Board members
elected by the general meeting stand for elec-
tion each year. Niels Smedegaard and Kelly Kuhn
were appointed as new members of the Board
at the annual general meeting on 13 April 2021
Governance report
The report includes a description of our
governance structure and the main elements
of our internal controls related to nancial
reporting as well as an overview of our po-
sition on the Danish Corporate Governance
Recommendations.
Recommendations

• 1.1.3 Publication of quarterly reports
We publish full-year and half-year nancial
results and trading updates in Q1 and Q3 in
line with international industry practice. This
reporting format is selected to balance focus
between short-term performance and long-
term value creation. Investor presentations
are held quarterly via live webcast/telephone
conference.
Remuneration report
The report includes a description of our
remuneration policy and remuneration of
the Board and the EGMB, see also note 5.1
to the consolidated nancial statements.
2021
REMUNERATION REPORT
PEOPLE MAKE PLACES
2021
PEOPLE MAKE PLACES
STATUTORY REPORT ON
CORPORATE GOVERNANCE
OUR GOVERNANCE
where the previous Chair of the Board Lord Allen
of Kensington and board member Claire Chiang
stepped down. The Board constituted itself by
electing Niels Smedegaard as Chair and Henrik
Poulsen as Deputy Chair.
Employee representatives are elected on the
basis of a voluntary arrangement regarding
Group representation for employees of ISS
World Services A/S as further described in the
Articles of Association. Employee representa-
tives serve for terms of four years. The current
employee representatives joined the Board after
the annual general meeting held in April 2019.
Board evaluation
In 2021, the Board performed its annual evalua-
tion of the Board’s performance with assistance
by an external advisor. The evaluation included
Board composition, individual performance at
meetings and preparation, cooperation between
the Board and the EGMB, the leadership of the
Board Chair, committee structure and work as
well as the organisation of work and quality
of Board material. All members of the Board,
CEO, CFO and the General Counsel answered
bespoke online questionnaires and participated
in in-depth personal interviews. The result of the
Board evaluation was subsequently presented
and discussed at a Board meeting.
Overall, the Board was evaluated by the external
advisor to be well-functioning and with a diverse
composition. Under challenging circumstances,
with new members and few opportunities to
meet in person, the board had worked well
together. The evaluation identified a few focus
areas to improve the Board’s performance
and value-add during 2022: i) ensuring the
right balance between reviewing progress on
turnaround plans and ensuring long-term,
profitable growth, ii) reviewing integration of
and follow-up on environmental and social goals
in general and leveraging the opportunity to
become a societal role model in particular and
iii) strengthening the Board as a team.
For further details, please see response to
recommendation 3.5.1 of the 2021 Statutory
report on Corporate Governance.
Competencies and diversity
The Board and the EGM recognise the impor-
tance of promoting diversity at management
levels and have implemented policies regarding
competencies and diversity in respect of Board
and EGMB nominations according to which we
are committed to selecting the best candidate.
Emphasis is placed on:
• experience and expertise;
• diversity of gender and in broader terms; and
• personal characteristics matching ISS’s values
and leadership principles.
In 2021, we launched our global Diversity &
Inclusion (D&I) strategy. As part of the strategy,
we have defined a target of achieving at least
40% gender balance at all corporate leadership
levels by 2025. The strategy and our initiatives
to improve gender balance is further described
on p. 38. Gender balance at all leadership levels
remains a focus area in 2022.
Board gender balance
The Board’s gender target of having at least 40%
women elected by the general meeting on the
Board by 2020 was met with 43%. Including em
-
ployee representatives, 50% of our Board is women
.
Nationalities
43% Danish
29% US
14% British
14% French
Gender balance
– for women, target: 40%
Board diversity
– members elected at the annual general meeting
Nationalities
Special competencies
Independence

Men

French

British

Women

Danish

US
 Strategy and value creation
 Leadership of large international companies
 Corporate responsibility
 Transformational change
 Finance accounting and tax
 IT, technology and digitalisation
 Investors and capital markets
 Risk management
 Sales and marketing
 People and remuneration
 International service industry
Gender Balance
(head office(Board))
EGM
Gender Balance
(head office(Board))

OUR GOVERNANCE
Assurance
The Group’s external financial reporting is
audited by the independent auditors.
Group Internal Audit (GIA) is responsible
for providing an objective and independent
assessment of the effectiveness and quality
of the internal controls in accordance with the
internal audit plan approved by the Audit and
Risk Committee (ARC). GIA operates under a
charter approved by the Board.
Although the travel ability of GIA continued to
be impacted by Covid-19, audit programmes
have been adjusted to accommodate remote
testing allowing for GIA to continue to provide
assurance over the operating effectiveness of
internal controls.
In 2021, focus has been on:
• establishment of regional based GIA in Asia &
Pacific and the strengthening of the GIA team
through recruitment of new members in the
newly established corporate hub in Warsaw;
• development of new audit working programme
to provide assurance around effectiveness of
internal controls in our Partnership countries;
• continued implementation of a structured
and formalised Internal Control Framework
for Financial Reporting (ICOFR). The status of
selected controls and on the implementation
of key processes and systems is reported
separately for each country as part of a Group
initiative on Top 10 Controls; and
• reducing the number of open audit recom-
mendations and ensuring timely closure of
audit recommendations.
Speak Up (whistleblower)
The Group’s Speak Up Policy is implemented
through a reporting tool operated by GotEthics,
which is available in 21 languages via ISS’s
website and local ISS country websites enabling
employees of ISS, business partners and other
stakeholders to report serious and sensitive
concerns anonymously.
All business integrity and ethics issues identified
through Speak Up or other sources are handled
by the Business Integrity Committee (BIC) that is
composed of the Group CFO, the Group General
Counsel, the Group People and Culture Officer
and the Head of Group Internal Audit. The BIC
reports to the ARC on all matters that have been
subject to investigation.
Over 2021, the accessibility and awareness of
Speak Up has been strengthened through the on-
going implementation of a manned phone hotline
to supplement the reporting tool and updates of
the ISS website with a new section on Responsible
Business Conduct & Speak Up.
Data ethics
ISS’s focus on safe and ethical processing of
data has been strengthened by the adoption of
the ISS Data Ethics Policy. The purpose of the
policy is to ensure transparency and account-
ability in ISS’s management and processing of
data. The policy is based on the principles of the
Charter of Fundamental Rights of the European
Union and emphasises ISS’s commitment to
responsible, fair and progressive data handling
as well as ISS’s dedication to diversity and
inclusion. The Data Ethics Policy as per section
99d in the Danish Financial Statements Act has
been adopted by the EGM and the Board and is
subject to annual review in line with ISS’s policy
standards. The policy is available here
Key matters transacted by the Board

• OneISS strategy execution
• Turnaround of underperforming contracts
(Deutsche Telekom and Danish Defence)
and countries (the UK and France)
• Divestment programme execution
• Financial performance turnaround targets
• Covid-19 impact on the business and
performance
• Embedding new Bid to Operation
processes
• IT and Digitalisation strategy
• Sustainability targets, including full net
zero CO
2
emissions
• New D&I strategy
• Data Ethics Policy
Recurring matters
• Overall strategy, business and action plan
• Annual budget
• Capital and share structure, and nancing
• Financial Policy and Dividend Policy
• External nancial reporting, Remuneration
and CR reports
• Key risks and risk management reporting
• Internal controls and risks related to
nancial reporting
• IT and information security
• Corporate governance
• Competencies, composition and indepen-
dence of the Board
• Succession planning
• Evaluation of performance of the Board,
individual board members, performance
of the EGMB and cooperation between
the Board and the EGMB
• Diversity
• Sustainability
• Speak Up Policy and system
• Remuneration policy and guidelines on
incentive pay
• Recommendation of auditors for election
at the annual general meeting
OUR GOVERNANCE
Our governance structure
Board of Directors Executive Group Management Country leadership
Responsible for the overall management and
strategic direction of the Group, including:
• strategy plan and annual budget
• appointing EGMB members
• supervising the activities of the Group
• reviewing the nancial position and capital
resources to ensure that these are adequate
The Board receives a monthly nancial reporting
package and is briefed on important matters in between
board meetings.
Board biographies, pp. 45-46
Responsible for the day-to-day management
of the Group, including:
• developing and implementing strategic
initiatives and Group policies
• designing and developing the organisa-
tional structure
• monitoring Group performance
• evaluating and executing investments,
acquisitions, divestments and large
customer contracts
• assessing on an ongoing basis whether
the Group has adequate capital resources
and liquidity to meet its existing and
future liabilities
• establishing procedures for accounting,
IT organisation, risk management and
internal controls
EGM has established a number of commit-
tees, including Sustainability, Remuneration,
IT & Digitalisation, Business Integrity and
Transaction Committees.
EGM biographies, p. 47
Responsible for the implementa-
tion of the OneISS strategy and
business model on country level
and managing the business in
accordance with Group policies
and procedures as well as local
legislation and practice of each
country, including managing
operations in their market.
Country leadership teams are set
out under each relevant country at
www.issworld.com
2021 Committee activity
Audit and Risk Committee
The Audit and Risk Committee held seven
meetings in 2021 and continued its focus on:
• Evaluating the external nancial reporting,
signicant accounting policies as well
as signicant accounting estimates and
judgements related to items such as im-
pairment tests, divestments, deferred tax
as well as revenue and related customer
receivables
• Reviewing and monitoring the Group’s
risk management, internal controls, Speak
Up (whistleblower) system and business
integrity matters
• Monitoring the Group internal audit
function
• Evaluating the Financial Policy, the Divi-
dend Policy and the Group Tax Policy
• Monitoring and considering the relationship
with the independent auditors, reviewing
the audit process and the auditors’ long
form audit report, and recommending on
appointment of auditors
Remuneration Committee
The Remuneration Committee held nine meetings in 2021
and continued its focus on:
• Assisting in reviewing the remuneration policy and
guidelines on incentive pay
• Recommending the remuneration of Board and EGMB
members and approving remuneration of EGM
Nomination Committee
The Nomination Committee held ten meetings in 2021
and continued its focus on:
• Assisting in ensuring that appropriate plans and pro-
cesses are in place for the nomination of candidates to
the Board and the EGMB
• Evaluating the composition of the Board and the EGMB
• Recommending nomination or appointment of Board,
EGMB and board committee members
Transaction Committee
The Transaction Committee held four meetings in 2021
and continued its focus on:
• Reviewing and making recommendations on certain
large acquisitions, divestments and customer contracts
• Following and considering large transactions, includ-
ing reviewing pipeline and ISS’s procedures
• Reviewing material new nancing, renancing or
material variation of existing nancing and proposals
for equity or debt issuance
Board of Directors
Executive Group Management (EGM)
Country leadership
Audit and Risk
Committee
Remuneration
Committee
Nomination
Committee
Transaction
Committee
Executive Group Management Board (EGMB)
OUR GOVERNANCE
Niels Smedegaard (1962)
Chair
Gender: Male
First elected (until): April 2021 (2022)
ISS committees
• Nomination committee (C)
• Remuneration committee
• Transaction committee
Board and management positions
• Molslinjen A/S (C)
• Bikubenfonden (C)
• Abacus Medicine A/S (C, RCM, NCM)
• Falck A/S (C, ACM)
• DSV Panalpina A/S (BM, ACM)
• TT Club Mutual Insurance Ltd. (BM)
• UK P&I Club (BM)
• Frederiksbergfonden (BM)
• EQT (Industrial advisor)
Special competencies
• International service industry
• Strategy and value creation
• Leadership of large international
companies
• Transformational change
• IT, technology and digitisation
• Finance, accounting and tax
• Investors and capital markets
(1967)
Deputy Chair
Gender: Male
First elected (until): August 2013 (2022)
ISS committees
• Transaction committee
Board and management positions
• Faerch A/S (C, NRCC)
• Faerch Group Holding A/S (C)
• Carlsberg A/S (DC (and DC in one
subsidiary), NCM, RCM, ACM)
• Ørsted A/S (BM)
• Novo Nordisk A/S (BM, ACM)
• Novo Holdings A/S (BM)
• Bertelsmann SE & CO. KGaA (SBM)
• A.P. Møller Holding A/S (Senior
advisor)
Special competencies
• Strategy and value creation
• Leadership of large international
companies
• Transformational change
• Finance, accounting and tax
• Investors and capital markets
• Risk management
• Corporate responsibility
Valerie Beaulieu (1967)
Board member
Gender: Female
First elected (until): April 2020 (2022)
ISS committees
• Audit and risk committee
• Transaction committee
Board and management positions
• Adecco Group, Chief Sales &
Marketing Ocer
Special competencies
• International service industry
• Strategy and value creation
• Leadership of large international
companies
• Transformational change
• Sales and marketing
• IT, technology and digitisation
• Corporate responsibility
Kelly Kuhn (1965)
Board member
Gender: Female
First elected (until): April 2021 (2022)
ISS committees
• Nomination committee
• Remuneration committee
Board and management positions
• CWT (Special advisor)
• McChrystal Group (Strategic advisor)
• SSP Group plc (BM, ACM, NCM)
Special competencies
• International service industry
• Strategy and value creation
• Leadership of large international
companies
• Transformational change
• People and remuneration
• Sales and marketing
• Corporate responsibility
Søren Thorup Sørensen (1965)
Board member
Gender: Male
First elected (until): April 2020 (2022)
ISS committees
• Audit and risk committee
Board and management positions
• KIRKBI A/S, (CEO, BM and/or
management in 9 subsidiaries)
• Boston Holding A/S (C)
• LEGO A/S (DC, ACC)
• Landis+Gyr AG (BM)
• Koldingvej 2, Billund A/S (BM)
• Merlin Entertainments Limited (BM,
ACC, RCM (and BM of 4 aliated
companies))
• Ole Kirk´s Foundation (BM)
• ATTA Foundation (BM)
Special competencies
• Strategy and value creation
• People and remuneration
• Finance, accounting and tax
• Investors and capital markets
• Risk management
• Corporate responsibility
Board of Directors
Denmark
Denmark
Denmark
Finland
France
USA
Uruguay
OUR GOVERNANCE

Ben Stevens (1959)
Board member
Gender: Male
First elected (until): April 2016 (2022)
ISS committees
• Audit and risk committee (C)
• Transaction committee (C)
Board and management positions
• PageGroup plc. (BM, ACC)
Special competencies
• Strategy and value creation
• Leadership of large international
companies
• IT, technology and digitisation
• Finance, accounting and tax
• Investors and capital markets
• Risk management
Cynthia Mary Trudell (1953)
Board member
Gender: Female
First elected (until): April 2015 (2022)
ISS committees
• Nomination committee
• Remuneration committee (C)
Board and management positions
• Canadian Tire Corporation Limited
(BM and chair of the management
resources, CCC, GCM)
• RenaissanceRe Holdings Ltd. (BM
and member of the compensa-
tion and corporate governance
Committee)
Special competencies
• Strategy and value creation
• Leadership of large international
companies
• Transformational change
• People and remuneration
• Sales and marketing
• IT, technology and digitisation
• Corporate responsibility
Nada Elboayadi (1982)
Employee representative
Gender: Female
First joined the Board (until):
April 2019 (2023)
ISS position
Head of Global Big Data, Global
Support Solutions since 2018.
Joined the ISS Group in 2006.
Special competencies
• International service industry
• IT, technology and digitisation
Joseph Nazareth (1960)
Employee representative
Gender: Male
First joined the Board (until):
March 2011 (2023)
ISS position
Group Vice President and Head of
Group Health, Safety, Environment
and Quality and Corporate Responsi-
bility since 2010.
Joined the ISS Group in 2010.
Special competencies
• International service industry
• Risk management
• Corporate responsibility
Elsie Yiu (1975)
Employee representative
Gender: Female
First joined the Board (until):
April 2019 (2023)
ISS position
Group Vice President and APAC Head
of Legal since 2018.
Joined the ISS Group in 2015.
Special competencies
• International service industry
• Risk management
UK
USA
USA
Uruguay
Hong Kong
Hungary
Canada
China
Denmark
C: Chair, Board of Directors
DC: Deputy Chair, Board of Directors
BM: Member, Board of Directors
SBM: Supervisory Board Member
ACC: Audit Committee Chair
ACM: Audit Committee Member
NCM: Nomination Committee Member
RCM: Remuneration Committee Member
NRCC: Nomination and Remuneration
Committee Chair
CCC: Compensation Committee Chair
GCM: Governance Committee Member
Full bios of Board members
are available here
Meeting attendance Board
Audit
and Risk
Remune-
ration
Trans-
action
Nomina-
tion
Niels Smedegaard, Chair
 1)
8/8 4/5 3/3 7/7
Henrik Poulsen, Deputy Chair 
2)
8/10 1/1 4/4
Valerie Beaulieu 9/10 6/7 4/4
Kelly Kuhn 
1)
8/8 5/5 7/7
Søren Thorup Sørensen 
2)
9/10 5/6
Ben Stevens 10/10 7/7 4/4
Cynthia Mary Trudell 10/10 9/9 10/10
Nada Elboayadi
(
E
)
10/10
Joseph Nazareth
(
E
)
10/10
Elsie Yiu
(
E
)
10/10
All board members are independent, except for the employee representatives
1)
Joined the Board of Directors/Committee on 13 April 2021
2)
Stepped down from/joined the Audit and Risk Committee on 13 April 2021
OUR GOVERNANCE
Carl-Fredrik Langard-Bjor
CEO Northern Europe
– since January 2022
Joined ISS: 2011
Scott Davies

– since January 2021
Joined ISS: 2012
Daniel Ryan
Group Chief Commercial

– since December 2020
Joined ISS: 2016 as CEO Americas
Andrew Price
CEO Strategic Growth
– since December 2020
Joined ISS: 1995
Markus Sontheimer
Chief Information and

– since June 2021
Joined ISS: June 2021
Bjørn Raasteen
Group General Counsel
– since January 2005
Joined ISS: 1999
Jacob Aarup-Andersen
Group CEO
– since September 2020
Joined ISS: September 2020
Member of the Executive
Group Management Board
of ISS A/S registered with the
Danish Business Authority.
Kasper Fangel
Group CFO
– since December 2020
Joined ISS: 2009
Member of the Executive
Group Management Board
of ISS A/S registered with the
Danish Business Authority.
Corinna Refsgaard
Group Chief People &

– since December 2018
Joined ISS: 2017
Troels Bjerg
Group COO
– since March 2018
Joined ISS: 2009
Celia Liu
CEO Central & Southern
Europe
– since January 2022
Joined ISS: December 2019
Liz Benison
CEO UK&I
– since May 2021
Joined ISS: May 2021
Executive Group Management
Full bios of Executive Group Management members are available here
Denmark
UK
USA
UK
USA
UK
USA
Australia
Denmark
Denmark
Denmark
USA
Uruguay
Norway
New Zealand
Germany Hong Kong
Hungary
Germany Hong Kong
Hungary
OUR GOVERNANCE

A new service model in the Netherlands is
saving PwC at least 15% in service costs,
while also driving down carbon emissions.
In the Netherlands, PwC’s 14 locations have
a combined footprint of 93,000 m
2
. At these
sites, we take care of almost every aspect
of facility management – from cleaning and
food to reception, IT support and security –
to ensure the buildings run smoothly 24/7.
Rob Klinkert, Senior Portfolio Manager in
Facility Management at PwC says ‘’It was
very nice to join ISS in a tender for a new
contractor. We have made a choice to
upgrade the expertise on site. And we have
been able to nance the extra costs involved
by splitting the contractor into a partner and
specialists suppliers, therefore eliminating
margin stacks. By focusing on expertise,
we also made progress on reducing energy
usage. Amongst other things by enhanced
energy monitoring and adjustments in the
building control system.’’

Until recently, preventative and reactive
maintenance at PwC’s sites in the Nether-
lands were carried out by third-party service
providers contracted by ISS. However, after
reassessing our service model, we discov-
ered that reorganising maintenance delivery
would bring signicant advantages to
PwC. The most obvious of these is a direct
reduction in maintenance costs of 15-20%.

of net zero emissions
Sustainability is a key focus area for PwC
and the company has set ambitious targets.
These include reaching net zero greenhouse
emissions by 2030 in line with the Science
Based Targets initiative. As a facility manage-
ment partner, ISS has a signicant role to
play in helping PwC achieve these goals.
”We have plans in place to optimise PwC’s use
of buildings and equipment, and together
we are taking action to reduce PwC’s energy
consumption and carbon emissions. Reuse
and lifecycle management is also extremely
important – so we always look to repair
instead of replace when possible,” says Gijs.
The results of this work have been impres-
sive. For example, we recently changed
all of PwC’s lighting to LED, resulting in an
energy saving of around DKK 100 thousand
per year. We are also installing solar panels
on the roofs of many PwC buildings and
shutting facilities at weekends if they are not
in use. This last action alone will cut heating
gas consumption by 10-15%, reducing both
operating costs and emissions.
New service concept reduces
costs and emissions for PwC

“We have plans in place to optimise PwC’s use
of buildings and equipment, and together
we are taking action to reduce PwC’s energy
consumption and carbon emissions.”
Gijs Emsbroek
Head of Technical Services & Capital Projects, ISS Netherlands
CASE
Financial
statements
Consolidated nancial statements
Estimates and judgements
Subsequent events
Items being subject to signicant estimates and/or
judgements are described in the following notes:
1.2 Revenue
1.5 Deferred tax
2.1 Right-of-use assets
2.2 Trade receivables and credit risk
2.3 Other receivables
2.6 Provisions
3.1 Discontinued operations
3.2 Assets and liabilities held for sale
3.6 Intangible assets
3.8 Impairment tests
5.4 Pensions and similar obligations
Other than set out elsewhere in these consoli-
dated nancial statements, we are not aware of
events subsequent to 31 December 2021, which
are expected to have a material impact on the
Group’s nancial position.
Primary statements
Consolidated statement of prot or loss 51
Consolidated statement of comprehensive income 51
Consolidated statement of cash ows 52
Consolidated statement of nancial position 52
Consolidated statement of changes in equity 53


1.1 Segment information 55
1.2 Revenue 56
1.3 Other income and expenses, net 58
1.4 Income tax 58
1.5 Deferred tax 59

Operating assets,

2.1 Property, plant and equipment and leases 62
2.2 Trade receivables and credit risk 64
2.3 Other receivables 65
2.4 Other liabilities 65
2.5  Changes in working capital 65
2.6 Provisions 66
2.7 Free cash ow 67

Strategic divestments and acquisitions
3.1 Discontinued operations 69
3.2 Assets and liabilities held for sale 70
3.3 Divestments 71
3.4 Acquisitions 72
3.5 Pro forma revenue and operating prot 73
3.6 Intangible assets 74
3.7 Goodwill impairment 75
3.8 Impairment tests 75

Capital structure
4.1 Equity 79
4.2 Loans and borrowings 80
4.3 Financial income and expenses 81
4.4 Financial risk management 81
4.5 Interest rate risk 82
4.6 Liquidity risk 83
4.7 Currency risk 84

Remuneration
5.1 Remuneration to the Board of Directors
and the Executive Group Management 87
5.2 Sta costs and average number of employees 87
5.3 Share-based payments 87
5.4 Pensions and similar obligations 90

Other required disclosures
6.1 Contingent liabilities 92
6.2 Government grants 92
6.3 Related parties 92
6.4 Fees to auditors 92

Basis of preparation
7.1 Signicant accounting estimates and judgements 93
7.2 Change in accounting policies 93
7.3 General accounting policies 93
7.4 New standards and interpretations
not yet implemented 95
7.5 Changes to segments 96
7.6 Group companies 96
Key events 2021
In 2021, the following events and transactions had a
signicant impact or were signicant for the under-
standing of the consolidated nancial statements:
• Impairment loss of DKK 450 million in France,
cf. 3.8, Impairment test
• Divestment of six countries and six business
units, cf. 3.3, Divestments
• Acquisition of Rönesans Facility Management
Company in Turkey, cf. 3.4, Acquisitions
FINANCIAL STATEMENTS
Consolidated statement of prot or loss Consolidated statement of comprehensive income
1)
Excluding Goodwill impairment and Amortisation/impairment of brands and customer contracts.
1 January – 31 December
(
DKKm
)
Note 2021 2020
Revenue 1.1, 1.2
71,363 70,752
Sta costs 5.2, 5.3
(
46,369
)
(
46,579
)
Consumables
(
5,020
)
(
5,751
)
Other operating expenses
(
16,438
)
(
19,785
)
Depreciation and amortisation
 1)
2.1, 3.6
(
1,760
)
(
1,840
)
 1,776
(
3,203
)
Other income and expenses, net 1.3 439
(
983
)
Goodwill impairment 3.7
(
450
)
(
432
)
Amortisation/impairment of brands and customer contracts 3.6
(
64
)
(
89
)
 1.1 1,701
(
4,707
)
Financial income 4.3 41 59
Financial expenses 4.3
(
697
)
(
608
)
 1,045
(
5,256
)
Income tax 1.4, 1.5
(
509
)
36
 536
(
5,220
)
 3.1 101 25
 637
(
5,195
)
Attributable to:
Owners of ISS A/S
615
(
5,205
)
Non-controlling interests 22 10
 637
(
5,195
)
Earnings per share, DKK
Basic earnings per share
(
EPS
)
4.1
3.3
(
28.2
)
Diluted earnings per share 4.1 3.3
(
28.2
)
Earnings per share for continuing operations, DKK
Basic earnings per share
(
EPS
)
2.8
(
28.3
)
Diluted earnings per share 2.8
(
28.3
)
1 January – 31 December
(
DKKm
)
Note 2021 2020

637
(
5,195
)
Other comprehensive income
Actuarial gains/
(
losses
)
5.4
1,145
(
127
)
Impact from asset ceiling regarding pensions 5.4
(
1,080
)
(
21
)
Tax 1.5
(
11
)
29

in subsequent periods
54
(
119
)
Foreign exchange adjustments of foreign entities 4.1 297
(
750
)
Fair value adjustments of net investment hedges 4.1
(
191
)
180
Recycling of accumulated foreign exchange adjustments on country exits 4.1
(
7
)
(
105
)
Tax 42
(
40
)

in subsequent periods
141
(
715
)
Other comprehensive income 195
(
834
)
Comprehensive income 832
(
6,029
)
Attributable to:
Owners of ISS A/S
825
(
6,034
)
Non-controlling interests 7 5
Comprehensive income 832
(
6,029
)
FINANCIAL STATEMENTS
Consolidated statement of cash ows Consolidated statement of nancial position
1 January – 31 December
(
DKKm
)
Note 2021 2020
Operating prot before other items
1,776
(
3,203
)
Operating prot before other items from discontinued operations 3.1 37 47
Depreciation and amortisation 2.1, 3.6 1,760 1,855
Share-based payments 62 27
Changes in working capital 2.5 1,056 951
Changes in provisions, pensions and similar obligations
(
435
)
1,512
Other expenses paid
(
74
)
(
441
)
Interest received 40 71
Interest paid
(
473
)
(
514
)
Income tax paid 1.4
(
528
)
(
666
)
 3,221
(
361
)
Acquisition of businesses 3.4
(
526
)
(
102
)
Divestment of businesses 3.3 1,191 505
Acquisition of intangible assets and property, plant and equipment
(
628
)
(
712
)
Disposal of intangible assets and property, plant and equipment 42 31
Acquisition of nancial assets, net
(
6
)
(
48
)
 73
(
326
)
Proceeds from bonds 4.2 - 3,694
Repayment of bonds 4.2
(
1,577
)
(
2,234
)
Repayment of lease liabilities 4.2
(
947
)
(
1,019
)
Other nancial payments, net 4.2
(
472
)
662
Transactions with non-controlling interests 3.4 164 -

(
2,832
)
1,103
 462 416
Cash and cash equivalents at 1 January 2,742 2,670
Total cash ow 462 416
Foreign exchange adjustments 224
(
344
)
Cash and cash equivalents at 31 December 4.2 3,428 2,742
 2.7 1,735
(
1,794
)
At 31 December
(
DKKm
)
Note 2021 2020
Assets
Intangible assets 3.6, 3.8 22,739 22,518
Property, plant and equipment and leases 2.1 3,376 3,546
Deferred tax assets 1.5 790 818
Other nancial assets 457 354
Non-current assets 27,362 27,236
Inventories 177 175
Trade receivables 2.2 10,406 9,861
Tax receivables 185 163
Other receivables 2.3 1,582 1,567
Cash and cash equivalents 4.6 3,428 2,742
Assets held for sale 3.2 515 1,861
Current assets 16,293 16,369
Total assets 43,655 43,605
Equity and liability
Equity attributable to owners of ISS A/S 7,583 6,516
Non-controlling interests 3.4 206 29
Total equity 4.1 7,789 6,545
Loans and borrowings 4.2 16,094 17,345
Pensions and similar obligations 5.4 1,351 1,507
Deferred tax liabilities 1.5 976 1,022
Provisions 2.6 755 624
Non-current liabilities 19,176 20,498
Loans and borrowings 4.2 888 1,298
Trade and other payables 5,657 5,083
Tax payables 174 142
Other liabilities 2.4 8,730 7,899
Provisions 2.6 961 1,302
Liabilities held for sale 3.2 280 838
Current liabilities 16,690 16,562
Total liabilities 35,866 37,060
Total equity and liabilities 43,655 43,605
FINANCIAL STATEMENTS
Consolidated statement of changes in equity
1)
At 31 December 2021, DKK 52 million (2020: DKK 8 million) of accumulated foreign exchange gains related to discontinued operations.
1 January – 31 December
Attributable to owners of ISS A/S
(
DKKm
)
Note
Share
capital
Treasury
shares
Retained
earnings
Translation
reserve Total
Non-controlling
interests
Total
equity
2021
Equity at 1 January
185
(
191
)
8,124
(
1,602
)
6,516 29 6,545
Net prot - - 615 - 615 22 637
Other comprehensive income - - 54 156 210
(
15
)
195
Comprehensive income - - 669 156 825 7 832
Share-based payments 5.3 - - 62 - 62 - 62
Transactions with non-controlling interests 3.4 180 - 180 170 350
Transactions with owners - - 242 - 242 170 412
Changes in equity - - 911 156 1,067 177 1,244
Equity at 31 December 185
(
191
)
9,035
(
1,446
)
7,583 206 7,789
2020
Equity at 1 January
185
(
191
)
13,421
(
892
)
12,523 24 12,547
Net prot - -
(
5,205
)
-
(
5,205
)
10
(
5,195
)
Other comprehensive income - -
(
119
)
(
710
)
(
829
)
(
5
)
(
834
)
Comprehensive income - -
(
5,324
)
(
710
)
(
6,034
)
5
(
6,029
)
Share-based payments 5.3 - - 27 - 27 - 27
Transactions with owners - - 27 - 27 - 27
Changes in equity - -
(
5,297
)
(
710
)
(
6,007
)
5
(
6,002
)
Equity at 31 December 185
(
191
)
8,124
(
1,602
)
6,516 29 6,545
1)
FINANCIAL STATEMENTS
Operating prot and tax
Our strategy, OneISS, determines the choices we
must take – the customers we choose to work
with, the services we oer, our delivery model
and our geographical footprint.
We have chosen to be a key account focused
organisation, believing it is with these customers
that our purpose will be brought to life, allowing
us to create value for our shareholders in the
form of stronger growth and higher margins as
well as greater free cash ow generation. The
latter is described in section 2 on p. 61.
We group our customers into key accounts,
large and medium, and small and route-based
customers, which reects the dierent needs
and requirements of dierent customer sizes.
Our core services are cleaning, food, technical
and workplace services. We deliver these
services as they balance key account customer
needs. Key account customers are more likely
to bundle service solutions, providing attractive
long-term growth for ISS via increasing share of
wallet, through our IFS oering.
In 2021, revenue was DKK 71,363. Revenue
from key accounts was 69% of Group revenue
and generated higher organic growth than
non-key accounts. As such, the demand from key
accounts showed resilience, despite Covid-19
lockdowns and restrictions.
 was DKK
1,776 million for an operating margin of 2.5%
(2020: (4.5)%) as a result of improvements in
underperforming contracts and countries.
Other income and expenses, net was positive
of DKK 439 million (2020: DKK (983) million)
following signicant progress on our strategic
divestment programme in 2021 (see section 3).
Income tax amounted to DKK 509 million
(2020: DKK (36) million) corresponding to an
eective tax rate of 48.7% (2020: 0.7%), adversely
impacted by valuation allowances on deferred tax
assets and non-tax-deductible costs, including
interest limitation.
In 2021, we strengthened our disclosures around
income tax by adding country specic details on
the eective tax rate.
In this section:
1.1 Segment information
1.2 Revenue
1.3 Other income and expenses, net
1.4 Income tax
1.5 Deferred tax

Revenue and total growth

 1)
and margin

Other income and expenses, net
1,776
DKKm
(2020: (3,203) DKKm)
71,363DKKm
(2020: 70,752 DKKm)

(2020: (8.9)%)

(2020: (4.5)%)
439DKKm
(2020: (983) DKKm)

(2020: 0.7%)
1)
Before other items.
Continental
Northern
Asia & Pacic
Americas
Other





Regional
Revenue
71.4
DKKbn
Regional revenueKey account share
FINANCIAL STATEMENTS

1.1 Segment information
ISS 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 identied based on a key principle of
grouping countries that share market conditions
and cultures. Countries where we do not have
a full country support structure, which are
managed by Global Operations, are combined in
a separate segment “Other countries”. An over-
view of the grouping of countries into regions is
presented in 7.6, Group companies.
In December 2021, ISS announced a reorganisa-
tion of the European business. Eective 1 January
2022, Europe will be segmented into Northern
Europe and Central & Southern Europe consis-
tent with the Group’s internal management and
reporting structure going forward. As a result,
the Netherlands, Belgium, Poland and Lithuania
will move from currently Continental Europe to
Northern Europe. Asia & Pacic and Americas
remain unchanged.
The new segmentation and the impact on
segment information is disclosed in 7.5, Changes
to segments.
1)
Including internal revenue which due to the nature of the business
is insignicant and therefore not disclosed.
2)
Excluding Goodwill impairment and Amortisation/impairment of
brands and customer contracts.
3)
Comprise additions to Intangible assets and Property, plant and
equipment and leases, including from Acquisitions.
4)
In 2021, the classication of Chile as discontinued operations
ceased, and Chile was presented as part of the Americas.
Comparative gures were restated accordingly.
5)
Unallocated relates to the Group’s holding companies and
comprises corporate costs as well as internal and external loans and
borrowings, cash and cash equivalents and intra-group balances.
6)
Eliminations relate to intra-group balances.
(
DKKm
)
Continental
Europe
Northern
Europe
Asia &
 Americas
Other
countries
Total
segments
Un-
allocated
Elimi-
nations
Total
Group
2021
Revenue
1)
27,846 23,424 12,381 7,141 612 71,404 -
(
41
)
71,363
Depreciation and amortisation
2)
(
676
)
(
563
)
(
214
)
(
109
)
(
2
)
(
1,564
)
(
196
)
-
(
1,760
)
 773 1,097 735 393 19 3,017
(
1,241
)
- 1,776
Operating margin       - - 
Other income and expenses, net 430
(
1
)
(
2
)
78 - 505
(
66
)
- 439
Goodwill impairment
(
450
)
- - - -
(
450
)
- -
(
450
)
Amortisation/impairment of brands and customer contracts
(
11
)
(
21
)
(
6
)
(
26
)
-
(
64
)
- -
(
64
)
 742 1,075 727 445 19 3,008
(
1,307
)
- 1,701
Total assets 16,558 17,419 7,961 4,809 770 47,517 24,476
(
28,338
)
43,655
Hereof assets held for sale - - 162 - 353 515 - - 515
Additions to non-current assets
 3)
1,188 420 93 91 3 1,795 212 - 2,007
Total liabilities 9,597 10,047 3,341 3,341 457 26,783 37,422
(
28,339
)
35,866
Hereof liabilities held for sale - - 33 - 247 280 - - 280
 4)  5)  6)
(
DKKm
)
Continental
Europe
Northern
Europe
Asia &
 Americas
Other
countries
Total
segments
Un-
allocated
Elimi-
nations
Total
Group
2020
Revenue
1)
27,634 22,642 12,385 7,565 561 70,787 -
(
35
)
70,752
Depreciation and amortisation
2)
(
781
)
(
618
)
(
188
)
(
101
)
(
1
)
(
1,689
)
(
151
)
-
(
1,840
)

(
2,030
)
(
1,200
)
646 262 20
(
2,302
)
(
901
)
-
(
3,203
)
Operating margin
(
7.3
)

(
5.3
)
   
(
3.3
)
 - -
(
4.5
)

Other income and expenses, net
(
430
)
(
120
)
(
39
)
-
(
1
)
(
590
)
(
393
)
-
(
983
)
Goodwill impairment
(
418
)
-
(
14
)
- -
(
432
)
- -
(
432
)
Amortisation/impairment of brands and customer contracts
(
11
)
(
27
)
(
25
)
(
26
)
-
(
89
)
- -
(
89
)

(
2,889
)
(
1,347
)
568 236 19
(
3,413
)
(
1,294
)
-
(
4,707
)
Total assets 16,218 17,037 7,306 4,204 1,182 45,947 21,556
(
23,898
)
43,605
Hereof assets held for sale 345 - 116 744 656 1,861 - - 1,861
Additions to non-current assets
 3)
641 536 138 40 13 1,368 175 - 1,543
Total liabilities 9,326 10,255 3,272 3,018 690 26,561 34,386
(
23,887
)
37,060
Hereof liabilities held for sale 150 - 32 239 417 838 - - 838
 4)  5)  6)
FINANCIAL STATEMENTS
1.2 Revenue
Performance obligations
Revenue is generated from rendering of work-
place and facility service solutions. Our services
are provided to the customer on a daily basis
continuously over the term of the contract. The
customer simultaneously receives and consumes
the benets provided by the Group. Thus, the
performance obligations are satised over time.
Revenue is split into portfolio and projects and
above-base work and the vast majority arises
from portfolio.
Portfolio comprises revenue from contracts with
customers that is contractually agreed (commit-
ted) at inception and relates to services that we
are obligated to deliver on a recurring basis over
the term of the contract.
Projects and above-base work (e.g. capital
projects) comprise revenue that is not necessarily
contractually agreed at inception (not committed),
but requested and agreed with the customer and
thus provided on a non-recurring basis.
In 2021, the Group’s revenue continued to be signi-
cantly impacted by Covid-19 due to lockdowns and
other restrictions, which caused customers across
the globe to reduce building occupancy and reduce
their request for services accordingly.
During the pandemic, we have recalibrated service
solutions to the needs and interests of customers
as well as ISS, and to support our employees to
the extent possible. This has resulted in increased
uncertainty and in management making various
judgements, estimates and assumptions in relation
to recognition and measurement of the Group’s rev-
enue, that could result in outcomes that require ad-
justments to recognised revenue in future periods.
Judgements, estimates and assumptions mainly re-
lated to assessment of the impact on revenue from:
1. customers reducing their demand for services
(contract modications);
2. utilisation of government support schemes;
3. variable consideration, e.g. revenue contingent on
the achievement of certain contractual KPIs; and
4. continuing service delivery to customers despite
collectibility concerns.

Contract modications are generally agreed with
the customer in accordance with a specied change
management procedures and accounted for
going forward. However, the current situation has
necessitated exibility from both sides and required
continuous assessments by management, among
others in relation to how quickly ISS would be able to
implement service changes. Likewise, when certain
government support schemes have been utilised,
management has assessed the extent to which such
support should be passed on to customers and
reduce revenue accordingly.
Finally, for variable consideration, assessments have
been made as to Covid-19 impacting achievement of
contractual KPIs and thus reducing revenue.
Gross or net presentation of revenue
Management uses judgement to determine whether
the nature of ISS’s promise is to provide the specied
services (ISS is the principal), or to arrange for anoth-
er party to provide the services (ISS is acting as an
agent). This assessment is based on an evaluation
of whether ISS controls the specied 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 transferring them to the customer,
and consequently as a main rule recognises revenue
on a gross basis.
1)
Excluding deferred tax assets.
2)
Including unallocated items and eliminations.
1)
Including unallocated items and eliminations.
Revenue by country

(
DKKm
)
2021 2020
UK & Ireland 10,634 10,290
Germany 5,429 5,493
USA & Canada 5,298 5,882
Switzerland 5,212 5,286
Spain 4,420 4,221
Australia & New Zealand 4,349 3,968
Denmark
(
country of domicile
)
3,673 3,593
Other countries
 1)
32,348 32,019
Total 71,363 70,752
Non-current assets
 1)
by country

(
DKKm
)
2021 2020
UK & Ireland 3,275 3,149
USA & Canada 2,362 2,203
Denmark
(
country of domicile
)
1,840 1,880
Switzerland 1,723 1,748
Australia & New Zealand 1,411 1,451
Spain 1,178 1,152
Germany 989 1,083
Other countries
 2)
13,794 13,752
Total 26,572 26,418
Group revenue per country is disclosed on p. 109.
FINANCIAL STATEMENTS
Disaggregation of revenue
We disaggregate revenue based on customer
type and geographical region as we believe
that these best depict how the nature, amount,
timing and uncertainty of our revenue and cash
ows are aected by economic factors. Disag-
gregation of revenue based on geographical
region is disclosed in 1.1, Segment information.
At 31 December, the revenue backlog (including
contracts won but not yet started) was as
follows:
(
DKKm
)
Key
account
customers
Large and
medium
customers Total
2021
< 1 year 14,792 5,518 20,310
1-2 years 10,042 3,086 13,128
2-3 years 6,219 1,544 7,763
3-4 years 4,560 801 5,361
4-5 years 3,857 477 4,334
> 5 years 9,464 684 10,148
Total 48,934 12,110 61,044
2020
< 1 year 14,083 5,064 19,147
1-2 years 9,003 2,768 11,771
2-3 years 6,013 1,263 7,276
3-4 years 3,763 592 4,355
4-5 years 2,989 313 3,302
> 5 years 10,871 506 11,377
Total 46,722 10,506 57,228
In estimating the revenue backlog, the Group
has applied the exemptions of IFRS 15 and does
not disclose revenue backlog for contracts:
• with an original duration of less than 12
months; and
• invoiced based on time incurred, i.e. contracts
where the Group invoices a xed amount for
each hour of service provided.
Committed savings glidepaths are taken into
consideration whereas future ination is exclud-
ed from the estimates.
For our key accounts and large and medium
customers, a signicant number of contracts in
terms of value are descoped based on a term
of less than 12 months (due to termination for
convenience clauses) and some contracts are
descoped on the basis that they are invoiced
based on time incurred.
In terms of our small and route-based
customers, the vast majority is descoped based
on either of the two exemptions. The remaining
customers in scope comprise less than 1% of
Group revenue and due to immateriality revenue
backlog is therefore not disclosed.
In conclusion, the amounts disclosed in the
maturity prole above are signicantly lower
than reported revenue and will likely not reect
the degree of certainty in future revenue (and
cash inows) to the Group – both due to the ex-
emptions and due to non-portfolio revenue not
being considered part of the revenue backlog.
(
DKKm
)
2021 2020
Customers
Key accounts 49,238 47,076
Large and medium 17,958 19,582
Small and route-based 4,167 4,094
Total 71,363 70,752
Revenue backlog
Our revenue base consists of a mix of yearly
contracts, which are renewed tacitly, and thou-
sands of multi-year contracts, the majority of
which have an initial term of three to ve 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 main-
tain a high retention rate, both for key accounts
and overall, supporting that these options are
rarely exercised.
As described in Performance obligations
on p. 56, 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. Since projects and above-base work
is not committed as part of the main customer
contract it is excluded from the transaction price
to be allocated to the remaining performance
obligation (revenue backlog).
Accounting policy
Revenue from contracts with customers is rec-
ognised when control of the services is trans-
ferred to the customer at an amount that reects
the consideration to which the Group expects to
be entitled in exchange for those services. Control
is transferred over time as the customer simul-
taneously receives and consumes the benets
provided by the Group. Services are invoiced on a
monthly basis.
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.
Variable consideration For key accounts and
other large contracts, the transaction price may
include variable consideration based on achieve-
ment of certain key performance indicators. Man-
agement 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 success 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
signicant reversal.
 Key account contracts are often
modied in respect of service requirements. Gen-
erally, modications are agreed with the customer
in accordance with a specied change manage-
ment procedure and accounted for going forward
with no impact on recognised revenue up to the
date of modications.
FINANCIAL STATEMENTS
1.3 Other income and
expenses, net
Gain on divestments mainly related to the
divestment of Kanal Services in Switzerland and
Specialized Services in the USA. In 2020, the
gain related mainly to the divestment of the Pest
control business in Singapore.
IT security incident in 2020 comprised un-
avoidable incremental costs incurred as a con-
sequence of the IT security incident, including
writedown of impaired assets, non-chargeable
costs due to lack of documentation and certain
customer claims and penalties.
Loss on divestments mainly related to
adjustments to prior years’ divestments and the
divestment of Fruit Baskets business in Sweden.
In 2020, the loss mainly comprised adjustments
to prior years’ divestments, most signicantly
the Hygiene & Prevention business in France.
(
DKKm
)
2021 2020
Gain on divestments 604 36
IT security incident 7 -
Other income 611 36
Loss on divestments
(
34
)
(
107
)
Carrying amount adjustment re.
ceased held for sale classication
(
59
)
-
Acquisition costs
(
77
)
(
6
)
IT security incident -
(
887
)
Winding up of businesses -
(
18
)
Other
(
2
)
(
1
)
Other expenses
(
172
)
(
1,019
)
Other income and expenses, net 439
(
983
)
Carrying amount adjustment re. ceased
 comprised
depreciation and amortisation for the years
2019 to 2020 recognised following the decision
to cease the held for sale classication of Chile
in December 2021.
Acquisition costs related to the acquisition
of Rönesans Facility Management Company in
Turkey. The majority of these costs comprised
transaction incentives to management in ISS
Turkey. In addition, fees to external advisors
were included.
Winding up of businesses in 2020 related to
the Open Space business in Australia.

Group 2021 2020
Statutory income tax rate, Denmark 22.0 % 22.0 %
Foreign tax rate dierential, net
(
14.4
)
% 6.4 %
Total  
Non-tax-deductible expenses less
non-taxable income 8.5 % 0.2 %
Non-tax-deductible impairment 12.1 %
(
3.2
)
%
Prior year adjustments, net
(
2.2
)
%
(
0.7
)
%
Change in valuation of tax assets, net 17.4 %
(
22.0
)
%
Changes in tax rates
(
0.7
)
%
(
0.1
)
%
Other taxes 6.0 %
(
1.9
)
%
  
(
DKKm
)
2021 2020
Current tax 486 389
Deferred tax 46
(
462
)
Prior year adjustments, net
(
23
)
37
Income tax 509
(
36
)
1.4 Income tax
The Group’s eective tax rate in 2021 was ad-
versely impacted by a few major items, namely
non-tax-deductible impairment, valuation allow-
ances on deferred tax assets and non-tax-de-
ductible costs, mainly interest limitation. In 2020,
the eective tax rate was signicantly impacted
by the negative prot before tax.
Statutory
income
tax
2021
ETR
By country
 1)
2021 2020
Australia 30.0 % 30.2 % 30.0 %
Denmark
(
incl. HQ
)
 2)
22.0 %
(
7.1
)
% 3.1 %
Finland 20.0 % 25.9 %
(
988.7
)
%
France
 2)
27.5 %
(
10.9
)
% 0.6 %
Germany
 2)
30.3 % 0.0 %
(
5.9
)
%
Norway 22.0 % 22.6 % 28.3 %
Spain 25.0 % 21.9 % 4.6 %
Switzerland 18.0 % 7.5 % 18.2 %
UK 19.0 % 122.7 % 19.4 %
USA 21.0 % 21.4 % 29.3 %
Other - n/a n/a
 3)
 was
impacted by signicant tax losses in countries
with a higher corporate income tax rate than
22%, primarily France and Germany.
Non-tax-deductible expenses less non-tax-
able income comprised various income and
expenses across the Group. In Denmark, inter-
est limitation tax rules, including impact from
the renancing of bonds, as well as withholding
taxes without credit relief, had a negative impact
on the eective tax rate. France also contributed
due to the tax credit CICE, whereas the non-tax-
able divestment of Kanal Services in Switzerland
and Covid-19 subsidies impacted positively.
Non-tax-deductible impairment related to
goodwill impairment in France.
Prior year adjustments, net related to adjust-
ments in the nal tax returns for 2020, mainly in
the UK. In 2020, the adjustment mainly related
to settlement of tax audit in Finland.
Change in valuation of tax assets, net
comprised valuation allowances on deferred tax
assets, primarily in Germany and France in 2021.
In 2020, the change mainly related to Germany,
France, Spain and the Netherlands.
Changes in tax rates in 2021 was mainly driv-
en by the increase in the income tax rate in the
UK from 19% to 25% eective from 2023 and
a reduction of the corporate tax rate in France
from 33% to 25% over the period 2018-2022.
Other taxes mainly comprised withholding tax,
e.g. in Denmark, and Cotisation sur la Valeur
Ajoutée des Entreprises (CVAE) in France.
1)
Calculated based on IFRS reporting standards.
2)
Prot before tax was negative in 2021.
3)
Prot before tax was negative in all countries, except
Switzerland.
Accounting policy
Other income and expenses, net consists of
recurring and non-recurring items that manage-
ment does not consider to be part of the Group’s
ordinary operations, i.e. gains and losses on
divestments, remeasurement of disposal groups
classied as held for sale, carrying amount adjust-
ments regarding ceased held for sale classica-
tion, the winding-up of operations, disposal of
property and acquisition and integration costs.
FINANCIAL STATEMENTS
Denmark
Australia
Finland
Switzerland
Norway
Spain
France
Germany
Other









1.5 Deferred tax
Unrecognised deferred tax assets
At 31 December 2021, the Group had unrec-
ognised deferred tax assets which comprised
tax losses carried forward and other deductible
temporary dierences of DKK 1,871 million
(2020: DKK 1,688 million) for continuing opera-
tions primarily relating to Germany, France, the
Netherlands and Spain.
At 31 December 2021, DKK 0 million (2020: DKK
15 million) of the total unrecognised deferred tax
assets related to discontinued operations.
Unrecognised tax losses can be carried forward
indenitely 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
nal outcome of some of the ongoing disputes
is expected to be determined in 2023.
Germany
France
Other

(
16%
)

(
52%
)

(
32%
)
Prior year adjustments, net in 2021 and
2020 were mainly related to adjustment of tax
deductions (temporary dierences) in the nal
tax returns.
Acquisitions and divestments, net in 2021
related to the acquisition of Rönesans Facility
Management Company in Turkey.
Other comprehensive income comprised tax
on actuarial gains on pensions.
(
DKKm
)
2021 2020
Deferred tax liabilities,
net at 1 January 204 682
Prior year adjustments, net
(
96
)
(
17
)
Foreign exchange adjustments
(
24
)
23
Acquisitions and divestments, net 72 -
Other comprehensive income 11
(
29
)
Reclassication to Assets/
(
Liabilities
)
held for sale
(
27
)
7
Tax on prot before tax 46
(
462
)
Deferred tax liabilities,
net at 31 December 186 204
Tax payments
Accounting policy
Income tax comprises current tax and changes
in deferred tax, including changes due to a
change in the tax rate, and is recognised in prot
or loss or other comprehensive income.
Tax receivables and payables are recognised in
the statement of nancial position as tax comput-
ed on the taxable income for the year, adjusted
for tax on the taxable income prior years and tax
paid on account.
Our approach to tax and tax risks
We are committed to comply with applicable tax
rules and regulations in the countries where we
operate. We also have an obligation to optimise the
return for our shareholders by managing and plan-
ning tax payments eectively. As a good corporate
citizen, we will pay applicable taxes, and at the same
time ensure a competitive eective tax rate and
strive to limit double taxation to the extent possible.
We have zero-tolerance towards evasion of taxes,
social charges or payroll taxes. For the benet of
society, our employees and customers, we support
governmental and industry specic initiatives that
introduce tighter controls and sanctions to ensure
that companies in our industry play by the rules.
Cross-border and intercompany transactions main-
ly comprise royalty payments, management fees
and nancing. Such transactions are conducted
based on arm’s length principles and in accordance
with current OECD principles in setting internal
transfer prices.
For further details:
ISS Tax Policy here
2021 Corporate Responsibility Report here
Tax
payments
528
DKKm

Deferred tax assets Deferred tax liabilities
(
DKKm
)
2021 2020 2021 2020
Tax losses carried forward 336 466 - -
Goodwill 4 4 413 371
Brands - - 350 353
Customer contracts 8 13 141 69
Property, plant and equipment 139 86 381 438
Provisions and other liabilities 1,062 861 563 557
Pensions 158 177 22 -
Tax losses in foreign subsidiaries under Danish joint taxation - - 23 23
Set-o within legal tax units and jurisdictions
(
917
)
(
789
)
(
917
)
(
789
)
Total 790 818 976 1,022
Unrecognised deferred tax assets
Unrecognised
defferred tax
assets
1.9
DKKbn
FINANCIAL STATEMENTS

Deferred tax assets relating to tax losses carried
forward are recognised, when management
assesses that these can be oset 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
income is based on nancial budgets approved by
management and expectations on the operational
development, mainly in terms of organic growth
and operating margin in the following ve years as
well as planned adjustments to capital structure in
each country.
Management made a reassessment of the prob-
ability that future taxable prot will be available in
the foreseeable future (5 years) against which the
Group can utilise tax losses (i.e for current year and
those carried forward from prior years (valuation
allowances). The assessment is based on the cash
ow projections made for the purpose of the Group’s
impairment tests, see 3.8, Impairment tests, and rep-
resents management’s best estimate, but is naturally
associated with signicant uncertainty.
Uncertain tax positions As part of operating a
global business, disputes with tax authorities around
the world may occur. Management periodically
evaluates positions taken in tax returns with respect
to situations in which applicable tax regulation is
subject to interpretation and considers 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’s
best estimate of the amount required to settle the
obligation and recognised in deferred tax or income
tax depending on the tax position.
Accounting policy
Deferred tax is provided using the liability method
on temporary dierences between tax bases of
assets and liabilities and their carrying amounts.
Deferred tax is not recognised on temporary dier-
ences relating to goodwill which is not deductible
for tax purposes and other items where temporary
dierences, apart from in business combinations,
arose at the time of acquisition without aecting ei-
ther Net prot or taxable income. Where alternative
taxation rules can be applied to determine the tax
base, deferred tax is measured according to man-
agement’s 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-o against tax on future income or as
a set-o against deferred tax liabilities in the same
legal tax entity and jurisdiction.
Deferred tax assets and liabilities are oset if the
Group has a legal right to oset these, intends to
settle these on a net basis or to realise the assets
and settle the liabilities, simultaneously.
FINANCIAL STATEMENTS
1)
Non-IFRS measure, see 2.7, Free cash ow
2)
Before other items
Operating assets, liabilities
and free cash ow
1)
Our ability to manage the capital intensity required
to operate, grow and improve our business is
paramount, and driving strong cash ow remained
a key priority for ISS in 2021.
In 2021, we generated nominal free cash ow
1)
of DKK 1.7 billion (2020: DKK (1.8) billion). The
signicant improvement was driven by operating
prot and strong working capital performance.
To improve capital eciency, we continued to
focus on the development in trade receivables,
especially overdue receivables and unbilled receiv-
ables. As a result, the ageing prole of our trade
receivables improved slightly compared to 2020.
Trade
receivables
Trade and
other payables
Other
receivables
Other
liabilities
Provisions
10,406DKKm
(2020: 9,861 DKKm)
5,657DKKm
(2020: 5,083 DKKm)
1,582DKKm
(2020: 1,567 DKKm)
8,730DKKm
(2020: 7,899 DKKm)
1,716DKKm
(2020: 1,926 DKKm)
Trade receivables
9
10
11
12
13
202120202019
84
86
88
90
92
Trade receivables
Not past due, %
DKKbn %
(
2.0
)
0
2.0
4.0
DKKbn
20212020
Operat-
ing
prot
2)
Working
capital
Provi-
sions
Other
exp.
(
1.8
)
Cash flow bridge (GP)
5.0
0.1
0.3
1.7
(
1.9
)
 Trade receivables
In this section:
2.1 Property, plant and equipment
and leases
2.2 Trade receivables and credit
risk
2.3 Other receivables
2.4 Other liabilities
2.5 Changes in working capital
2.6 Provisions
2.7 Free cash ow
FINANCIAL STATEMENTS

2.1 Property, plant and equipment and leases
Leases
(
right-of-use assets
)
Property,
plant and
equipment
(
DKKm
)
Properties Vehicles Other Total 2021
Cost at 1 January 2,411 1,313 673 4,397 3,615 8,012
Prior year adjustments
(
117
)
(
203
)
(
94
)
(
414
)
-
(
414
)
Foreign exchange adjustments 51 17
(
46
)
22 45 67
Additions 347 372 140 859 335 1,194
Acquisitions - - 6 6 27 33
Divestments - - - -
(
122
)
(
122
)
Disposals
(
127
)
(
199
)
(
96
)
(
422
)
(
489
)
(
911
)
Reclass -
(
8
)
-
(
8
)
8 -
Reclass
(
to
)
/from Assets held for sale 17 15
(
6
)
26 36 62
Cost at 31 December 2,582 1,307 577 4,466 3,455 7,921
Depreciation at 1 January
(
842
)
(
689
)
(
354
)
(
1,885
)
(
2,581
)
(
4,466
)
Prior year adjustments 117 203 94 414 - 414
Foreign exchange adjustments
(
18
)
(
12
)
21
(
9
)
(
57
)
(
66
)
Impairment
(
32
)
- -
(
32
)
(
5
)
(
37
)
Depreciation
(
412
)
(
368
)
(
142
)
(
922
)
(
422
)
(
1,344
)
Divestments - - - - 109 109
Disposals 126 199 95 420 456 876
Reclass - 7 - 7
(
7
)
-
Reclass
(
to
)
/from Assets held for sale
(
10
)
(
9
)
5
(
14
)
(
17
)
(
31
)
Depreciation at 31 December
(
1,071
)
(
669
)
(
281
)
(
2,021
)
(
2,524
)
(
4,545
)
Carrying amount at 31 December 1,511 638 296 2,445 931 3,376
Leases
(
right-of-use assets
)
Property,
plant and
equipment Properties Vehicles Other Total 2020
2,294 1,167 641 4,102 4,403 8,505
- - - - - -
(
44
)
(
32
)
(
57
)
(
133
)
(
160
)
(
293
)
341 317 126 784 389 1,173
- - - - - -
(
0
)
(
5
)
(
0
)
(
5
)
(
11
)
(
16
)
(
73
)
(
25
)
(
19
)
(
117
)
(
551
)
(
668
)
-
(
10
)
(
6
)
(
16
)
4
(
12
)
(
107
)
(
99
)
(
12
)
(
218
)
(
459
)
(
677
)
2,411 1,313 673 4,397 3,615 8,012
(
454
)
(
377
)
(
235
)
(
1,066
)
(
2,967
)
(
4,033
)
- - - - - -
16 13 21 50 114 164
(
2
)
(
0
)
-
(
2
)
(
77
)
(
79
)
(
445
)
(
379
)
(
154
)
(
978
)
(
493
)
(
1,471
)
- 3 0 3 8 11
16 9 13 38 524 562
- 5
(
2
)
3
(
1
)
2
27 37 3 67 311 378
(
842
)
(
689
)
(
354
)
(
1,885
)
(
2,581
)
(
4,466
)
1,569 624 319 2,512 1,034 3,546
FINANCIAL STATEMENTS
Lease liability
The carrying amount of lease liabilities and the
movements in the year are disclosed in 4.2,
Loans and borrowings. The maturity prole is
disclosed in 4.6, Liquidity risk.
Lease-related costs

(
DKKm
)
2021 2020
Depreciation of right-of-use assets 922 978
Interest expenses on lease liabilities 69 79
Short-term leases 168 166
Leases of low value assets 88 91
Variable lease payments 13 11
 1,260 1,325
 338 347
Lease term Several of ISS’s lease contracts (oce
buildings) have no contractual xed 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
incentive for the Group to exercise the extension
option.
The lease term for contracts without an end date
is set to ten years for head oce and accessory
buildings, whereas all other leases with no denite
end date are set to ve years.

judgements
Right-of-use assets are recognised at the com-
mencement date of the lease. Right-of-use assets are
measured at cost less accumulated depreciation and
impairment losses, and adjusted for any remeasure-
ment of lease liabilities, including extension options.
Cost comprises the amount of lease liabilities
recognised, initial direct costs and 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.
Certain leases have lease terms of 12 months or less
or are leases of low-value assets, such as smaller
cleaning equipment, IT equipment and oce furniture.
The “short-term lease” and “lease of low-value assets”
recognition exemptions are applied for these leases,
i.e. 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.
Estimated useful life
Properties 5-10years
Cars 3-5years
Other equipment 2-5years
Subsequent costs, e.g. for replacing part of an item,
are recognised in the cost of the asset if it is prob-
able that the future economic benets embodied
by the item will ow to the Group. The carrying
amount of the item is derecognised when replaced
and transferred to prot or loss. All other costs for
common repairs and maintenance are recognised in
prot 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 dierent 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 methods, useful lives and residual
values are reassessed at each reporting date and
adjusted prospectively, if appropriate.
Depreciation is calculated on a straight-line basis
over the estimated useful lives of the assets.
Land is not depreciated.
Gains and losses arising on the disposal or
retirement of property, plant and equipment are
measured as the dierence 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.
Estimated useful life
Plant and equipment 3-10years
Leasehold improvements (the lease term) 3-10 years
Buildings 20-40years
Accounting policy
FINANCIAL STATEMENTS
In 2021, trade receivables increased slightly to
DKK 10,406 million (2020: DKK 9,861 million).
The initial recovery from Covid-19 and resulting
positive growth in the later part of the year were
the main drivers of the increase. At 31 Decem-
ber 2021, utilisation of factoring was DKK 1.1
billion (31 December 2020: DKK 1.0 billion).
Exposure to credit risk
The Group’s exposure to credit risk is inherently
low due to its business model and strategic
choices leading to a diversied customer
portfolio, both in terms of geography, industry
sector, customer size and service types. Also,
our strategic divestment programme has
contributed to the low risk assessment as it has
2.2 Trade receivables and credit risk

estimates
led to higher-risk countries and business units
being sold o.
The Group has considered the impact of Covid-19
on credit risk in general and the resulting impact
on expected credit losses on its trade receiv-
ables, including an assessment of current and
forward-looking reasonable and supportable
information.
It is management’s assessment that the general
credit risk continues to be elevated, though
somewhat less than in 2020 following the initial
recovery from Covid-19 in some countries
towards the end of 2021. As a result, realised
losses (write-os) decreased slightly in 2021 to
DKK 64 million (2020: DKK 77 million) in relation
to insolvent customers and changed customer
agreements. Additionally, we reversed DKK 120
million of expected credit losses provisioned in
prior years, partly due to the improved credit
environment but also due to our own collection
eorts focused on aged receivables.
Generally, the Group does not hold collateral as
security for trade receivables.
The maximum credit risk exposure at the
reporting date by reportable segments is shown
to the left.
Trade receivables comprise invoiced and unbilled
revenue. Trade receivables are recognised initially
corresponding to the transaction price and sub-
sequently measured at amortised cost. Generally,
due to the short-term nature of trade receivables,
amortised cost will equal the invoiced amount less
loss allowance for expected credit losses.
Exposure to credit risk on trade receivables and ex-
pected credit losses are managed locally in the op-
erating entities and credit limits are set as deemed
appropriate taking into account the customer’s
nancial position and the current market conditions.
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 groupings of various
customer segments with similar loss patterns, i.e. by
geographical region, and customer type and rating.
The calculation reects the probability-weighted
outcome, the time value of money and reasonable
and supportable information that is available at the
reporting date about past events, current condi-
tions and forecasts of future economic conditions.
The provision matrix is initially based on the
Group’s historical observed default rates. At every
reporting date, the historical observations are
updated and changes in the forward-looking
estimates are analysed. For instance, if forecast
economic conditions are expected to deteriorate
over the next year, this is taken into consideration.
Generally, trade receivables are written o if they
are past due for more than 180 days or when
there is no reasonable expectation of recovery.
Impairment losses on trade receivables are pre-
sented as net impairment losses within operating
prot before other items. Subsequent recovery
of amounts previously written o are credited
against the same line item. Reversal of expected
credit losses is recognised in Other operating
expenses.
Allowance for expected credit losses
(
DKKm
)
2021 2020
Loss allowance at 1 January
(
299
)
(
182
)
Foreign exchange adjustments 3 17
Acquisitions
(
2
)
-
Divestments 0 1
Provision for expected credit losses
(
45
)
(
244
)
Expected credit losses reversed 120 0
Write-o 64 77
Reclassication to Assets held for sale
(
3
)
32
Loss allowance at 31 December
(
162
)
(
299
)
2021 2020
(
DKKm
)
Gross
Loss
allowance
Carrying
amount Gross
Loss
allowance
Carrying
amount
Continental Europe 5,134
(
67
)
5,067 5,097
(
141
)
4,956
Northern Europe 2,527
(
34
)
2,493 2,816
(
57
)
2,759
Asia & Pacic 1,852
(
49
)
1,803 1,688
(
83
)
1,605
Americas 964
(
12
)
952 496
(
18
)
478
Other countries 91 - 91 63 - 63
Total 10,568
(
162
)
10,406 10,160
(
299
)
9,861
2021 2020
(
DKKm
)
Gross
Loss
allowance
Carrying
amount Gross
Loss
allowance
Carrying
amount
Not past due 9,418
(
4
)
9,414 8,827
(
5
)
8,822
Past due 1 to 60 days 866
(
6
)
860 889
(
5
)
884
Past due 61 to 180 days 138
(
12
)
126 176
(
36
)
140
Past due 181 to 360 days 37
(
34
)
3 118
(
111
)
7
More than 360 days 109
(
106
)
3 150
(
142
)
8
Total 10,568
(
162
)
10,406 10,160
(
299
)
9,861
Management has considered the impact of
Covid-19 on credit risk in general and the resulting
impact on expected credit losses on its trade
receivables, including assessment of current and
forward-looking reasonable and supportable infor-
mation. See further under Exposure to credit risk.
Accounting policy
FINANCIAL STATEMENTS
Receivable divestment proceeds mainly
related to the divestment of Specialized Services
in the USA, where part of the consideration is
subject to customer consent being achieved.
Sign-on fees comprised upfront discounts to
certain large customers, most signicantly in the
UK and on certain global key accounts.
Transition and mobilisation costs comprised
directly related costs incurred to full the
performance obligations under certain large
contracts. The decrease in 2021 was due to
ordinary amortisation, mainly in Norway, the UK,
Denmark and the USA.
Other comprised refunds from customers,
VAT, accrued interests and other recoverable
amounts, including Covid-19-related govern-
ment subsidies.
Prepayments to suppliers comprised various
payments related to ongoing projects and
above-base work (where revenue has not yet
been recognised) as well as utilities, insurance
and licenses.
Supplier rebates and bonuses comprised vol-
ume-related discounts obtained from suppliers
and reects the Group’s eorts to consolidate
the number of suppliers and drive synergies
and cost savings. The increase in 2021 related
mainly to increased activity levels following the
initial recovery from Covid-19 as well as timing of
settlement of such rebates and bonuses.
In 2021, other liabilities increased DKK 831 mil-
lion mainly due to initial recovery from Covid-19,
leading to an increase in activity and a resulting
increase in tax withholdings, VAT, accrued wages
and bonuses and related social costs. Further-
more, prepayments from customers increased
following the extension of a global key account
contract, which also led to improved payment
terms.
Other comprised customer discounts, accrued
interests, etc.

capital
(
DKKm
)
2021 2020
Changes in inventories 4 89
Changes in receivables
(
110
)
2,775
Changes in payables 1,162
(
1,913
)
Total 1,056 951
2.4 Other liabilities
(
DKKm
)
2021 2020
Accrued wages, pensions
and holiday allowances 4,804 4,157
Tax withholdings, VAT etc. 2,213 2,121
Prepayments from customers 868 560
Contingent consideration
and deferred payments 31 133
Other 814 928
Total 8,730 7,899
Capitalisation of transition and mobilisation
costs involves management’s judgement to
assess if the criteria for capitalisation are fullled.
Management uses judgement to determine if
the costs relate directly to the contract and are
incurred in order for ISS to be able to full the
contract. In addition, management determines
if the costs generate resources that will be used
in satisfying the performance obligation and are
expected to be recovered, i.e. reected in the
pricing of the contract.
Other receivables are recognised initially at cost
and subsequently at amortised cost, except for se-
curities and currency swaps, which are recognised
at fair value. Due to the short-term nature of other
receivables, amortised cost will equal the cost.
Transition and mobilisation costs (costs to
full a contract) comprise costs directly related to
launching certain large contracts such as transfer
of employees from previous suppliers, site due
diligence, planning and developing service
plans. The cost includes internal direct costs and
external costs e.g. to consultants. Transition and
mobilisation costs are capitalised and amortised
over the initial secured contract term consistent
with ISS’s transfer of the related services to the
customer. Bid-related costs, including 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’s transfer of the related
services to the customer.
(
DKKm
)
2021 2020
Prepayments to suppliers 359 326
Supplier rebates and bonuses 352 297
Receivable divestment proceeds 155 19
Sign-on fees 134 133
Securities 103 76
Pass-through costs 48 77
Transition and mobilisation costs 62 117
Currency swaps - 23
Other 369 499
Total 1,582 1,567
Accounting policy

judgements
2.3 Other receivables
FINANCIAL STATEMENTS
2.6 Provisions
(
DKKm
)
Legal and
labour-
related
cases
Self-
insurance
Restruc-
turings
Onerous
contracts Other Total
2021
Provisions at 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
Provisions 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
2020
Provisions at 1 January 71 239 1 31 224 566
Foreign exchange adjustments
(
6
)
(
13
)
(
0
)
(
3
)
(
6
)
(
28
)
Additions 86 204 1,174 265 385 2,114
Used during the year
(
10
)
(
147
)
(
383
)
(
6
)
(
136
)
(
682
)
Unused amounts reversed
(
9
)
(
22
)
-
(
2
)
(
3
)
(
36
)
Reclass (to)/from other liabilities 1 0
(
5
)
-
(
4
)
(
8
)
Provisions at 31 December 133 261 787 285 460 1,926
Non-current 19 122 199 219 65 624
Current 114 139 588 66 395 1,302
Provision Nature and extent
Legal and
labour-related
Comprised various cases, mainly redundancy-related disputes in France and Spain
as well as employee-related risks in the UK.
Self-insurance The Group carries insurance provisions on employers’ liability and/or workers com-
pensation in the countries listed below.
• Hong Kong: DKKm 25.2 (2020: DKKm 23.4) yearly
• UK: DKKm 26.6 (2020: DKKm 24.7) yearly aggregated limit and
DKKm 4.4 (20201: DKKm 4.1) per claim
• Australia: DKKm 3.6 (2020: DKKm 5.8) per claim
• USA: DKKm 3.3 (2020: DKKm 3.3) per claim
Furthermore, the provision included liability not insured under the global general
liability insurance with a self-insured level of DKK 7.4 million (2020: DKK 7.5 million)
worldwide, except for the USA where the self-insurance level is DKK 6.6 million
(2020: DKK 6.1 million) per claim. Obligations and legal costs in relation to various
insurance cases, if not covered by the insurance, were also included in the provision.
Restructurings We are continuously reviewing our business platform to ensure the right basis for
execution of our strategy. In 2020, restructurings were initiated in several countries
to adjust our cost structure to the lower activity level following Covid-19. The initiatives
included termination of employees, contract exits and overhead reductions. Execution
of the restructuring projects is ongoing, which led to payments of DKK 373 million in
2021, mainly in France, Germany and Spain.
Onerous
contracts
The provision for onerous contracts related to Danish Defence in Denmark, a key account
contract in Hong Kong and various smaller contracts in a number of countries. For
Danish Defence, the provision was recognised in 2020 and covers exit-related costs and
operation until full exit in May 2022, as per the agreement with the customer.
Other Comprised various obligations, primarily related to complex customer and contract-relat-
ed risks and disputes in the major markets in which we operate. Furthermore, guarantee
reserves, dismantling costs and closure of contracts were included in this item.
FINANCIAL STATEMENTS

Free cash ow as dened by management, cf. p.
108, is summarised below. Free cash ow is not
a nancial performance measure established by
IFRS. Accordingly, the measure and its calcula-
tion is presented as it is used by management
as an alternative performance measure in
managing the business.
The free cash ow 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
ows of the consolidated nancial statements.
(
DKKm
)
2021 2020
Cash ow from operating activities 3,221
(
361
)
Acquisition of intangible assets and
property, plant and equipment
(
628
)
(
712
)
Disposal of intangible assets and
property, plant and equipment 42 31
Acquisition of nancial assets, net
 1)
(
30
)
(
20
)
Addition of right-of-use assets, net
 2)
(
870
)
(
732
)
Total 1,735
(
1,794
)
1)
Excluding investments in equity-accounted investees which in 2021
was DKK (24) million (2020: DKK 28 million).
2)
Including DKK 13 million (2020: DKK 27 million) related to
discontinued operations, cf. 2.1, Property, plant and equipment and
leases.
Onerous contracts Our strategy to focus on large
key accounts will increasingly lead to a customer base
comprising large, more complex contracts. The size
and complexity of such contracts will often require us
to incur signicant transition and mobilisation costs
before service delivery commences in order to fulll
the performance obligations under the contract and
could also require us to do restructurings, that will
be recognised as restructuring provisions, subject to
fullment of requirements under IAS 37.
Management assesses whether contracts may be
onerous by estimating the expected future protabili-
ty. This involves estimating total contract revenue and
the unavoidable costs of meeting the performance
obligations under the contract, including any transition
and mobilisation costs incurred. In estimating the
expected future protability management makes
judgements. Certain contracts are complex facility
management partnerships. In estimating unavoid-
able costs in relation to such contracts, management
applies assumptions as to future realisation of costs
driven by eciencies and optimisations to be gained
over the contract term as well as the eect of perfor-
mance improvement initiatives. While ISS has inherent
risk in this respect, ISS is by nature also dependent on
aligning interest with the customer within the frame-
work of the agreement for the benet of both parties.
Further, management makes judgements related to
the contract term, taking any termination and exten-
sion options into consideration.
For large and complex contracts, the outcome
may vary signicantly should the assumptions and
judgements applied not be realised as expected
by management in their assessment of onerous
contracts.
Restructurings and other provisions Management
makes judgements related to various other matters
and obligations, which primarily relates to planned/
initiated restructurings, and complex customer and
contract-related risks and disputes, including ongoing
lawsuits. For large and complex contracts, the out-
come may vary signicantly should the assumptions
and judgements applied not be realised as expected
by management in their assessment of the risks
and/or disputes. In assessing the likely outcome of
lawsuits, tax disputes, etc., management bases its
assessment on external legal assistance and estab-
lished precedents.
Provisions are recognised when the Group, as a result
of a past event, has a present legal or constructive
obligation, it is probable that an outow of economic
benets 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’s average borrowing
rate, if this signicantly impacts the measurement of
the liability.
Legal and labour-related cases The Group recog-
nises a provision for e.g. lawsuits and redundancy-re-
lated disputes based on external legal assistance and
established precedents.
Self-insurance The Group recognises a provision
on employers’ liability and/or workers compensation
based on valuations from external actuaries.
Restructurings A provision is recognised when a
detailed, formal restructuring plan is announced to
the aected parties on or before the reporting date.
The plan must identify the business concerned, the
location and number of employees aected, and a
detailed estimate of the associated costs, as well as
the timeline must be in place.
Onerous contracts An onerous contract is a con-
tract under which the unavoidable costs of meeting
the obligations under the contract exceed the
economic benets expected to be received under it.
A provision is recognised in respect of the Group’s
onerous contracts at the lower of the costs to full
the obligations under the contract and the costs of
exiting the contract.
Customer and contract-related risks and
disputes The Group recognises provisions related
hereto when, based on an assessment of available
facts and circumstances in respect of the specic risks
or disputes, it is deemed that a contractual, non-con-
tractual or constructive obligation exists, and it is
probable that this will lead to an outow of economic
resources from the Group.
Decommissioning liability If the Group has a legal
obligation to dismantle or remove an asset or restore
a site or leased facilities when vacated, a provision
is recognised corresponding 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 depre-
ciated 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.
Accounting policy

FINANCIAL STATEMENTS
Strategic divestments
and acquisitions
In 2021, our divestment programme had
strong momentum with six countries and six
business units being divested. Management also
decided to descope Chile from the divestment
programme and cease the classication as asset
held for sale and discontinued operation.
As a result, ve entities were classied as held
for sale at 31 December 2021. The programme
is expected to be completed in 2022.
The total impact in 2021 from the divestment
programme on prot or loss was a gain of DKK
591 million (2020: loss of DKK 89 million) as
specied in 3.2, Assets held for sale.
In 2021, we also made our rst acquisition
since 2018, i.e. Rönesans Facility Management
Company in Turkey. As part of the transaction,
we invited in minority shareholders to own
49.9% of ISS Turkey. With the acquisition we will
provide services at four hospitals until 2045 and
thereby strengthen our position in the strategi-
cally important healthcare segment.
Intangible assets increased due to the acqui-
sition, but the increase was partly oset by an
impairment loss in France of DKK 450 million
recognised in June 2021. France continued to
be signicantly aected by Covid-19 restric-
tions and slow recovery in the most impacted
customer segments, despite progress on the
restructuring plan.
Further details in relation hereto are provided
throughout this section.
• Brunei
• Portugal
• Russia
• Taiwan
signed in January 2022
• Hong Kong, Waste
divested in January 2022
• Chile
ceased held for sale
classication
Divestment programme in 2021
Assets held for sale
Intangible assets
Acquisitions in 2021
12
countries and
business units
divested
591DKKm
net gain
recognised
1
Rönesans in Turkey
22,739DKKm
(2020: 22,518 DKKm)
450DKKm
Goodwill impairment
In this section:
3.1 Discontinued operations
3.2 Assets and liabilities held
for sale
3.3 Divestments
3.4 Acquisitions
3.5 Pro forma revenue and
operating prot
3.6 Intangible assets
3.7 Goodwill impairment
3.8 Impairment tests
FINANCIAL STATEMENTS

Discontinued operations
The accounting policies and signicant accounting
estimates and judgements for discontinued op-
erations are described together with accounting
policies for assets held for sale in 3.2, Assets and
liabilities held for sale.
– presented in separate prot or loss line
2021
Brunei, the Czech Republic, Hungary, the
Philippines, Portugal, Romania, Russia, Slovenia,
Slovakia and Taiwan
2020
Brazil, Brunei, the Czech Republic, Hungary, Ma-
laysia, the Philippines, Portugal, Romania, Russia,
Slovenia, Slovakia, Taiwan and Thailand
3.1 Discontinued
operations
Our strategic divestment programme had
strong momentum in 2021 with six countries
being divested, i.e. the Czech Republic, Hungary,
the Philippines, Romania, Slovakia and Slovenia.
Chile developed positively in 2021, both
nancially and strategically, as demonstrated by
the wins of a few large key account contracts. On
that basis, management decided to cease the
held for sale classication in December 2021. The
carrying amounts were adjusted for depreciation
and amortisation, that would have been rec-
ognised had the business not been classied as
held for sale. The adjustment of DKK 59 milllion
was recognised in Other income and expenses,
net in December 2021 and related to the years
2019-2020. As a result of the changed classi-
cation, Chile was reported as part of continuing
operations for the full year of 2021, including
depreciation and amortisation for the year.
Comparative gures were restated accordingly.
With the signicant progress made in 2021, and
Chile being reclassied to continuing opera-
tions, the divestment programme is nearing its
completion, which is expected in 2022.
At 31 December 2021, four countries (2020: 11
countries), continued to be classied as discon-
tinued operations and assets held for sale.

Gains/losses related to the divestments and
countries being held for sale at 31 December
2021 are specied in 3.2, Assets and liabilities
held for sale.
Net prot from discontinued operations is
attributable to the shareholders of ISS A/S.

(
DKKm
)
2021 2020
Revenue 1,231 3,289
Expenses
1)
(
1,194
)
(
3,242
)
 37 47
Other income and expenses, net
2)
116 282
Goodwill impairment
2)
(
36
)
(
269
)
 117 60
Financial income/
(
expenses
)
, net 1
(
11
)
 118 49
Income tax
(
17
)
(
24
)
 101 25

(
DKKm
)
2021 2020
Cash ow from operating activities 86 158
Cash ow from investing activities
(
83
)
(
150
)
Cash ow from nancing activities
(
16
)
(
197
)
1)
Including depreciation and amortisation of DKK 0 million (2020: DKK 15 million).
2)
Including the combined net gain of DKK 80 million from divestments and fair value remeasurements,
including recycling of accumulated foreign exchange adjustments, see 3.2, Assets and liabilities held for sale.
Accounting policy
Earnings per share from discontinued operations
(
DKKm
)
2021 2020
Basic earnings per share
(
EPS
)
0.6 0.1
Diluted earnings per share 0.5 0.1
FINANCIAL STATEMENTS
3.2 Assets and liabilities
held for sale

At 31 December 2021, ve businesses (2020: 14
businesses) were classied as held for sale com-
prising four countries (discontinued operations)
and the Waste Management business in Hong
Kong. The latter was subsequently divested in
January 2022.
In 2021, we divested six countries (discontinued
operations) and two of the three business
units classied as held for sale when entering
the year, i.e. Kanal Services in Switzerland and
Specialized Services in the USA. Furthermore,
management decided to cease the held for sale
classication of Chile.
Recycling of accumulated foreign exchange
adjustments recognised in equity had a positive
impact on the total net gain of DKK 7 million.

In 2021, our divestment programme resulted
in recognition of a net gain of DKK 591 million
in the prot or loss as a result of completed
divestments, fair value remeasurements and
carrying amount adjustments regarding ceased
asset held for sale classication. The net gain is
specied below and was recognised in:
• Other income and expenses, net, DKK 511
million (gain)
• Net prot from discontinued operations, DKK
80 million (gain)
Non-current assets and disposal groups are clas-
sied as held for sale when management assesses
that their carrying amounts will be recovered
through a sale within one year rather than con-
tinuing use. Management assesses whether the
sale is highly probable and the asset or disposal
group is available for immediate sale in its current
condition. Actions required to complete the sale
should indicate that it is unlikely that signicant
changes to the sale will be made or that the deci-
sion to sell will be withdrawn.
If a sale has not been concluded within one year,
the period is extended if management assesses
that the above criteria continue to be fullled.
On classication management estimates the fair
value (the nal sales price and expected costs to
sell). Depending on the nature of the non-current
assets and the disposal group’s activity, assets and
liabilities, the estimated fair value may be associat-
ed with uncertainty. Measurement of the fair value
is categorised as Level 3 in the fair value hierarchy
as it is not based on observable market data.
Management considers intangible assets relating to
the disposal groups, taking into consideration how
to separate the net assets (including intangible as-
sets) relating to the disposal group from the Group’s
assets in the continuing business. Impairment of
these intangibles, both on initial classication as
held for sale and subsequently, is considered. The
estimation uncertainty relating to impairment of
intangibles is described in 3.8, Impairment tests.
If the held for sale criteria is no longer met, the
classication as held for sale ceases. At the date of
cessation, the non-current asset or disposal group is
measured at the lower of its carrying amount before
classication as held for sale adjusted for depreci-
ation and amortisation, that would have been rec-
ognised had the non-current asset or disposal group
not been classied as held for sale. Any adjustments
are presented in Other income and expenses, net.
Assets held for sale comprise non-current as-
sets 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 classication as held for
sale, they are remeasured in accordance with the
Group’s accounting policies. Thereafter, they are
measured at the lower of their carrying amount
and fair value less costs to sell. Any impairment
loss is rst allocated to goodwill, and then pro rata
to remaining assets, except that no loss is allo-
cated to inventories, nancial assets, deferred tax
assets or employee benet assets, which continue
to be measured in accordance with the Group’s
accounting policies. Once classied as held for
sale, assets are not amortised or depreciated.
Impairment losses on initial classication as held
for sale, and subsequent gains and losses on
remeasurement are recognised in prot or loss
and disclosed in the notes.
Assets held for sale are presented in separate lines
of the statement of nancial position and specied
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 exits), that either has been disposed of,
or is classied as held for sale.
Discontinued operations are presented separately
as Net prot from discontinued operations and
specied in the notes. Comparatives are restated.
Cash ows from discontinued operations are
included in cash ow from operating, investing
and nancing activities together with cash ows
from continuing operations, but specied in 3.1,
Discontinued operations.
Assets and liabilities of discontinued operations
are presented similar to other assets held for sale.
Comparative gures are not restated.

(
DKKm
)
2021 2020
Goodwill 148 592
Customer contracts - 14
Other non-current assets 165 574
Current assets 202 681
Assets held for sale 515 1,861
Non-current liabilities 36 164
Current liabilities 244 674
Liabilities held for sale 280 838
(
DKKm
)
2021
Kanal Services, Switzerland 452
Specialized Services, USA 138
Other minor business units, net
(
20
)
Chile
(
ceased held for sale classication
)
(
59
)
Other income and expenses, net (gain) 511
Slovakia 86
Czech Republic 25
Romania 22
Slovenia
(
27
)
Brunei
(
fair value adjustment
)
(
19
)
Other countries
(
7
)
Discontinued operations (gain) 80
Total net gain 591
Accounting policy

estimates and judgements
FINANCIAL STATEMENTS
3.3 Divestments
The Group completed 12 divestments in 2021 (2020: eight).
Divestments subsequent
to 31 December 2021
On 31 January 2022, we completed the divest-
ment of Waste Management in Hong Kong, a
company providing waste management services
with an annual revenue of approximately DKK
131 million and 232 employees.
On 31 January 2022, we signed an agreement
to divest our activities in Taiwan (presented
as discontinued operations) with an annual
revenue of approximately DKK 457 million and
3,046 employees.
The Group signed or completed no further
divestments from 1 January to 15 February 2022.
Gain or loss on disposal of an operation 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.
Divestment impact
(
DKKm
)
2021 2020
Goodwill 377 104
Customer contracts 5 11
Other non-current assets 337 79
Current assets 504 569
Non-current liabilities
(
43
)
(
67
)
Loans and borrowings
(
134
)
(
29
)
Current liabilities
(
239
)
(
272
)
Net assets disposed 807 395
Gain/
(
loss
)
on divestment, net 666 239
Divestment costs 175 144
Consideration received 1,648 778
Cash in divested businesses
(
130
)
(
154
)
Consideration received, net 1,518 624
Contingent and deferred consideration
(
130
)
54
Divestment costs paid
(
197
)
(
173
)
Divestment of businesses
(

)
1,191 505
Company/activity Country
Service
type
Excluded
from P/L Interest
Annual
revenue
(
DKKm
)
Employees
(
number
)
Fruit Baskets Sweden Food February Activities 17 19
Indoor Plants Sweden Technical February Activities 23 35
ISS Slovakia Slovakia Country exit April 100% 102 831
ISS Czech Republic Czech Republic Country exit April 100% 262 1,698
ISS Romania Romania Country exit April 100% 88 934
ISS Hungary Hungary Country exit May 100% 55 439
Kanal Services Switzerland Technical May 100% 339 280
Restoration division UK Technical June 100% 23 36
ISS Philippines Philippines Country exit October 100% 173 5,391
ISS Slovenia Slovenia Country exit October 100% 86 593
Food Service business Spain Food November Activities 330 1,215
Specialized Services USA Cleaning December Activities 1,077 -
Total 2,575 11,471
1)
1)
 2)
 2)
 2)
Accounting policy
1)
Unaudited
2)
Presented as discontinued operations
 2)
 2)
 2)
FINANCIAL STATEMENTS
Trade receivables The fair value of trade
receivables was DKK 184 million, equaling the
gross amount. Management expects that the full
contractual amount can be collected.
Contingent and deferred consideration
related to the settlement of a put option
during 2021 in relation to ISS Turkey (original
acquisition), and a deferred payment subject to
nalisation of closing accounts for Rönesans.
The latter was settled in January 2022.
Acquisitions subsequent
to 31 December 2021
The Group completed no acquisitions from
1 January to 15 February 2022.
3.4 Acquisitions
Rönesans Facility Management
Company in Turkey
On 28 September 2021, ISS acquired 100% of
the shares in Rönesans Facility Management
Company (Rönesans İşletme Hizmetleri
Danışmanlığı A.Ş.) in Turkey from Renaissance
Healthcare (Rönesans Sâglik Yatirim), a Turkish
contracting company owned by Rönesans Hold-
ing. With the acquisition, ISS will provide facility
management services in a Public-Private-Partner-
ship at four hospitals until 2045. The agreement
builds on an already successful partnership, as
ISS Turkey is currently operating two (Adana and
Elazig) of the four hospitals as subcontractor.
The acquisition will strengthen our leadership
position in the strategically important healthcare
segment in Turkey and supports the OneISS
strategy to focus on key accounts in our priori-
tised segments. The acquisition will add annual
revenue of approximately DKK 500 million and
1,500 employees (estimated based on unaudited
nancial information).
During the period 28 September to 31 December
2021, Rönesans contributed revenue of DKK 150
million.
The purchase consideration amounted to DKK
566 million. Based on provisionally determined
fair values of net assets, goodwill amounted
to DKK 129 million. The acquisition impact is
specied in the table to the right.
Goodwill is attributable mainly to: 1) expertise
and know-how in the healthcare segment,
2) synergies, 3) platform for growth, and 4)
assembled work force, and is not deductible for
tax purposes.
Acquisition impact
(
DKKm
)
ISS Turkey
(
original acq.
)
Rönesans Total
Customer contracts - 428 428
Other non-current assets - 26 26
Trade receivables - 184 184
Other current assets - 105 105
Non-current liabilities -
(
112
)
(
112
)
Current liabilities -
(
194
)
(
194
)
Fair value of net assets - 437 437
Goodwill
(
32
)
129 97
Consideration transferred
(
32
)
566 534
Cash in acquired business -
(
97
)
(
97
)
Consideration transferred, net
(
32
)
469 437
Contingent and deferred consideration 111
(
22
)
89
Acquisition of businesses
(

)
79 447 526
Minority shareholders in ISS Turkey
As part of the acquisition of Rönesans, ISS agreed
to partner with Actera, a large leading Turkish pri-
vate equity company, to support and partly fund
the acquisition. Actera has in-depth expertise in
the Turkish market, a strong operational track
record and became minority shareholder owning
39.9% of the shares in ISS Turkey. Furthermore,
Management of ISS Turkey acquired 10% of the
shares in ISS Turkey, while ISS continued to be
the controlling shareholder. The impact of the
transactions are specied below.
Transactions with non-controlling interests
(
DKKm
)
2021
Consideration received 324
Transaction costs
(
26
)
Capital injection 113
Contingent and deferred consideration
(
214
)
Transactions with other non-controlling
interests
(
33
)
 164
(
DKKm
)
2021
Consideration received 324
Transaction costs
(
26
)
Capital injection 78
Transactions with other non-controlling
interests
(
26
)
Equity impact 350
FINANCIAL STATEMENTS
3.5 Pro forma revenue and

Assuming all acquisitions and divestments in
the year were included/excluded as of 1 January,
the eect on recognised revenue and operating
prot before other items is estimated as follows:
Pro forma revenue and operating prot 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 nancial
information.
Pro forma revenue and operating prot before
other items are presented for informational
purposes and does not represent the results the
Group would have achieved had the acquisitions
and divestments during the year occurred on 1
January. The information should therefore not
be used as the basis for or prediction of any
annualised calculation.
(
DKKm
)
2021 2020
Revenue as reported 71,363 70,752
Pro forma revenue 70,276 70,723
Operating prot before other items
as reported
(
3,203
)
1,776
Pro forma operating prot
before other items 1,820 (3,202)
Business 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 inter-
ests in the acquiree. For each business combination,
the Group elects whether to measure the non-con-
trolling interests in the acquiree at fair value or at
the proportionate share of the acquiree’s identiable
net assets. Acquisition-related costs are expensed as
incurred in Other income and expenses, net.
Any contingent consideration to be transferred
by the acquirer is recognised at fair value at the
acquisition date.
If uncertainties exist at the acquisition date re-
garding identication 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 gures 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
Accounting policy
non-controlling interests) and any previous interest
held over the net identiable 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’s cash-generating units (CGUs) that are ex-
pected to benet from the combination, irrespective
of whether other assets or liabilities of the acquiree
are assigned to those units.
Written put options held by non-controlling share-
holders are accounted for in accordance with the
anticipated acquisition method, i.e. as if the put
option has been exercised already. Such options are
recognised as Other liabilities initially at fair value.
Fair value is measured at the present value of the
exercise price of the option.
Subsequent fair value adjustments of put options
held by non-controlling interests relating to business
combinations eected on or after 1 January 2010 are
recognised directly in equity. Subsequent fair value
adjustments of put options held by non-controlling
interests related to business combinations eected
prior to 1 January 2010 are recognised in goodwill.
The eect of unwind of discount is recognised in
Financial expenses.
FINANCIAL STATEMENTS
1)
Of which DKK 93 million (2020: DKK 41 million) related to assets under development at Group level.
Impairment of goodwill comprised
losses identied in impairment tests related
to France of DKK 450 million (2020: DKK 400
million), see 3.8, Impairment tests.
Impairment of software in 2020 mainly
related to a non-cash write-down of impaired
assets following the IT security incident, see 1.3,
Other income and expenses, net.
The carrying amount of brands is mainly related
to the ISS brand, which is considered to have an
indenite useful life since there is no foreseeable
limit to the period over which the brand is ex-
pected to generate net cash inows. Factors that
played a signicant role in determining that the
ISS brand has an indenite useful life are: i) the
ISS brand has existed for decades, ii) the Group’s
strategy is based on the ISS brand, iii) all acquired
brands are converted to or co-branded with the
ISS brand and iv) the ISS brand is used in the
business-to-business and public segments with
low maintenance costs attached.
Goodwill 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 con-
tracts are recognised at fair value at the acqui-
sition date. Subsequently, brands with indenite
useful lives are measured at cost less accumulated
impairment losses. Brands with nite 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 amortisa-
tion and impairment losses. The cost of software
developed for internal use includes external costs
to consultants and software as well as internal
direct and indirect costs related to the develop-
ment. Other development costs for which it can-
not be rendered probable that future economic
benets will ow to the Group are recognised in
prot or loss as and when incurred.
Amortisation methods and useful lives are
reassessed at the reporting date and adjusted
prospectively, if appropriate.
Amortisation of intangible assets with nite 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
better reects the expected pattern of consump-
tion.
Estimated useful life
Brands
(
nite useful life
)
2-5 years
Customer contracts 10-24 years
Software and other intangible assets 5-10 years
3.6 Intangible assets
(
DKKm
)
Goodwill Brands
Customer
contracts
Software
and other 2021 Goodwill Brands
Customer
c ontracts
Software
and other 2020
Cost at 1 January 22,643 1,663 8,626 2,505 35,437 23,862 1,669 8,974 2,491 36,996
Foreign exchange adjustments 402 3 112 19 536
(
679
)
(
6
)
(
271
)
(
43
)
(
999
)
Additions - - - 248 248 - - - 283 283
Acquisitions 97 - 428 7 532 87 - - - 87
Divestments
(
20
)
-
(
106
)
(
1
)
(
127
)
(
23
)
-
(
14
)
0
(
37
)
Disposals - -
(
12
)
(
174
)
(
186
)
- - -
(
225
)
(
225
)
Reclass
(
to
)
/from Property, plant and equipment - - - - - - - - 12 12
Reclass
(
to
)
/from Assets held for sale 56 - 50
(
15
)
91
(
604
)
-
(
63
)
(
13
)
(
680
)
Cost at 31 December 23,178 1,666 9,098 2,589 36,531 22,643 1,663 8,626 2,505 35,437
Amortisation and impairment losses at 1 January
(
2,981
)
(
61
)
(
8,302
)
(
1,575
)
(
12,919
)
(
2,605
)
(
55
)
(
8,558
)
(
1,213
)
(
12,431
)
Foreign exchange adjustments 6
(
3
)
(
218
)
(
15
)
(
230
)
20 4 243 23 290
Amortisation -
(
10
)
(
54
)
(
289
)
(
353
)
-
(
10
)
(
79
)
(
264
)
(
353
)
Impairment
(
450
)
- -
(
92
)
(
542
)
(
666
)
- -
(
354
)
(
1,020
)
Divestments - - 101 1 102 18 - 14 0 32
Disposals - - 12 169 181 - - - 222 222
Reclass
(
to
)
/from Property, plant and equipment - - - - - - - -
(
2
)
(
2
)
Reclass
(
to
)
/from Assets held for sale - -
(
40
)
9
(
31
)
252 - 78 13 343
Amortisation and impairment losses
at 31 December
(
3,425
)
(
74
)
(
8,501
)
(
1,792
)
(
13,792
)
(
2,981
)
(
61
)
(
8,302
)
(
1,575
)
(
12,919
)
Carrying amount at 31 December 19,753 1,592 597 797 22,739 19,662 1,602 324 930 22,518
1)
1)
Accounting policy

judgements
FINANCIAL STATEMENTS
Key assumptions
(per CGU)
Description
Revenue growth
(forecasting period)
• Budgeted growth for year 1
• Subsequent years based on expected market development, including
recovery from Covid-19, taking market maturity and general macroeconomic
environment into consideration
• Impacts from local and Group strategic initiatives are considered, including
our key account focus and the strategic divestment programme
Revenue growth
(terminal period)
• Does not exceed the expected long-term average growth rate for the
country, including ination
Operating margin • Budgeted margin for year 1
• Impacts from local and Group strategic initiatives are considered, including
our key account focus, the strategic divestment programme and investments
in technology and the global operating model
• Initiated restructurings, actions in response to and recovery from Covid-19
and operational challenges are considered, where relevant
Discount rates
(net of tax)
• Based on a country-specic 10-year government bond
• Premium added to adjust for the inconsistency of applying government
bonds with a short-term maturity when discounting cash ows with innite
maturity
• Premium added to reect the specic risk associated with each CGU,
reecting uncertainties regarding past performance and possible variations
in the amount or timing of the projected cash ows
• Equity risk premium: 6.5% (2020: 6.5%)
• Debt/equity target ratio (market values): 25/75 (2020: 25/75)
 in 2021 and
2020 related to goodwill impairment in France,
see 3.8, Impairment tests.
Derived from divestments In 2020, the loss
related to Parking Management in Indonesia
and the Healthcare Catering Business in Poland.
3.8 Impairment tests
Cash-generating units (CGUs)
Impairment tests are generally carried out
per country as this represents the lowest level
of CGUs to which the carrying amounts of
intangibles, i.e. goodwill and customer con-
tracts, can be allocated and monitored with any
reasonable certainty. This level of allocation and
monitoring of intangibles should be seen in light
of the Group’s strategy to integrate acquired
companies as quickly as possible in order to
benet from synergies. Management of certain
countries has been combined to take advantage
of similarities in terms of markets, shared cus-
tomers and cost synergies. In such exceptional
cases, the countries are regarded as one CGU
when performing the impairment tests.
Measuring recoverable amounts
(general assumptions)
The recoverable amount of each CGU is
determined on the basis of its value-in-use,
calculated using certain key assumptions per
CGU, i.e. revenue growth, operating margin and
discount rate.
Value-in-use cash ow projections for the individ-
ual CGUs are based on nancial budgets for the
following year as approved by management. As-
sumptions applied in the short to medium term
(forecasting period of ve years) generally reect
management’s expectations considering all
relevant factors, including the Group’s strategic
initiatives, local initiatives, past experience and
external sources of information, where possible
and relevant.
Management has ensured that nancial budgets,
forecasts and underlying assumptions applied in
the impairment tests reect the expected impact
from Covid-19, including expected future revenue
recovery. Despite continued uncertainty, visibility
has generally improved during 2021 – though
with a few exceptions. Expected impacts from
OneISS and our strategic priorities have also
been considered, especially around sharpened
focus on key accounts, the strategic divestment
programme and investments in technology and
the global operating model. Our underperforming
contracts (Deutsche Telekom and Danish Defence)
and countries (the UK and France) have also been
carefully considered to ensure, that expected
turnaround is properly reected in determining
the key assumptions for the specic CGUs. Where
relevant, initiated restructurings and other actions,
mainly in response to Covid-19, have been taken
into consideration when estimating the expected
future performance and cash ows.
Covid-19 impact on risk assessment
In 2020, Covid-19 had a signicant adverse
impact on the Group’s performance and cash
ows and led to increased uncertainty in relation
to prospects for, and timing of, future recovery.
To appropriately reect the increased estimation
uncertainty, a separate risk premium related to
Covid-19 was introduced and added to the WACC.
While 2021 continued to be impacted by
Covid-19, the visibility around recovery improved
during the year, especially in the later part of
2021, when signs of recovery appeared in a
number of countries. As a result, the specic
Covid-19 risk premium has been removed in the
impairment test for 2021.
3.7 Goodwill impairment
(
DKKm
)
2021 2020
Identied in impairment tests 450 400
Loss on divestments - 32
Total 450 432
FINANCIAL STATEMENTS
Carrying
amount
Forecasting
period
Terminal
period
Applied
discount rate
(
DKKm
)
Goodwill
Customer
contracts Total
Growth
(
avg.
)
Margin
(
avg.
)
Growth Margin
Net
of tax Pre-tax
2021
UK & Ireland 2,748 121 2,869 3.9 % 4.6 % 2.5 % 6.0 % 8.7 % 11.3 %
USA & Canada 2,068 161 2,229 13.1 % 6.8 % 3.0 % 6.8 % 9.0 % 11.6 %
Finland 2,098 - 2,098 1.7 % 6.4 % 2.0 % 6.5 % 7.3 % 9.1 %
Denmark 1,652 - 1,652
(
1.8
)
% 6.2 % 2.0 % 6.5 % 7.7 % 9.8 %
Australia & NZ 1,336 4 1,340 2.2 % 6.1 % 2.5 % 6.1 % 8.7 % 12.3 %
Switzerland 1,334 - 1,334 1.5 % 7.1 % 1.5 % 7.1 % 6.3 % 7.6 %
Belgium & Lux. 1,319 - 1,319 3.6 % 5.7 % 2.0 % 6.0 % 7.3 % 9.8 %
Norway 1,295 - 1,295 6.0 % 7.9 % 2.5 % 8.0 % 8.7 % 11.0 %
Sweden 1,010 - 1,010 3.3 % 5.5 % 2.0 % 6.2 % 8.0 % 10.0 %
France 936 - 936 1.4 % 3.3 % 2.0 % 5.0 % 8.9 % 13.7 %
Other 3,957 311 4,268 - - - - - -
Total 19,753 597 20,350
2)
2)
1)
The key assumptions applied in the impairment tests 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.
2)
Excluding allocated corporate costs.
Carrying amounts and key assumptions
The carrying amounts of intangibles and key
assumptions
1)
for CGUs representing more than
5% of intangibles, or CGUs considered to be
at high risk of impairment or having incurred
recent impairment losses, are disclosed below.
Result of the impairment tests 2021
30 June 2021 An impairment loss of DKK 450 million was recognised in France following an update
of the business case and an increase in the applied WACC.
During the rst six months of 2021, transparency around the recoverability from
Covid-19 improved. It also became clearer, that the pace of recovery within the most
impacted customer segments would remain slow. Accordingly, the risk reected in
the applied WACC was increased. Combined with increasing interest rates, this led to
a higher applied WACC at 30 June 2021. Additionally, compared to previous assess-
ments, management lowered the growth and margin expectations in 2023-2025,
while assumptions for the terminal period remained unchanged.
31 December 2021 Based on the impairment tests performed, no further impairment losses were
recognised. Except for France, it is management’s opinion that excess values are fairly
resilient to any likely and reasonable deteriorations in the key assumptions applied.
In 2021, France continued to be heavily impacted by Covid-19 restrictions and slow
recovery in the most impacted customer segments, despite progress on the restruc-
turing plan. As a result, excess value in the impairment test for France was limited at
31 December 2021.
The ISS brand No impairment has been identied as both the Group’s value-in-use and the Group’s
market capitalisation signicantly exceed the reported equity.
2020
UK & Ireland 2,572 132 2,704 4.7 % 4.4 % 2.5 % 6.0 % 8.4 % 10.0 %
Finland 2,098 - 2,098 2.4 % 5.7 % 2.0 % 6.5 % 7.0 % 8.5 %
USA & Canada 1,865 163 2,028 13.4 % 5.9 % 3.0 % 6.0 % 9.4 % 11.9 %
Denmark 1,652 - 1,652 0.7 % 5.3 % 2.0 % 6.5 % 7.7 % 9.7 %
France 1,387 - 1,387 3.1 % 3.1 % 2.0 % 5.0 % 7.3 % 10.4 %
Switzerland 1,320 - 1,320 2.3 % 7.0 % 1.5 % 7.2 % 6.0 % 7.3 %
Belgium & Lux. 1,320 - 1,320 3.9 % 5.2 % 2.0 % 6.0 % 7.2 % 9.3 %
Australia & NZ 1,301 8 1,309 0.9 % 4.6 % 2.5 % 4.6 % 8.3 % 11.7 %
Norway 1,224 - 1,224 5.0 % 7.4 % 2.5 % 8.0 % 8.8 % 11.0 %
Sweden 1,029 - 1,029 3.3 % 4.7 % 2.0 % 6.2 % 7.4 % 9.0 %
Other 3,894 21 3,915 - - - - - -
Total 19,662 324 19,986

In performing the impairment test, management
assesses whether the CGU to which the intangibles
relate will be able to generate positive net cash ows
sucient to support the value of intangibles and
other net assets. This assessment is based on esti-
mates of expected future cash ows (value-in-use) as
described in “Measuring recoverable amounts”.
In 2021, Covid-19 continued to impact estimation
uncertainty, particularly in relation to future expec-
tations and prospects for recovery, though visibility
improved especially in the later part of the year.
FINANCIAL STATEMENTS
Forecasting period Terminal period
Growth Margin
1)
Growth Margin
1)
Discount rate,
net of tax
Avg. rate
Allowed
decrease Avg. rate
Allowed
decrease
Long-term
rate
Allowed
decrease
Long-term
rate
Allowed
decrease Rate
Allowed
increase
2021
UK & Ireland 3.9 % >3.9 % 4.6 % >4.6 % 2.5 % >2.5 % 6.0 % 3.8 % 8.7 % 7.9 %
USA & Canada 13.1 % >13.1 % 6.8 % >6.8 % 3.0 % >3.0 % 6.8 % 4.6 % 9.0 % 8.7 %
Finland 1.7 % >1.7 % 6.4 % 5.3 % 2.0 % 1.8 % 6.5 % 1.5 % 7.3 % 1.4 %
Denmark
(
1.8
)
% 3.0 % 6.2 % 3.0 % 2.0 % 1.3 % 6.5 % 1.1 % 7.7 % 1.0 %
Australia & NZ 2.2 % >2.2 % 6.1 % >6.1 % 2.5 % >2.5 % 6.1 % 4.1 % 8.7 % 8.7 %
Switzerland 1.5 % >1.5 % 7.1 % >7.1 % 1.5 % >1.5 % 7.1 % 5.9 % 6.3 % >6.3 %
Belgium & Lux. 3.6 % >3.6 % 5.7 % >5.7 % 2.0 % >2.0 % 6.0 % 1.7 % 7.3 % 1.9 %
Norway 6.0 % >6.0 % 7.9 % >7.9 % 2.5 % >2.5 % 8.0 % 7.2 % 8.7 % >8.7 %
Sweden 3.3 % >3.3 % 5.5 % >5.5 % 2.0 % >2.0 % 6.2 % 4.8 % 8.0 % >8.0 %
France 1.4 % 0.2 % 3.3 % 0.2 % 2.0 % 0.1 % 5.0 % 0.1 % 8.9 % 0.1 %
2020
UK & Ireland 4.7 % >4.7 % 4.4 % >4.4 % 2.5 % >2.5 % 6.0 % 4.1 % 8.4 % 8.2 %
Finland 2.4 % >2.4 % 5.7 % >5.7 % 2.0 % >2.0 % 6.5 % 2.5 % 7.0 % 2.5 %
USA & Canada 13.4 % >13.4 % 5.9 % >5.9 % 3.0 % >3.0 % 6.0 % 4.2 % 9.4 % 8.4 %
Denmark 0.7 % 3.6 % 5.3 % 2.9 % 2.0 % 1.4 % 6.5 % 1.2 % 7.7 % 1.1 %
France 3.1 % 2.1 % 3.1 % 2.0 % 2.0 % 0.7 % 5.0 % 0.6 % 7.3 % 0.6 %
Switzerland 2.3 % >2.3 % 7.0 % >7.0 % 1.5 % >1.5 % 7.2 % 6.4 % 6.0 % >6.0 %
Belgium & Lux. 3.9 % >3.9 % 5.2 % >5.2 % 2.0 % >2.0 % 6.0 % 2.1 % 7.2 % 2.3 %
Australia & NZ 0.9 % 5.8 % 4.6 % 4.0 % 2.5 % >2.5 % 4.6 % 1.4 % 8.3 % 2.0 %
Norway 5.0 % >5.0 % 7.4 % >7.4 % 2.5 % >2.5 % 8.0 % 7.1 % 8.8 % 15.6 %
Sweden 3.3 % >3.3 % 4.7 % >4.7 % 2.0 % >2.0 % 6.2 % 4.6 % 7.4 % >7.4 %
1)
Excluding allocated corporate costs.
Sensitivity analysis
A sensitivity analysis on the key assumptions in
the impairment testing is presented below. The
allowed change represents the percentage points
by which the value assigned to the key assumption
can change, all other things being equal, before
Accounting policy
Intangible assets with an indenite useful life, i.e.
goodwill and the ISS brand, are subject to impair-
ment testing annually or when circumstances indi-
cate that the carrying amount may be impaired.
The carrying amount of other non-current assets
is 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 ows 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
ows adjusted for the Group’s total goodwill and
other non-current assets.
An impairment loss is recognised in the statement
of prot or loss in a separate line if the carrying
amount of an asset or its CGU exceeds its estimat-
ed recoverable amount.
An impairment loss in respect of goodwill is not
reversed. In respect of other assets, impairment
losses are only reversed if there has been a change
in the estimates used to determine the recoverable
amount. An impairment loss is reversed only 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.
the CGU’s recoverable amount equals its carrying
amount. No sensitivity is shown for the ISS brand,
as the group-wide cash ows adjusted for the
Group’s total goodwill and other non-current
assets signicantly exceed the carrying amount.
FINANCIAL STATEMENTS
In this section:
4.1 Equity
4.2 Loans and borrowings
4.3 Financial income and expenses
4.4 Financial risk management
4.5 Interest rate risk
4.6 Liquidity risk
4.7 Currency risk
Capital structure
It is our primary capital allocation priority to
ensure that we maintain a strong and ecient
balance sheet and that our liquidity position
supports our operational needs and our contin-
ued strategy execution.
In 2021, ISS delivered solid improvements in
operational performance and strong execution
of the divestment programme. The strong cash
ow development allowed us to cancel the EUR
700 million backup credit facility, which was
established in 2020 in response to Covid-19-re-
lated uncertainties, and repurchase EUR 200
million of the total EUR 500 million outstanding
EMTN bonds maturing 2024.
At 31 December 2021, the Group’s liquidity
position was strong. Our liquidity reserves are
described in 4.6, Liquidity risk.
ISS has no unaddressed material debt maturities
until 2024 onwards. We are committed to our
Financial Policy of maintaining an investment
grade prole.
At 31 December 2021, net debt decreased to
DKK 13.5 billion (2020: DKK 15.8 billion) due to
the strong cash ow performance and execution
of the divestment programme. Financial lever-
age was 3.8x (2020: 7.1x excluding restructuring
and one-o costs). Leverage is expected to re-
duce further in 2022 as operating performance
and free cash ow continue to improve.
As such, we are on track to meeting our target
of deleveraging below 3.0x to be achieved by 31
December 2022. Dividend payments will not be
reinstated before the leverage target has been
achieved. As a result, the Board of Directors will
not propose dividends for 2021 at the annual
general meeting to be held on 7 April 2022.
No unaddressed debt until 2024
Net debt Financial
leverage
13,451DKKm
(2020: 15,802 DKKm)
3.8x
(2020: 7.1x adjusted)
Available
liquidity
9,648DKKm
(2020: 14,059 DKKm)
Equity ratio

(2020: 15.0%)
DKKbn
Revolving Credit Facility (undrawn)
EMTNs
202720262025202420232022
3.73.7
4.4
9.7
FINANCIAL STATEMENTS

4.1 Equity
Share capital
At 31 December 2021, ISS’s share capital com-
prised a total of DKK 185,668,226 shares (2020:
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.
Dividend
As previously announced, dividend payments
will not be reinstated, and no share buyback will
be made, before the nancial leverage target of
below 3x has been achieved. As a result, the Board
of Directors will not propose dividends for 2021 at
the annual general meeting on 7 April 2022.
Average number of shares
In thousands 2021 2020
Average number of shares 185,668 185,668
Average number of treasury
shares
(
970
)
(
970
)
Average number of shares
(
basic
)
184,698 184,698
Average number of PSUs
and RSUs expected to vest 1,305 438
Average number of shares
(
diluted
)
186,003 185,136
Treasury shares
At 31 December 2021, ISS held a total of
970,082 treasury shares (2020: 970,082) equal
to 0.5% of the share capital with the purpose of
covering obligations under existing share-based
incentive programmes.
The fair value of treasury shares was DKK 121
million at 31 December 2021 (2020: DKK 102
million).
Average 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 1,714,684 (2020: 2,023,595)
PSUs and RSUs which are not expected to vest.
Due to the negative earnings in 2020, diluted
EPS equals basic EPS as the antidilutive eect
has been excluded in accordance with IFRS.
Denitions, see p. 108.
Translation reserve
(
DKKm
)
Net
investment
hedges Subsidiaries Total
Translation reserve at 1 January 2021
(
3
)
(
1,599
)
(
1,602
)
Foreign exchange adjustments of subsidiaries
(
ISS's share
)
- 312 312
Recycling of accumulated foreign exchange adjustments
on country exits -
(
7
)
(
7
)
Fair value adjustments of net investment hedges, net of tax
(
149
)
-
(
149
)
Translation reserve at 31 December
(
152
)
(
1,294
)
(
1,446
)
2021 2020
Purchase
price
Number of
shares
Number of
shares
(
DKKm
) (
in ‘000
) (
in ‘000
)
Treasury shares at 1 January 191 970 970
Settlement of vested PSUs - - -
Treasury shares at 31 December 191 970 970
Retained earnings is the Group’s 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
dierences arising from the translation of nancial
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 prot 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.
Accounting policy
FINANCIAL STATEMENTS
4.2 Loans and borrowings
(
DKKm
)
2021 2020
Issued bonds 14,064 15,537
Lease liabilities
1)
2,539 2,565
Bank loans 340 474
Derivatives 39 6
Other - 61
Total 16,982 18,643
Non-current liabilities 16,094 17,345
Current liabilities 888 1,298
Loans and borrowings 16,982 18,643
Cash and cash equivalents and other nancial items
2)
(
3,531
)
(
2,841
)
Net debt 13,451 15,802
1)
Right-of-use assets are presented in 2.1, Property, plant and equipment and leases.
2)
Includes securities of DKK 103 million (2020: DKK 76 million). In 2020, a positive value of currency swaps and net investment hedges was also
included amounting to DKK 20 million and DKK 3 million, respectively.
Changes in loans and borrowings
(
DKKm
)
1
January FX
Cash

Divest-
ments
Lease
addition FV adj. Other
31
December
2021
Issued bonds 15,537
(
6
)
(
1,577
)
- - - 110 14,064
Lease liabilities 2,565 27
(
947
)
- 859 - 35 2,539
Bank loans 474
(
131
)
(
411
)
- - 169 239 340
Derivatives 6 - - - - 33 - 39
Other 61 -
(
61
)
- - - - -
Total 18,643
(
110
)
(
2,996
)
- 859 202 384 16,982
2020
Issued bonds 14,123
(
63
)
1,460 - - - 17 15,537
Lease liabilities 3,034
(
78
)
(
1,019
)
(
19
)
784 -
(
137
)
2,565
Bank loans 247
(
50
)
697
(
10
)
-
(
200
)
(
210
)
474
Derivatives 6 - - - - 0 - 6
Other 95 -
(
35
)
- - - 1 61
Total 17,505
(
191
)
1,103
(
29
)
784
(
200
)
(
329
)
18,643
 1)
1)
Includes lease liabilities and bank loans reclassied to liabilities held for sale of DKK (24) million/DKK 0 million (2020: DKK (125) million/DKK 0 million).

In May 2021, as a result of the strong liquidity
position and increased visibility on Covid-19, ISS
cancelled the EUR 700 million backup facility,
which was established in 2020. In addition,
in December 2021, ISS repurchased EUR 200
million of the total outstanding EUR 500 million
EMTN bonds maturing December 2024, thereby
reducing gross debt levels.
Acquisition of Rönesans, Turkey
ISS established a local facility of DKK 303 million
(TRY 617 million) maturing in December 2026
for the purpose of the acquisition of Rönesans in
Turkey. The facility has semi-annual amortisation
prole and is subject to certain covenants.
Financing fees
In 2021, nancing fees amounting to DKK 3 mil-
lion (2020: DKK 33 million) have been recognised
in loans and borrowings while nancing fees
of DKK 28 million (2020: DKK 22 million) were
amortised and recognised in nancial expenses.
Accumulated nancing fees recognised in loans
and borrowings at 31 December 2021 amount-
ed to DKK 79 million (2020: DKK 104 million).
Fair value
The fair value of loans and borrowings was DKK
17,441 million (2020: DKK 19,027 million). The
fair value of bonds is based on the quoted mar-
ket 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 equal to the nomi-
nal value as illustrated in 4.5, Interest rate risk.
Issued bonds and bank loans are recognised
initially at fair value net of directly attributable
transaction costs and subsequently at amortised
cost using the eective interest method. Any
dierence 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, nancing fees are recognised as part
of loans and borrowings. Subsequently, nancing
fees are 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
value of the lease payments to be made over
the lease term. Lease payments include xed
payments less any incentive payments, variable
lease payments that depend on an index or rate,
e.g. when a minimum indexation is applied, and
amounts expected to be paid under residual value
guarantees. Lease payments also include the
exercise price of a purchase option reasonably
certain to be exercised by the Group and payment
of penalties for terminating a lease, if the lease
term reects the Group exercising the option to
terminate. The present value is calculated using the
Group’s 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 eective interest method.
The liability is increased to reect the accretion of
interest and reduced for the lease payments made.
The liability is remeasured due to a modication, a
change in lease term or a change in the assess-
ment 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’s estimate of the
amount expected to be payable under a residual
guarantee.
Accounting policy
FINANCIAL STATEMENTS
Interest expenses on loans and borrowings
comprised mainly interest on issued bonds. In
addition, commitment fees and amortisation
of nancing fees amounting to DKK 89 million
(2020: DKK 75 million) were included. The
decreased in 2021 was due to the reduction
in net debt as a result of the strong cash ow
development and liquidity position.
Redemption premium, bonds related to
the repurchase of EUR 200 million of the total
outstanding EUR 500 million EMTN bonds
maturing 2024.
4.3 Financial income and expenses
Forward premiums on currency swaps ISS
uses currency swaps to hedge the exposure to
currency risk primarily arising from intercompa-
ny loans. The cost of hedging in 2021 increased
compared to 2020, primarily driven by the
hedging of TRY exposure.
4.4 Financial risk
management
The Group is exposed to a number of nancial
risks arising from its operating and nancing
activities, mainly interest rate risk, liquidity
risk, currency risk and credit risk.
Financial risks are managed centrally by Group
Treasury based on the Financial Policy, which is
reviewed and approved annually by the Board
of Directors. It is considered on an ongoing
basis if the nancial risk management approach
appropriately addresses the risk exposures.
It is the Group’s policy to mitigate risk exposure
derived from its business activities. Group policy
does not allow taking speculative positions in
the nancial markets.
The Group’s objectives and policies for measuring
and managing risk exposure are explained in:
• 4.5, Interest rate risk;
• 4.6, Liquidity risk; and
• 4.7, Currency risk.
Credit risk on trade receivables is described in:
• 2.2, Trade receivables and credit risk.
At 31 December 2021, the exposure to credit risk
related to cash and cash equivalents and other
nancial items was DKK 3,531 million (2020: DKK
2,841 million). It is the Group’s policy to transact
only with nancial institutions with at least
A-1/P-1 credit ratings. Group Treasury monitors
credit ratings on an ongoing basis and approves
exceptions to credit rating requirements.
The Group has not identied additional nancial
risk exposures in 2021 compared to 2020.
(
DKKm
)
2021 2020
Interest income on cash and cash equivalents 41 31
Foreign exchange gains - 28
Financial income 41 59
Interest expenses on loans and borrowings
(
388
)
(
432
)
Redemption premium, bonds
(
90
)
-
Interest expenses on lease liabilities
(
69
)
(
79
)
Bank fees
(
52
)
(
53
)
Net interest on dened benet obligations
(
17
)
(
17
)
Forward premiums, currency swaps
(
29
)
(
15
)
Other
(
30
)
(
12
)
Foreign exchange losses
(
22
)
-
Financial expenses
(
697
)
(
608
)
FINANCIAL STATEMENTS
4.5 Interest rate risk
Interest rate sensitivity
An increase in relevant interest rates of 1%-point
would have decreased net prot by DKK 4
million (2020: decreased by DKK 5 million).
The estimate was based on the Group’s oating
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 not a representative level for the purpose of
this analysis. The analysis assumes that all other
variables remain constant.
Exposure towards interest rates
2021 2020
(
DKKm
)
Nominal
interest rate Currency Maturity
Nominal
value
Carrying
amount
Carrying
amount
Issued bonds
(
xed interest rate
)
EMTNs
(
EUR 300 million
)
2.125% EUR 2024 2,231 2,226 3,709
EMTNs
(
EUR 500 million
)
1.250% EUR 2025 3,718 3,695 3,690
EMTNs
(
EUR 500 million
)
0.875% EUR 2026 3,718 3,695 3,690
EMTNs
(
EUR 600 million
)
1.500% EUR 2027 4,462 4,448 4,448
14,129 14,064 15,537
Bank loans
(
oating interest rate
)
TLFREF
Acquisition facility, Turkey +3.25% TRY - 303 300 -
Bank loans and overdrafts - Multi - 51 40 474
354 340 474

Exposure to interest rate risk
Interest rate risk arises from the possibility
that changes in interest rates will aect fu-
ture cash ows or the fair value of nancial
instruments. Exposure relates to bank loans
with oating interest rates.
Low risk
• 98% of the Group’s bank loans and
bonds carried xed interest rates at 31
December 2021 (2020: 97%)
• Duration of gross debt (xed-rate period)
of 4.3 years was at 31 December 2021
(2020: 5.0 years)
• Exposure was primarily related to EUR
denominated bank loans with oating
rates
Risk management policy
• At least 50% of the Group’s bank loans
and issued bonds must carry xed inter-
est rates directly or through derivatives
• Duration of gross debt (xed-rate period)
shall be 2-6 years
• Currently, the Group does not use
interest rate swaps
Mitigation
• The balance between xed and variable
interest rates and gross debt duration
(xed-rate period) is measured on a
monthly basis

(
97%
)

(
3%
)
Fixed vs.
floating
interest rates
Fixed
Floating
2021
FINANCIAL STATEMENTS
4.6 Liquidity risk
Contractual maturities
The contractual maturities of nancial liabilities,
based on undiscounted contractual cash ows,
are shown in the table. The undiscounted
contractual cash ows include expected interest
payments, estimated based on market expecta-
tions at 31 December.
Liquidity reserves
Cash and cash equivalent at DKK 3,428 million
reects 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 31 million of the total cash
and cash equivalents at 31 December 2021 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 May 2021, the additional
backup credit facility of EUR 700 million was can-
celled leading to the decrease compared to 2020.
In addition to the unused revolving credit
facilities at Group level, local credit facilities are
available in countries, which are not considered
part of the readily available liquidity. At 31 De-
cember 2021, these amounted to DKK 1.1 billion
of which all was unused (2020: DKK 0.9 billion of
which DKK 0.4 billion was unused).
Not readily available Cash is considered readily
available for upstreaming to the parent company
(ISS A/S) within ve days. In a number of countries,
transfer to ISS A/S is assessed to take more than
ve days due to local administrative processes,
and thus is not deemed readily available.
(
DKKm
)
2021 2020
Cash and cash equivalents 3,428 2,742
Restricted cash
(
31
)
(
37
)
Unused revolving credit facilities 7,312 12,380
Liquidity reserves 10,709 15,085
Not readily available 1,061 1,026
Readily available liquidity 9,648 14,059
The risk implied from the values reects the
one-sided scenario of cash outows only. Trade
payables and other nancial liabilities are mainly
used to nance assets such as trade receivables
and property, plant and equipment.
The maturity prole of the Group’s current
nancing, i.e. issued bonds and bank loans,
based on nominal values including any undrawn
amounts and excluding interest payments, is
illustrated in the chart on p. 78.
(
DKKm
)
Carrying
amount
Contractual

< 1
year
1–2
years
2–3
years
3–4
years
4–5
years
> 5
years
2021
Loans 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 - - - - -
 19,384 20,549 3,514 872 2,955 4,219 4,076 4,913
2020
Loans and borrowings, excl. lease 16,078 17,332 716 247 249 3,963 3,845 8,312
Lease liabilities 2,565 2,681 842 654 454 279 191 261
Trade payables and other 2,788 2,788 2,679 21 88 - - -
 21,431 22,801 4,237 922 791 4,242 4,036 8,573
Exposure to liquidity risk
Liquidity risk results from the Group’s
potential inability or diculty in meeting
the contractual obligations associated with
its nancial liabilities due to insucient
liquidity.
Low risk
• No short-term maturities
• No nancial covenants in our main Group
facilities (certain covenants apply to the
Turkish facility)
• Diversied funding; bonds and bank loans
Risk management policy
• Maintain an appropriate level of short-
and long-term liquidity reserves (liquid
funds and committed credit facilities)
• Maintain a smooth maturity prole in
terms of dierent maturities
• Maintain access to diversied funding
sources
Mitigation
• Raising capital is managed centrally
in Group Treasury to ensure ecient
liquidity management
• Group Treasury monitors the risk of
insucient liquidity position on a daily
basis
• Liquidity is transferred to/from ISS
Global A/S, which operates as the Group’s
internal bank
• For day-to-day liquidity management
cash pools have been established in the
majority of the local entities
FINANCIAL STATEMENTS
Loans and borrowings
– foreign currency sensitivity
A change in relevant currencies, with all other
variables held constant, would have impacted
prot or loss with the amounts below.
Sensitivity
(
DKKm
)
Currency
exposure
(
nominal
)
Currency
swaps
(
contractual
)
Exposure,
net
Increase
in FX

or loss
2021
EUR/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% 19
Total
(
17,043
)
6,590
(
10,453
)
2020
EUR/DKK
(
18,011
)
6,854
(
11,157
)
1%
(
112
)
USD/DKK 1,625
(
1,768
)
(
143
)
10%
(
14
)
Other/DKK 453
(
115
)
338 10% 34
Total
(
15,933
)
4,971
(
10,962
)
4.7 Currency risk
The analysis is based on the Group’s 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).
Exposure to currency risk
Currency risk is the risk that arises from changes
in exchange rates, and aects the Group’s result,
investments or value of nancial instruments.
Low risk
The Group generally benets from a natural
hedge in having costs, investments and income
in the same functional currency country by coun-
try. Currency risk therefore predominantly arises
from funding and investments in subsidiaries.
• 97.7% of the Group’s loans and borrowings
(external) were denominated in EUR at 31
December 2021 (2020: 97.1%)
• Including the impact of net investment hedg-
es, 78.8% (2020: 81.0%) of the Group’s external
borrowings were denominated in EUR
Risk management policy
• It is Group policy to pool funding activities
centrally and fund investments in subsidiar-
ies through a combination of intercompany
loans and equity
• Currency risk on intercompany loans is as a
main policy hedged against DKK or EUR when
exposure exceeds DKK 5 million. Some cur-
rencies cannot be hedged within a reasonable
price range in which case correlation to a
proxy currency is considered and, if deemed
appropriate, proxy hedging is applied
• 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
• Exposure to EUR is monitored but not
hedged due to the xed rate exchange
policy between DKK/EUR
• Our currency hedging exposes us to
interest spread risk, see sensitivity analysis
in 4.5, Interest rate risk
Mitigation
• Currency swaps are used to hedge the
exposure to currency risk on loans and bor-
rowings (external), intercompany balances
and long-term receivables (external)
• Exposure on loans and borrowings,
intercompany balances and cash and
cash equivalents are measured at least
on a weekly basis to evaluate the need for
hedging currency positions
• Currency swaps (net investment hedges)
or debt is used to hedge the currency
exposure to investments in subsidiaries
(other than for EUR).
FINANCIAL STATEMENTS
Net investment hedges
(
DKKm
)
Net
investment

investment
Exposure,
net
Average
price
Change
in fair value
Fair
value Maturity
2021
GBP 1,492 1,285 207 9
(
100
)
(
18
)
March 2022
USD 1,093 722 371 7
(
60
)
3 March 2022
CHF 1,847 718 1,129 7
(
31
)
(
4
)
March 2022
Total 4,432 2,725 1,707 -
(
191
)
(
19
)
2020
GBP 1,302 1,236 66 8 119
(
9
)
March 2021
USD 804 666 138 6 58 6 March 2021
CHF 1,265 685 580 7 3 6 March 2021
Total 3,371 2,587 784 - 180 3
Net investment hedges
– foreign currency sensitivity
A 10%-change in currencies, with all other
variables held constant, would have changed the
fair value recognised in Other comprehensive
income of GBP with DKK 21 million, of USD with
DKK 37 million and of CHF with DKK 113 million.
Translation and
operational currency risk
The Group’s exposure to currency risk on
transaction level is low since services are
produced, delivered and invoiced in the same
local currency as the functional currency of the
entity delivering the services.
The Group is, however, exposed to risk related to
translation into DKK of prot or loss and net as-
sets of foreign subsidiaries, including intercom-
pany items such as loans, royalties, management
fees and interest payments between entities with
dierent functional currencies, since a signicant
portion of the Group’s revenue and operating
prot is generated in foreign entities. The
exposure to translation of net assets of foreign
subsidiaries is described to the left.
Foreign currency sensitivity
A 10%-change (EUR: 1%-change) in relevant
currencies, with all other variables held constant,
would have impacted revenue and operating
prot before other items with the amounts below.
Impact on prot or loss
In 2021, changes in weighted average exchange
rates resulted in a decrease in Group revenue
of DKK 420 million or 0.6% (2020: decrease of
2.1%) and a decrease of the Group’s operating
prot before other items of DKK 92 million or
1.2% (2020: increase of 3.5%).
EUR
GBP
USD
CHF
AUD
DKK
NOK
SEK
TRY
Other
% of Group revenue
 








Revenue by currency
(
DKKm
)
Revenue

before other items
GBP 1,010 29
CHF 521 39
USD 513 27
AUD 413 27
NOK 318 23
SEK 279 18
TRY 272 22
EUR 233 4
Other 1,116 58
Total 4,675 247
Change in
avg. FX rates)
2020 to
2021
2019 to
2020
GBP 3.2%
(
1.5
)
%
CHF
(
1.2
)
% 3.7%
USD
(
3.8
)
% 2.0%
AUD 4.8%
(
2.8
)
%
NOK 5.1%
(
8.1
)
%
SEK 3.1% 0.8%
TRY
(
22.9
)
%
(
20.0
)
%
EUR
(
0.2
)
%
(
0.2
)
%
( )
= Weakened against DKK
Revenue by
currency
71.4
DKKbn
The eect of translation of net assets in foreign
subsidiaries before the eect of net investment
hedges increased equity by DKK 297 million
(2020: a decrease of DKK 750 million) primarily
related to Turkey, the USA and the UK.
Derivative nancial intruments are initially recognised
at fair value at the trade date and subsequently
remeasured at fair value. Derivatives are included in
Other receivables when the fair value is positive and
ind Other liabilities when the fair value is negative.
Fair value measurement take into account current
market data. The Group uses valuation techniques
that are appropriate in the circumstances and for
which sucient 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 exposure 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 prot or loss, hedge accounting is not
applied.
Currency swaps (net investment hedges) or debt is
used to hedge the currency exposure to investments
in subsidiaries (other than for EUR).
Net investment hedges Gains or losses on the
hedging instrument relating to the eective portion
of the hedge are recognised in other comprehensive
income while gains or losses relating to the inef-
fective portion are recognised in prot or loss and
included in nancial income or nancial expenses.
On disposal of the foreign operation, the cumula-
tive value of any such gains or losses recognised in
equity is transferred to prot or loss.
Accounting policy
FINANCIAL STATEMENTS
In this section:
5.1 Remuneration to the Board
of Directors and the Executive
Group Management
5.2 Sta costs and average
number of employees
5.3 Share-based payments
5.4 Pensions and similar obligations
Remuneration
Share-based payments
At ISS, remuneration is based on responsibilities,
competencies and performance and is designed
to be competitive, aordable and in line with
market practice of comparable listed companies.
To drive delivery of short- and long-term nan-
cial results, retention of leaders and alignment
to shareholder value creation, the Group has
implemented two types of share-based incentive
programmes:
• a long-term incentive programme (LTIP)
• 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 EPS and TSR performance criteria as well
as service objectives for the 2021 LTIP pro-
gramme. Performance criteria of the latest two
vested programmes, LTIP 2017 and LTIP 2018,
were not achieved and they vested at 0%.
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.
Pension plans
The Group has several pension plans of which
the majority are dened contribution plans
with no further payment obligation once the
contributions are paid.
The Group also has a number of dened benet
plans where the responsibility for the pension
obligation towards the employees, rests with
the Group, most signicantly in Switzerland and
the UK, which accounted for 86% of the Group’s
obligation (gross).
Market conditions in 2021 resulted in strong
asset returns, especially in Switzerland. Further-
more, changes to actuarial assumptions led
to actuarial gains, mainly in Switzerland. The
positive impacts were oset by changes in the
asset ceiling due to surplus restrictions. The net
impact on other comprehensive income was
therefore limited. Read more in this section.
Prepared pursuant to the Shareholder Rights Directive
and includes a description of our remuneration policy
and remuneration to the Board and the EGMB.
2021
REMUNERATION REPORT
PEOPLE MAKE PLACES
Pensions
Remuneration report

vested in March 2021

will vest in March 2022
LTIP 2018
LTIP 2019
62DKKm
(2020: 27 DKKm)
Recognised in prot or loss
Share-based payments
881DKKm
Dened benet
obligation, net
236DKKm
Recognised in
prot or loss
65DKKm (gain)
Recognised in other
comprehensive income
FINANCIAL STATEMENTS

5.3 Share-based payments
To drive delivery of short- and long-term nan-
cial results, retention of leaders and alignment
to shareholder value creation, the Group
has implemented two types of equity-settled
sharebased incentive programmes:
• a long-term incentive programme (LTIP); and
• a special incentive programme (SIP).
Long-term incentive programme
Members of the EGM (EGMB and Corporate
Senior Ocers of the Group), and other senior
ocers of the Group, are granted a number of
performance share units (PSUs).
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 sharehold-
er return (TSR) and earnings per share (EPS). For
LTIP 2021, 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 Copenhagen OMX C25 and a peer group
of comparable international service companies.
The Executive Group Management (EGM) com-
prises the Executive Group Management Board
(EGMB) and Corporate Senior Ocers of the
Group. Members of the EGM have authority and
5.1 Remuneration to the Board of Directors
and the Executive Group Management
responsibility for planning, implementing and
controlling the Group’s activities and are together
with the Board of Directors (Board) considered as
the Group’s key management personnel.
2021 2020
EGM EGM
(
DKK thousand
)
Board EGMB
Corporate
Senior
 Board EGMB
Corporate
Senior

Base salary and non-monetary benets 8,724 21,842 39,172 8,008 16,678 34,637
Bonus programmes - 12,007 18,739 - 7,461 12,163
Share-based payments
 1)
-
(
3,794
)
11,695 - 8,349 2,649
Severance pay - 14,280 - - 17,799 14,629
Total remuneration 8,724 44,335 69,606 8,008 50,287 64,078

number of employees
At 31 December 2021, sta costs amounted to
DKK 46,369 million (2020: DKK 46,579 million)
and comprised mainly wages and salaries. In
2021, sta costs was positively impacted by a
refund of collective insurance premiums paid in
prior years in Sweden (DKK 78 million).
At 31 December 2021, total number of employ-
ees was 354,636 (31 December 2020: 378,946)
with an average number of employees in 2021
of
362,789362,789 (2020: 434,896434,896). Number of employ-
ees included both the continuing and discontin-
ued operations.
The decrease in 2021 was mainly the result
of divestments completed in 2021. Contract
losses contributed further to the reduction.
The total number of employees is expected to
be around 345,000 once the strategic divest-
ment programme is completed.
TSR performance criteria
Threshold Vesting TSR
Below threshold 0 % Below median of peers
Threshold 25 % At median of peers
Maximum 100 % At upper quartile of peers or better
1)
Share-based payments to the EGMB was an income of DKK 3,794 million and included an income of DKK 8,035 million due to forfeited
PSUs and RSUs under the LTIP programmes and the Retention 2020 programme as the CEO Europe left ISS in December 2021.
Remuneration policy is described in the Remuneration report which is available here
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 sta costs over the vest-
ing period with a corresponding increase in equity.
The fair value of granted PSUs under the long-term
incentive programme is measured using a generally
accepted valuation model taking into consideration
Accounting policy
the terms and conditions upon which the PSUs were
granted including market-based vesting conditions
(TSR condition).
On initial recognition, an estimate is made of the
number of PSUs and RSUs expected to vest. The es-
timated number is subsequently revised for changes
in the number of PSUs and RSUs expected to vest
due to non-market based vesting conditions.
FINANCIAL STATEMENTS
 LTIP 2018 LTIP 2019 LTIP 2020 LTIP 2021
PSUs and participants
(
number
)
Maximum PSUs under the programme at grant date 869,112 928,367 1,785,896 1,349,521
Total PSUs granted 767,447 813,090 1,473,659 1,240,947
Participants 152 142 120 140
Fair value
(
DKKm
)
PSUs expected to vest at grant date 100 101 74 94
PSUs expected to vest at 31 December 2021 - 24 52 74

(
DKKm
)
Recognised in 2021 2 8 20 22
Not yet recognised
(
PSUs expected to vest
)
- 1 22 57
Assumptions at the time of grant LTIP 2018 LTIP 2019 LTIP 2020 LTIP 2021
Share price, DKK 228 207 98 111
Expected volatility
1)
29.0% 26.6% 29.1% 47.2%
Expected life of grant, years 3 3 3 3
Risk-free interest rate
1)
0.5%-2.4%
(
0.3
)
%-2.7%
(
0.4
)
%-1.9% (0.6)%-0.9%
1)
Based on observable market data for peer groups.
LTIP – vested programmes
In March 2021, the LTIP 2018 programme
vested. Based on the annual EPS and TSR
performances for 2018, 2019 and 2020, 0% of
the granted PSUs vested. After this vesting, no
further PSUs are outstanding under the LTIP
2018 and the programme has lapsed.
Furthermore, in March 2022, the PSUs granted
under LTIP 2019 will vest with 0% based on the
annual EPS and TSR performances for 2019,
2020 and 2021.
LTIP 2019
Outstanding at 1 January 2020 109,369 115,075 540,174 764,618
Granted
(
66,786
)
(
32,060
)
98,846 -
Cancelled - -
(
78,569
)
(
78,569
)
Outstanding at 31 December 2020 42,583 83,015 560,451 686,049
Cancelled
(
35,686
)
(
6,370
)
(
23,034
)
(
65,090
)
Outstanding at 31 December 2021 6,897 76,645 537,417 620,959
LTIP 2020
Granted 218,564 224,231 1,030,864 1,473,659
Transferred
(
85,931
)
(
46,232
)
132,163 -
Cancelled - -
(
33,673
)
(
33,673
)
Outstanding at 31 December 2020 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
LTIP 2021
Granted 201,828 176,746 862,373 1,240,947
Transferred
(
53,531
)
-
(
89,652
)
(
143,183
)
Outstanding at 31 December 2021 148,297 176,746 772,721 1,097,764
LTIP – outstanding PSUs
EGM
LTIP 2018 EGMB
Corporate

Other
 Total
Outstanding at 1 January 2020 88,503 87,410 489,381 665,294
Transferred
(
50,033
)
(
18,817
)
68,850 -
Cancelled - -
(
41,435
)
(
41,435
)
Outstanding at 31 December 2020 38,470 68,593 516,796 623,859
Forfeited
(
38,470
)
(
68,593
)
(
516,796
)
(
623,859
)
Outstanding at 31 December 2021 - - - -
FINANCIAL STATEMENTS

Retention
2020
Special
Incentive
2020-2022
Special
Incentive
2020-2023
RSU and participants
(
number
)
Maximum RSUs under the programme at grant date 145,729 64,159 246,767
Total RSUs granted 145,729 50,698 232,730
Participants 1 9 36
Fair value
(
DKKm
)
RSUs expected to vest at grant date 14 6 24
RSUs expected to vest at 31 December 2021 - 6 23

(
DKKm
)
Recognised in 2021
(
5
)
5 10
Not yet recognised
(
RSUs expected to vest
)
- 1 10
Special incentive programmes
There are currently two dierent incentive plans
with duration between two and three years.
Restricted share units (RSUs) granted under
the programmes in 2020 and 2021 will vest in
either 2022 or 2023, subject to achievement of
individual service or performance criteria. Upon
vesting, each RSU entitles the holder to receive
one share at no cost.
The RSUs granted under the Retention 2020
programme in 2020 was forfeited in 2021 as the
participant left ISS and vesting of the programme
was subject to continued employment. Thereafter
the programme has lapsed.
Assumptions at the time of grant
Retention
2020
Special
Incentive
2020-2022
Special
Incentive
2020-2023
Share price, DKK 98 101 101
Expected life of grant, years 2 2 3
Special incentive 2020-2022
Granted - - 22,296 22,296
Outstanding at 31 December 2020 - - 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 44,185
Special incentive 2020-2023
Granted - - 204,223 204,223
Outstanding at 31 December 2020 - - 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
Special incentive programmes – outstanding RSUs
EGM
Retention 2020 EGMB
Corporate

Other
 Total
Granted 145,729 - - 145,729
Cancelled - - - -
Outstanding at 31 December 2020 145,729 - - 145,729
Cancelled
(
145,729
)
- -
(
145,729
)
Outstanding at 31 December 2021 - - - -
FINANCIAL STATEMENTS
5.4 Pensions and similar
obligations

The majority of the Group’s pension schemes
are dened contribution plans where con-
tributions are paid to publicly or privately
administered pension plans. The Group has no
further payment obligations once the contri-
butions have been paid. In 2021, contributions
amounted to DKK 1,186 million (2020: DKK 1,220
million), corresponding to 86% of the Group’s
pension costs (2020: 86%).

The Group has a number of dened benet 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% (2020: 86%) of the Group’s obligation
(gross) and 97% (2020: 97%) of its plan assets.
The plans are primarily based on years of service,
and benets are determined on the basis of
salary and rank. The Group assumes the risk
associated with future developments in salary,
interest rates, ination, 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
and Hong Kong, the obligation is unfunded. For
these unfunded plans, obligation amounted to
DKK 788 million or 9% of the present value of the
gross obligation (2020: DKK 843 million or 10%).
Switzerland Participants are insured against the
nancial consequences of retirement, disabil-
ity and death. The pension plans guarantee a
minimum interest credit and xed 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 nancing from the
employer or from the employer and employees,
reduction of benets or a combination of both.
The UK Participants are insured against the
nancial consequences of retirement and death,
and do not provide any insured disability benets.
The pension plans guarantee a dened benet
pension at retirement on a nal salary basis. The
majority of the plans does not include a risk-shar-
ing element between ISS and the plan participants.
Development in 2021
Actuarial (gain)/loss, including return on plan
assets, was a gain of DKK 1,145 million (2020:
loss of DKK 127 million). Impact from asset ceil-
ing was a loss of DKK 1,080 million (2020: loss
of DKK 21 million). Consequently, the net impact
recognised in other comprehensive income in
2021 was a gain of DKK 65 million (2020: loss of
DKK 148 million).
In 2021, we saw strong asset returns, mainly in
Switzerland (accounts for 80% of the Group’s
plan assets). The assets are primarily placed in
listed shares (40%), bonds (25%) and real estate
(15%), and the market conditions, especially
for shares and real estate, led to the signicant
return on plan assets. Furthermore, changes to
actuarial assumptions (increased discount rates
and updated mortality rates) led to a reduction
in the gross obligation and a resulting actuarial
gain, predominantly in Switzerland.
As a result of the strong asset returns and
development in actuarial assumptions, a
2021 2020
(DKKm)
Present
value of
obligation
Fair value
of plan
assets
Obligation,
net
Present
value of
obligation
Fair value
of plan
assets
Obligation,
net
Carrying amount at 1 January 8,684 7,796 888 8,394 7,542 852
Current service costs 187 - 187 174 - 174
Interest on obligation/plan assets 45 28 17 61 44 17
Past service costs 32 - 32 59 - 59
 264 28 236 294 44 250
Actuarial
(
gain
)
/loss,
demographic assumptions
(
256
)
-
(
256
)
(
10
)
-
(
10
)
Actuarial
(
gain
)
/loss,
nancial assumptions
(
209
)
-
(
209
)
290 - 290
Actuarial
(
gain
)
/loss,
experience adjustments 67 - 67 27 - 27
Return on plan assets
excl. interest income - 747
(
747
)
- 180
(
180
)
Impact from asset ceiling -
(
1,080
)
1,080 -
(
21
)
21
Recognised in other
comprehensive income
(
398
)
(
333
)
(
65
)
307 159 148
Foreign exchange adjustments 386 414
(
28
)
(
115
)
(
93
)
(
22
)
Acquisitions and divestments, net - 0
(
0
)
(
3
)
(
0
)
(
3
)
Additions from new contracts, net - - - - 35
(
35
)
Employee contributions 141 141 - 135 135 -
Employer contributions - 199
(
199
)
- 195
(
195
)
Benets paid
(
266
)
(
174
)
(
92
)
(
313
)
(
234
)
(
79
)
Impact from asset ceiling - 1,080
(
1,080
)
- 21
(
21
)
Reclassication to Liabilities
held for sale
(
186
)
(
154
)
(
32
)
(
15
)
(
8
)
(
7
)
Other changes 75 1,506
(
1,431
)
(
311
)
51
(
362
)
Carrying amount
at 31 December 8,625 8,997
(
372
)
8,684 7,796 888
Other long-term employee benets 470 456
Accumulated impact
from asset ceiling 1,253 163
Pensions and similar
obligations at 31 December 1,351 1,507
signicant increase in the surplus on the major
plans in Switzerland was realised. However, due
to surplus restrictions (ISS does not have access
to the overfunding), a resulting increase in the
asset ceiling was recognised. As such, by the
end of 2021, the accumulated impact from the
asset ceiling was DKK 1,253 million (2020: DKK
163 million).
FINANCIAL STATEMENTS
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.
Actuarial assumptions
Sensitivity analysis
The table below illustrates the sensitivity related
to signicant actuarial assumptions used in the
calculation of the dened benet obligation
recognised at the reporting date. The analysis
is based on changes in assumptions that the
Group considered to be reasonably possible
at the reporting date. It is estimated that the
relevant changes in assumptions would have
increased/(decreased) the dened benet
obligation by the amounts shown below:
The estimated weighted average duration of the
dened benet obligation was 12 years (2020:
13 years) and is split into:
Contributions in 2022
The Group expects to contribute DKK 261
million in 2022 (2021: DKK 250 million).
Major categories of plan assets
Contributions to  are
recognised in Sta costs when the related service
is provided. Any contributions outstanding are
recognised in Other liabilities.
 The Group’s net obligation
is calculated by a qualied actuary using the pro-
jected unit credit method, separately for each plan
by estimating the amount of future benets 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,
recognition is limited to the present value of
economic benets available in the form of future
refunds from or reductions in future contributions
to the plan. To calculate the present value, consid-
eration is given to applicable minimum funding
requirements.
Pension costs are calculated based on actuarial es-
timates and nancial expectations at the beginning
of the year. Service costs are recognised in Sta
costs and net interest is recognised in Financial
expenses. Dierences between the expected
development in pension assets and liabilities and
the realised amounts at the reporting date are des-
ignated actuarial gains or losses and recognised in
other comprehensive income.
When the benets are changed or a plan is cur-
tailed, the resulting change in benets that relates
to past service or the gain or loss on curtailment
is recognised in Sta costs. Gains and losses on
settlement is recognised when incurred.
 are
recognised as dened pension plans, except that
actuarial gains and losses are recognised in Sta
costs. Other long-term employee benets comprise
jubilee benets, long-service or sabbatical leave etc.
Accounting policy
Listed shares
Corporate bonds
Property
Government bonds
% of total plan assets

(
35%
)

(
15%
)

(
24%
)

(
3%
)

(
19%
)

(
4%
)
Major
categories of
plan assets
2021
Actuarial calculations and valuations are per-
formed annually for all major plans. The present
value of dened benet obligations is determined
on the basis of assumptions about the future
development in variables such as salary levels,
interest rates, ination and mortality. Applied actu-
arial assumptions vary from country to country due
to local conditions. All assumptions are assessed at
the reporting date. Changes in these assumptions
may signicantly aect the liabilities and pension
costs under dened benet 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 ows are based on
the market yield of high quality corporate bonds or
government bonds with a maturity approximating
to the terms of the dened benet obligations.
ISS participates in multi-employer pension
schemes that by nature are dened benet plans.
Some funds are not able to provide the necessary
information in order for the Group to account for
the schemes as dened benet plans and these
schemes are therefore accounted for as dened
contribution plans. There is a risk that the plans are
not suciently funded. However, information on
surplus or decit in the schemes is not available.

estimates
Cash and cash
equivalents
Other
2021 2020
 GBP EUR
Other
currencies  GBP EUR
Other
currencies
Discount rates 0.3% 2.0% 0.35-1.0% 0.2-19.3% 0.1% 1.5% 0.35-0.75% 0.2-15.4%
Salary increase 1.0% 0.0-2.65% 0-3.5% 0-15.0% 1.0% 0.0-2.19% 0.0-3.5% 0.0-10.0%
Pension increase 0.0% 2.65-3.20% 0-0.64% 0-2.0% 0.0% 2.2-3.0% 0.0-2.0% 0.0-1.75%
2021 2020
(
DKKm
)
   
Discount rate
(
490
)
545
(
535
)
598
Price ination 165 51 121
(
103
)
Salary increase 132 4 74
(
69
)
Pension increase 302
(
85
)
314
(
78
)
+1 year -1 year +1 year -1 year
Life expectancy 212
(
182
)
203
(
197
)
Years 2021 2020
Active employees 8 13
Retired employees 15 15
Deferred vested
 1)
6 14
Total employees 12 13
FINANCIAL STATEMENTS
Other required disclosures
6.1 Contingent liabilities 6.2 Government grants
The Group received government grants in the
form of wage subventions, which have been
recognised as a reduction of sta costs. The
grants compensate the Group for sta costs
primarily related to social security and wage
increases as well as hiring certain categories of
employees such as trainees, disabled persons,
long-term unemployed and employees in certain
age groups.
Covid-19 related grants
The Group received Covid-19 related grants to
compensate costs related to e.g. employees on
furlough, social security contribution and sick
pay compensation mainly in the UK, Hong Kong
and Switzerland. As the grants compensate
costs already incurred, they are recognised as
a reduction of sta costs. Depending on the
specic commercial model, customers were
appropriately and accordingly compensated.
(
DKKm
)
2021 2020
Wage subvention 415 1,321
Sick pay compensation 11 15
Social security contribution 6 12
 432 1,348
Hereof included in
Other receivables 10 118
6.3 Related parties
Parent and ultimate controlling party
The Group’s parent ISS A/S is the ultimate con-
trolling party. At 31 December 2021, ISS had no
related parties with either control of the Group
or signicant inuence in the Group.
Key management personnel
The Board of Directors (Board) and the Executive
Group Management (EGM) are considered the
Group’s key management personnel as dened
in 5.1, Remuneration to the Board of Directors
and the Executive Group Management.
Apart from remuneration, including share-based
incentive programmes, there were no signicant
transactions with members of the Board and the
EGM in 2021.
6.4 Fees to auditors
Other assurance services comprised work
related to the interim nancial 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 nancial and tax due diligence.
(
DKKm
)
2021 2020
Statutory audit 71 75
Other assurance services 1 1
Tax and VAT advisory services 6 6
Other services 9 11
Total 87 93
Type Nature and extent
Guarantee com-
mitments
Indemnity and guarantee commitments (mainly towards public authorities and insur-
ance companies) at 31 December 2021 amounted to DKK 479 million (31 December
2020: DKK 426 million).
Performance
guarantees
The Group has issued performance guarantee bonds for service contracts amount-
ing to DKK 3,580 million (31 December 2020: DKK 3,305 million) of which DKK 1,761
million (31 December 2020: DKK 1,454 million) were bank-guaranteed performance
bonds. Such performance bonds are issued in the ordinary course of business in the
service industry to guarantee towards our customers satisfactory completion of work
in accordance with service contracts.
Divestments The Group makes provisions for claims from purchasers or other parties in connection
with divestments and representations and warranties given in relation to such divest-
ments. Management believes that provisions made at 31 December 2021 are adequate.
However, there can be no assurance that major claims will not arise out of the Group’s
divestments and adversely aect the Group’s prot or loss and nancial position.
In addition, in some cases the Group’s divestment activities give rise to possible
obligations, whose existence will only be conrmed by the occurrence or non-occur-
rence of one or more future events, not wholly within ISS’s control, e.g. labour-related
obligations, including relating to multi-employer plans. In such cases, the occurrence
of future events may adversely aect the Group’s prot or loss and nancial position.
Legal proceedings The Group is party to certain legal proceedings. Management believes that these
proceedings (many of which are disputes with customers and labour-related cases
incidental to the business) will not have a material impact on the Group’s nancial po-
sition beyond the assets and liabilities already recognised in the statement of nancial
position at 31 December 2021.
Restructuring
projects
Restructuring projects are being undertaken on an ongoing basis across dierent
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 liabilities. Management believes that this would not have a material impact on
the Group’s nancial position beyond the assets and liabilities already recognised in the
statement of nancial position at 31 December 2021.
FINANCIAL STATEMENTS

Basis of preparation

operating performance and cash ows in 2021
and our nancial position at 31 December 2021.
Estimates and assumptions are reviewed on an
ongoing basis and have been prepared taking
macroeconomic developments into consider-
ation, but still ensuring that one-o eects which
are not expected to exist in the long term do not
aect estimation and determination of these key
factors, including discount rates and expecta-
tions for the future.
Items being subject to signicant estimates and
judgements are described in the notes listed below.
7.2 Change in accounting
policies
From 1 January 2021, the Group has adopted
the below standards and interpretations with no
signicant impact on recognition and measure-
ment:
• Amendments to IFRS 7, IFRS 9 and IAS 39 and
IFRS 16: Interest Rate Benchmark Reform –
Phase 2.
7.3 General accounting
policies
The consolidated nancial statements of ISS A/S
for the year ended 31 December 2021 comprise
ISS A/S and its subsidiaries (collectively, the
Group). Signicant subsidiaries are listed in 7.6,
Group companies.
The 2021 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 24 February 2022
and issued for approval at the subsequent
annual general meeting on 7 April 2022.
Basis of preparation
The consolidated nancial 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 nancial
statements have been prepared in compliance
with the IFRSs issued by the IASB.
Note Item Estimates Judgements
1.2 Revenue x x
1.5 Deferred tax x x
2.1 Right-of-use assets x
2.2 Trade receivables and credit risk x
2.3 Other receivables x
2.6 Provisions x x
3.1 Discontinued operations x x
3.2 Assets and liabilities held for sale x x
3.6 Intangible assets x x
3.8 Impairment tests x
5.4 Pensions and similar obligations x
The preparation of the Group’s consolidated
nancial statements required management to
make judgements, estimates and assumptions
that aected the reported amounts of assets,
liabilities, income and expenses, the accompany-
ing 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.
In 2021, Covid-19 continued to have an adverse
impact on our business, although to a lesser
extend than in 2020, including the Group’s
The Group’s signicant accounting policies and
accounting policies related to IAS 1 minimum
presentation items are described in the relevant
notes to the consolidated nancial statements
or otherwise stated below. A list of the notes is
shown on p. 50.
All amounts have been rounded to nearest DKK
million, unless otherwise stated.
Fair value measurement
and disclosure
The consolidated nancial statements have
been prepared on a historical cost basis, except
for assets and liabilities held for sale, derivative
nancial instruments and contingent consider-
ation that have been measured at fair value.
The assets and liabilities above for which the fair
value is measured 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 nancial 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.
FINANCIAL STATEMENTS

Climate change
In preparing these consolidated nancial state-
ments management has considered the impact
of climate change, which did not have a material
impact on the estimates and judgements in
these consolidated nancial statements. In
addition, it is management assessment that
climate change is not expected to have a
signicant impact on the Group’s going concern
assessment, or in the long-term (next ve years).
Going concern
The Board and the EGMB have during the prepa-
ration of the consolidated nancial statements of
the Group assessed the going concern assump-
tion. The Board and the EGMB have concluded
that it is reasonable to apply the going concern
concept as underlying assumption for the
consolidated nancial statements of the Group.
In reaching this conclusion, the Board and the
EGMB have considered all available information,
including existing and anticipated impacts
of Covid-19 and other relevant events and
conditions, up until the date on which the
consolidated nancial statements are issued.
Further, the conclusion is based on knowledge
of the Group, the estimated economic outlook
and identied risks and uncertainties in relation
hereto. This includes review of budgets, expect-
ed development in available liquidity and capital,
current credit facilities and their contractual and
expected maturities.

The consolidated nancial statements separately
present items that are considered individually
signicant, 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
signicant, or information is material, ISS consid-
ers both quantitative and qualitative factors. If
the presentation or disclosure could reasonably
be expected to inuence economic decisions
made by primary users, the information is
considered material.
Explanatory disclosure notes related to the
consolidated nancial statements are presented
for individually signicant 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 nancial statements com-
prise ISS A/S and entities controlled by ISS
A/S. Control is achieved when the Group is
exposed, or has rights, to variable returns from
its involvement with the investee and has the
ability to aect those returns through its power
over the investee. The nancial statements of
subsidiaries are included in the consolidated
nancial statements from the date on which
control commences until the date on which
control ceases.
On consolidation all intra-group assets and
liabilities, equity, income, expenses and cash ow
relating to transactions between members of the
Group are eliminated. Unrealised gains arising
from transactions with equity-accounted invest-
ees are eliminated against the investment to the
extent of the Group’s interest in the investment.
Unrealised 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’s share of net
prot and equity of subsidiaries, which are not
wholly-owned, are included in the Group’s net
prot and equity, respectively, but disclosed
separately. By virtue of agreement certain
non-controlling shareholders are only eligible
of receiving benets from their non-controlling
interest when ISS as controlling shareholder
has received their initial investment and com-
pound interest on such. In such instances the
subsidiaries’ result and equity are fully allocated
to ISS until the point in time where ISS has rec-
ognised 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 nancial statements are
presented in Danish kroner (DKK), which is
ISS A/S’s functional currency. Transactions in
currencies other than the functional currency
of the respective Group companies are con-
sidered transactions denominated in foreign
currencies.
On initial recognition, these are translated to the
respective functional currencies of the Group
companies at the exchange rates at the transac-
tion 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 translat-
ed at the exchange rates at the reporting date.
The dierence between the exchange rates at
the reporting date and at the date of transaction
or the exchange rate in the latest nancial
statements is recognised in Financial income or
Financial expenses.
On recognition in the consolidated nancial
statements of Group companies with a
functional currency other than DKK, the
statements of prot or loss and statements of
cash ows are translated at the exchange rates
at the transaction date and the statements of
nancial position are translated at the ex-
change 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 signicantly 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
prot 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 dierence 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.
FINANCIAL STATEMENTS
Segment reporting
The accounting policies of the reportable
segments are the same as the Group’s account-
ing policies described throughout the notes.
Segment revenue, costs, assets and liabilities
comprise items that can be directly referred
to the individual segments. Unallocated items
mainly consist of revenue, costs, assets and
liabilities relating to the Group’s Corporate
functions (including internal and external loans
and borrowings, cash and cash equivalents
and intra-group balances) as well as Financial
income, Financial expenses and Income tax.
The segment reporting is prepared in a manner
consistent with the Group’s internal manage-
ment and reporting structure and excludes
discontinued operations.
For the purpose of segment reporting, seg-
ment prot has been identied as Operating
prot. Segment assets and segment liabilities
have been identied as Total assets and Total
liabilities, respectively.
When presenting geographical information,
segment revenue and non-current assets are
based on the geographical location of the individ-
ual subsidiary from which the sales transaction
originates.
Transactions between reportable segments are
made on market terms.
Reporting under the ESEF regulation
As we are a Group with securities listed on a reg-
ulated market within the EU, we are from 2021
required to prepare our Annual Report using a
combination of the XHTML format and to tag the
primary consolidated nancial statements using
iXBRL (Inline eXtensible Business Reporting
Language).
The Group’s iXBRL tags have been prepared in
accordance with the ESEF taxonomy, which is
included in the ESEF regulation and developed
based on the IFRS taxonomy published by the
IFRS Foundation.
The line items in the consolidated nancial
statements are tagged to elements in the ESEF
taxonomy. For nancial line items that are not di-
rectly dened in the ESEF taxonomy, an extension
to the taxonomy has been created. Extensions
are anchored to elements in the ESEF taxonomy,
except for extensions that are subtotals.
The Annual Report submitted to the Danish
Financial Supervisory Authority (the Ocially
Appointed Mechanism) are included in the zip
le ISS-2021-12-31-en.zip.
7.4 New standards and
interpretations
not yet implemented
IASB has published certain new standards,
amendments to existing standards and interpre-
tations that are not yet mandatory for the prepa-
ration of the consolidated nancial statements
of the Group at 31 December 2021.
• Amendments to IAS 1 Presentation of Finan-
cial Statements: Classication of Liabilities as
Current or Non-current;
• Amendments to IAS 1 Presentation of Finan-
cial Statements and IFRS Practice Statement 2:
Disclosure of Accounting Policies;
• Amendments to IAS 8 Accounting Policies,
Changes in Accounting Estimates and Errors:
Denition of Accounting Estimates;
• Amendments to IAS 12 Income Taxes:
Deferred Tax related to Assets and Liabilities
arising from a Single Transaction;
• Amendments to IAS 37 Provisions, Contingent
Liabilities and Contingent Assets: Onerous
Contracts – Costs of Fullling a Contract.
None of these new standards, amendments
to existing standards and interpretations are
adopted by the EU at 31 December 2021.
The Group expects to adopt the new standards
and interpretations when they become manda-
tory. The standards and interpretations that are
approved with dierent eective dates in the EU
than the corresponding eective dates under
IASB will be early adopted so that the implemen-
tation follows the eective dates under IASB.
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 nancial statements.
FINANCIAL STATEMENTS
(DKKm)
Central &
Southern
Europe
Northern
Europe
Asia &
 Americas
Other
countries
Total
segments
Un-
allocated
Elimi-
nations
Total
Group
2021
Revenue
1)
23,585 27,685 12,381 7,141 612 71,404 -
(
41
)
71,363
Depreciation and amortisation
2)
(
581
)
(
658
)
(
214
)
(
109
)
(
2
)
(
1,564
)
(
196
)
-
(
1,760
)

before other items 583 1,287 735 393 19 3,017
(
1,241
)
- 1,776
Operating margin       - - 
Other income and expenses, net 431
(
2
)
(
2
)
78 - 505
(
66
)
- 439
Goodwill impairment
(
450
)
- - - -
(
450
)
- -
(
450
)
Amortisation/impairment of
brands and customer contracts
(
11
)
(
21
)
(
6
)
(
26
)
-
(
64
)
- -
(
64
)
 554 1,263 727 445 19 3,008
(
1,307
)
1,701
3)
4)
7.6 Group companies
Below the Group’s signicant subsidiaries
and joint ventures are presented per region.
Together these are referred to as “Companies
within the ISS Group”.
Continental Europe
Austria 
Austria
Argentina
ISS Austria Holding GmbH 100%
ISS Facility Services GmbH 100%
ISS Ground Services GmbH 51%
Belgium & Luxembourg 
Belgium
Brunei
Luxemborg
ISS Catering N.V. 100%
ISS Facility Services N.V. 100%
ISS Facility Services S.A. 100%
France 
Finland
France
GIE ISS Services 100%
ISS Facility Management SAS 100%
ISS Holding Paris SAS 100%
ISS Logistique et Production SAS 100%
Germany 
Germany Hong Kong
Hungary
ISS Automotive Services GmbH 100%
ISS Facility Services Holding GmbH 100%
ISS Integrated Facility Services GmbH 100%
ISS Pharma Services GmbH 100%
ISS Energy Services GmbH 100%
ISS Communication Services GmbH 100%
Italy 
Italy
IrelandHungary
ISS Facility Services S.r.l. 100%
Netherlands 
Netherlands
Norway
ISS Catering Services B.V. 100%
ISS Holding Nederland B.V. 100%
ISS Integrated Facility Services B.V. 100%
ISS Nederland B.V. 100%
ISS Security & Services B.V. 100%
1)
Including internal revenue which due to the nature of the business is insignicant and therefore not disclosed.
2)
Excluding Goodwill impairment and Amortisation/impairment of brands and customer contracts.
3)
Unallocated assets and liabilities relate to the Group’s holding companies and comprise internal and external loans and borrowings, cash and cash equivalents and intra-group balances.
4)
Eliminations relate to intra-group balances.
7.5 Changes to segments
Eective 1 January 2022, Europe will be seg-
mented into Northern Europe and Central &
Southern Europe consistent with the Group’s
internal management and reporting structure
going forward. The changed segmentation and
the impact on segment information for 2021 is
disclosed below.
Segment assets, segment liabilities and related
disclosures are not provided to management
on a regular basis and will therefore not be
disclosed going forward.
FINANCIAL STATEMENTS
Poland 
Poland
ISS Facility Services Sp. Z o.o. 100%
ISS World Services Poland Sp. Z.o.o 100%
Spain 
Spain
Switzerland
Integrated Service Solutions, S.L. 100%
ISS Facility Services, S.A. 100%
ISS Soluciones De Seguridad, S.L. 100%
UTE-HOSPITALES S.A.S 65%
Switzerland 
Switzerland
Singapore
ISS Facility Services AG 100%
ISS Schweiz AG 100%
Turkey 
Turkey
Taiwan
ISS Hazir Yemek Üretim ve Hizmet A.Ş. 50.1%
ISS Proser Koruma ve Güvenlik Hizmetleri A.Ş. 50.1%
ISS Tesis Yönetim Hizmetleri A.Ş. 50.1%
ISS İşletme Hizmetleri A.Ş (Rönesans) 50.1%
Northern Europe
 
Denmark
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%
Finland 
Finland
ISS Palvelut Holding Oy 100%
ISS Palvelut Oy 100%
Norway 
Norway
New Zealand
ISS Holding AS 100%
ISS Management AS 100%
ISS Facility Services AS 100%
ISS Serveringspartner AS 100%
ISS Service Management AS 100%
 1)
 2)
 2)
 2)
 2)
Sweden 
Sweden
ISS Facility Services Holding AB 100%
ISS Facility Services AB 100%
ISS Palvelut Holding AB 100%
UK & Ireland 
UK
USA
Ireland
India
Hungary
ISS UK Holding Limited 100%
ISS UK Limited 100%
ISS Facility Services Ltd. 100%
ISS Mediclean Limited 100%
ISS Damage Control (Scotland) Ltd. 100%
ISS Ireland Ltd. 100%
Americas
Chile 
Chile
Apunto Servicios de Alimentacion S.A. 100%
ISS Chile S.A. 100%
ISS Facility Services S.A. 100%
ISS Servicios Generales Ltda. 100%
ISS Servicios Integrales Ltda. 100%
Mexico 
Mexico
Malaysia
ISS Centro América, S. de R.L. de C.V. 100%
ISS Facility Services, S.A. de C.V. 100%
ISS Servicios Integrales, S. de R.L. de C.V. 100%
USA & Canada 
USA
Uruguay
Canada
China
ISS Facility Services Holding, Inc 100%
ISS Management and Finance Co, Inc 100%
ISS Facility Services, Inc 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 Uniguard Security Inc. 100%
ISS Facility Services Inc. (CA) 100%
1)
Joint venture
2)
By virtue of the governance structure, the Group has the power
to govern the nancial and operating policies of the company.
Consequently, the company is consolidated as a subsidiary.

Australia & New Zealand 
Australia
New Zealand
ISS Facility Management Pty Limited 100%
ISS Facility Services Australia Ltd. 100%
ISS Facility Services Pty Ltd. 100%
ISS Health Services Pty Ltd. 100%
ISS Hospitality Pty Limited 100%
ISS Integrated Services Pty Ltd. 100%
ISS Property Services Pty Ltd. 100%
ISS Security Pty Ltd. 100%
Pacic Invest December 2004 Pty Ltd. 100%
Pacic Service Solutions Pty Ltd. 100%
ISS Facilities Services Ltd. 100%
ISS Holdings NZ Ltd. 100%
China 
China
Czech Republic
ISS Facility Services (Shanghai) Ltd. 100%
ISS Hongrun (Shanghai) Cleaning Services Limited 100%
Shanghai B&A Property Management Co., Ltd. 100%
Shanghai B&A Security Co., Ltd. 100%
Shanghai ISS Catering Management Ltd. 100%
 
Hong Kong
Hungary
Hung 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 Environmental Services (HK) Ltd. 100%
ISS Facility Services Ltd. 100%
ISS Greater China Ltd. 100%
ISS Mediclean (HK) Ltd. 100%
ISS Pan Asia Security Services Ltd. 100%
JSL Ltd. 100%
Silvertech E&M Engineering Co., Ltd. 100%
India 
India
Indonesia
Innovative and Payroll Advisory Services Pvt. Ltd. 46%
ISS Facility Services India Pvt. Ltd. 100%
ISS SDB Security Services Pvt. Ltd. 46%
Modern Protection & Investigations Pvt. Ltd. 46%
ISS Support Services Pvt. Ltd. 100%
Indonesia 
Indonesia
Israel
PT ISS Facility Services 49%
PT ISS Indonesia 100%
PT ISS Jasa Fasilitas 0%
Singapore 
Singapore
Slovakia
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 
Brunei
Brazil
ISS Facility Services Sdn. Bhd. 50%
Portugal 
Portugal
ISS Facility Services G. eM de E., Lda 100%
Russia 
Russia
Facility Services RUS LLC 100%
Taiwan 
Taiwan
Thailand
ISS Facility Services Ltd. 100%
ISS Security Ltd. 100%
 2)
 2)
 2)
 2)
 2)
 2)
FINANCIAL STATEMENTS
Parent company nancial statements
Primary statements
Statement of prot or loss 99
Statement of comprehensive income 99
Statement of cash ows 99
Statement of nancial position 100
Statement of changes in equity 100
Accounting policies
1 Accounting policies 101
2 Signicant accounting estimates and judgements 101

3 Fees to auditors 101
4 Financial income and expenses 101
5 Income tax 101

6 Investment in subsidiary 101
7 Deferred tax 102
Other required disclosures
8 Remuneration to the Board of Directors
and the Executive Group Management 102
9 Contingent liabilities 102
10 Financial risk management 102
11 Currency risk 102
12 Liquidity risk 102
13 Credit risk 102
14 Related parties 102
15 New standards and interpretations
not yet implemented 102
PARENT COMPANY FINANCIAL STATEMENTS
Statement of prot or loss
Statement of comprehensive income
1 January – 31 December
(
DKKm
)
Note 2021 2020
Sta costs
(
41
)
(
48
)
Other operating expenses 3
(
91
)
(
12
)

(
132
)
(
60
)
Financial income 4 - 5
Financial expenses 4
(
63
)
(
1
)

(
195
)
(
56
)
Income tax 5 57 20

(
138
)
(
36
)
1 January – 31 December
(
DKKm
)
Note 2021 2020

(
138
)
(
36
)
Comprehensive income
(
138
)
(
36
)
Statement of cash ows
1 January – 31 December
(
DKKm
)
Note 2021 2020
Operating prot
(
132
)
(
60
)
Share-based payments 2 8
Changes in working capital
(
5
)
6
Interest received from companies within the ISS Group
(
62
)
5
Income tax
(
paid
)
/received
(
70
)
(
108
)
Joint taxation contribution
(
paid
)
/received, net 165
(
36
)

(
102
)
(
185
)
Capital increase in subsidiary -
(
5,000
)
 -
(
5,000
)
Other nancial payments, net
(
1
)
(
1
)
Payments
(
to
)
/from companies within the ISS Group, net 103 5,186
 102 5,185
 0 0
Cash and cash equivalents at 1 January 0 0
Total cash ow 0 0
Cash and cash equivalents at 31 December 0 0
PARENT COMPANY FINANCIAL STATEMENTS
Statement of nancial position
At 31 December
(
DKKm
)
Note 2021 2020
Assets
Investment in subsidiary 6 27,674 27,674
Non-current assets 27,674 27,674
Receivables from companies within the ISS Group 3 39
Tax receivables 31 -
Cash and cash equivalents 0 0
Current assets 34 39
Total assets 27,708 27,713
Equity and liability
Total equity 24,240 24,316
Debt to companies within the ISS Group 3,164 3,116
Deferred tax liabilities 7 237 203
Non-current liabilities 3,401 3,319
Debt to companies within the ISS Group 52 58
Trade payables and other liabilities 15 20
Current liabilities 67 78
Total liabilities 3,468 3,397
Total equity and liabilities 27,708 27,713
Statement of changes in equity
1 January – 31 December
(
DKKm
)
Share
capital
Retained
earnings
Treasury
shares Total
2021
Equity at 1 January 185 24,322
(
191
)
24,316
Net prot -
(
138
)
-
(
138
)
Comprehensive income -
(
138
)
-
(
138
)
Share-based payments - 62 - 62
Transactions with owners - 62 - 62
Changes in equity -
(
76
)
-
(
76
)
Equity at 31 December 185 24,246
(
191
)
24,240
2020
Equity at 1 January 185 24,331
(
191
)
24,325
Net prot -
(
36
)
-
(
36
)
Comprehensive income -
(
36
)
-
(
36
)
Share-based payments - 27 - 27
Transactions with owners - 27 - 27
Changes in equity -
(
9
)
-
(
9
)
Equity at 31 December 185 24,322
(
191
)
24,316
FINANCIAL STATEMENTS
1 Accounting policies
Basis of preparation
The nancial statements of ISS A/S have been
prepared in accordance with IFRS as adopted
by the EU and additional requirements of the
Danish Financial Statements Act. In addition,
the nancial statements have been prepared in
compliance with the IFRSs issued by the IASB.
Changes in accounting policies
Changes in accounting policies are described in
7.2 to the consolidated nancial statements.
Accounting policies
With the exception of the items described below,
the accounting policies for ISS A/S are identical
to the Group’s accounting policies, which are
described in the notes to the consolidated
nancial statements.

Investment in subsidiary is measured at cost,
which comprises consideration transferred mea-
sured at fair value and directly attributable trans-
action costs. If there is indication of impairment,
an impairment test is performed as described in
the accounting policies in 3.8 to the consolidated
nancial statements. Where the recoverable
amount is lower than the cost, the investment is
written down to this lower value. An impairment
loss is reversed if there has been a change in the
estimates used to determine the recoverable
amount, but only to the extent that the recoverable
amount does not exceed the original cost.
Tax As required by Danish legislation, ISS
A/S is jointly taxed with all Danish resident
subsidiaries. ISS A/S acts as administration
company for the joint taxation and consequently
settles all payments of corporation tax with the
tax authorities. Joint taxation contributions to/
from jointly taxed companies are recognised in
prot or loss in Income tax and in the statement
of nancial position in Receivables from or Debt
to companies within the ISS Group.
Companies which utilise tax losses in other
companies pay joint taxation contribution to ISS
A/S equivalent to the tax base of the tax losses
utilised. Companies whose tax losses are utilised
by other companies receive joint taxation
contributions from ISS A/S equivalent to the tax
base of the tax losses utilised (full absorption).
 
estimates and
judgements
Signicant accounting estimates and judge-
ments relating to the applied accounting policies
for ISS A/S are the same as for the Group to the
extent of similar accounting items, cf. 7.1 to the
consolidated nancial statements for a descrip-
tion. The specic risks for ISS A/S are described
in the notes to the nancial statements of the
parent company.
Investment in subsidiary is tested for
impairment when there is an indication that the
investment may be impaired. The assessment of
whether there is an indication of impairment is
based on both external and internal sources of
information such as performance of the subsidi-
ary, signicant decline in market values etc.
3 Fees to auditors
4 Financial income
and expenses
(
DKKm
)
2021 2020
Statutory audit 1 1
Other assurance services 0 0
Total 1 1
(
DKKm
)
2021 2020
Interest income from companies
within the ISS Group - 5
Financial income - 5
Interest expenses to companies
within the ISS Group
(
62
)
-
Bank fees
(
1
)
(
1
)
Financial expenses
(
63
)
(
1
)
5 Income tax

6 Investment in subsidiary
Additions In 2020, ISS A/S increased the capital
in ISS World Services A/S by DKK 5,000 million
through a contribution-in-kind of a receivable
with a company within the ISS Group.
Subsidiary
ISS World Services A/S, Søborg, Denmark. 100%.
(
DKKm
)
2021 2020
Current tax 39 11
Deferred tax - 1
Prior year adjustments, net 18 8
Income tax 57 20
In % 2021 2020
Statutory income tax rate,
Denmark 22.0 % 22.0 %
Non-tax-deductible expenses
less non-taxable income
(
1.8
)
%
(
1.1
)
%
Prior year adjustments, net 9.1 % 15.2 %
  
(
DKKm
)
2021 2020
Cost at 1 January 27,674 22,674
Additions - 5,000
Cost at 31 December 27,674 27,674
Carrying amount
at 31 December 27,674 27,674
FINANCIAL STATEMENTSPARENT COMPANY FINANCIAL STATEMENTS
7 Deferred tax
Deferred tax liability at 31 December 2021 and at
31 December 2020 related to deferred re-taxation
of foreign exchange gains/losses.
ISS A/S has no unrecognised deferred tax assets
regarding tax losses carried forward (2020: None).
8 Remuneration to the
Board of Directors
and the Executive
Group Management
Key management personnel of the Group as
dened in 5.1 to the consolidated nancial
statement are also considered key management
personnel of the parent.
Remuneration to the Board of Directors and the
Executive Group Management is specied in 5.1
to the consolidated nancial statements.
(
DKKm
)
2021 2020
Deferred tax liability at 1 January 203 263
Prior year adjustments, net 34
(
59
)
Tax on prot before tax -
(
1
)
Deferred tax liability
at 31 December 237 203
9 Contingent liabilities
Withholding taxes
ISS A/S is jointly taxed with all Danish resident
subsidiaries. As administration company ISS A/S
and companies within the joint taxation have a
joint and unlimited liability of Danish corporate
and withholding taxes related to dividends, in-
terests and royalties. As per 31 December 2021,
Danish corporate tax and Danish withholding
taxes amounted to DKK 0 million (2020: DKK 0
million). Any subsequent adjustments to Danish
withholding taxes may change this joint and
unlimited liability.
VAT
ISS A/S and certain Danish Group companies are
jointly registered for VAT and are jointly liable for
the payment hereof.
10 Financial risk
management
ISS A/S’s nancial risks are managed centrally by
Group Treasury based on the Financial Policy ap-
proved by the Board of Directors. The objectives,
policies and processes for measuring and manag-
ing the exposure to nancial risks is described in
4.4 to the consolidated nancial statements. The
risks specic to ISS A/S are described below.
11 Currency risk
At 31 December 2021 and at 31 December
2020, ISS A/S was not exposed to currency risk
as no assets or liabilities were denominated in
currencies other than DKK.
12 Liquidity risk
Liquidity risk results from ISS A/S’s potential
inability or diculty in meeting the contractual
obligations associated with its nancial liabilities
due to insucient liquidity.
ISS A/S is a holding company and its primary
assets consist of shares in ISS World Services
A/S and receivables from companies within the
ISS Group. ISS A/S has no revenue generating
activities of its own, and therefore ISS A/S’s cash
ow and ability to service its indebtedness and
other obligations, will depend primarily on the
operating performance and nancial condition
of ISS World Services A/S and its operating
subsidiaries, and the receipt by ISS A/S of funds
from ISS World Services A/S and its subsidiaries
in the form of dividends or otherwise.
At 31 December 2021, ISS A/S carried no signi-
cant nancial liablities. Thus the liquidity risk was
primarily related to ISS A/S’s obligations under
the Danish joint taxation where ISS A/S acts as
the administration company.
13 Credit risk
ISS A/S has no revenue generating activities and
therefore no trade receivables. Consequently,
credit risk is limited to an insignicant amount of
cash and cash equivalents and an insignicant
intercompany receivable with various indirectly
owned subsidiaries in relation to joint taxation.
14 Related parties
In addition to the description in 6.3 to the con-
solidated nancial statements of related parties
and transactions with these, related parties of
ISS A/S comprise ISS World Services A/S and its
subsidiaries, associates and joint ventures, see
7.6 to the consolidated nancial statements.
In 2021, ISS A/S had the following transactions
with other related parties, which were all made
on market terms:
• ISS A/S had a debt to ISS Global A/S of DKK
3,164 million (2020: DKK 3,116 million).
• ISS A/S paid interest to ISS Global A/S, see
note 4, Financial income and expenses.
• ISS A/S received/paid joint taxation contribu-
tion equal to 22% of taxable income from/to
jointly taxed Danish resident subsidiaries.
15 New standards and
interpretations
not yet implemented
New standards and interpretations not yet
implemented are described in 7.4 to the consoli-
dated nancial statements.
FINANCIAL STATEMENTSPARENT COMPANY FINANCIAL STATEMENTS
Management statement
Copenhagen, 24 February 2022
The Board of Directors and the Executive Group
Management Board have today discussed and
approved the annual report of ISS A/S for the
nancial year 2021.
The annual report has been prepared in accordance
with International Financial Reporting Standards as
adopted by the EU and additional requirements of
the Danish Financial Statements Act.
It is our opinion that the consolidated nancial
statements and the Parent company nancial
statements give a true and fair view of the
Group’s and the Parent company’s nancial po-
sition at 31 December 2021 and of the results of
the Group’s and the Parent company’s operations
and cash ows for the nancial year 1 January –
31 December 2021.
In our opinion, the Management review includes
a fair review of the development in the Group’s
and the Parent company’s operations and nan-
cial conditions, the results for the year, cash ows
and nancial position as well as a description of
the most signicant risks and uncertainty factors
that the Group and the Parent company face.
In our opinion, the annual report of ISS A/S for
the nancial year 2021 identied as ISS-2021-
12-31-en.zip has been prepared, in all material
respects, in compliance with the ESEF-regulation.
We recommend that the annual report be
approved at the annual general meeting.
E = Employee representative
Executive Group Management Board
Board of Directors
Nada Elboayadi (E)
Elsie Yiu (E)Joseph Nazareth (E)
Søren Thorup Sørensen Ben Stevens Cynthia Mary Trudell
Valerie Beaulieu
Kasper Fangel
Group CFO

Deputy Chair
Kelly KuhnNiels Smedegaard
Chair
Jacob Aarup-Andersen
Group CEO
MANAGEMENT STATEMENT
Independent auditor’s report
To the shareholders of ISS A/S
Opinion
We have audited the consolidated nancial
statements and the parent company nancial
statements of ISS A/S for the nancial year 1
January – 31 December 2021, pp. 49-102, which
comprise statement of prot or loss, statement
of comprehensive income, statement of cash
ows, statement of nancial position, statement
of changes in equity and notes, including ac-
counting policies for the Group and the Parent
Company. The consolidated nancial statements
and the parent company nancial statements
are prepared in accordance with International
Financial Reporting Standards as adopted by the
EU and additional requirements of the Danish
Financial Statements Act.
In our opinion, the consolidated nancial
statements and the parent company nancial
statements give a true and fair view of the
nancial position of the Group and the Parent
Company at 31 December 2021 and of the
results of the Group’s and the Parent Company’s
operations and cash ows for the nancial year
1 January – 31 December 2021 in accordance
with International Financial Reporting Standards
as adopted by the EU and additional require-
ments of the Danish Financial Statements Act.
Our opinion is consistent with our long-form
audit report to the Audit and Risk Committee
and the Board of Directors.
Basis for opinion
We conducted our audit in accordance with
International Standards on Auditing (ISAs) and
additional requirements applicable in Denmark.
Our responsibilities under those standards
and requirements are further described in the
“Auditor’s responsibilities for the audit of the
consolidated nancial statements and the parent
company nancial statements” (hereinafter col-
lectively referred to as “the nancial statements”)
section of our report. We believe that the audit
evidence we have obtained is sucient and
appropriate to provide a basis for our opinion.
Independence
We are independent of the Group in accordance
with the International Ethics Standards Board
for Accountants’ Code of Ethics for Professional
Accountants (IESBA Code) and additional
requirements applicable in Denmark, and we
have fullled our other ethical responsibilities in
accordance with these rules and requirements.
To the best of our knowledge, we have not provid-
ed any prohibited non-audit services as described
in article 5(1) of Regulation (EU) no. 537/2014.
Appointment of auditor
Subsequent to ISS A/S being listed on Nasdaq
Copenhagen, we were initially appointed as au-
ditor of ISS A/S on 15 April 2015 for the nancial
year 2015. We have been reappointed annually
by resolution of the general meeting for a total
consecutive period of seven years up until the
nancial year 2021.
Key audit matters
Key audit matters are those matters that, in our
professional judgement, were of most signi-
cance in our audit of the nancial statements
for the nancial year 2021. These matters were
addressed during our audit of the nancial
statements as a whole, and in forming our
opinion thereon. We do not provide a separate
opinion on these matters. For each matter be-
low, our description of how our audit addressed
the matter is provided in that context.
We have fullled our responsibilities described
in the “Auditor’s responsibilities for the audit of
the nancial statements” section of our report,
including in relation to the key audit matters.
Accordingly, our audit included the design and
performance of procedures to respond to our
assessment of the risks of material misstate-
ment of the nancial statements. The results of
our audit procedures, including the procedures
performed to address the matters below,
provide the basis for our audit opinion on the
nancial statements.
Revenue from contracts with customers,
including cut-o and accrual of revenue
and onerous contracts
Revenue from contracts is recognised as the
services are rendered to the customers. Some
contracts require the Group to incur signicant
transition and mobilisation costs at contract
inception which are capitalised and amortised
over a multi-annual contract term. Accordingly,
appropriate cut-o and accrual of revenue and
capitalisation and amortisation of transition and
mobilisation costs is critical and involve manage-
ment judgement, especially in relation to the more
integrated and complex facility service contracts.
Further, the assessment of whether a contract
may be considered onerous involves manage-
ment judgement in making accounting estimates
about future contract protability, including the
determination of the total contract revenue, con-
tract period and the unavoidable costs of meeting
the obligations under the contract.
Due to the inherent uncertainty involved in the
cut o and accrual of revenue, the assessment
of whether transition and mobilisation costs
meet the criteria to be capitalised and the deter-
mination of the contract period and the future
contract protability, including the uncertainty
relating to estimating the impact from Covid-19,
we considered the accounting for revenue from
contracts with customers, including cut-o and
accrual of revenue and onerous contracts, to be
a key audit matter.
For details on revenue from contracts with
customers, transition and mobilisation costs
and provisions for onerous contracts, reference
is made to notes 1.2, 2.2, 2.3 and 2.6 in the
consolidated nancial statements.
In response to the identied risks, our audit
procedures included, among others:
• Test on a sample basis of accrued revenue (un-
billed receivables) to supporting documenta-
tion, including procedures such as: Inspection
of proof of work done, review of contracts with
customers, comparison of amounts accrued to
subsequent invoices and cash receipts.
• Test on a sample basis of capitalised transition
and mobilisation costs, including procedures
such as: Inspection of proof of costs incurred,
review of contracts with customers, evalua-
tion of management’s assessment of costs
meeting the criteria to be recognised.
• Evaluation of management’s process to
identify and quantify onerous contracts.
Our evaluation included inquiries to local
management responsible for carrying out the
identication process at country level, review
of documentation of management’s analysis
as well as our own analytical procedures over
contract margins.
• Test on a sample of provisions for onerous con-
tracts, including procedures such as: Review

of the relevant contract and management’s
estimate of the future contract revenue and
unavoidable cost, assessment of the assump-
tions applied by management to estimate the
future contract revenue including the expected
Covid-19 impact, contract term including termi-
nation and extension options and unavoidable
cost, comparison of the revenue assumptions
used to the services and fees specied in the
contract, comparison of unavoidable cost as-
sumptions used to underlying cost projections
and actual costs incurred historically as well as
testing the completeness and accuracy of the
underlying cost projections.
Valuation of intangible assets
The carrying amounts of goodwill and customer
contracts related to prior years’ business
combinations comprise a signicant part of the
consolidated statement of nancial position.
The cash-generating units in which goodwill and
customer contracts are included are impairment
tested by Management on an annual basis. The
impairment tests are based on Management’s
estimates of among others future protability,
long-term growth and discount rate. Due to the
inherent uncertainty involved in determining the
net present value of future cash ows, including
the uncertainty relating to estimating the impact
from Covid-19, we considered these impairment
tests to be a key audit matter.
For details on the impairment tests performed by
Management reference is made to notes 3.6, 3.7
and 3.8 in the consolidated nancial statements.
In response to the identied risks, our audit
procedures included, among others, testing the
mathematical accuracy of the discounted cash
ow model and comparing forecasted protabil-
ity to board approved budgets. We evaluated
the assumptions and methodologies used in the
discounted cash ow model, in particular those
relating to the forecasted revenue growth and
operating margin, including comparing with
historical growth rates and assessed impact of
Covid-19. We compared the assumptions applied
to externally derived data as well as our own
assessments in relation to key inputs such as
projected economic growth and discount rates.
Further, we evaluated the sensitivity analysis on
the key assumptions applied. Our audit proce-
dures primarily focused on cash generating units
where likely changes in key assumptions could
result in impairment. We further evaluated the
adequacy of disclosures provided by Manage-
ment in the nancial statements compared to
applicable accounting standards.
Assets and liabilities held for sale
and discontinued operations
When classifying businesses as held for sale and
as discontinued operations in the consolidated
nancial statements, Management makes
judgments and estimates, including assessment
of impairment of the net assets. Due to the
materiality of Management’s disposal plans and
inherent uncertainty involved in classifying and
assessing assets and liabilities held for sale and
discontinued operations, we considered these
judgments and estimates as a key audit matter.
For details on the assets and liabilities held for
sale and discontinued operations reference is
made to note 3.1 and note 3.2 in the consolidat-
ed nancial statements.
In response to the identied risks, our audit
procedures included, among others, agreeing
the carrying amounts of the assets and liabilities
held for sale to underlying accounting records,
considered Management’s criteria for classica-
tion of businesses as held for sale and discon-
tinued operations and reading draft agreements
where relevant, including reviewing minutes
and other relevant documentation of the sales
processes and board decisions. We considered
the impairment assessment made by Manage-
ment, including assessment of key assumptions
applied and evaluation of the explanations pro-
vided by comparing key assumptions to market
data, where available. We further evaluated the
adequacy of disclosures provided by Manage-
ment in the nancial statements compared to
applicable accounting standards.
Income tax and deferred tax balances
The Group’s operations are subject to income
taxes in various jurisdictions having dierent
tax legislation. Management makes judgments
and estimates in determining the recognition
of income taxes and deferred taxes. Given the
inherent uncertainty involved in assessing and
estimating the income tax and deferred tax bal-
ances, including tax exposures and write-down
of deferred tax assets and given the uncertainty
estimating the impact from Covid-19 on future
taxable income, we considered these balances
as a key audit matter.
For details on the income tax and deferred tax
balances reference is made to notes 1.4 and
1.5 in the consolidated nancial statements and
notes 5 and 7 in the Parent company nancial
statements.
In response to the identied risks, our audit
procedures included review of tax computa-
tions in order to assess the completeness and
accuracy of the amounts recognised as income
taxes and deferred taxes, as well as assessment
of correspondence with tax authorities and
evaluation of tax exposures as well as write-
down of deferred tax assets. In respect of the
deferred tax assets recognised in the statement
of nancial position, we assessed Management’s
assumptions as to the probability of recovering
the assets through taxable income in future
years and available tax planning strategies. We
further evaluated the adequacy of disclosures
provided by Management compared to applica-
ble accounting standards.
Statement on the

Management is responsible for the Manage-
ment’s review, pp. 1-48.
Our opinion on the nancial statements does not
cover the Management’s review, and we do not
express any form of assurance conclusion thereon.
In connection with our audit of the nancial
statements, our responsibility is to read the
Management’s review and, in doing so, consider
whether the Management’s review is materially
inconsistent with the nancial statements or
our knowledge obtained during the audit, or
otherwise appears to be materially misstated.
Moreover, it is our responsibility to consider
whether the Management’s review provides the
information required under the Danish Financial
Statements Act.
Based on the work we have performed, we
conclude that the Management’s review is in
accordance with the nancial statements and
has been prepared in accordance with the
requirements of the Danish Financial Statements
Act. We did not identify any material misstate-
ment of the Management’s review.


Management is responsible for the preparation
of consolidated nancial statements and parent
company nancial statements that give a true
and fair view in accordance with International
Financial Reporting Standards as adopted by the
EU and additional requirements of the Danish
Financial Statements Act and for such internal

control as Management determines is necessary
to enable the preparation of nancial state-
ments that are free from material misstatement,
whether due to fraud or error.
In preparing the nancial statements, Manage-
ment is responsible for assessing the Group’s
and the Parent Company’s ability to continue
as a going concern, disclosing, as applicable,
matters related to going concern and using the
going concern basis of accounting in preparing
the nancial statements unless Management
either intends to liquidate the Group or the
Parent Company or to cease operations, or has
no realistic alternative but to do so.
for the

Our objectives are to obtain reasonable assur-
ance as to whether the nancial statements as
a whole are free from material misstatement,
whether due to fraud or error, and to issue an
auditor’s report that includes our opinion. Rea-
sonable assurance is a high level of assurance,
but is not a guarantee that an audit conducted
in accordance with ISAs and additional re-
quirements applicable in Denmark will always
detect a material misstatement when it exists.
Misstatements can arise from fraud or error and
are considered material if, individually or in the
aggregate, they could reasonably be expected
to inuence the economic decisions of users
taken on the basis of the nancial statements.
As part of an audit conducted in accordance
with ISAs and additional requirements appli-
cable in Denmark, we exercise professional
judgement and maintain professional scepticism
throughout the audit. We also:
• Identify and assess the risks of material
misstatement of the nancial statements,
whether due to fraud or error, design and
perform audit procedures responsive to
those risks and obtain audit evidence that is
sucient and appropriate to provide a basis
for our opinion. The risk of not detecting a
material misstatement resulting from fraud
is higher than for one resulting from error, as
fraud may involve collusion, forgery, inten-
tional omissions, misrepresentations or the
override of internal control.
• Obtain an understanding of internal control
relevant to the audit in order to design audit
procedures that are appropriate in the circum-
stances, but not for the purpose of expressing
an opinion on the eectiveness of the Group’s
and the Parent Company’s internal control.
• Evaluate the appropriateness of accounting
policies used and the reasonableness of
accounting estimates and related disclosures
made by Management.
• Conclude on the appropriateness of Manage-
ment’s use of the going concern basis of ac-
counting in preparing the nancial statements
and, based on the audit evidence obtained,
whether a material uncertainty exists related to
events or conditions that may cast signicant
doubt on the Group’s and the Parent Com-
pany’s ability to continue as a going concern.
If we conclude that a material uncertainty
exists, we are required to draw attention in our
auditor’s report to the related disclosures in
the nancial statements or, if such disclosures
are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence
obtained up to the date of our auditor’s report.
However, future events or conditions may
cause the Group and the Parent Company to
cease to continue as a going concern.
• Evaluate the overall presentation, structure
and contents of the nancial statements, in-
cluding the note disclosures, and whether the
nancial statements represent the underlying
transactions and events in a manner that
gives a true and fair view.
• Obtain sucient appropriate audit evidence
regarding the nancial information of the
entities or business activities within the Group
to express an opinion on the consolidated
nancial statements. We are responsible for
the direction, supervision and performance of
the group audit. We remain solely responsible
for our audit opinion.
We communicate with those charged with
governance regarding, among other matters,
the planned scope and timing of the audit
and signicant audit ndings, including any
signicant deciencies in internal control that we
identify during our audit.
We also provide those charged with gover-
nance with a statement that we have complied
with relevant ethical requirements regarding
independence, and to communicate with them
all relationships and other matters that may
reasonably be thought to bear on our indepen-
dence, and where applicable, related safeguards.
From the matters communicated with those
charged with governance, we determine those
matters that were of most signicance in the
audit of the consolidated nancial statements and
the parent company nancial statements of the
current period and are therefore the key audit
matters. We describe these matters in our audi-
tor’s report unless law or regulation precludes
public disclosure about the matter or when, in
extremely rare circumstances, we determine that
a matter should not be communicated in our re-
port because the adverse consequences of doing
so would reasonably be expected to outweigh the
public interest benets of such communication.
Report on compliance
with the ESEF Regulation
As part of our audit of the consolidated nancial
statements and the parent company nancial
statements of ISS A/S we performed procedures
to express an opinion on whether the annual
report ISS A/S for the nancial year 1 January –
31 December 2021 with the le name ISS-2021-
12-31-en.zip is prepared, in all material respects,
in compliance with the Commission Delegated
Regulation (EU) 2019/815 on the European
Single Electronic Format (ESEF Regulation) which
includes requirements related to the prepara-
tion of the annual report in XHTML format.
Management is responsible for preparing an
annual report that complies with the ESEF Regu-
lation. This responsibility includes the preparing
of the annual report in XHTML format.
Our responsibility is to obtain reasonable assur-
ance on whether the annual report is prepared,
in all material respects, in compliance with the
ESEF Regulation based on the evidence we have
obtained, and to issue a report that includes
our opinion. The procedures consist of testing
whether the annual report is prepared in XHTML
format.
In our opinion, the annual report of ISS A/S
for the nancial year 1 January – 31 December
2021 with the le name ISS-2021-12-31.zip is
prepared, in all material respects, in compliance
with the ESEF Regulation.
Copenhagen, 24 february 2022
EY Godkendt Revisionspartnerselskab
CVR no. 30 70 02 28
Torben Bender
State Authorised
Public Accountant
mne21332
Claus Kronbak
State Authorised
Public Accountant
mne28675

We live in a world where natural disasters
are increasing in frequency and severity.
While events like oods, droughts, earth-
quakes and res cannot be fully predicted, a
lot can be done to build resilience and safe-
guard operations in the face of disasters, no
matter the circumstances.
At ISS, we work alongside our clients to
ensure business continuity during – and
after – emergencies. Together, we plan and
implement resilience-building tools and
processes for a multitude of scenarios –
including these two examples of addressing
natural disasters:
Ensuring stormproof electricity
and gas for a global American
bank in Mexico
In February 2021, a severe winter storm
swept through Texas and Northern Mexico,
disrupting the gas supply and causing
shortages in water and electricity – putting
our preparedness to the test. With eective
management of emergency generators as
well as swift response to critical issues – for
example, in six customer branches, water
pipelines broke due to freezing conditions
but were repaired within 24 hours – our
customer came through the storm with
100% business continuity.
Securing operations during

in New York
Hurricane Ida was a deadly and destructive
Category 4 Atlantic hurricane that struck
the American Gulf Coast in August 2021.
Flooding and storm surges resulted in cata-
strophic damage to both personal property
and buildings, leaving neighbourhoods
underwater, streets full of debris and many
homes and businesses without power. The
challenge was keeping our client’s mis-
sion-critical sites safe, open and operational.
As rain began to fall, the potential for
ooding became evident. ISS’s technical and
cleaning services team members volun-
teered to stay on and work overnight shifts
to help mitigate and manage any potential
damage to building infrastructures. All sites
remained open with almost 100% of ISS
teams arriving on site and on time.
Supporting businesses
through natural disasters
RESPONDING TO NATURAL DISASTERS
“Thank you ISS. You responded quickly and in a
coordinated way, ensuring that this potentially
devastating hurricane had no impact to our
operations. With one ‘unprecedented’ event after
another – you always go above and beyond to
come through for us.”
Global Banking Customer
CASE
Denitions
1)
Management’s expectations at the acquisition date.
2)
Incl. the eect stemming from exclusion of currency eects from the
calculation of organic growth and acq./div. growth, net.
3)
Estimated or actual revenue where available at the divestment date.
4)
Excluding changes in revenue related to acq./div., net and the
eect of changes in FX. To present comparable revenue and
thereby organic growth excluding any eect from changes in FX,
comparable revenue in prior year is calculated at current year’s
FX. Acquisitions are treated as having been integrated into ISS
upon acquisition, and ISS’s calculation of organic growth includes
changes in revenue of these acquisitions compared with revenue
expectations at the acquisition date.
5)
AGM = Annual General Meeting.
Key gures, p. 11
Alternative
performance measures
ISS uses various key gures, nancial ratios,
including alternative performance measures
(APMs) and non-nancial ratios, all of which pro-
vide our stakeholders with useful and necessary
information about the Group’s nancial position,
performance, cash ows 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.
Forward-looking
statements
This Annual Report contains forward-looking
statements, including, but not limited to, the
guidance and expectations in Outlook on p. 10.
Statements herein, other than statements
of historical fact, regarding future events or
prospects, are forward-looking statements.
The words may, will, should, expect, anticipate,
believe, estimate, plan, predict, intend or varia-
tions of such words, and other statements on
matters that are not historical fact or regarding
future events or prospects, are forward-looking
statements. ISS has based these statements on
its current views with respect to future events
and nancial performance. These views involve
risks and uncertainties that could cause actual
results to dier materially from those predicted
in the forward-looking statements and from the
past performance of ISS. Although ISS believes
that the estimates and projections reected in
the forward-looking statements are reasonable,
they may prove materially incorrect, and actual
results may materially dier, e.g. as the result
of risks related to the facility service industry
in general or ISS in particular including those
described in this report and other information
made available by ISS. As a result, you should
not rely on these forward-looking statements.
ISS undertakes no obligation to update or
revise any forward-looking statements, whether
as a result of new information, future events or
otherwise, except to the extent required by law.
Financial ratios

Revenue from acquisitions
 1)
× 100
Revenue prior year
Currency adjustments
Total revenue growth – Organic growth
– Acquisition/divestment growth, net
 2)

Revenue from divestments
 3)
× 100
Revenue prior year
EBITDA before other items
Operating prot before other items +
Depreciation and amortisation

Total equity × 100
Total assets

Cash ow from operating activities – Acq. of intangible
assets and property, plant and equipment, net – Acq. of
nancial assets, net (excl. equity-accounted investees) –
Addition of right-of-use assets, net
Net debt
Loans and borrowings – Securities – Cash and cash
equivalents – Positive fair value of derivatives

Operating prot before other items × 100
Revenue

(Revenue current year – Comparable revenue
 4)
prior year) × 100
Comparable revenue 
4)
prior year
Pro forma adjusted EBITDA
EBITDA before other items, including EBITDA before
other items in discontinued operations, as if all acquisi-
tions and divestments had occurred on 1 January of the
respective year

(Revenue current year – Revenue prior year) × 100
Revenue prior year
Share ratios
Basic earnings per share (EPS)
Net prot attributable to owners of ISS A/S
Average number of shares
Diluted earnings per share
Net prot 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 year
Average number of shares (diluted)
Average number of shares (basic) + Average number of
outstanding PSUs and RSUs expected to vest in the year
ESG ratios
CO
2
emissions
Electricity emissions are calculated based on IEA’s Emis-
sions factors, Vehicle emissions are calculated based on
UK Government GHG Conversion Factors for Company
Reporting and Business travel emissions are estimated
based on Greenhouse Gas Protocols Evaluator Tool.
Together these sum up the CO
2
emissions.

Number of employees who left in the year × 100
Average number of employees for the year

Portfolio revenue (annual) retained at year-end
Portfolio revenue (annual) retained at the beginning of
the year
Lost Time Injury Frequency (LTIF)
LTI is a work-related injury preventing a person from
working, i.e. being unt for at least a full working day or
shift. LTIF is based on 1 million exposure hours includ-
ing contractors under ISS’s operational control.
Fatalities
Measures the number of work-related fatalities.

Women board members (AGM 
5)
elected) × 100
Board members (AGM elected)

Accumulated number of board meetings attended for all
board member × 100
Number of board meetings × Number of board members
FINANCIAL STATEMENTS
Country revenue
Continental Europe
Northern Europe
Americas
Partnership countries
Revenue in countries where we serve global key ac-
counts but do not have a full country support structure
comprises 1% of Group revenue or DKK 612 million
(2020: DKK 562 million).
Partnership countries comprise: Argentina,
Bangladesh, Brazil, Bulgaria, Czech Republic, Colombia,
Costa Rica, Cyprus, Greece, Hungary, Israel, Japan,
Jordan, Kazakhstan, Malaysia, Pakistan, Philippines,
Puerto Rico, Romania, Serbia, Slovakia, South Africa,
South Korea, Sri Lanka, Thailand, United Arab Emirates,
Ukraine and Vietnam.
Discontinued operations
(DKKm)
of
Group 2021 2020
Germany 8% 5,429 5,493
Switzerland 7% 5,212 5,286
Spain 6% 4,420 4,221
France 4% 3,075 3,152
Turkey 4% 2,719 2,691
Belgium &
Luxembourg 4% 2,695 2,647
Austria 3% 2,031 1,920
Netherlands 2% 1,216 1,297
Italy 1% 699 575
Poland 0% 286 292
Lithuania 0% 62 55
Latvia 0% 2 5
Total  27,846 27,634
(DKKm)
of
Group 2021 2020
UK & Ireland 15% 10,634 10,290
Denmark 5% 3,673 3,593
Norway 5% 3,181 2,965
Finland 4% 3,149 3,070
Sweden 4% 2,787 2,724
Total  23,424 22,642
(DKKm)
of
Group 2021 2020
USA & Canada 8% 5,298 5,882
Chile 1% 1,003 930
Mexico 1% 810 726
Other 0% 30 27
Total  7,141 7,565
(DKKm)
of
Group 2021 2020
Australia &
New Zealand 6% 4,349 3,968
Hong Kong 3% 2,403 2,409
Singapore 3% 2,035 2,137
Indonesia 2% 1,635 1,760
India 2% 1,076 1,247
China 1% 880 849
Other 0% 3 15
Total  12,381 12,385

(DKKm) 2021 2020
Taiwan 431 409
Portugal 350 369
Russia 87 92
Brunei 40 41
Brazil - 244
Completed/signed by end of 2021 323 2,133
Total 1,231 3,288
FINANCIAL STATEMENTS
Contact information
ISS A/S
Buddingevej 197
DK-2860 Søborg
Denmark
Tel.: +45 38 17 00 00
Fax: +45 38 17 00 11
www.issworld.com
CVR 28 50 47 99
Investor relations
Jacob Johansen
Head of Group Investor Relations
Tel. +45 38 17 00 00
Edited by
Group Controlling
ISS A/S
Design & production
KIRK & HOLM
Stibo Complete
213800LEZA58SZNCBN192021-01-012021-12-31213800LEZA58SZNCBN192021-01-012021-12-31cmn:ConsolidatedMember213800LEZA58SZNCBN192020-01-012020-12-31cmn:ConsolidatedMember213800LEZA58SZNCBN192020-01-012020-12-31213800LEZA58SZNCBN192020-12-31213800LEZA58SZNCBN192021-12-31213800LEZA58SZNCBN192019-12-31213800LEZA58SZNCBN192020-12-31ifrs-full:IssuedCapitalMember213800LEZA58SZNCBN192021-01-012021-12-31ifrs-full:IssuedCapitalMember213800LEZA58SZNCBN192021-12-31ifrs-full:IssuedCapitalMember213800LEZA58SZNCBN192020-12-31ifrs-full:TreasurySharesMember213800LEZA58SZNCBN192021-01-012021-12-31ifrs-full:TreasurySharesMember213800LEZA58SZNCBN192021-12-31ifrs-full:TreasurySharesMember213800LEZA58SZNCBN192020-12-31ifrs-full:RetainedEarningsMember213800LEZA58SZNCBN192021-01-012021-12-31ifrs-full:RetainedEarningsMember213800LEZA58SZNCBN192021-12-31ifrs-full:RetainedEarningsMember213800LEZA58SZNCBN192020-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember213800LEZA58SZNCBN192021-01-012021-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember213800LEZA58SZNCBN192021-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember213800LEZA58SZNCBN192020-12-31ifrs-full:EquityAttributableToOwnersOfParentMember213800LEZA58SZNCBN192021-01-012021-12-31ifrs-full:EquityAttributableToOwnersOfParentMember213800LEZA58SZNCBN192021-12-31ifrs-full:EquityAttributableToOwnersOfParentMember213800LEZA58SZNCBN192020-12-31ifrs-full:NoncontrollingInterestsMember213800LEZA58SZNCBN192021-01-012021-12-31ifrs-full:NoncontrollingInterestsMember213800LEZA58SZNCBN192021-12-31ifrs-full:NoncontrollingInterestsMember213800LEZA58SZNCBN192019-12-31ifrs-full:IssuedCapitalMember213800LEZA58SZNCBN192020-01-012020-12-31ifrs-full:IssuedCapitalMember213800LEZA58SZNCBN192019-12-31ifrs-full:TreasurySharesMember213800LEZA58SZNCBN192020-01-012020-12-31ifrs-full:TreasurySharesMember213800LEZA58SZNCBN192019-12-31ifrs-full:RetainedEarningsMember213800LEZA58SZNCBN192020-01-012020-12-31ifrs-full:RetainedEarningsMember213800LEZA58SZNCBN192019-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember213800LEZA58SZNCBN192020-01-012020-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember213800LEZA58SZNCBN192019-12-31ifrs-full:EquityAttributableToOwnersOfParentMember213800LEZA58SZNCBN192020-01-012020-12-31ifrs-full:EquityAttributableToOwnersOfParentMember213800LEZA58SZNCBN192019-12-31ifrs-full:NoncontrollingInterestsMember213800LEZA58SZNCBN192020-01-012020-12-31ifrs-full:NoncontrollingInterestsMember213800LEZA58SZNCBN192021-01-012021-12-315cmn:ConsolidatedMember213800LEZA58SZNCBN192021-01-012021-12-314cmn:ConsolidatedMember213800LEZA58SZNCBN192021-01-012021-12-313cmn:ConsolidatedMember213800LEZA58SZNCBN192021-01-012021-12-312cmn:ConsolidatedMember213800LEZA58SZNCBN192021-01-012021-12-311cmn:ConsolidatedMember213800LEZA58SZNCBN192021-01-012021-12-3110cmn:ConsolidatedMember213800LEZA58SZNCBN192021-01-012021-12-319cmn:ConsolidatedMember213800LEZA58SZNCBN192021-01-012021-12-318cmn:ConsolidatedMember213800LEZA58SZNCBN192021-01-012021-12-317cmn:ConsolidatedMember213800LEZA58SZNCBN192021-01-012021-12-316cmn:ConsolidatedMember213800LEZA58SZNCBN192021-01-012021-12-311cmn:ConsolidatedMember213800LEZA58SZNCBN192021-01-012021-12-312cmn:ConsolidatedMember213800LEZA58SZNCBN192021-01-012021-12-311cmn:ConsolidatedMember213800LEZA58SZNCBN192021-01-012021-12-312cmn:ConsolidatedMemberxbrli:pureiso4217:DKKiso4217:DKKxbrli:sharesDenmarkListed companyDenmarkBuddingevej 197, 2860 SøborgGloballyFacility servicesN/A12 monthsAnnual reportAuditor's report on audited financial statementsParsePort XBRL Converter2021-01-012021-12-312020-01-012020-12-31213800LEZA58SZNCBN19Reporting class DSøborghttps://inv.issworld.com/governancereporthttps://brand.issworld.com/web/24f976f13bb57357/corporate-responsibility-reports/213800LEZA58SZNCBN1928504799ISS A/SBuddingevej 197DK-2860 SøborgOpinionBasis for Opinion