Annual Report 2006 ISS Global A/S

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 1 January – 31 December. Amounts in DKK millions 17. Associates 2006 Investments in associates Cost at 1 January 117 157 (3) 7 Additions 11 6 Additions from acquired companies, net - (7) Disposals 1) Foreign exchange adjustments (69) (46) Cost at 31 December 56 117 Revaluation at 1 January 15 23 Foreign exchange adjustments (1) 1 Net result for the year (17) 15 Dividends received (1) (1) Disposals 1) 14 (23) Revaluation at 31 December 10 15 Carrying amount at 31 December 66 132 Receivable from associate - 2006 Country Revenue Operating profit Net result Assets Liabilities Ownership % Equity Pacific Service Solutions Pty Ltd. 2) Australia 437 (22) (54) - - 49 - Aircon AS Norway 131 15 12 46 16 40 12 ISS Industriservice AB 3) Sweden 169 11 7 109 81 49 14 Other associates 217 4 4 73 54 8 954 8 (31) 228 151 34 Goodwill at 31 December 2006 32 Total carrying amount at 31 December 2006 66 2005 Country Revenue Pacific Service Solutions Pty Ltd. 2) Australia 2,446 CarePartner Sverige AB 4) Sweden 61 Grødegaard AS 5) Norway 114 Aircon AS Norway 157 Other associates 164 Operating profit 116 4 (1) 15 5 Net result Assets Liabilities 22 3 (4) 9 3 1,598 - - 49 67 1,435 - - 29 42 ISS Global's share ISS Global's share Ownership % Equity 2,942 139 33 1,714 1,506 98 Goodwill at 31 December 2005 34 Total carrying amount at 31 December 2005 132 1) Including transfers related to associates now fully owned. 2) The remaining 51% shareholding in Pacific Service Solutions Pty Ltd. including Tempo Services Ltd. was acquired in February, 2006. Operating profit in 2006 is negatively impacted by vesting of warrants amounting to DKK 32 million in connection with the acquisition of the remaining 51% shareholding. 3) 51% of the 100% shareholding was sold 1 April 2006. 4) CarePartner Sverige AB was sold 1 February 2005. _____________________________________________________________________________________________________________ ANNUAL REPORT 2006 / Consolidated Financial Statements 78 49 49 48 40 78 - - 7 13 2005 179 Net result (26) 5 3 1 (17) (17) Net result 11 1 (2) 4 1 15 - 15
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 1 January – 31 December. Amounts in DKK millions 18. Deferred tax Tax loss carried forward 201 Goodwill 111 Customer contracts 1) - Property, plant and equipment 81 Provisions 545 Other 80 Set-off within legal tax units and jurisdictions (412) Deferred tax 606 Deferred Deferred Deferred Deferred tax tax tax tax assets liabilities assets liabilities The recognition of deferred tax asset regarding tax loss carried forward is supported by expected future profitability in the foreseeable future. A deferred tax liability associated with investments in subsidiaries, joint ventures and associates has not been recognised, because ISS Global is able to control the timing of the reversal of the temporary differences and does not expect the temporary differences to reverse in the foreseeable future. - 161 719 47 - 125 (412) Unrecognised tax assets ISS Global had unrecognised deferred tax assets regarding tax losses carried forward in the following countries: Germany 295 Brazil 25 Belgium 15 Denmark 9 Argentina 5 New Zealand 2 Israel - 640 195 151 - 51 614 11 (377) 645 - 149 444 154 - 103 (377) Total Recognised Unrecognised Total Recognised Unrecognised 135 2 2 - - - - 160 23 13 9 5 2 - Total 212 The unrecognised tax loss can be carried forward indefinitely in the individual countries. Deferred tax assets relating to tax losses carried forward are only recognised to the extent that it is more likely than not that future taxable profit will be available against which the unused tax losses can be utilised. 1) Includes customer contract portfolios and related customer relationships. 2006 2005 19. Other financial assets 2006 Investment in Public Finance Initiatives (PFI) 25 Costs related to Public Private Partnerships (PPP)/PFI contracts 58 Regulatory long-term loans 43 Other 108 Other financial assets 234 _____________________________________________________________________________________________________________ ANNUAL REPORT 2006 / Consolidated Financial Statements 79 2006 324 24 23 - 2 - 3 164 6 15 - - - 1 2005 473 160 18 8 - 2 - 2 190 2005 48 58 39 85 230
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ISS Global A/S Bredgade 30 DK - 126
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Key Figures Amounts in DKK millions
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growth. Furthermore, the effect of
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In 2006, ISS Global continued the p
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to costs related to a turnaround pl
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structure, ISS established an Opera
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Strategy ISS Global is a fully owne
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Geography ISS intends to increasing
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Openness and transparency In additi
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tors. The controllers perform follo
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Risk Factors ISS Global is a fully
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tual obligations could harm ISS’s
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If ISS fails to manage growth and i
Page 27 and 28: ISS may incur substantial liabiliti
Page 29 and 30: thus reduce or prevent dividend pay
Page 31 and 32: Independent Auditor’s Report To t
Page 33 and 34: Organic growth ISS Global uses esti
Page 35 and 36: 2006 primarily related to redundanc
Page 37 and 38: Tempo as well as a number of smalle
Page 39 and 40: including non-interest-bearing debt
Page 41 and 42: CONSOLIDATED CASH FLOW STATEMENT 1
Page 43 and 44: CONSOLIDATED STATEMENT OF TOTAL REC
Page 45 and 46: NOTES TO THE CONSOLIDATED FINANCIAL
Page 77: NOTES TO THE CONSOLIDATED FINANCIAL
Page 103 and 104: CASH FLOW STATEMENT OF THE PARENT C
Page 105 and 106: STATEMENT OF TOTAL RECOGNISED INCOM
Page 107 and 108: NOTES TO THE FINANCIAL STATEMENTS O
Page 123: Definitions EBITDA = Operating prof
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Annual Report 2006 ISS Global A/S

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