18:33 - ISS

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07:22 FRANCE, LANDSCAPING AND CONSTRUCTION OF THE GOLF COURSE AT DUNKERQUE [GMT 06:22] 4 · ANNUAL REPORT 2006
Letter to Our Stakeholders In 2006, the ISS Group continued to perform according to plan. ISS developed the business further along the lines described in the Group strategy taking new steps towards offering Integrated Facility Services concurrently with strengthening the single service offering and enhancing management competencies through both training and acquisitions. We also remained focused on profitability, organic growth and cash flow generation. Investments in new business around the world continued, through both acquisitions and greenfielding. For the third consecutive year, both the operating margin and organic growth improved. The operating margin before other items was up from 5.7% to 5.8% and organic growth rose from 3% in 2005 to 5.5% in 2006. Organic growth was particularly strong in Asia and Latin America, where ISS has recently invested in new countries and businesses. ISS doubled the net cash inflow from operating activities from DKK 1.6 billion in 2005 to DKK 3.1 billion. With a total of a 104 acquisitions ISS continued investing in new businesses in order to strengthen the service offerings and to pursue growth opportunities in new geographies. ISS made several acquisitions of broad-ranged service companies including the second-largest acquisition in ISS history, the outstanding 51% of the shares in Australian-based Tempo Services Ltd. Generating annual revenue of DKK 55.8 billion, up 20% from 2005, ISS took another step towards reaching the company’s strategic targets. And for the first time in company history, ISS surpassed the DKK 5 billion mark for a single month’s revenue. In 2006, the Group management structure was changed in order to strengthen focus on operations and to better equip the organisation to facilitate development, knowledge sharing and benchmarking between the country organisations. The new Executive Group Management, headed by Group Chief Executive Officer Jørgen Lindegaard, who was appointed on 31 August 2006, will be consistently focused on creating value through its relations with ISS’s operations, as ISS grows. In 2006, Eric Rylberg stepped down as Chief Executive Officer of ISS Management A/S. On behalf of ISS we would like to thank Eric Rylberg for his significant contribution to the development of the Group during his nine years in executive positions with ISS. ISS is among the largest private employers in Europe and its total workforce grew significantly during 2006, more so than in any previous year. By the end of the year, ISS had more than 391,000 employees worldwide. On behalf of the management of ISS, we would like to welcome the many new employees, who joined the company during 2006, and to express our gratitude to all our employees for their dedicated work. They are the primary reason for the successful performance of ISS. Sincerely yours, Leif Östling Jørgen Lindegaard Chairman Group Chief Executive Officer LETTER TO OUR STAKEHOLDERS | ANNUAL REPORT 2006 · 5
Page 1 and 2: Annual Report 2006
Page 3 and 4: ISS at a Glance With more than 100,
Page 5 and 6: Annual Report 2006 ISS A/S
Page 7: Contents Key Figures Cover ISS at a
Page 11 and 12: Company Report Business highlights
Page 13 and 14: Cash flow statement The cash flow f
Page 15 and 16: Cleaning Cleaning accounted for 57%
Page 17 and 18: Acquisitions in 2006 Company Countr
Page 19 and 20: 09:47 DENMARK, OFFICE SUPPORT IS CL
Page 21 and 22: Revenue 2006 Continental Europe FRA
Page 23 and 24: Revenue 2006 Overseas AUSTRALIA ASI
Page 25 and 26: of interest expenses and amendments
Page 27 and 28: Segmental Summary Country External
Page 29 and 30: Strategy In 2005, ISS announced the
Page 31 and 32: strategy, ISS expects to incur addi
Page 33 and 34: 11:54 DENMARK, CLEANING AT THE ROYA
Page 35 and 36: 12:38 ADDING THE FINAL TOUCH TO THE
Page 37 and 38: The tasks of the Board The Board fu
Page 39 and 40: ment terms as a result of the trans
Page 41 and 42: 14:03 THE NETHERLANDS, PROPERTY CLE
Page 43 and 44: Group Structure Board of Directors
Page 45 and 46: Operational Management Board of Dir
Page 47 and 48: INVESTORS Stakeholder Review As a g
Page 49 and 50: International contract with Akzo No
Page 51 and 52: Employee indicators 2006 2005 2004
Page 53 and 54: 16:04 MEXICO, CLEANING THE WINDOWS
Page 55 and 56: 16:39 SWITZERLAND, PROPERTY SERVICE
Page 57 and 58: ISS Code of Conduct The ISS Code of
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17:11 SPAIN, PROPERTY SERVICES SPRA
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Demand for ISS’s services is subj
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ISS’s public sector contracts may
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18:02 AUSTRALIA, SECURITY MAKING SU
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financial condition, and results of
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assets, to the extent permitted und
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facilities in Denmark and Norway an
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18:54 FRANCE, MONITORING THE AREA A
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19:10 AUSTRALIA, CLEANING UP THE ST
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incur additional debt; > pay divide
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Management Statement Copenhagen, 10
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Independent Auditor’s Report To t
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Financial Review The consolidated f
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assets other than goodwill, custome
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Net finance costs included non-cash
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finance costs resulting from the pl
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Cash flow from investing activities
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y dividing organic growth calculate
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Consolidated Financial Statements C
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Consolidated balance sheet At 31 De
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Consolidated statement of total rec
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Notes to the consolidated financial
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Parent Company Financial Statements
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Balance sheet of the parent company
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Notes to the financial statements o
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02:49 SPAIN, PREPARING THE OPERATIN
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Israel ISS-Ashmoret Ltd. 26 Hamasge
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Definitions Adjusted EBITDA = Opera
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ISS operates in 49 countries in Eur
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Financial Review 1997-2006 Amounts
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18:33 - ISS

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