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    ISS   DK0060542181

ISS A/S

(ISS)
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ISS A/S : Trading Update for 1 January - 31 March 2021

05/05/2021 | 01:45am EDT

UNDERLYING BUSINESS IMPROVEMENT IN A CONTINUED CHALLENGING ENVIRONMENT

HIGHLIGHTS

  • Organic growth was (5.6)% in Q1 2021 (Q4 2020: (11.0)%), representing a notable improvement compared to previous quarters supported by continued solid demand for above-base work, especially deep-cleaning and disinfection.
  • Execution of the OneISS strategy progressed as planned in Q1 2021 with good momentum on the divestment programme and early enhancement initiatives of the operating model.
  • The turnaround initiatives driving the recovery of underperforming contracts and countries are progressing as planned.
  • The overall financial results in Q1 2021 were in line with expectations. The underlying operating margin has continued to improve since Q2 2020, and total readily available liquidity increased compared to 31 December 2020. Based on the stabilised financial performance and available liquidity, ISS has decided to cancel a EUR 700 million revolving credit facility, which was established in 2020 as backup liquidity.
  • Seven divestments were signed or completed in 2021 up until 30 April. Total net proceeds amount to approximately DKK 1 billion, entailing a solid reduction in net debt upon expected completion in Q2 2021. The divestment programme targets approximately DKK 2 billion in total net proceeds in 2021 and 2022.
  • The Outlook for 2021 and the Turnaround targets are confirmed. The Outlook assumes a gradual easing of restrictions and lockdowns in key markets starting from Q2 2021.
Read the full report here.


Jacob Aarup-Andersen Group CEO, ISS A/S, says:

'I am pleased with the continued successful execution of the OneISS strategy and how we are gradually improving the underlying business. The global workplace continues to be heavily impacted by Covid-19 restrictions and lockdowns, but the ISS organisation and our frontline employees show impressive resilience by supporting our customers with passion and pride in these challenging times.

The financial performance is developing as planned. We are seeing the impact of our restructuring efforts in the improved profitability at lower volumes in our food business, while we are leveraging the increased demand for deep-cleaning and disinfection. Our OneISS investments are continuing in the commercial, operational and technology areas, creating a strong platform to leverage the business opportunities when markets re-open.'

For investor enquiries
Michael Bjergby, Head of Group Investor Relations, +45 31 37 41 71
Louisa Baruch Larsson, Senior Investor Relations Manager, +45 38 17 63 38

For media enquiries
Kenni Leth, Head of Global PR & Media Relations, +45 51 71 43 68

Disclaimer

ISS A/S published this content on 05 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 May 2021 05:44:01 UTC.


ę Publicnow 2021
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Financials
Sales 2021 69 481 M 11 347 M 11 347 M
Net income 2021 431 M 70,4 M 70,4 M
Net Debt 2021 14 455 M 2 361 M 2 361 M
P/E ratio 2021 58,0x
Yield 2021 -
Capitalization 24 870 M 4 058 M 4 061 M
EV / Sales 2021 0,57x
EV / Sales 2022 0,52x
Nbr of Employees 331 578
Free-Float 82,5%
Chart ISS A/S
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Technical analysis trends ISS A/S
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TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 13
Average target price 114,08 DKK
Last Close Price 134,65 DKK
Spread / Highest target 11,4%
Spread / Average Target -15,3%
Spread / Lowest Target -36,1%
EPS Revisions
Managers and Directors
NameTitle
Jacob Aarup-Andersen Chief Executive Officer
Kasper Fangel Group Chief Financial Officer
Adam Troels Bjerg Group Chief Operating Officer
Henrik Poulsen Deputy Chairman
Cynthia Mary Trudell Independent Director
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