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| Type | Time | Amount | Unit |
|---|
Revenue
| Type | Start date | End date | Amount | Unit |
|---|
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<xbrli:context id="ctx-38">
<xbrli:entity>
<xbrli:identifier scheme="http://standards.iso.org/iso/17442">213800LEZA58SZNCBN19</xbrli:identifier>
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<xbrli:period>
<xbrli:instant>2022-12-31</xbrli:instant>
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<xbrli:context id="ctx-39">
<xbrli:entity>
<xbrli:identifier scheme="http://standards.iso.org/iso/17442">213800LEZA58SZNCBN19</xbrli:identifier>
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<xbrli:instant>2021-12-31</xbrli:instant>
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<ifrs-full:OtherComprehensiveIncome contextRef="ctx-29" decimals="-6" unitRef="dkk">0</ifrs-full:OtherComprehensiveIncome>
<ifrs-full:OtherComprehensiveIncome contextRef="ctx-31" decimals="-6" unitRef="dkk">0</ifrs-full:OtherComprehensiveIncome>
<ifrs-full:OtherComprehensiveIncome contextRef="ctx-33" decimals="-6" unitRef="dkk">54000000</ifrs-full:OtherComprehensiveIncome>
<ifrs-full:OtherComprehensiveIncome contextRef="ctx-35" decimals="-6" unitRef="dkk">0</ifrs-full:OtherComprehensiveIncome>
<ifrs-full:OtherComprehensiveIncome contextRef="ctx-37" decimals="-6" unitRef="dkk">156000000</ifrs-full:OtherComprehensiveIncome>
<ifrs-full:OtherComprehensiveIncome contextRef="ctx-41" decimals="-6" unitRef="dkk">210000000</ifrs-full:OtherComprehensiveIncome>
<ifrs-full:OtherComprehensiveIncome contextRef="ctx-43" decimals="-6" unitRef="dkk">-15000000</ifrs-full:OtherComprehensiveIncome>
<ifrs-full:OtherComprehensiveIncome contextRef="ctx-3" decimals="-6" unitRef="dkk">195000000</ifrs-full:OtherComprehensiveIncome>
<ifrs-full:ComprehensiveIncome contextRef="ctx-29" decimals="-6" unitRef="dkk">0</ifrs-full:ComprehensiveIncome>
<ifrs-full:ComprehensiveIncome contextRef="ctx-31" decimals="-6" unitRef="dkk">0</ifrs-full:ComprehensiveIncome>
<ifrs-full:ComprehensiveIncome contextRef="ctx-33" decimals="-6" unitRef="dkk">669000000</ifrs-full:ComprehensiveIncome>
<ifrs-full:ComprehensiveIncome contextRef="ctx-35" decimals="-6" unitRef="dkk">0</ifrs-full:ComprehensiveIncome>
<ifrs-full:ComprehensiveIncome contextRef="ctx-37" decimals="-6" unitRef="dkk">156000000</ifrs-full:ComprehensiveIncome>
<ifrs-full:ComprehensiveIncome contextRef="ctx-41" decimals="-6" unitRef="dkk">825000000</ifrs-full:ComprehensiveIncome>
<ifrs-full:ComprehensiveIncome contextRef="ctx-43" decimals="-6" unitRef="dkk">7000000</ifrs-full:ComprehensiveIncome>
<ifrs-full:ComprehensiveIncome contextRef="ctx-3" decimals="-6" unitRef="dkk">832000000</ifrs-full:ComprehensiveIncome>
<ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions contextRef="ctx-29" decimals="-6" unitRef="dkk">0</ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions>
<ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions contextRef="ctx-31" decimals="-6" unitRef="dkk">0</ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions>
<ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions contextRef="ctx-33" decimals="-6" unitRef="dkk">62000000</ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions>
<ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions contextRef="ctx-35" decimals="-6" unitRef="dkk">0</ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions>
<ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions contextRef="ctx-37" decimals="-6" unitRef="dkk">0</ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions>
<ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions contextRef="ctx-41" decimals="-6" unitRef="dkk">62000000</ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions>
<ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions contextRef="ctx-43" decimals="-6" unitRef="dkk">0</ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions>
<ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions contextRef="ctx-3" decimals="-6" unitRef="dkk">62000000</ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions>
<ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl contextRef="ctx-29" decimals="-6" unitRef="dkk">0</ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl>
<ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl contextRef="ctx-31" decimals="-6" unitRef="dkk">0</ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl>
<ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl contextRef="ctx-33" decimals="-6" unitRef="dkk">180000000</ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl>
<ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl contextRef="ctx-35" decimals="-6" unitRef="dkk">0</ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl>
<ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl contextRef="ctx-37" decimals="-6" unitRef="dkk">0</ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl>
<ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl contextRef="ctx-41" decimals="-6" unitRef="dkk">180000000</ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl>
<ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl contextRef="ctx-43" decimals="-6" unitRef="dkk">170000000</ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl>
<ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl contextRef="ctx-3" decimals="-6" unitRef="dkk">350000000</ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl>
<ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners contextRef="ctx-29" decimals="-6" unitRef="dkk">0</ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners>
<ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners contextRef="ctx-31" decimals="-6" unitRef="dkk">0</ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners>
<ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners contextRef="ctx-33" decimals="-6" unitRef="dkk">242000000</ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners>
<ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners contextRef="ctx-35" decimals="-6" unitRef="dkk">0</ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners>
<ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners contextRef="ctx-37" decimals="-6" unitRef="dkk">0</ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners>
<ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners contextRef="ctx-41" decimals="-6" unitRef="dkk">242000000</ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners>
<ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners contextRef="ctx-43" decimals="-6" unitRef="dkk">170000000</ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners>
<ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners contextRef="ctx-3" decimals="-6" unitRef="dkk">412000000</ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners>
<ifrs-full:ChangesInEquity contextRef="ctx-29" decimals="-6" unitRef="dkk">0</ifrs-full:ChangesInEquity>
<ifrs-full:ChangesInEquity contextRef="ctx-31" decimals="-6" unitRef="dkk">0</ifrs-full:ChangesInEquity>
<ifrs-full:ChangesInEquity contextRef="ctx-33" decimals="-6" unitRef="dkk">911000000</ifrs-full:ChangesInEquity>
<ifrs-full:ChangesInEquity contextRef="ctx-35" decimals="-6" unitRef="dkk">0</ifrs-full:ChangesInEquity>
<ifrs-full:ChangesInEquity contextRef="ctx-37" decimals="-6" unitRef="dkk">156000000</ifrs-full:ChangesInEquity>
<ifrs-full:ChangesInEquity contextRef="ctx-41" decimals="-6" unitRef="dkk">1067000000</ifrs-full:ChangesInEquity>
<ifrs-full:ChangesInEquity contextRef="ctx-43" decimals="-6" unitRef="dkk">177000000</ifrs-full:ChangesInEquity>
<ifrs-full:ChangesInEquity contextRef="ctx-3" decimals="-6" unitRef="dkk">1244000000</ifrs-full:ChangesInEquity>
<ifrs-full:Equity contextRef="ctx-7" decimals="-6" unitRef="dkk">185000000</ifrs-full:Equity>
<ifrs-full:Equity contextRef="ctx-10" decimals="-6" unitRef="dkk">-191000000</ifrs-full:Equity>
<ifrs-full:Equity contextRef="ctx-13" decimals="-6" unitRef="dkk">9035000000</ifrs-full:Equity>
<ifrs-full:Equity contextRef="ctx-16" decimals="-6" unitRef="dkk">0</ifrs-full:Equity>
<ifrs-full:Equity contextRef="ctx-19" decimals="-6" unitRef="dkk">-1446000000</ifrs-full:Equity>
<ifrs-full:Equity contextRef="ctx-22" decimals="-6" unitRef="dkk">7583000000</ifrs-full:Equity>
<ifrs-full:Equity contextRef="ctx-25" decimals="-6" unitRef="dkk">206000000</ifrs-full:Equity>
<ifrs-full:Equity contextRef="ctx-4" decimals="-6" unitRef="dkk">7789000000</ifrs-full:Equity>
<ifrs-full:Equity contextRef="ctx-38"
decimals="-6"
id="s8_changesinequity__8__29"
unitRef="dkk">17000000</ifrs-full:Equity>
<ifrs-full:Equity contextRef="ctx-39"
decimals="-6"
id="s8_changesinequity__8__30"
unitRef="dkk">52000000</ifrs-full:Equity>
<ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory contextRef="ctx-2" id="s10_notes__7__16" xml:lang="en">Significant changes and e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>vents In 2022, the Group<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>'<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s performance and financial position was affected by the significant changes and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> events highlighted belo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>. A detailed re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>vie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>w of the Group<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>'<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s performance is pro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>vided in the Management's Re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>vie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>w on pp. 15-19.Macroeconomic envir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>onmentIn 2022, we saw significant macroeconomic uncertainties (among others due to the Russia-Ukraine war) leading to incr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eased interest and inflation r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ates. These develop<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>ments have impacted certain accounting estimates and judgements, including assumptions made by management, most significantly in relation to:⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _30"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff4 fc3">Impairment tests, note 3.2</span>⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _30"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff4 fc3">Pensions and similar obligations, </span>note 7.1⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _30"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff4 fc3">Onerous contr<span class="_ _0"/>acts, note 2.5</span>Russia-Ukraine warIn March 2022, we divested our busi<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>ness in Russia as part of the strategic divestment progr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>amme. In addition, ISS has no material activities in Ukraine. Consequently<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, the Russia-Ukraine war did<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> not have a material impact on the results of the Groupâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>s operations and financial position in 2022. Howe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>, the impact of the war led to increased oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ating costs due to generally incr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eased inflation rates which wer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e in all material respects<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> mitigated through price incr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eases in our customer contract portfolio.Divestment progr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>amme<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6f"> </span>In 2022, the strategic divestment pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o-gramme was successfully completed as we divested T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>aiwan, Russia and Portugal as well as two business units in Hong Kong and the UK. As a result, a net gain of DKK 201 million was recognised in pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofit or loss in 2022.See 3.4, Divestments, assets held for sale and discontinued operations for further details. Hyperinflation in T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>urkeyEffective 1 January 2022, the Group implemented IAS 29, Financial Reporting in Hyperinflationary Economies as the cumulative three-year inflation in T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>urkey ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ceeded 100%.As a result, the financial statements of ISS T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>urke<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y for 2022 have been restated based on changes in the general price inde<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>x and by applying end-of period e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xchange r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ates. Comparative figur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es were not r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>estated.The implementation did not have a materi<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>al impact on the Groupâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>s key financial KPIs. Impact and applied accounting policies are disclosed in 7.2, Hyperinflation in T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>urke<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.Estimates and judgements The prepar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation of the Group<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>âs consolidated<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> financial statements requir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed management to make judgements, estimates and assumptions that affected the reported amounts of assets, liabilities, income and expenses, the accom<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>panying disclosures, including contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that requir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e a material adjustment to the carrying amount of assets or liabilities in future periods. Estimates and assumptions are r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>wed on an ongoing basis and have been prepar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed taking macroeconomic de<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>velopments into consid<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>eration, but still ensuring that one-off effects which are not e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpected to exist in the long<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> term do not affect estimation and determina<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>tion of these key factors, including discount rates and e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpectations for the future.The table to the right pro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>vides an overvie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>w of the Group'<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>s significant accounting estimates and judgements and the significance of impact on the consolidated financial statements. Note<span xmlns="http://www.w3.org/1999/xhtml" class="_ _157"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws0">Significant estimates and judgements<span class="_ _b5"> </span></span>Estimate/Judgement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8e"> </span>Impact1.2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d4"> </span>Revenue<span xmlns="http://www.w3.org/1999/xhtml" class="_ _aa"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="fc2 ls20 ws27">⢠<span class="_ _d6"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ff4 ls20">Revenue r<span class="_ _0"/>ecognition â impact from contr<span class="_ _0"/>act modifications and variable consideration<span class="_ _75"> </span><span class="ls0">Estimate/Judgement</span></span>⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b7"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff4 fc3">Gross or net pr<span class="_ _0"/>esentation <span class="_ _158"> </span>Judgement</span>2.2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d4"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="fc3">Other receivables<span class="_ _74"> </span><span class="fc2">⢠<span class="_ _b7"> </span></span><span class="ff4">Capitalisation of transition and mobilisation costs<span class="_ _8"> </span>Judgement</span></span>2.5<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d4"> </span>Provisions<span xmlns="http://www.w3.org/1999/xhtml" class="_ _159"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="fc2">⢠<span class="_ _b7"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ff4">Onerous contr<span class="_ _0"/>acts â future pr<span class="_ _0"/>ofitability<span class="_ _15a"> </span>Estimate/Judgement</span>⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b7"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff4 fc3">Assumptions for claims, disputes and legal proceedings<span class="_ _ee"> </span>Judgements</span>2.6<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d4"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="fc3">Right-of-use assets<span class="_ _7b"> </span><span class="fc2">⢠<span class="_ _b7"> </span></span><span class="ff4">Lease term, including extension options mainly related to buildings<span class="_ _15b"> </span>Judgements</span></span>3.1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d4"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="fc3">Intangible assets<span class="_ _71"> </span><span class="fc2">⢠<span class="_ _b7"> </span></span><span class="ff4">Cloud-based arragements â assessment of control<span class="_ _15c"> </span>Judgements</span></span>⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b7"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff4 fc3">Capitalisation of configuration and customisation costs for softwar<span class="_ _0"/>e<span class="_ _c7"> </span>Judgements</span>3.2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d4"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="fc3">Impairment tests<span class="_ _45"> </span><span class="fc2">⢠<span class="_ _b7"> </span></span><span class="ff4">Key assumptions in impairment test of goodwill and other intangible assets<span class="_ _14c"> </span>Estimate</span></span>5.2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d4"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="fc3">Deferred tax<span class="_ _111"> </span><span class="fc2">⢠<span class="_ _b7"> </span></span><span class="ff4">Recognition of deferred tax assets â futur<span class="_ _0"/>e taxable profit available<span class="_ _120"> </span>Estimate</span></span>⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b7"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff4 fc3 ws0">Uncertain tax positions â estimate of the amount required to settle the obligation<span class="_ _86"> </span><span class="ls0">Estimate/Judgement</span></span>7.1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d4"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="fc3">Pensions and </span>⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b7"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff4 fc3 ws0">Assumptions for actuarial gains and losses, e.g. inflation and discount rates, <span class="ls0"> </span></span>Estimatesimilar obligationsfuture salary and pension incr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eases⢠Low â¢â¢ Medium â¢â¢â¢High1 Oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ating pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ofit ISS is a leading, global pro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>vider of integrated facility service (IFS) to key account customers and the absolute leader in cleaning. With operations in 60+ countries of which 30+ ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e core self-delivery countries, we have a str<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ong global footprint.In recent years, we have successfully trimmed our business. T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>oday, we have a global platform, and the gro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>wth agenda will be focused on pro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>viding IFS to key accounts in thr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ee prioritised segments; office-based, production-based and healthcare. Our cor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e service offering to customers consists of cleaning, food, technical and workplace services. In 2022, <span xmlns="http://www.w3.org/1999/xhtml" class="ff6 fc1">re<span class="_ _0"/>venue<span class="ff4 fc3"> was DKK 76,538 million. Reve-</span></span>nue from ke<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y accounts increased to 71% (2021: 69%) of Group r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evenue and gener<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ated higher organic gro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>wth than non-ke<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y accounts. IFS share of re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>venue has consistently increased o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ver the last decade and comprised 51% in 2022. The majority of re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>venue comprises portfolio re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>venue which is contractually committed at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> the inception of the contract and r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecurring. The remaining r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evenue is demanded on a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> non-recurring basis and agr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eed as separate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> transactions.Portfolio re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>venue gre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>w organically b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y 10%, pos<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>itively impacted by price incr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eases to offset the rising cost inflation. Revenue fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om projects and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> above-base work was in line with 2021 despite a decline in deep-cleaning and disinfection services.Operating pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofit before other items<span xmlns="http://www.w3.org/1999/xhtml" class="ff4 fc3"> was DKK </span>2,876 million for an operating margin of 3.8% ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cluding impact from IAS 29 (2021: 2.5%).Our business model is based on self-delivery of our core services b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y our placemakers â our most important resour<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ce. As a result, we incur a sig-nificant amount of employee costs to gener<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>venue. In 2022, employee costs comprised 66% of total operating costs, and r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>emained at the level of 2021.Our str<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ategic focus<span xmlns="http://www.w3.org/1999/xhtml" class="fc5 sc0">Ke</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc5 sc0">y Account </span>â IFS for key accounts<span xmlns="http://www.w3.org/1999/xhtml" class="fc5 sc0">shar</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc5 sc0">e</span>29%71%1)71 76.5KKbnDKKbn51%Key accounts IFS Other1) Group re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>venueOur r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evenu<span xmlns="http://www.w3.org/1999/xhtml" class="fc5 sc0">Re</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc5 sc0">venue</span>â high level of r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecurring r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evenue18%1)76.5DKKbn82%Portfolio Projects <span xmlns="http://www.w3.org/1999/xhtml" class="_ _bf"> </span>and above-base1) Group re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>venueOur cost baseâ self-delivery by our placemakers1)73.7DKKbn66%m Employee <span xmlns="http://www.w3.org/1999/xhtml" class="_ _bf"> </span>costs1) T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>otal operating costs1.1 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _166"/>Segments 1.1.1 Operating segmentsISS is a leading, global pro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>vider of workplace and facility service solutions operating in 30+ countries. Operations ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e generally managed based on a geographical structur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e in which countries are gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ouped into regions. The regions have been identified based on a ke<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y principle of grouping countries that shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e market conditions and cultures. Countries wher<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e we do not have a full country-based support structure, which are managed b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y our Global Key Account Organisation, are combined in a separ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate segment âOther countriesâ.An overvie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>w of the grouping of countries into regions is pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esented in 8.4, Group companies. Central &amp;OtherT<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>otal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d"/> Unal-Northern<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>Southern Asia &amp; Ameri-coun-seg-located/<span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>otal (DKKm)EuropeEuropePacificcastriesmentseliminationGroup1)2022 2)Revenue, e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xcl. IAS 29 28,694 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _15d"> </span> 24,538 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _d6"> </span> 14,012 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _66"> </span> 8,585 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _56"> </span> 606 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _d6"> </span> 76,435 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _58"> </span> (51)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _30"> </span> 76,384 Revenue<span xmlns="http://www.w3.org/1999/xhtml" class="_ _11b"> </span> 28,694 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _94"> </span> 24,692 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _b7"> </span> 14,012 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _d3"> </span> 8,585 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _56"> </span> 606 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _b7"> </span> 76,589 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _73"> </span> (51)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _cb"> </span> 76,538 Depreciation and amortisation <span xmlns="http://www.w3.org/1999/xhtml" class="_ _50"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls0"> (557)<span class="_ _d7"> </span> (575)<span class="_ _15d"> </span> </span>(147)(97)(4)(1,380)(137)(1,517)Operating pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ot befor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e other2) items, <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d"/>excl. IAS <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d"/>29 1,519 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _15e"> </span>1,108<span xmlns="http://www.w3.org/1999/xhtml" class="_ _52"> </span> 882 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _56"> </span> 445 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"> </span> 27 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _93"> </span>3,981<span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"> </span> (1,105)2,876Operating pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofit before other items <span xmlns="http://www.w3.org/1999/xhtml" class="_ _15f"> </span> 1,519 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _76"> </span> 1,079 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _56"> </span> 882 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _56"> </span> 445 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"> </span> 27 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _d5"> </span> 3,952 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _75"> </span> (1,105)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _160"> </span> 2,847 Operating margin<span xmlns="http://www.w3.org/1999/xhtml" class="ff5"> </span>5.3%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _161"> </span>4.4%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _162"> </span>6.3%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _162"> </span>5.2%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _162"> </span>4.5%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _162"> </span>5.2%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff42 fs24 ls0 ws0"> - <span class="_ _163"> </span></span>3.7%Operating margin, ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cl. IAS 29 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8e"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ffad fs47 ls56 ws67">5.3%<span class="_ _55"> </span>4.5%<span class="_ _162"> </span>6.3%<span class="_ _162"> </span>5.2%<span class="_ _162"> </span>4.5%<span class="_ _162"> </span>5.2%<span class="_ _1e"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="ls0"> - <span class="_ _163"> </span><span class="ffad fs47 ls56 ws67">3.8%</span></span>Other income and expenses, net<span xmlns="http://www.w3.org/1999/xhtml" class="_ _54"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls0"> 45 <span class="_ _34"> </span> </span>(13) 156 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _164"> </span> (124) - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"> </span> 64 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _61"> </span> (7) 57 Amortisation/impairment of brands and customer contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acts<span xmlns="http://www.w3.org/1999/xhtml" class="_ _50"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls0"> </span>(16)(27)(4)(22) - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _52"> </span> (69) - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _76"> </span> (69)Operating pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _9f"> </span> 1,548 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _76"> </span> 1,039 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _d3"> </span> 1,034 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _56"> </span> 299 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"> </span> 27 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _d5"> </span> 3,947 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _75"> </span> (1,112)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _160"> </span> 2,835 2021Revenue<span xmlns="http://www.w3.org/1999/xhtml" class="_ _11b"> </span> 27,675 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _94"> </span> 23,585 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _b7"> </span> 12,381 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _d3"> </span> 7,141 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _56"> </span> 626 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _b7"> </span> 71,408 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _73"> </span> (45) 71,363 Depreciation and amortisation(659)(581)(212)(109)(3)(1,564)(196)(1,760)Operating pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofit before other items <span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"> </span>1,290<span xmlns="http://www.w3.org/1999/xhtml" class="_ _88"> </span> 584 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _56"> </span> 735 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _56"> </span> 393 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"> </span> 16 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _d5"> </span> 3,018 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _75"> </span> (1,242) 1,776 Operating margin4.7%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _161"> </span>2.5%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _162"> </span>5.9%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _162"> </span>5.5%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _162"> </span>2.6%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _162"> </span>4.2%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff42 fs24 ls0 ws0"> - <span class="_ _163"> </span></span>2.5%Other income and expenses, net<span xmlns="http://www.w3.org/1999/xhtml" class="_ _35"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls0"> </span>(2) <span xmlns="http://www.w3.org/1999/xhtml" class="_ _d7"> </span> 431 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3a"> </span> (2) 78 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _e"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _56"> </span> 505 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _58"> </span> (66) 439 Goodwill impairment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15b"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _75"> </span> (450) - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _e"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _164"> </span> (450) - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _94"> </span> (450)Amortisation/impairment of brands and customer contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acts<span xmlns="http://www.w3.org/1999/xhtml" class="_ _50"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls0"> </span>(21)(11)(6)(26) - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _52"> </span> (64) - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _76"> </span> (64)Operating pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _165"> </span>1,267<span xmlns="http://www.w3.org/1999/xhtml" class="_ _88"> </span> 554 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _56"> </span> 727 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _56"> </span> 445 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"> </span> 16 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _d3"> </span> 3,009 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _75"> </span> (1,308) 1,701 1) Effective 1 January 2022, the Group reor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ganised its European business into the regions Northern Eur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ope and Central &amp; Southern Europe consistent with the Groupâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s internal management and reporting structure. As a r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esult, the Netherlands, Belgium &amp; Luxembourg, Poland and Lithuania were moved fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om Central &amp; Southern Europe (pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eviously Continental Eur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ope) to Northern Europe. Asia &amp; Pacific and Americas remained unchanged. Comparative figur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es for 2021 were restated accor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>dingly<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.2) Effective 1 January 2022, ISS T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>urkey was restated for hyperinflation in accor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>dance with IAS 29, cf. 7.2, Hyperinflation in T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>urkey<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="fc5 sc0">Regional </span><span xmlns="http://www.w3.org/1999/xhtml" class="fc5 sc0">Re</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc5 sc0">venue</span>Revenue76.5DKKbn38% Northern32% Central &amp; Southern18% Asia &amp; Pacific11% Americas1% Other<span xmlns="http://www.w3.org/1999/xhtml" class="fc5 sc0">pr</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc5 sc0">ofit</span>1)Operating pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofit 3.9DKKbn39% Northern26% Central &amp; Southern26% Asia &amp; Pacific0<span xmlns="http://www.w3.org/1999/xhtml" class="fc2 ls56 ws67">8% </span>Americas1% Other1) Based on total segments1.1.2 Geographical distributionRevenue(DKKm)2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4a"> </span>2021UK &amp; Ireland<span xmlns="http://www.w3.org/1999/xhtml" class="_ _16"> </span> 10,396 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _d1"> </span> 10,634 US &amp; Canada<span xmlns="http://www.w3.org/1999/xhtml" class="_ _167"> </span> 6,387 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _d0"> </span> 5,298 Switzerland<span xmlns="http://www.w3.org/1999/xhtml" class="_ _168"> </span> 5,729 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _d0"> </span> 5,212 Germany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _169"> </span>5,556<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8e"> </span> 5,429 Australia &amp; Ne<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>w Zealand<span xmlns="http://www.w3.org/1999/xhtml" class="_ _62"> </span> 4,868 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5e"> </span> 4,349 Spain <span xmlns="http://www.w3.org/1999/xhtml" class="_ _7a"> </span>4,122<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8e"> </span> 4,420 Norway<span xmlns="http://www.w3.org/1999/xhtml" class="_ _16a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> 4,016 <span class="_ _d0"> </span> 3,181 </span>Denmark (country of domicile)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d7"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls0"> 3,169 <span class="_ _5e"> </span> 3,661 </span>â 1)Other countries <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a0"> </span>32,295<span xmlns="http://www.w3.org/1999/xhtml" class="_ _37"> </span> 29,179 T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>otal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _9c"> </span> 76,538 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b"> </span> 71,363 1) Including unallocated items and eliminations.Group r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evenue per country is disclosed on p. 119. 2)Non-current assetsâ(DKKm)2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4a"> </span>2021UK &amp; Ireland<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7c"> </span> 3,052 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _d0"> </span> 3,275 US &amp; Canada<span xmlns="http://www.w3.org/1999/xhtml" class="_ _167"> </span> 2,492 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _d0"> </span> 2,362 Switzerland<span xmlns="http://www.w3.org/1999/xhtml" class="_ _168"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> 2,134 <span class="_ _d0"> </span> 1,723 </span>Denmark (country of domicile) 1,737 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _d0"> </span> 1,804 Norway<span xmlns="http://www.w3.org/1999/xhtml" class="_ _16a"> </span> 1,434 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _d0"> </span> 1,501 Australia &amp; Ne<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>w Zealand<span xmlns="http://www.w3.org/1999/xhtml" class="_ _62"> </span> 1,396 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5e"> </span> 1,411 Spain <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16b"> </span> 1,196 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _d0"> </span> 1,178 Germany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _16c"> </span> 997 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _50"> </span> 989 â 1)Other countries <span xmlns="http://www.w3.org/1999/xhtml" class="_ _12"> </span> 13,314 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16d"> </span> 12,329 T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>otal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _9c"> </span> 27,752 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b"> </span> 26,572 1) 2) Excluding deferred tax assets.<span xmlns="http://www.w3.org/1999/xhtml" class="fc5 sc0"> Re</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc5 sc0">venue</span>Revenue76.5DKKbn14%UK &amp; Ireland8%US &amp; Canada7%Switzerland7%Germany6%Australia &amp; NZ5%Spain5%Norway4%Denmark 44%Other countries<span xmlns="http://www.w3.org/1999/xhtml" class="fc5 sc0">Non-curr</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc5 sc0">ent assets</span>Non-current assets27.8DKKbn11%UK &amp; Ireland9%US &amp; Canada8%Switzerland6%Denmark5%Norway5%Australia &amp; NZ4%Spain4%Germany48%Other countriesAccounting policyThe segmentation is consistent with the Groupâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>s strategic management and r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eporting structure applied by the Ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecutive Group Management, and ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cludes discontinued operations. Segments ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e managed primarily based on business perfor-mance measured b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y Operating pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofit.Segment re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>venue and costs comprise items that are dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ectly attributable to the individual seg-ments. Unallocated items mainly consist of re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>v-enue and cost relating to the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oupâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s corporate functions. Decisions on financing (financial income and expenses) as well as tax planning (income tax) are managed at Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup level and ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e therefore not managed and allocated to segments. Segment re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>venue is presented including internal re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>venue which due to the nature of the business is insignificant and therefor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e not disclosed. T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rans-actions between operating segments ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e made on market terms.The geographical distribution of segment r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evenue and non-current assets is based on the geogr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>aph-ical location of the individual subsidiary from which the sales transaction originates. Significant countries are defined as countries r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>epresenting more than 5% of Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>venue as well as the do-micile country<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, Denmark. No customer comprise more than 10% of Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>venue.1.2 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _166"/>Re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>venue1.2.1 Performance obligations Revenue is gener<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ated from r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>endering of workplace and facility service solutions. Our services are pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovided at the customer's site on a daily basis continuously over the term of the contract. The customer simultaneously r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eceives and consumes the benefits pro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>vided by the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> Group. Thus, performance obligations ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e satisfied over time. Revenue is split between portfolio and pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ojects and above-base work, with the vast majority stemming from portfolio r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evenue, appr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ox. 82%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> (2021: 81%).<span xmlns="http://www.w3.org/1999/xhtml" class="ls0"> </span>(DKKm)2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4a"> </span>2021Portfolio re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>venue<span xmlns="http://www.w3.org/1999/xhtml" class="_ _a0"> </span> 62,872 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _d1"> </span> 57,479 Projects and abo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ve-base work<span xmlns="http://www.w3.org/1999/xhtml" class="_ _76"> </span> 13,666 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16d"> </span> 13,884 T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>otal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _9c"> </span> 76,538 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b"> </span> 71,363 Portfolio re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>venue comprises re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>venue from contracts with customers that is contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>actually agreed (committed) at inception and r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elates to services that we are obligated to r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ender on a recurring basis o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ver the term of the con-tract. Re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>venue from pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ojects and above-base work (e.g. capital projects) is demanded on a non-recurring basis and agr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eed separately with the customer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>.1.2.2 Disaggregation of r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>evenueAligned with our strategy to focus on ke<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y accounts in three prioritised segments, wher<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e we deliver our core services, we disaggr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>egate re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>venue based on: ⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _30"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff4 fc3">customer category;</span>⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _30"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff4 fc3">customer segment;</span>⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _30"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff4 fc3">services; and</span>⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _30"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff4 fc3">geographical r<span class="_ _0"/>egion.</span>We belie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ve that these best depict how the natur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e, amount, timing and uncertainty of our re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>venue and cash flows ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e affected by economic factors. (DKKm)2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4a"> </span>2021Customer category<span xmlns="http://www.w3.org/1999/xhtml" class="_ _16e"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff4 fc3"> </span>Key accounts<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"> </span> 54,666 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b"> </span> 49,238 Large and medium<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c9"> </span> 17,387 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16d"> </span> 17,958 Small and route-based<span xmlns="http://www.w3.org/1999/xhtml" class="_ _a9"> </span> 4,485 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _d0"> </span> 4,167 T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>otal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _9c"> </span> 76,538 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b"> </span> 71,363 Customer segments<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3f"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff4 fc3"> </span>Office-based<span xmlns="http://www.w3.org/1999/xhtml" class="_ _16f"> </span>30,647<span xmlns="http://www.w3.org/1999/xhtml" class="_ _40"> </span> n/a Production-based<span xmlns="http://www.w3.org/1999/xhtml" class="_ _a0"> </span>18,094<span xmlns="http://www.w3.org/1999/xhtml" class="_ _40"> </span> n/a Healthcare<span xmlns="http://www.w3.org/1999/xhtml" class="_ _168"> </span>10,046<span xmlns="http://www.w3.org/1999/xhtml" class="_ _54"> </span> n/a Other<span xmlns="http://www.w3.org/1999/xhtml" class="_ _170"> </span>17,751<span xmlns="http://www.w3.org/1999/xhtml" class="_ _40"> </span> n/a T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>otal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _9c"> </span> 76,538 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _88"> </span> n/a Core services<span xmlns="http://www.w3.org/1999/xhtml" class="_ _171"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff4 fc3"> </span>Cleaning<span xmlns="http://www.w3.org/1999/xhtml" class="_ _11f"> </span> 34,693 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16d"> </span> 34,416 T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>echnical <span xmlns="http://www.w3.org/1999/xhtml" class="_ _da"> </span> 16,640 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _d1"> </span> 16,226 Food<span xmlns="http://www.w3.org/1999/xhtml" class="_ _42"> </span> 10,170 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _d0"> </span> 7,535 Workplace, incl. Other<span xmlns="http://www.w3.org/1999/xhtml" class="_ _14c"> </span> 15,035 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _d1"> </span> 13,186 T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>otal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _9c"> </span> 76,538 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b"> </span> 71,363 Disaggregation of r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evenue based on geogr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>aphical region is disclosed in 1.1, Segments. 1.2.3 Costs to fulfill a contract The size and complexity of ke<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y account contracts often requir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es ISS to incur significant transition and mobilisation costs before service delivery commences in order to be able to fulfill the performance obligations under the con-tracts. T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ansition and mobilisation costs comprise costs, directly r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elated to launching certain large long-term contracts such as tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ansfer of employ-ees from pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evious suppliers, site due diligence, planning and developing service plans. The cost includes internal direct costs and e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xternal costs, e.g. to consultants.At 31 December 2022, capitalised transition and mobilisation costs amounted to DKK 36 million (2021: DKK 62 million). No significant additional costs were capitalised in 2022. Capitalised transition and mobilisation costs ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>epresented in 2.2, Other r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eceivables.<span xmlns="http://www.w3.org/1999/xhtml" class="fc5 sc0">Customers</span>Customer category76.5DKKbn71% Key accounts 23% <span xmlns="http://www.w3.org/1999/xhtml" class="_ _c0"/>Large and medium0<span xmlns="http://www.w3.org/1999/xhtml" class="fc2 ls56 ws75">6% </span> Small <span xmlns="http://www.w3.org/1999/xhtml" class="_ _bf"> </span>and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _bf"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>route-basedsegmentsCustomer segments76.5DKKbn40% Office-based24% Production-based13%Healthcare23% OtherservicesCore services76.5DKKbn45% Cleaning22% T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>echnical13%Food20% Workplace, <span xmlns="http://www.w3.org/1999/xhtml" class="ls0 ws0"> </span>incl. Other1.2.4 Revenue backlog Our re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>venue base consists of a mix of yearly con<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>tracts, which ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e rene<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>wed tacitly<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, and thousands of multi-year contracts, the majority of which have an initial term of three to five years. Depending on the size and complexity of the contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>act, the transition and mobilisation period is normally between six and twelve months for our key accounts. Contracts r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>egularly include options for the customer to terminate for convenience within three to nine months. Ho<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>wever<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>, we maintain a high retention r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate of 94% (ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cl. the planned exit of the Danish Defence contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>act), both for key accounts and o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>verall, supporting that these options are r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>arely e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cised.As described in 1.2.1, Performance obligations, the vast majority of our re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>venue is portfolio re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>venue and the remaining part is non-r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecurring in the form of projects and abo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ve-base work. Projects and abo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ve-base work is not committed as part of the main customer contract and is therefor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cluded from the tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ansaction price to be allocated to the remaining performance obligation (re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>venue backlog). In addition, the Group has applied the e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xemptions of IFRS 15, and ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cluded the following fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om the backlog:⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _30"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff4 fc3">contracts with a term of less than </span>12 months; and⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _30"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff4 fc3">contracts wher<span class="_ _0"/>e the Group invoices a fix<span class="_ _0"/>ed </span>amount for each hour of service pro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>vided.As a result, the amounts disclosed in the matu<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>rity table are significantly lo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>wer than reported<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>venue and will likely not reflect the degr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ee of certainty in future r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evenue (and cash inflo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ws) to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d"/> t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d"/>he<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d"/> G<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d"/>rou<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d"/>p.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d"/> As a supplement, in the manage-ment re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>view<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>, p. 20, a maturity overview for our largest key accounts (&gt; DKK 200 million of annual re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>venue) is presented.(DKKm)2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _172"> </span>2021&lt; 1 year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _156"> </span>34%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b"> </span>21,413<span xmlns="http://www.w3.org/1999/xhtml" class="_ _161"> </span>33%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b"> </span>20,3101-5 years<span xmlns="http://www.w3.org/1999/xhtml" class="_ _40"> </span>54%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b"> </span>34,407<span xmlns="http://www.w3.org/1999/xhtml" class="_ _75"> </span>50%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _164"> </span>30,586&gt; 5 years<span xmlns="http://www.w3.org/1999/xhtml" class="_ _95"> </span>12%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5e"> </span>7,352<span xmlns="http://www.w3.org/1999/xhtml" class="_ _161"> </span>17%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b"> </span>10,148T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>otal100%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15d"> </span>63,172<span xmlns="http://www.w3.org/1999/xhtml" class="_ _173"> </span>100%<span xmlns="http://www.w3.org/1999/xhtml" class="_ _15d"> </span>61,044Accounting policyRevenue fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om contracts with customers is r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised when control of the services is tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ansferred to the cus-tomer at an amount that reflects the e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpected con<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>sideration for those services. Contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ol is transferr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed over time as the customer simultaneously r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eceives and consumes the benefits pro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>vided by the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup. Services are typically invoiced on a monthly basis at an amount corresponding to the value of the com-pleted performance obligation.Revenue e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xcludes amounts collected on behalf of third parties, e.g. V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>T and duties.The input method is used to measure pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ogress towar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ds complete satisfaction of the service due to the direct r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elationship between labour hours and costs incurred, and the tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ansfer of services to the customer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>. The Group recognises re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>venue on the basis of the labour hours and costs expensed relative to the total e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpected labour hours and costs to complete the service.Significant accounting estimates and judgementsOur customer contracts ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e based on three differ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent commercial models r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>equiring varying levels of man-agement estimates and judgement in determining the transaction price:1) Fixed price contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acts;2) Cost-plus contracts; and3) Cost-plus variations (typically capped)For fixed price contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acts, re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>venue is recognised based on the transaction price stated in the contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>act, and thus requir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e limited judgement from management.For cost-plus contracts, including variations e.g. with a cap, ISSâs tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ansaction price is determined based on costs incurred with the addition of an agr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eed mark-up/management fee. Determining the transaction price requir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es management to assess, which costs may be included in the calculation basis and if rele-vant, whether within the capped maximum.For key accounts and other large contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acts, the transaction price may also include a variable consideration based on achie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>vement of certain key performance indicators and gain share. Manage-ment estimates variable consideration based on the most likely amount to which it expects to be entitled on a contract-b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y-contract basis. Management makes a detailed assessment of the amount of re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>venue expected to be r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eceived and the probability of suc-cess in each case. Variable consider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation is included in re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>venue as services are performed to the e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xtent that it is highly probable that the amount will not be subject to significant re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>versal.Price adjustment mechanisms in our customer contracts vary in terms of content and e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xtent. Judgement is requir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed by management to determine the amount of re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>venue expected to be r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eceived as a result of inflationary pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>essure on costs of delivery<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.Contract modifications r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>egularly occur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, particularly for key account customers, in or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>der to ensure that service solutions reflect their curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent needs. Such modifications are gener<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ally agreed with the cus-tomer in advance as per the contract in accor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>dance with a specified change management procedur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e and accounted for going forward with no impact on recognised r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evenue up to the date of modification. Management assess how quickly ISS would be able to implement the scope changes of the service.Gross or net pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esentation of re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>venue<span xmlns="http://www.w3.org/1999/xhtml" class="ff4 fc3 ls20 ws27"> Management </span>uses judgement to determine whether the nature of ISSâs pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omise is to pro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>vide the specified services (ISS is the principal), or to arrange for another party to pro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>vide the services (ISS is acting as an agent). This assessment is based on an evaluation of whether ISS controls the specified services befor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e transfer to the customer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>. The Group has concluded that as a main rule it is the principal in its re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>venue arrangements, because it typically controls the services befor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e trans<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>ferring them to the customer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>, and consequently as a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d"/> main rule recognises r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evenue on a gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oss basis.1.3 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _166"/>Emplo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>yee costs(DKKm)Note<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4a"> </span>2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _75"> </span>2021Wages and salaries <span xmlns="http://www.w3.org/1999/xhtml" class="_ _98"> </span> 38,803 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _15d"> </span> 37,214 Social security costs<span xmlns="http://www.w3.org/1999/xhtml" class="_ _99"> </span> 5,950 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _52"> </span> 5,581 Pensions<span xmlns="http://www.w3.org/1999/xhtml" class="_ _ac"> </span>7.1<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8e"> </span> 1,448 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _173"> </span> 1,376 Share-based payments<span xmlns="http://www.w3.org/1999/xhtml" class="_ _69"> </span>6.2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _74"> </span> 80 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _43"> </span> 62 Other<span xmlns="http://www.w3.org/1999/xhtml" class="_ _77"> </span> 2,048 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _173"> </span> 2,136 T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>otal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _42"> </span> 48,329 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _94"> </span> 46,369 Average number of employees<span xmlns="http://www.w3.org/1999/xhtml" class="_ _174"> </span> 352,792 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _160"> </span> 362,789 Our strategy is based on self-delivery of our core services b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y our placemakers. Our business model is asset light and therefor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e employee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> costs is our single largest cost category<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.In 2022, employee costs comprised 66% of the total operating costs (2021: 67%) and wer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e positively impacted by a r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>efund of collective insurance pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>emiums paid in prior years in Swe<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>den of DKK 23 million (2021: DKK 78 million).Government gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ants In 2022, the Group r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised government grants of DKK 159 million (2021: DKK 135 million) in the form of wage subventions, which have been recognised as a r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eduction of employee costs. The grants compensate the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup primar<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>ily for social security<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, wage increases as well as employing certain categories of emplo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>yees such as trainees, disabled persons, long-term unem<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>ployed and emplo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>yees in certain age groups.In addition, the Group r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eceived Covid-19 gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ants during the pandemic to compensate costs relat-ed to e.g. employees on furlough, social security contribution and sick pay compensation. With the cessation of the pandemic, the grants have gradually lapsed. In 2022, the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup recognised Covid-19 r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elated grants of DKK 122 million (2021: DKK 432 million), mainly in the US, Hong Kong and Sweden.1.4 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _166"/>Other income and e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpenses, net (DKKm)2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _56"> </span>2021Gain on divestments<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6f"> </span> 206 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _69"> </span> 604 IT security incident<span xmlns="http://www.w3.org/1999/xhtml" class="_ _175"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _88"> </span> 7 Other income<span xmlns="http://www.w3.org/1999/xhtml" class="_ _da"> </span> 206 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _69"> </span> 611 Loss on divestments <span xmlns="http://www.w3.org/1999/xhtml" class="_ _10"> </span> (124)(34)Integration costs <span xmlns="http://www.w3.org/1999/xhtml" class="_ _176"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls0"> </span>(7) - Acquisition costs<span xmlns="http://www.w3.org/1999/xhtml" class="_ _177"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls0"> (4)<span class="_ _5e"> </span> </span>(77)Ceased held for sale classification<span xmlns="http://www.w3.org/1999/xhtml" class="_ _73"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5e"> </span> (59)Other<span xmlns="http://www.w3.org/1999/xhtml" class="_ _eb"> </span> (14)(2)Other expenses<span xmlns="http://www.w3.org/1999/xhtml" class="_ _16"> </span> (149)(172)Other income and expenses, net<span xmlns="http://www.w3.org/1999/xhtml" class="_ _75"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls0"> 57 <span class="_ _37"> </span> 439 </span>Gain on divestments<span xmlns="http://www.w3.org/1999/xhtml" class="ff4 fc3"> mainly related to the </span>Waste Management business in Hong Kong and the damage control business in the UK. In 2021, gain on divestments mainly related to Kanal Services in Switzerland and Specialized Services in the US. Loss on divestments <span xmlns="http://www.w3.org/1999/xhtml" class="ff4 fc3">mainly comprised to a </span>withdrawal liability on a multiemplo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>yer plan in the US related to the divestment of the Specialized Services business in December 2021. In 2021, the loss mainly related to adjustments to prior yearsâ divestments and the divestment of the Fruit Baskets business in Sweden.Acquisition costs<span xmlns="http://www.w3.org/1999/xhtml" class="ff4 fc3"> mainly related to the acquisi-</span>tion of Livit FM Services AG in Switzerland (2021: Rönesans Facility Management Company). Accounting policyOther income and expenses, net consists of recurring and non-r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecurring items that manage-ment does not consider to be part of the Groupâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>s ordinary oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ating activities, i.e. gains and losses on divestments, remeasur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ement of disposal groups classified as held for sale, carrying amount adjustments regar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ding ceased held for sale classi-fication, the winding-up of operations, disposal of property and acquisition and integr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation costs.Other income and expenses, net ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e presented separately fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om the Group'<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s ordinary oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ating activities as management believes that this best reflects the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup'<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s financial performance.Integration costs<span xmlns="http://www.w3.org/1999/xhtml" class="ff4 fc3"> r<span class="_ _0"/>elated to the acquisition of </span>Livit FM Services AG in Switzerland.Ceased held for sale classification<span xmlns="http://www.w3.org/1999/xhtml" class="ff4 fc3"> comprised </span>depreciation and amortisation for the years 2019 to 2020 due to the ceased held for sale classification of Chile in 2021. Other<span xmlns="http://www.w3.org/1999/xhtml" class="ff4 fc3"> comprised mainly costs related to wind-</span>ing-up of a minor business in Germany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. 2 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _178"/>Oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ating assets, liabilities and fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ee cash flo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>w Our ability to manage our working capital and secure the liquidity r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>equired to oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate, gro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>w and impro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ve our business is paramount, and driving strong cash flo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>w remained a ke<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y priority for ISS in 2022.In 2022, we generated nominal fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ee cash flow (non-IFRS) of DKK 1.7 billion (2021: DKK 1.7 billion) driven by solid oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ating profit and continued tight management of working capital. Investments in property<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>, plant and equipment (including right-of-use assets) remained lo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>w and comprised 1.5% of Group r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evenue (2021: 1.7%) reflecting our asset-light business model.T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>o improve capital efficiency<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>, we continued to focus<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d"/> on the development in tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ade receivables, especially over<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>due receivables and unbilled r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eceivables. As a result, the ageing pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofile of our trade r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eceivables remained str<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ong with 89% of receivables in the not past due category (2021: 90%).<span xmlns="http://www.w3.org/1999/xhtml" class="fc5 sc0">T</span><span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/><span xmlns="http://www.w3.org/1999/xhtml" class="fc5 sc0">r</span><span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="fc5 sc0">ade r</span><span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eceivablesT<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>rade r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>eceivables<span xmlns="http://www.w3.org/1999/xhtml" class="fc5 sc0">DKKbn</span>DKKbn%129510908856804752022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _179"/>2021<span xmlns="http://www.w3.org/1999/xhtml" class="_ _179"/>2020<span xmlns="http://www.w3.org/1999/xhtml" class="_ _179"/>2019<span xmlns="http://www.w3.org/1999/xhtml" class="_ _179"/>2018T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rade r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eceivablesNot past due, %<span xmlns="http://www.w3.org/1999/xhtml" class="fc5 sc0">Fr</span><span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="fc5 sc0">ee cash flo</span><span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>Fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ee cash flowDKKbn32.421.7<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"> </span>1.710.4(1.8)0-1-22022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _17a"/>2021<span xmlns="http://www.w3.org/1999/xhtml" class="_ _17a"/>2020<span xmlns="http://www.w3.org/1999/xhtml" class="_ _17a"/>2019<span xmlns="http://www.w3.org/1999/xhtml" class="_ _17a"/>2018Free cash ï¬o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>w (non-IFRS) (DKKbn)Asset-light business model1)47.0DKKbn7%Abuodel Fixed <span xmlns="http://www.w3.org/1999/xhtml" class="_ _bf"> </span>assets, incl. right-of-use1) T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>otal assets2.1 T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _db"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ade r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>eceivables and credit risk 2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5a"> </span>2021ExpectedCarrying ExpectedCarrying (DKKm)Grosscredit lossesamount<span xmlns="http://www.w3.org/1999/xhtml" class="_ _74"> </span>Grosscredit lossesamountCentral &amp; Southern Eur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ope<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8e"> </span> 4,553 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _105"> </span> (50) 4,503 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _83"> </span> 4,355 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _33"> </span> (64) 4,291 Northern Europe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _18"> </span> 3,218 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _105"> </span> (24) 3,194 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _83"> </span> 3,303 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _33"> </span> (37) 3,266 Asia &amp; Pacific <span xmlns="http://www.w3.org/1999/xhtml" class="_ _174"> </span> 2,072 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _105"> </span> (38) 2,034 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _83"> </span> 1,852 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _33"> </span> (49) 1,803 Americas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _17b"> </span> 1,171 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _105"> </span> (12) 1,159 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _86"> </span> 964 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _33"> </span> (12) 952 Other countries <span xmlns="http://www.w3.org/1999/xhtml" class="_ _10"> </span> 106 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a8"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _86"> </span> 106 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _17c"> </span> 94 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a9"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _6d"> </span> 94 T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>otal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c"> </span> 11,120 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _156"> </span> (124) 10,996 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _50"> </span> 10,568 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _156"> </span> (162) 10,406 Not past due<span xmlns="http://www.w3.org/1999/xhtml" class="_ _17d"> </span> 9,762 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _108"> </span> (6) 9,756 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _83"> </span> 9,418 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _108"> </span> (4) 9,414 Past due 1 to 60 days<span xmlns="http://www.w3.org/1999/xhtml" class="_ _17c"> </span> 1,073 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _108"> </span> (4) 1,069 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _86"> </span> 866 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _108"> </span> (6) 860 Past due 61 to 180 days<span xmlns="http://www.w3.org/1999/xhtml" class="_ _33"> </span> 179 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _33"> </span> (14) 165 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _86"> </span> 138 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _33"> </span> (12) 126 Past due 181 to 360 days<span xmlns="http://www.w3.org/1999/xhtml" class="_ _33"> </span> 22 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _33"> </span> (20) 2 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _17c"> </span> 37 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _105"> </span> (34) 3 More than 360 days<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4f"> </span> 84 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _105"> </span> (80) 4 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _86"> </span> 109 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _71"> </span> (106) 3 T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>otal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c"> </span> 11,120 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _156"> </span> (124) 10,996 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _50"> </span> 10,568 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _156"> </span> (162) 10,406 Expected credit losses (DKKm)2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b"> </span>2021At 1 January<span xmlns="http://www.w3.org/1999/xhtml" class="_ _11"> </span> (162)(299)Foreign e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xchange adjustments<span xmlns="http://www.w3.org/1999/xhtml" class="_ _129"> </span> 6 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _88"> </span>1Divestments<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3f"> </span> 2 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _75"> </span> 0 Additions<span xmlns="http://www.w3.org/1999/xhtml" class="_ _17e"> </span> (59)(45)Unused amounts re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>versed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _98"> </span> 74 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _d1"> </span> 120 Unreco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>verable amounts written off<span xmlns="http://www.w3.org/1999/xhtml" class="_ _50"> </span> 15 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _d0"> </span> 64 Reclassification to Assets held for sale<span xmlns="http://www.w3.org/1999/xhtml" class="_ _88"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls0"> - <span class="_ _8e"> </span> </span>(3)At 31 December<span xmlns="http://www.w3.org/1999/xhtml" class="_ _17f"> </span> (124)(162)Development in 2022 In 2022, trade r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eceivables increased to DKK 10,996 million (2021: DKK 10,406 million) mainly as a result of organic gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>wth driven by return-to-office tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ends and food service reco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>very<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. At 31 December 2022, commercial use of fac-toring with certain large key account customers and participation in certain customers' supply chain finance arrangements was DKK 1.3 billion (31 December 2021: DKK 1.1 billion). At 31 December 2022, expected cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit losses were 1.1% (2021: 1.5%) of tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ade receivables (gross) and tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ade receivables not past due was 89% of trade r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eceivables, net (2021: 90%).Credit riskâ low e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xposureThe Groupâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>s exposure to cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit risk is inherently r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elatively low due to its business model and strategic choices leading to a diversified customer port <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>folio, both in terms<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d"/> of geography<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>, industry sector<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, customer size and services. Also, the completion of our di<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>vestment progr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>amme has contributed to the low risk assessment as higher-risk countries and business units have been divested.Risk managementExposure to cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit risk and expected cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit losses are managed locally in the oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ating entities.We have a str<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ong ongoing assessment and monitoring of customers' creditworthiness and the credit limits ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e set as deemed appropriate taking into account the cus-tomer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d"/>âs financial position and the curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent market conditions. In 2022, the increased inflation r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ates were managed tightly through price incr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eases. The vast majority of cost increases wer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e passed on to customers as per the agreed contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>actu<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>al terms with no increase in cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit losses. Generally<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>, the Group does not hold collater-al as security for trade r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eceivables. Accounting policyT<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rade r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eceivables <span xmlns="http://www.w3.org/1999/xhtml" class="ff4 fc3">comprise invoiced and unbilled </span>re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>venue. Unbilled re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>venue represents service deliv-eries where the performance obligation has been fulfilled, but not yet invoiced.T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rade r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eceivables are r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised initially at the transaction price and subsequently measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed at am-ortised cost. Due to its short-term nature, amortised cost will equal the invoiced amount less expected credit losses. An impairment analysis is performed at each reporting date using a pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovision matrix to measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e expected cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edit losses. The pro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>vision rates are based on days past due for grouping of customer segments with similar loss patterns, e.g. by geogr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>aphical region, customer type and rating. The calculation r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eflects the probability-weighted outcome, the time value of money<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>, reasonable and supportable information about past events, curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent conditions and forecasts of future economic conditions.T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rade r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eceivables are gener<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ally written off if they ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e past due more than 180 days or when ther<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e is no reasonable e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpectation of reco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>very. W<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rite-offs are presented in Other oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ating expenses. Subsequent reco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>very of write-offs or re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>versal of expected credit losses are cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>edited against the same line item.Factoring <span xmlns="http://www.w3.org/1999/xhtml" class="ff4 fc3 ws0">and participation in customersâ supply chain </span>finance arrangements (factoring) ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e mainly used to optimise cash collection and to finance working capital impacts related to gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>owth with certain ke<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d"/> account customers, including from gener<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al pressur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d"/> for longer payment terms and necessary investments in transition and mobilisation of such contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acts. T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>rade r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eceivables subject to factoring agreements are der<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised once the derecognition criteria have been met and all substantial risks and re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>wards have been transferr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed to the factor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. Once the trade receivables have been der<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised, the Group does not carry any risk and has no continuing involvement in these trade r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eceivables.2.2 Other r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eceivables (DKKm)2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5e"> </span>2021Supplier rebates and bonuses<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6b"> </span> 424 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _d0"> </span> 352 Prepayments to suppliers<span xmlns="http://www.w3.org/1999/xhtml" class="_ _101"> </span> 392 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _d0"> </span> 359 Receivable divestment proceeds<span xmlns="http://www.w3.org/1999/xhtml" class="_ _88"> </span> 114 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _d0"> </span> 155 Sign-on fees<span xmlns="http://www.w3.org/1999/xhtml" class="_ _180"> </span> 110 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _d0"> </span> 134 Securities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _42"> </span> 104 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _181"> </span> 103 Government gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ants<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c7"> </span>103<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3d"> </span>27Derivatives<span xmlns="http://www.w3.org/1999/xhtml" class="_ _42"> </span> 50 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"> </span> - T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ransition and mobilisation costs <span xmlns="http://www.w3.org/1999/xhtml" class="_ _34"> </span> 36 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _75"> </span> 62 Other<span xmlns="http://www.w3.org/1999/xhtml" class="_ _136"> </span>362<span xmlns="http://www.w3.org/1999/xhtml" class="_ _75"> </span>390T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>otal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d"> </span> 1,695 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _94"> </span> 1,582 Supplier rebates and bonuses<span xmlns="http://www.w3.org/1999/xhtml" class="ff4 fc3 ls1"> comprised volume </span>related discounts obtained fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om suppliers and re<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>flects the Groupâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>s efforts to consolidate the numberof suppliers and drive synergies and cost savings. The increase in 2022 was due to the gener<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al pick-upin activity<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, especially driven by the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eturn-to-office trends and r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecovery of food services.Prepayments to suppliers<span xmlns="http://www.w3.org/1999/xhtml" class="ff4 fc3"> comprised various </span>payments mainly related to IT licences, utilities and insurance.Receivable divestment proceeds<span xmlns="http://www.w3.org/1999/xhtml" class="ff4 fc3"> mainly r<span class="_ _0"/>elated </span>to the divestment of Specialized Services in the US, where part of the consider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation is subject to customer consent. Sign-on fees<span xmlns="http://www.w3.org/1999/xhtml" class="ff4 fc3"> comprised upfront discounts to </span>certain large customers, most significantly in the UK and on certain global key accounts. Significant accounting judgementsCapitalisation of transition and mobilisation costs involves managementâs judgement to assess if the criteria for capitalisation are fulfilled. Management uses judgement to determine if the costs relate dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ectly to the contract and ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e incurred in or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>der for ISS to be able to fulfill the contract. In addition, management determines if the costs generate r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esources that will be used in satisfying the performance obligations and are e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpected to be reco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>vered, i.e. reflected in the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> pricing of the contracts.Securities<span xmlns="http://www.w3.org/1999/xhtml" class="ff4 fc3"> related to a savings plan in the US </span>administered b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y ISS on behalf of certain senior employees.Government gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ants<span xmlns="http://www.w3.org/1999/xhtml" class="ff4 fc3"> related to various r<span class="_ _0"/>eceiv-</span>ables, including Covid-19 r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elated, mainly in the US, Spain and Denmark. T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ansition and mobilisation costs comprised directly r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elated costs incurred to fulfill the perfor-mance obligations under certain large contracts, cf. 1.2, Re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>venue. The decrease in 2022 was due to ordinary amortisation, mainly in Denmark, Sweden and the UK. Other<span xmlns="http://www.w3.org/1999/xhtml" class="ff4 fc3"> comprised refunds fr<span class="_ _0"/>om customers, </span>accrued interest, V<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>, employee-related tax<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es and other reco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>verable amounts.Accounting policyOther receivables comprise various items of different natur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e and thus different measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ement methods are applied. As these items ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e consid-ered individually immaterial the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y are pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esented together as Other receivables.Except for the items described belo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, other receivables ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e recognised initially at cost and subsequently at amortised cost. Due to the short-term nature of other r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eceivables, amortised cost will equal the cost. T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ransition and mobilisation costs <span xmlns="http://www.w3.org/1999/xhtml" class="ff4 fc3">(costs to fulfill </span>a contract) comprise costs dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ectly related to start-up of operations of certain large contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acts, e.g. transfer of emplo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>yees from pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evious suppliers, site due diligence, planning and developing ser-vice plans. The costs include internal direct costs and external costs e.g. to consultants.T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ransition and mobilisation costs ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e capitalised and amortised over the initially secur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed contract term consistent with ISSâs tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ansfer of the related services to the customer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>. Bid-related costs, in-cluding costs relating to sales work and securing contracts, ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e expensed as incurr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed.Sign-on fees <span xmlns="http://www.w3.org/1999/xhtml" class="ff4 fc3">comprise upfront discounts to </span>certain large customers incurred in the or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>dinary course of business. Sign-on fees are capitalised and amortised over the initial secur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed contract term consistent with ISSâs tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ansfer of the related services to the customer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>. Securities<span xmlns="http://www.w3.org/1999/xhtml" class="ff4 fc3"> and </span>derivatives<span xmlns="http://www.w3.org/1999/xhtml" class="ff4 fc3"> are r<span class="_ _0"/>ecognised at fair </span>value.2.3 Other liabilities (DKKm)2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5e"> </span>2021Accrued wages, pensions and holiday allowances<span xmlns="http://www.w3.org/1999/xhtml" class="_ _10d"> </span> 5,589 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _94"> </span> 5,514 T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>ax withholdings, VA<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>T etc.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _182"> </span> 1,671 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _94"> </span> 1,503 Prepayments fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om customers<span xmlns="http://www.w3.org/1999/xhtml" class="_ _128"> </span>805<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8e"> </span> 868 Savings plan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _157"> </span>104<span xmlns="http://www.w3.org/1999/xhtml" class="_ _55"> </span>103Contingent consideration and deferred payments<span xmlns="http://www.w3.org/1999/xhtml" class="_ _98"> </span> 12 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _183"> </span> 31 Other <span xmlns="http://www.w3.org/1999/xhtml" class="_ _70"> </span>533<span xmlns="http://www.w3.org/1999/xhtml" class="_ _161"> </span>711T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>otal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _13"> </span>8,714<span xmlns="http://www.w3.org/1999/xhtml" class="_ _16d"> </span> 8,730 Savings plan<span xmlns="http://www.w3.org/1999/xhtml" class="ff4 fc3"> related to a plan in the US which is </span>administered b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y ISS on behalf of certain senior employees.Other<span xmlns="http://www.w3.org/1999/xhtml" class="ff5"> <span class="ff4 fc3">comprised customer discounts, accrued </span></span>interests, etc. 2.4 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _166"/>Changes in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d"/> working capital(DKKm)2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _55"> </span>2021Changes in inventories<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4f"> </span> (61) 4 Changes in receivables<span xmlns="http://www.w3.org/1999/xhtml" class="_ _111"> </span> (882)(110)Changes in payables<span xmlns="http://www.w3.org/1999/xhtml" class="_ _172"> </span>1,387<span xmlns="http://www.w3.org/1999/xhtml" class="_ _181"> </span> 1,162 T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>otal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _184"> </span>444<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5e"> </span> 1,056 2.5 Pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>visions, contingent assets and liabilities, and guaranteesISS is exposed to various risks and uncertainties, and party to certain disputes, claims, investiga-tions and legal proceedings arising out of the normal conduct of its business. These are mainly within the following ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eas:⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _30"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff4 fc3">Commercial/contr<span class="_ _0"/>actual matters</span>⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _30"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff4 fc3">Labour-related</span>⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _30"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff4 fc3">Divestments and M&amp;A</span>⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _30"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff4 fc3">T<span class="_ _5"/>ax/social regulations</span>Pro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>visions have been recognised in r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elation to such obligations for probable losses, that management deems reasonable and appr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>opriate at 31 December 2022 as reflected in the table to the right.In addition, ISS is exposed to possible obligations in relation her<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eto as described below under 2.5.2 Contingent assets and liabilities.2.5.1 Pro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>visions Legal claims and disputesThe pro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>vision primarily relates to labour-r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elated claims and disputes regar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ding wages, overtime,holiday<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, sever<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ance etc. as well as claims and dis-putes in relation to contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>actual disagreementswith customers and suppliers. In addition, the pro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>vision includes claims and disputes associ-ated with our divestment activities. Such claims and disputes arise out of the normal conduct of business. At 31 December 2022, the majority related to the UK, the US, Fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ance and Spain.Self-insuranceThe pro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>vision for self-insurance mainly r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elates to employersâ liability and/or workers compensation in certain countries and covers claims b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y employ<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>ees for medical benefits and lost wages associated with injuries/illness incurred in the course of their employment. The r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elevant countries, including self-insurance limits ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e listed below:⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b7"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="fc3">Hong Kong:<span class="ff4"> DKK 26.8m (2021: DKK 25.2m) yearly</span></span>⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b7"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="fc3">UK:<span class="ff4 ws0"> DKK 25.2m (2021: DKK 26.6m) yearly aggregated </span></span>limit and DKK 4.2m (2021: DKK 4.4m) per claim⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b7"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="fc3">Australia: <span class="ff4 ws0">DKK 4.7m (2021: DKK 3.6m) per claim</span></span>⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b7"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="fc3">US: <span class="ff4">DKK 3.5m (2021: DKK 3.3m) per claim</span></span>The pro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>vision also includes obligations not cover<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed by the global gener<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al business liability insurance in r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elation to damage caused in the ordinary course of service delivery<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>, e.g. property damage and bodily injury<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. The Group is self-in-sured for claims belo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>w DKK 7.4 million (EUR 1 million per claim).Restructuring projectsThe pro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>vision mainly covers r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>estructuring projects initiated in 2020 in se<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>veral countries. The purpose was to adjust our cost base on the back of Covid-19 and involved o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>verhead reductions, including termination of emplo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>yees and contract e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xits.In 2022, ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecution of the projects continued, which led to a decrease of DKK 303 million mainly due to sever<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ance payments in Germany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, France and Spain.Onerous contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>actsThe pro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>vision covers the unavoidable costs for certain loss-making contracts. The incr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eased in-flation during 2022, and resulting cost incr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eases, was generally managed thr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ough price increases and cost reductions. Consequenly<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>, inflation did not lead to identification of any significant new onerous contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acts or increased pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovision for contracts alr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eady recognised as oner<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ous.Legal claims and Self- Restruc-Onerous (DKKm)disputesinsuranceturingscontracts<span xmlns="http://www.w3.org/1999/xhtml" class="_ _4a"> </span>Other<span xmlns="http://www.w3.org/1999/xhtml" class="_ _43"> </span>T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>otal2022At 1 January<span xmlns="http://www.w3.org/1999/xhtml" class="_ _185"> </span> 235 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"> </span> 262 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _83"> </span> 374 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"> </span> 330 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _83"> </span> 515 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _183"> </span> 1,716 Foreign e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xchange adjustments<span xmlns="http://www.w3.org/1999/xhtml" class="_ _a1"> </span> (9) 6 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _17c"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a2"> </span> 3 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _17c"> </span>4<span xmlns="http://www.w3.org/1999/xhtml" class="_ _17c"> </span> 4 Additions<span xmlns="http://www.w3.org/1999/xhtml" class="_ _eb"> </span>109<span xmlns="http://www.w3.org/1999/xhtml" class="_ _71"> </span>142<span xmlns="http://www.w3.org/1999/xhtml" class="_ _62"> </span> 6 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _71"> </span> 15 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _86"> </span>99<span xmlns="http://www.w3.org/1999/xhtml" class="_ _73"> </span>371Used during the year(41)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _95"> </span>(149)(263)(191)(90)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _95"> </span>(734)Unused amounts re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>versed(28)(15)(46)(80)(8)(177)Reclass (to)/from other liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _af"> </span> 2 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _128"> </span> (1) - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _17c"> </span> - (110)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _95"> </span>(109)At 31 December<span xmlns="http://www.w3.org/1999/xhtml" class="_ _186"> </span>268<span xmlns="http://www.w3.org/1999/xhtml" class="_ _71"> </span>245<span xmlns="http://www.w3.org/1999/xhtml" class="_ _86"> </span> 71 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _73"> </span> 77 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _74"> </span>410<span xmlns="http://www.w3.org/1999/xhtml" class="_ _3d"> </span>1,071Non-current<span xmlns="http://www.w3.org/1999/xhtml" class="_ _187"> </span>47<span xmlns="http://www.w3.org/1999/xhtml" class="_ _74"> </span> 129<span xmlns="http://www.w3.org/1999/xhtml" class="_ _14c"> </span>- <span xmlns="http://www.w3.org/1999/xhtml" class="_ _78"> </span> 23<span xmlns="http://www.w3.org/1999/xhtml" class="_ _71"> </span>266<span xmlns="http://www.w3.org/1999/xhtml" class="_ _83"> </span> 465Current<span xmlns="http://www.w3.org/1999/xhtml" class="_ _188"> </span>221<span xmlns="http://www.w3.org/1999/xhtml" class="_ _71"> </span>116 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _86"> </span>71<span xmlns="http://www.w3.org/1999/xhtml" class="_ _105"> </span>54<span xmlns="http://www.w3.org/1999/xhtml" class="_ _71"> </span>144<span xmlns="http://www.w3.org/1999/xhtml" class="_ _74"> </span> 6062021At 1 January<span xmlns="http://www.w3.org/1999/xhtml" class="_ _185"> </span> 133 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"> </span> 261 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _83"> </span> 787 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"> </span> 285 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _83"> </span> 460 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _183"> </span> 1,926 Foreign e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xchange adjustments<span xmlns="http://www.w3.org/1999/xhtml" class="_ _a1"> </span> (6) 15 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _105"> </span> 4 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a2"> </span> 6 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a2"> </span> 7 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _73"> </span> 26 Additions<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b4"> </span> 141 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _95"> </span> 225 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a2"> </span> 7 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _73"> </span> 73 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _73"> </span> 45 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _83"> </span> 491 Used during the year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7c"> </span> (62)(232)(373)(21)(11)(699)Unused amounts re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>versed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _189"> </span> (55)(2)(52)(16)(10)(135)Reclass (to)/from other liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e"> </span> 84 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _128"> </span> (5) 1 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _105"> </span> 3 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _18a"> </span> 24 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"> </span> 107 At 31 December<span xmlns="http://www.w3.org/1999/xhtml" class="_ _a"> </span> 235 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"> </span> 262 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _83"> </span> 374 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"> </span> 330 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _83"> </span> 515 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _75"> </span> 1,716 Non-current<span xmlns="http://www.w3.org/1999/xhtml" class="_ _18b"> </span> 121 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"> </span> 127 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _83"> </span> 142 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _73"> </span> 78 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _83"> </span> 287 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"> </span> 755 Current<span xmlns="http://www.w3.org/1999/xhtml" class="_ _18c"> </span> 114 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"> </span> 135 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _83"> </span> 232 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"> </span> 252 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _83"> </span> 228 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"> </span> 961 In 2022, the decrease of DKK 253 million was mainly related to the e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xit from the Danish<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> Defence contract, including payment of an exit fee, termination of lease obligations and disposal of equipment as well as utilisation of the pro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>vision for a key account contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>act in Hong Kong. Furthermore, in Fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ance and the UK impro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>vement initiatives on a few minor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> loss-making contracts led to r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eversal of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> amounts pro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>vided in prior years.At 31 December 2022, the remaining pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovision related to a ke<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y account contract in Hong Kong and a few minor contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acts in a few countries.Other pro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>visionsOther pro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>visions comprise various other risks and obligations incidental to our business, most significantly related to divestments and customer and contract-r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elated risks and disputes and decommissioning liabilities.In 2022, the addition was mainly due to recogni-tion of a withdrawal liability on a multiemplo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>yer plan in the US related to the divestment of Specialized Services in 2021.At 31 December 2022, the pro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>vision mainly related to Germany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>, the US, UK and France.2.5.2 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _18d"/>Contingent assets andliabilities ISS is party to pending disputes, claims, investi-gations and litigations arising out of the normal conduct of its business and is therefor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e exposed to possible obligations. Management believes that these will not have a material impact on the Groupâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>s financial position beyond the assets and liabilities recognised in the statement of financial position at 31 December 2022. Howe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>, the existence of such possible obligations will only be confirmed by the occurr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ence of future events, not entir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ely within ISSâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s control. Due to the inherent uncertainty<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>, future events may lead to material adverse effects on the Groupâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>s profit or loss and financial position from one or mor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e of these possible obligations.Contractual disagr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eementsContractual disagr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eements with customers arise on a recurring basis in the or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>dinary course of ISSâs business. While most ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esolved as part of the daily contract management pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ocedures, in some cases the contractual disagr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eements will lead to legal proceedings.The Group is curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ently party to certain disputes and legal proceedings, including in r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elation to the contract with Deutsche T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>elekom. The contract continues to be structurally challenging. Follo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>w<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>ing an agreed dispute r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esolution mechanism, certain contractual disagr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eements are subject to arbitration pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oceedings initiated by ISS. Labour-related risksBeing a people company operating acr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oss differ-ent geographies and service ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eas exposes us to varying and changing labour laws, especially across Eur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ope. Although we have policies and procedur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es in place to ensure that we comply with current r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>egulations, interpretations and procedur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es applied by ISS could be challenged in certain jurisdictions and result in disputes and possibly liabilities.The Group is curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ently party to certain labour-related claims, disputes and legal pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oceedings, e.g. around wages, o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>vertime, holiday and sever<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ance. Management believes that these would not have a material impact on the Groupâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>s financial position beyond the assets and liabili-ties already r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised at 31 December 2022.DivestmentsThe Group makes pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovisions for claims fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om purchasers or other parties in connection with divestments and the repr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esentations and warranties given in r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elation to such divestments. In addition, the Groupâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>s divestment activities can give rise to possible obligations, mainly labour-related, including pension plans, and related to disputes in r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elation to sales price.Restructuring projectsRestructuring projects ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e being undertaken on an ongoing basis across differ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent geographies and service areas, curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ently mainly in Germany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, France and Spain. Labour laws especially in Europe include r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>estrictions on dismissals and procedur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>al rules to be followed. The pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ocedures applied by ISS could be challenged in certain jurisdictions resulting in disputes and possibly lia-bilities. Management believes that this would not have a material impact on the Groupâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>s financial position beyond the assets and liabilities alr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eady recognised at 31 December 2022.2.5.3 Guarantees ISS has issued certain guarantees in the normal course of business. Guarantees do not r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>epre-sent legal or constructive obligations and are not recognised in the statement of financial position at 31 December 2022.(DKKm)2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _55"> </span>2021Bank-guaranteed 1,755<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8e"> </span>1,761 performance bondsOther performance bonds<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5f"> </span>1,831<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d7"> </span>1,819Performance guarantees (service contracts)3,586<span xmlns="http://www.w3.org/1999/xhtml" class="_ _8e"> </span>3,580Indemnity and guarantee commitments<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7"> </span>472<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7b"> </span>479Performance guarantees ISS regularly issues performance guar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>antees to customers to guarantee satisfactory completion of work in accordance with the service contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>act. Such guarantees ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e issued in the ordinary course of business, either in the form of bank guarantees, par<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent guarantees or insur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ances. Indemnity and guarantee commitmentsOther guarantees ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e mainly issued to insurance companies towar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ds self-insurance liabilities as well as to owners of r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ental property occupied b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y ISS in certain countries. Furthermore, in a fe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>w instances guarantees have been issued to public authorities towar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ds tax withholding liabilities.Significant accounting estimates and judgementsOur strategic choice to focus on ke<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y accounts increasingly leads to a customer case comprising large, more comple<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>x contracts in terms of perfor-mance obligations towar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ds our customers. Addition-ally<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, the size and complexity of such contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acts often requir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es ISS to incur significant transition and mo-bilisation costs before service delivery commences to enable fulfillment of the performance obligations. Furthermore, comple<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>x restructuring pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ojects may need to be initiated and recognised as a pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovision. Onerous contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acts<span xmlns="http://www.w3.org/1999/xhtml" class="ff4 fc3"> Management assesses whether </span>contracts may be oner<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ous by estimating the e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>x-pected future pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofitability<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. This involves estimating total contract r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evenue and the unavoidable costs of meeting the performance obligations under the con-tract, including any tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ansition and mobilisation costs incurred. In estimating the e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpected future pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofit-ability<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, management makes judgements, including in relation to termination and e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xtension options.Certain contracts ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e large, complex and longer term facility service partnerships. In estimating unavoid-able costs in relation to such contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acts, management makes assumptions around futur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e realisation of costs taking estimated optimisations and efficiency gains from impr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovement initiatives into consider-ation. While ISS has inherent risk in this r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>espect, ISS is by natur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e also dependent on aligning interest with the customer within the frame<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>work of the agree-ment for the benefit of both parties. The outcome may vary significantly should the assumptions and judgements applied not be realised as e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpected by management and applied as basis for their assess-ment of whether a contract is oner<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ous.Restructurings<span xmlns="http://www.w3.org/1999/xhtml" class="ff4 fc3"> and </span>other pro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>visions<span xmlns="http://www.w3.org/1999/xhtml" class="ff4 fc3"> Management </span>makes judgements related to various other matters and obligations, primarily relating to planned/initiated restructurings, and comple<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>x customer and contract-r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elated risks and disputes, including ongoing lawsuits. Managementâs assessment of the likely outcome of lawsuits, tax disputes, etc., is based on external legal assistance and established precedents.For large, complex contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acts, the outcome may vary significantly should the judgements and assump-tions applied by management in their assessment of the risks and disputes not be realised as e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpected.Accounting policyPro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>visionsPro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>visions are r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised when the Group, as a result of a past e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>vent, has a present legal or con-structive obligation, it is probable that an outflo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>w of economic benefits will be requir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed to settle the obligation and a reliable estimate can be made of the amount of the obligation. The costs requir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed to settle the obligation are discounted using the entityâs average borr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>owing r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate, if this significantly impacts the measurement of the liability<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>. Legal disputes and claims<span xmlns="http://www.w3.org/1999/xhtml" class="ff4 fc3">, e.g. lawsuits and other </span>disputes, based on external legal assistance and established precedents.Self-insurance <span xmlns="http://www.w3.org/1999/xhtml" class="ff4 fc3">on emplo<span class="_ _0"/>yersâ liability and/or workers </span>compensation based on valuations from e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xternal actuaries. Restructurings<span xmlns="http://www.w3.org/1999/xhtml" class="ff4 fc3 ws0"> when a detailed, formal restructuring </span>plan is announced to the affected parties on or before the reporting date. The plan must identify the busi<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>ness concerned, the location and number of employ<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>ees affected, and a detailed estimate of the associated costs, as well as the timeline must be in place. Onerous contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>acts<span xmlns="http://www.w3.org/1999/xhtml" class="ff4 fc3">, when the unavoidable costs, </span>including directly allocated o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>verhead costs, of meet-ing the obligations under the contract e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xceed the economic benefits expected to be r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eceived under it, corresponding to the lo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>wer of the costs to fulfil the obligations under the contract and the costs of exiting the contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>act. Customer and contract-r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elated disputes<span xmlns="http://www.w3.org/1999/xhtml" class="ff4 fc3"> based on </span>an assessment of available facts and circumstances in respect of the specific risks or disputes, when it is deemed that a contractual, non-contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>actual or constructive obligation exists, and it is pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>obable that this will lead to an outflow of economic r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esources from the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup. Decommissioning liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="ff4 fc3">, if the Group has a </span>legal obligation to dismantle or remo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ve an asset or restor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e a site or leased facilities when vacated. The pro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>vision corresponds to the pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esent value of expected costs to settle the obligation.The present value of the obligation is included in the cost of the rele<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>vant tangible or right-of-use asset and depreciated accor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>dingly<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. The estimated future costs of decommissioning are r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>wed annually and adjusted as appropriate. Changes in the estimated future costs, or in the discount r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate applied, are added to or deducted from the cost of the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elevant asset.Contingent assets and liabilitiesContingent liabilities <span xmlns="http://www.w3.org/1999/xhtml" class="ff4 fc3 ls5f ws78">comprise: </span>1) <span xmlns="http://www.w3.org/1999/xhtml" class="_ _c0"/>possible obligations that arise from a past event and whose existence will only be confirmed b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y the occurrence or non-occurr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ence of future e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>vents; and2) <span xmlns="http://www.w3.org/1999/xhtml" class="_ _c0"/>obligations that are not recognised as the amount cannot be measured sufficiently r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eliable or it is not probable that economic benefits will be r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>equired to settle the obligation.Contingent assets<span xmlns="http://www.w3.org/1999/xhtml" class="ff4 fc3 ls5f"> are possible assets whose </span>existence will be confirmed b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y the occurrence or non-occurrence of uncertain futur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e events that ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e not wholly within the control of the entity<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>.Contingent assets and liabilities are not r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised, but disclosed in the notes.2.6 Right-of-use assets and pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>operty<span xmlns="http://www.w3.org/1999/xhtml" class="_ _db"/>, plant and equipment <span xmlns="http://www.w3.org/1999/xhtml" class="_ _31"/> ISS is a people business operating based on an asset light business model. Operating assets (leased and owned) comprised only 7% of the Groupâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>s total assets at 31 December 2022. Our model is based on leasing, rather than o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>wning, property<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>, vehicles and equipment. Right-of-use assets At 31 December 2022, ISS was party to around 18,500 lease agreement of which the majority related to vehicles, wher<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eas in terms of asset value, the main part related to pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>operty<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.Additions amounted to DKK 765 million in 2022, which was impacted by ne<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>w country head office leases in Austria and Singapore and e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xtensions in a few other countries. This was slightly lo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>wer than 2021 where additions of DKK 859 million included new head office leases in Fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ance and Norway and additional new vehicle leases due to contract wins in the UK, Germany<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>, Norway, Mexico and Finland.Property plant and equipment Additions of DKK 345 million in 2022 primarily related to equipment for ne<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>w and existing contracts and was br<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oadly in line with 2021.20222021Right-of-use assets<span xmlns="http://www.w3.org/1999/xhtml" class="_ _174"> </span> Property<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>,Right-of-use assets<span xmlns="http://www.w3.org/1999/xhtml" class="_ _174"> </span> Property<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>,plant andplant and(DKKm)Properties<span xmlns="http://www.w3.org/1999/xhtml" class="_ _163"> </span>Vehicles<span xmlns="http://www.w3.org/1999/xhtml" class="_ _18e"> </span>Other<span xmlns="http://www.w3.org/1999/xhtml" class="_ _161"> </span> T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>otal equipment equipment <span xmlns="http://www.w3.org/1999/xhtml" class="_ _197"/>Properties<span xmlns="http://www.w3.org/1999/xhtml" class="_ _163"> </span>Vehicles<span xmlns="http://www.w3.org/1999/xhtml" class="_ _18e"> </span>Other<span xmlns="http://www.w3.org/1999/xhtml" class="_ _161"> </span> T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>otal Cost at 1 January <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16b"> </span> 2,582 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8e"> </span> 1,307 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"> </span> 577 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"> </span> 4,466 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _74"> </span> 3,455 2,411 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"> </span> 1,313 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _7b"> </span> 673 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"> </span> 4,397 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _74"> </span> 3,615 Prior year adjustments<span xmlns="http://www.w3.org/1999/xhtml" class="_ _170"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5f"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _67"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5f"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _18f"> </span> - (117)(203)(94)(414) - Foreign e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xchange adjustments<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d9"> </span>4<span xmlns="http://www.w3.org/1999/xhtml" class="_ _46"> </span> (9)(35)(40)(39) 51 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _35"> </span> 17 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _95"> </span> (46) 22 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _7d"> </span> 45 Hyperinflation restatement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _190"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _35"> </span> 20 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5d"> </span> 57 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5d"> </span> 77 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _33"> </span> 183 -<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6e"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6e"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6e"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _118"> </span>-Additions<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e5"> </span> 264 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"> </span> 312 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"> </span> 189 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"> </span> 765 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _33"> </span> 345 347 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"> </span> 372 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"> </span> 140 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"> </span> 859 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _33"> </span> 335 Acquisitions<span xmlns="http://www.w3.org/1999/xhtml" class="_ _191"> </span> 5 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _35"> </span> 34 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5f"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5d"> </span> 39 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a8"> </span> 7 - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5f"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _58"> </span> 6 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _58"> </span> 6 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _7d"> </span> 27 Divestments<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e5"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5f"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5f"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5f"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _d8"> </span> (16) - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5f"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _67"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5f"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5b"> </span> (122)Disposals<span xmlns="http://www.w3.org/1999/xhtml" class="_ _192"> </span> (198)(252)(81)(531)(654)(127)(199)(96)(422)(489)Reclass<span xmlns="http://www.w3.org/1999/xhtml" class="_ _193"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _61"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5f"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _61"> </span>-(6) 17 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5f"> </span>7<span xmlns="http://www.w3.org/1999/xhtml" class="_ _58"> </span> (6)18<span xmlns="http://www.w3.org/1999/xhtml" class="_ _a8"> </span>44Cost at 31 December <span xmlns="http://www.w3.org/1999/xhtml" class="_ _92"> </span> 2,657 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _194"> </span> 1,412 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"> </span> 707 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _194"> </span> 4,776 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _195"> </span> 3,275 2,582 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _194"> </span> 1,307 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"> </span> 577 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"> </span> 4,466 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5d"> </span> 3,455 Depreciation at 1 January<span xmlns="http://www.w3.org/1999/xhtml" class="_ _152"> </span> (1,071)(669)(281)(2,021)(2,524)(842)(689)(354)(1,885)(2,581)Prior year adjustments<span xmlns="http://www.w3.org/1999/xhtml" class="_ _170"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5f"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _67"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5f"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _18f"> </span> - 117 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"> </span> 203 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5d"> </span> 94 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"> </span> 414 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _36"> </span> - Foreign e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xchange adjustments<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6f"> </span> (1) <span xmlns="http://www.w3.org/1999/xhtml" class="_ _58"> </span> 7 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _156"> </span>19<span xmlns="http://www.w3.org/1999/xhtml" class="_ _46"> </span>25<span xmlns="http://www.w3.org/1999/xhtml" class="_ _a8"> </span>30(18)(12) 21 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _6b"> </span> (9)(57)Hyperinflation restatement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _190"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _6b"> </span> (7)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _40"> </span> (13)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _40"> </span> (20)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _58"> </span> (107)-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6e"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6e"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6e"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _118"> </span>-Impairment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _11d"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5f"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _67"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5f"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _d8"> </span> (22) (32)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _67"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5f"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _95"> </span> (32)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _9b"> </span> (5)Depreciation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _b1"> </span> (398)(356)(134)(888)(376)(412)(368)(142)(922)(422)Divestments<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e5"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5f"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5f"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5f"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _11c"> </span> 15 - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5f"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _67"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5f"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _33"> </span> 109 Disposals<span xmlns="http://www.w3.org/1999/xhtml" class="_ _191"> </span> 198 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"> </span> 252 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _156"> </span>81<span xmlns="http://www.w3.org/1999/xhtml" class="_ _35"> </span>531<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6d"> </span> 626 126 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"> </span> 199 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5d"> </span> 95 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _54"> </span>420<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d8"> </span> 456 Reclass<span xmlns="http://www.w3.org/1999/xhtml" class="_ _196"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5f"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _67"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5f"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _18f"> </span> - (10)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _46"> </span>(2)5(7)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _11c"> </span>(24)Depreciation at 31 December<span xmlns="http://www.w3.org/1999/xhtml" class="_ _153"> </span> (1,272)(773)(328)(2,373)(2,358)(1,071)(669)(281)(2,021)(2,524)Carrying amount at 31 December<span xmlns="http://www.w3.org/1999/xhtml" class="_ _67"> </span> 1,385 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"> </span> 639 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"> </span> 379 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"> </span> 2,403 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5f"> </span> 917 1,511 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"> </span> 638 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"> </span> 296 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"> </span> 2,445 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5f"> </span> 931 Significant accounting judgementsLease term<span xmlns="http://www.w3.org/1999/xhtml" class="ff4 fc3"> Sever<span class="_ _0"/>al of ISSâs lease contr<span class="_ _0"/>acts (office </span>buildings) have no contractual fix<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed lease term or contains an extension option. Management ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ercises judgement in determining whether these extension options ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e reasonably certain to be ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ercised. Management considers all r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elevant facts and circumstances that cr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eate an economic incen<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>tive for the Group to e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cise the extension option.The lease term for contracts without an end date is set to ten years for head office and accessory buildings, whereas all other leases with no definite end date are set to five years. Lease liabilityThe carrying amount of lease liabilities and the movements in the year ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e disclosed in 4.2, Loans and borro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>wings. The maturity profile is disclosed in 4.6, Liquidity risk. Lease-related costs in pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofit or loss(DKKm)2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _76"> </span>2021Depreciation of right-of-use assets<span xmlns="http://www.w3.org/1999/xhtml" class="_ _75"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls0"> 888 <span class="_ _173"> </span> 922 </span>Interest e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpenses on lease liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _75"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls0"> 82 <span class="_ _4b"> </span> 69 </span>Leases of low-value assets<span xmlns="http://www.w3.org/1999/xhtml" class="_ _91"> </span> 203 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _173"> </span> 168 Short-term leases<span xmlns="http://www.w3.org/1999/xhtml" class="_ _e0"> </span> 88 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4b"> </span> 88 Variable lease payments<span xmlns="http://www.w3.org/1999/xhtml" class="_ _198"> </span> 11 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _d7"> </span> 13 Recognised in profit or loss<span xmlns="http://www.w3.org/1999/xhtml" class="_ _40"> </span> 1,272 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1f"> </span> 1,260 Hereof cash outflo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _c2"> </span> 384 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _173"> </span> 338 Accounting policyRight-of-use assets<span xmlns="http://www.w3.org/1999/xhtml" class="ff4 fc3"> are r<span class="_ _0"/>ecognised at the com-</span>mencement date of the lease and measured at cost less accumulated depreciation and impairment losses, and adjusted for any remeasur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ement of lease liabilities, including extension options. Cost comprises the amount of lease liabilities recognised, initial dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ect costs, dismantling and restor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation costs incurred and lease payments made at or before the commencement date less any lease incentives received.Right-of-use assets are depr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eciated on a straight-line basis over the shorter of the lease term and the estimated useful life of the asset. Estimated useful lifeProperties<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls29">5-10 years</span>Cars3-5 yearsOther equipment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19a"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls29">2-5 years</span>Certain leases have a term of 12 months or less or are leases of lo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>w-value assets, such as minor cleaning and IT equipment and office furniture. The recognition e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xemptions ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e applied for these leases and lease payments are r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised in Other operating e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpenses on a straight-line basis o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ver the lease term. Property<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>, plant and equipment<span xmlns="http://www.w3.org/1999/xhtml" class="ff4 fc3"> is measured at </span>cost, less accumulated depreciation and impairment losses. Cost comprises the purchase price and costs dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ectly attributable to the acquisition until the date when the asset is ready for use. The net pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esent value of estimated liabilities related to dismantling and remo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ving the asset and restoring the site on which the asset is located is added to the cost.Subsequent costs, e.g. for replacing parts of an item, are r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised in the cost of the asset if it is probable that the futur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e economic benefits embod-ied by the item will flo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>w to the Group. The carrying amount of the item is derecognised when r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eplaced and transferr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed to profit or loss. All other costs for common repairs and maintenance ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e recognised in profit or loss when incurr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed. Depreciation is based on the cost of an asset less its residual value. When parts of an item of pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>operty<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, plant and equipment have different useful lives, the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y are accounted for separ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ately<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. The estimated useful life and residual value ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e determined at the acquisi-tion date. If the residual value e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xceeds the carrying amount depreciation is discontinued. Depreciation is calculated on a str<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>aight-line basis over the estimated useful lives of the assets.Estimated useful lifePlant and equipment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _199"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls29">3-10 years</span>Leasehold impro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>vements (lease term)3-10 yearsBuildings<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls29">20-40 years</span>Land is not depreciated.Depreciation methods, useful lives and r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esidual values are r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eassessed at each reporting date and adjusted prospectively<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>, if appropriate. Gains and losses arising on the disposal or retir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ement of property<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, plant and equipment are measured as the differ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ence between the selling price less direct sales costs and the carrying amount, and are r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised in Other operating e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpenses in the year of sale, ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cept gains and losses arising on disposal of property<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>, which are recognised in Other income and expenses, net. 2.7 Fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ee cash flo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d"/> Free cash flo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>w as defined by management, cf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. 8.5, Definitions, is summarised below<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>. Free cash flow is not a financial performance measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e defined by IFRS. Accor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>dingly<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, the measure and its calculation is presented as it is used b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y management as an alternative performance measure in managing the business. The free cash flo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>w measure should not be considered a substitute for those measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>es requir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed by IFRS and may not be calculated by other companies in the same manner<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>. As such, refer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ence is made to the IFRS measures included in the consolidated statement of cash flows of the consolidated financial statements. (DKKm)2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _164"> </span>2021Cash flow fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om operating activities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _37"> </span> 3,333 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _160"> </span> 3,221 Acquisition of intangible assets and property<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>, plant and equipment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _43"> </span> (809)(628)Disposal of intangible assets and property<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>, plant and equipment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _18a"> </span> 30 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5e"> </span> 42 â1)Acquisition of financial assets, net(51)(30)â2)Addition of right-of-use assets, net(769)(870)Free cash flo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _17b"> </span>1,734<span xmlns="http://www.w3.org/1999/xhtml" class="_ _66"> </span> 1,735 1) Excluding investments in equity-accounted investees which in 2022 was DKK (22) million (2021: DKK (24) million). 2) Including DKK 4 million (2021: DKK 13 million) related to discontinued operations, cf. 2.6, Right-of-use assets and pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>operty, plant and equipment.3 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _66"> </span> Str<span xmlns="http://www.w3.org/1999/xhtml" class="_ _db"/>ategic <span xmlns="http://www.w3.org/1999/xhtml" class="_ _66"> </span>investments and divestments Acquisition agendaOur asset base is the result of our e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpansion strategy in the 00s, wher<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e acquisitions were used to scale and rapidly e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpand the business across services and geographies.Learning from history â and a decade of divestments of non-strategic businesses â we will over the ne<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xt years initiate selective acquisition assessments to scale our OneISS platform in a disciplined and controlled manner<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>. With that in mind, we acquired the facility manage-ment company Livit FM in Switzerland in October 2022. The acquisition supports the OneISS strategy by e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpanding and developing our services to the prioritised real estate industry segment.Divestment progr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>amme completedIn 2022, we divested our businesses in T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>aiwan, Russia and Portugal as well as two business units in the UK and Hong Kong. Furthermore, the busi-ness in Brunei was divested in February 2023. Our strategic divestment pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ogramme was ther<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>efore completed and the targeted proceeds of DKK 2.0 billion were secur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed. The total impact on profit or loss from divestments in 2022 was a net gain of DKK 201 million (2021: DKK 591 million).Investing in technologyWe have a str<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ategic ambition of becoming technology leader in our industry by focusing on three str<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ategic pillars: 1) <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the right digital applications for our customers and placemakers;2) <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>scalable and cybersecure â<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>cloud-first<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d"/>â infra-structure; and3) managed by inhouse global technology teams.In recent year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>, we have therefor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e invested more in IT<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>, and will continue to do so in the coming years. Our newly established softwar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e develop-ment centre in Portugal will play an important role in supporting our str<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ategy by de<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>veloping and operating apps, platforms and data analytics among others.Intangible assetsâ our largest asset category<span xmlns="http://www.w3.org/1999/xhtml" class="fc5 sc0">1)</span>1)47.0DKKbnInt51%Intangibles1) T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>otal assetsDivestment pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ogramme completed <span xmlns="http://www.w3.org/1999/xhtml" class="_ _31"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _c0"/>5<span xmlns="http://www.w3.org/1999/xhtml" class="fs36"> <span class="_ _19d"/><span class="ff6 fs3 fc2">businesses divested</span></span>201<span xmlns="http://www.w3.org/1999/xhtml" class="fs36"> <span class="_ _19d"/><span class="ff6 fs3 fc2">DKKm net gain r<span class="_ _0"/>ealised</span></span>Acquisition agenda initiatedLivit FM<span xmlns="http://www.w3.org/1999/xhtml" class="ff3 fs36">î ¸<span class="ff6 fs3 fc2">acquired in Switzerland</span></span>Investing in technology<span xmlns="http://www.w3.org/1999/xhtml" class="fc5 sc0">Softwar</span><span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e additâ software additions<span xmlns="http://www.w3.org/1999/xhtml" class="fc5 sc0">DKKbn</span><span xmlns="http://www.w3.org/1999/xhtml" class="_ _19b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="fc5 sc0">%</span>DKKbn5004003002001002022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19c"/>2021<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19c"/>2020<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19c"/>2019<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19c"/>2018Software additions3.1 Intangible assets 20222021Customer SoftwareCustomer Software1)2)1)T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>otalGoodwill Brands contractsand other<span xmlns="http://www.w3.org/1999/xhtml" class="_ _50"> </span>(DKKm)Goodwill<span xmlns="http://www.w3.org/1999/xhtml" class="_ _76"> </span>Brands contractsand other<span xmlns="http://www.w3.org/1999/xhtml" class="_ _50"> </span>T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>otalCost at 1 January<span xmlns="http://www.w3.org/1999/xhtml" class="_ _7e"> </span> 23,178 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"> </span> 1,666 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8e"> </span> 9,098 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"> </span> 2,589 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _69"> </span> 36,531 22,643 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"> </span> 1,663 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _8e"> </span> 8,626 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"> </span> 2,505 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _69"> </span> 35,437 Foreign e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xchange adjustments<span xmlns="http://www.w3.org/1999/xhtml" class="_ _190"> </span> (112) 5 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4a"> </span> (107)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _46"> </span>(9)(223) 402 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _58"> </span> 3 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"> </span> 112 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5d"> </span> 19 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"> </span> 536 Hyperinflation restatement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _42"> </span> 644 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5f"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _e"> </span> 235 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5b"> </span> 5 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"> </span> 884 -<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6e"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6e"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6e"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _62"> </span>-Additions <span xmlns="http://www.w3.org/1999/xhtml" class="_ _19e"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5f"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _67"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _7b"> </span> 454 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"> </span> 454 - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a0"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a0"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _7b"> </span> 248 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"> </span> 248 Acquisitions<span xmlns="http://www.w3.org/1999/xhtml" class="_ _19f"> </span> 203 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5f"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"> </span> 161 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a0"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"> </span> 364 97 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a0"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"> </span> 428 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _58"> </span> 7 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _7b"> </span> 532 Divestments<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a1"> </span> (46) - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _6b"> </span> (1)(2)(49)(20) - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _4a"> </span> (106)(1)(127)Disposals<span xmlns="http://www.w3.org/1999/xhtml" class="_ _13a"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5f"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _40"> </span> (93)(118)(211) - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a0"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _95"> </span> (12)(174)(186)Reclass (to)/from Pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>operty<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, plant and equipment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6e"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a0"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a0"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5b"> </span> 6 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _58"> </span> 6 -<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6e"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6e"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6e"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _62"> </span>-Reclass to Assets held for sale<span xmlns="http://www.w3.org/1999/xhtml" class="_ _16b"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a0"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5f"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a0"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5f"> </span> - 56 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a0"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5d"> </span> 50 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _40"> </span> (15) 91 Cost at 31 December <span xmlns="http://www.w3.org/1999/xhtml" class="_ _115"> </span> 23,867 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"> </span> 1,671 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _194"> </span> 9,293 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3a"> </span>2,925<span xmlns="http://www.w3.org/1999/xhtml" class="_ _173"> </span> 37,756 23,178 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _194"> </span> 1,666 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"> </span> 9,098 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"> </span> 2,589 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _15d"> </span> 36,531 Amortisation and impairment losses at 1 January <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5e"> </span> (3,425)(74)(8,501)(1,792)(13,792)(2,981)(61)(8,302)(1,575)(12,919)Foreign e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xchange adjustments<span xmlns="http://www.w3.org/1999/xhtml" class="_ _16a"> </span> 8 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _156"> </span> (4) 38 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a0"> </span>8<span xmlns="http://www.w3.org/1999/xhtml" class="_ _58"> </span>50 6 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _6b"> </span> (3)(218)(15)(230)Hyperinflation restatement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _13"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a0"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _6b"> </span> (2)(3)(5)-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _129"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6e"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6e"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6e"> </span>-Amortisation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _51"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _6b"> </span> (4)(65)(207)(276) - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _40"> </span> (10)(54)(289)(353)Impairment <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a2"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a0"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a0"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _95"> </span> (24)(24)(450) - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a0"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _95"> </span> (92)(542)Divestments<span xmlns="http://www.w3.org/1999/xhtml" class="_ _47"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5f"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _58"> </span> 1 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _58"> </span> 2 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5b"> </span> 3 - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a0"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"> </span> 101 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _58"> </span> 1 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _7b"> </span> 102 Disposals<span xmlns="http://www.w3.org/1999/xhtml" class="_ _13a"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5f"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5d"> </span> 93 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"> </span> 115 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"> </span> 208 - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a0"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5d"> </span> 12 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"> </span> 169 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"> </span> 181 Reclass to Assets held for sale<span xmlns="http://www.w3.org/1999/xhtml" class="_ _16b"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a0"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5f"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a0"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5f"> </span> - - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a0"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _95"> </span> (40) 9 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _40"> </span> (31)Amortisation and impairment losses at 31 December <span xmlns="http://www.w3.org/1999/xhtml" class="_ _b4"> </span> (3,417)(82)(8,436)(1,901)(13,836)(3,425)(74)(8,501)(1,792)(13,792)Carrying amount at 31 December <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a3"> </span> 20,450 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _194"> </span> 1,589 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"> </span> 857 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _3b"> </span> 1,024 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _56"> </span> 23,920 19,753 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _194"> </span> 1,592 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _25"> </span> 597 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _7b"> </span> 797 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _56"> </span> 22,739 1) Of which DKK 133 million related to software under de<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>velopment at Group level (2021: DKK 93 million).2) The impairment loss in 2021 of DKK 450 million related to France.Hyperinflation restatement <span xmlns="http://www.w3.org/1999/xhtml" class="ff4 fc3">Implementation of </span>IAS 29 in T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>urke<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y led to a significant increase of the Groupâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>s intangible assets, in total DKK 879<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d"/> million, net. The increase r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elated to goodwill (DKK 644 million), customer contracts (DKK 233 million) and software (DKK 2 million). Further details ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e pro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>vided in 7.2, Hyperinflation in T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>urkey.Livit FM, Switzerland<span xmlns="http://www.w3.org/1999/xhtml" class="fs14 ls0"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff4 fc3">The acquisition in </span>October 2022 added DKK 347 million to the Groupâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>s intangibles relating to goodwill (DKK 191 million) and customer contracts (DKK 156 million). Further details are pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovided in 3.3,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> Acquisitions.Software and other<span xmlns="http://www.w3.org/1999/xhtml" class="ff4 fc3"> In line with the Gr<span class="_ _0"/>oupâ<span class="_ _0"/>s stra<span class="ls0">-</span></span>tegic ambition of becoming the technology leader in the industry<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, we are investing mor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e in software, e.g. digital applications for our customers and employees as well as cybersecur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e infrastructur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e. In 2022, additions amounted to DKK 454 million (2021: DKK 248 million), the majority related to Group-wide systems and applications. Significant accounting judgementsCloud-based arrangement <span xmlns="http://www.w3.org/1999/xhtml" class="ff4 fc3">At the commencement </span>date, management assesses whether the Group ac-quires an intangible asset, a leased asset or r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eceives a service over the term of the contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>act. If the Group receives a right to access the cloud pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovider's appli-cation without further rights or control it is neither a lease nor an intangible asset. Howe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ver<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, the Group may acquire an intangible asset if the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup has the contractual right to take possession of the softwar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e during the contract period without significant penal-ty and it is feasible for the Group to run the softwar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e on its own har<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>dware or with another cloud pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ovider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>.In SaaS arrangements, wher<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e the pro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>vider controls the application software, the assessment of whether configuration or customisation of the softwar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e results in an intangible asset for the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup depends on the output of the configuration or customisation activities performed. Part of the activities undertaken may entail the development of softwar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e code that enhances or modifies, or creates additional capability to the existing on-pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>emise software to enable it to connect with the cloud-based software applications. If activities are performed on the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oupâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>s infrastruc-ture and applications, the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y likely repr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esent assets that the Group contr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ols because they enhance, impro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ve or customise existing softwar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e assets.Accounting policyGoodwill<span xmlns="http://www.w3.org/1999/xhtml" class="ff4 fc3"> is initially recognised at cost and subse-</span>quently at cost less accumulated impairment losses. Goodwill is not amortised. Goodwill relates mainly to assembled workforce, technical e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpertise and technological knowho<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.Acquisition-related<span xmlns="http://www.w3.org/1999/xhtml" class="ff6 fc1"> br<span class="_ _0"/>ands<span class="ff4 fc3"> and </span>customer contracts<span class="ff4 fc3"> </span></span>are r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised at fair value at the acquisition date. Subsequently<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, brands with indefinite useful lives are measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed at cost less accumulated impairment losses. Brands with finite useful lives and customer contracts ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e measured at cost less accumulated amortisation and impairment losses. Acquired <span xmlns="http://www.w3.org/1999/xhtml" class="ff6 fc1">softwar<span class="_ _0"/>e<span class="ff5"> <span class="ff4 fc3">and</span> </span>other intangible assets<span class="ff4 fc3"> are </span></span>measured at cost less accumulated amortisation and impairment losses. The cost of software de<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>veloped for internal use includes external costs to consul-tants and software as well as internal dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ect and indirect costs r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elated to the development. Other development costs for which it cannot be demon-strated that futur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e economic benefits will flow to the Group ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e recognised in pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ofit or loss as and when incurred. Amortisation of intangible assets with finite useful lives is calculated on a straight-line basis o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ver the estimated useful lives ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cept for certain customer contracts wher<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e the unit of production method bet-ter reflects the e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpected pattern of consumption.Estimated useful lifeBrands (finite useful life)<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6f"> </span>2-5 yearsCustomer contracts<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d9"> </span>10-24 yearsSoftware and other <span xmlns="http://www.w3.org/1999/xhtml" class="_ _17f"> </span>5-10 yearsAmortisation methods and useful lives are r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eas-sessed at the reporting date and adjusted pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ospec-tively<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, if appropriate.Cloud-based arrangements<span xmlns="http://www.w3.org/1999/xhtml" class="ff4 fc3"> Softwar<span class="_ _0"/>e within a </span>cloud-based arrangement is r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised as either an intangible asset, a leased asset or as a service received (Softwar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e as a Service) based on the contact and facts and circumstances of the softwar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e.Software as a Service (SaaS) arr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>angements are ser-vice contracts pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oviding the Gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oup with the right to access a cloud pro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>vider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d"/>'s application softwar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e over the contract period. Costs incurred to configur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e or customise, and the ongoing fees to obtain access to the cloud pro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>vi-der<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d"/>âs application softwar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e are r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognised as Other operating e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpenses when the services are r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eceived. Also, internal costs such as costs related to selection of cloud pro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>vider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, data conversion, training and testing are e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpensed as incurred in Other oper<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ating expenses. In some arrangements, certain configur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ation and customisation activities undertaken in implement-ing SaaS arrangements may give rise to a separ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate asset, i.e. the development of a softwar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e code that enhances, modifies or creates additional capability to the Groupâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>s existing on-premise systems. Costs incurred for these activities ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e recognised as intangible assets if they ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e identifiable and meet the recognition criteria and amortised o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ver the useful life of the software similar to other intangible assets.3.2 Impairment tests3.2.1 Impairment test results 2022 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _18d"/> The impairment tests of goodwill, customer con-tracts and br<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ands performed at 31 December 2022 did not result in r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecognition of impairment losses (2021: DKK 450 million in France).Except for Fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ance, it is managementâs opinion that ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>cess values in the Group<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>âs C<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>GUs are fairly resilient to any likely and r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>easonable deteriora-tions in the key assumptions applied.France is further described on p. 74.3.2.2 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _18d"/>Goodwill and customer contracts The carrying amounts of intangibles for CGUs repr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>esenting more than 5% of intangibles, or CGUs consider<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed to be at high risk of impair-ment are disclosed belo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>.2022<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6a"> </span>2021Customer Customer (DKKm)Goodwillcontracts<span xmlns="http://www.w3.org/1999/xhtml" class="_ _73"> </span>T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>otal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _161"> </span>Goodwillcontracts<span xmlns="http://www.w3.org/1999/xhtml" class="_ _73"> </span>T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>otalUK &amp; Ireland<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6"> </span> 2,562 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _17c"> </span> 99 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"> </span> 2,661 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _6b"> </span> 2,748 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5b"> </span> 121 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _83"> </span> 2,869 US &amp; Canada<span xmlns="http://www.w3.org/1999/xhtml" class="_ _aa"> </span> 2,197 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5b"> </span> 155 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _83"> </span> 2,352 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _156"> </span> 2,068 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _86"> </span> 161 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _83"> </span> 2,229 Finland<span xmlns="http://www.w3.org/1999/xhtml" class="_ _176"> </span> 2,098 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a9"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"> </span> 2,098 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _6b"> </span> 2,098 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a9"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"> </span> 2,098 Switzerland <span xmlns="http://www.w3.org/1999/xhtml" class="_ _44"> </span> 1,598 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _86"> </span> 157 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _83"> </span> 1,755 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _156"> </span> 1,334 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a9"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"> </span> 1,334 Denmark<span xmlns="http://www.w3.org/1999/xhtml" class="_ _80"> </span> 1,620 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a9"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _83"> </span> 1,620 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _156"> </span> 1,652 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a9"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"> </span> 1,652 Australia &amp; NZ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _10c"> </span> 1,327 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _9a"> </span> 2 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _83"> </span> 1,329 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _6b"> </span> 1,336 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _9a"> </span> 4 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _83"> </span> 1,340 Belgium &amp; Lux.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _198"> </span> 1,319 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a9"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"> </span> 1,319 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _6b"> </span> 1,319 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a9"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"> </span> 1,319 T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>urkey<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a4"> </span>848<span xmlns="http://www.w3.org/1999/xhtml" class="_ _33"> </span> 434 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _74"> </span>1,282<span xmlns="http://www.w3.org/1999/xhtml" class="_ _6e"> </span> 260 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _86"> </span> 295 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5b"> </span> 555 Norway<span xmlns="http://www.w3.org/1999/xhtml" class="_ _175"> </span> 1,228 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a9"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _83"> </span> 1,228 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _156"> </span> 1,295 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a9"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _83"> </span> 1,295 France<span xmlns="http://www.w3.org/1999/xhtml" class="_ _180"> </span> 936 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a9"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _5b"> </span> 936 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _61"> </span> 936 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _a9"> </span> - <span xmlns="http://www.w3.org/1999/xhtml" class="_ _86"> </span> 936 Other <span xmlns="http://www.w3.org/1999/xhtml" class="_ _c"> </span>4,717<span xmlns="http://www.w3.org/1999/xhtml" class="_ _108"> </span> 10 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _74"> </span>4,727<span xmlns="http://www.w3.org/1999/xhtml" class="_ _58"> </span> 4,707 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _17c"> </span> 16 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1a"> </span> 4,723 T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>otal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _190"> </span> 20,450 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _86"> </span> 857 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _7b"> </span>21,307<span xmlns="http://www.w3.org/1999/xhtml" class="_ _32"> </span> 19,753 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _86"> </span> 597 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _50"> </span> 20,350 <span xmlns="http://www.w3.org/1999/xhtml" class="fc5 sc0">Re</span><span xmlns="http://www.w3.org/1999/xhtml" class="fc5 sc0">venue</span>1)Acquisition-related intangibles2)â by risk category 22.9DKKbn96% Low risk0<span xmlns="http://www.w3.org/1999/xhtml" class="fc2 ls56 ws67">4% </span>High risk1) Comprise goodwill, customer contracts and brands. 2) Internal assessment of likelihood of incurring a material impairment loss.Cash-generating units (C<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>GUs)Consistent with the Group'<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>s management and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d"/> reporting structur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e, the lowest le<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>vel of CGUs is the individual countries, as cash inflows ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e generated largely independent of cash inflo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ws in other ISS countries (the majority of our contract portfolio is locally based with no cross-bor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>der ac<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>tivities). Accordingly<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>, impairment tests are carried out per country<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>, and intangibles (i.e. goodwill and customer contracts) ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e allocated to these.Management of certain countries has been combined to take advantage of similarities in terms of markets, shared customers and cost synergies. In such ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ceptional cases, the coun-tries are r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>egarded as one C<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>GU when performing the impairment test.Calculating reco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>verable amounts The reco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>verable amount of each C<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>GU is calculat-ed on the basis of its value-in-use using certain key assumptions per C<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>GU, i.e. r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>evenue gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>owth, operating margin and discount r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ate as sho<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>wn in the table to the right.Value-in-use cash flo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>w projections for the individual CGUs ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e based on financial forecasts for the following year as appr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oved b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y man-agement. Assumptions applied in the short to medium term (forecasting period of five years) generally r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eflect managementâs e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpectations considering all rele<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>vant factors, including the Groupâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>s strategic initiatives, local initiatives, past experience and e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xternal sources of information, where possible and r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>elevant. This also includes expected de<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>velopment in local markets in terms of competition, inflation and gro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>wth.More specifically<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>, management has considered the expected impacts fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om the OneISS strategic priorities, especially around continued ke<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y account focus, investments in technology and the global operating model. Wher<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e rele<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>vant, initiated restruc-turings and other impro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>vement initiatives, have also been taken into consideration when estimating the expected futur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e performance and cash flows.In 2022, the Group r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eached its turnaround tar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>get fol<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>lowing impr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>oved financial performance in the UK, on the Deutsche T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>elekom contract and with the exit fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>omthe Danish Defence contract. Management car<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>efully considered the e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpected continued impro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>vement to ensure that it is pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>operly reflected in determining the key assumptions for the specific C<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>GUs.Management also ensured that financial for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ecasts and assumptions applied reflect the e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpected macroeconomic de<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>velopments, which in 2022 primarily related to the impact fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om increased interest and inflation r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ates. During the year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>, the Group demonstr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ated its ability to manage and mitigate price increases in the supply chain, including activating indexation mechanisms in the contract portfolio to pass on price incr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eases to our customers. Furthermore, the impact fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om Covid-19reco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>very in 2022 has been considered.Assumptions applied in the terminal period gener<span xmlns="http://www.w3.org/1999/xhtml" class="ls0">-</span>ally reflect managementâs long-term e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xpectations for the individual country<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>. Revenue gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>owth r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eflects inflation and GDP gro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>wth and is determined based on input from e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>xternal sources like IMFâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>s â<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d"/>World Economic Outlookâ. Operating margin r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>eflects the expected normalised earnings le<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>vel in the long term.Corporate costs for the services performed b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>y the Groupâ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _5"/>s head office functions for the benefit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d"/> of the CGUs ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e allocated to the individual CGUs and taken into account in the calculation of the reco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>verable amount.Key1)assumptions Basis for assumptionRevenue Y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ear 1gro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>wth⢠<span xmlns="http://www.w3.org/1999/xhtml" class="_ _30"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ff4 fc3">Financial forecasts as appr<span class="_ _0"/>oved b<span class="_ _0"/>y management </span>