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Group Annual Report 2018

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Group Annual Report 2018 GROUP ANNUAL REPORT 2018 GROUP ANNUAL REPORT 2018 GROUP ANNUAL REPORT WORKPLACE FACTS 84% of top executives believe that an organisation with a shared purpose will be more successful in achieving their desired outcomes Changing behaviour 75% can improve business of top executives believe performance by up to there is a need to simplify work processes 35% without increasing workspace Only 45% 50% of knowledge workers believe of top executives believe that the their workplace refl ects the biggest challenge right now is to company’s values create high commitment and job fi t for employees through meaningful tasks Source: SIGNAL & ISS BENCHMARK CASE: How we design workplace experiences to bring com- pany strategies and value WORKPLACE FACTS CONTENTS to life See p. 14 OVERVIEW 2 Letter to our stakeholders 4 ISS at a glance 11 Outlook CASE: 84% 13 Key figures of top executives believe that an FMS@ISS allows us to organisation with a shared purpose will be more successful in achieving OUR PERFORMANCE track, benchmark and improve their desired outcomes 16 Group performance service delivery 22 Regional performance 26 Q4 2018 Changing behaviour See p. 28 75% can improve business of top executives believe performance by up to OUR BUSINESS there is a need to simplify 30 Our strategy work processes 35% 35 Our people without increasing 39 Our business risks workspace GOVERNANCE 44 Corporate governance CASE: 47 Internal controls relating to financial reporting 49 Remuneration report We are one – diversity at ISS 53 Shareholder information 54 Board of Directors See p. 42 56 Executive Group Management FINANCIAL STATEMENTS 61 Consolidated financial statements 105 Management statement 106 Independent auditors’ report CASE: ADDITIONAL INFORMATION Strong fundamentals support 110 Definitions Only 45% 50% 111 Country revenue ISS Australia’s recovery of knowledge workers believe of top executives believe that the 112 Country managers their workplace refl ects the biggest challenge right now is to See p. 58 company’s values create high commitment and job fi t for employees through meaningful tasks CASE: CORPORATE RESPONSIBILITY The Accenture and ISS Our CR report is available at https://www.issworld.com/ Vested partnership drives Source: SIGNAL & ISS BENCHMARK about-iss/our-approach-to-cr/reporting-and-policies positive outcomes See p. 108 2 OVERVIEW LETTER TO OUR STAKEHOLDERS In 2018, we made bold expected turnaround of certain under- recommend a company’s products strategic choices to performing local operations, we are or services to others. accelerate growth from set to deliver a year of strong organic growth and improving margins in 2019. Globally, for the sixth year in a row, our key accounts. We are we received the highest score possible sharpening our focus even CONTINUE TO WIN, GROW from the International Association of further and simplifying our AND RETAIN CUSTOMERS Outsourcing Professionals (IAOP), who organisation by divesting Our commercial momentum was strong ranked us as ‘Super Star’ of the Global non-core activities. We are throughout the year, and we recorded Outsourcing 100. Recently, ISS was significant wins and extensions with also selected the Best of The Global reallocating this capital via both local and global key accounts. We Outsourcing 100 and the Best of The a two-year accelerated had a high retention rate among large World’s Best Outsourcing Advisors, also investment programme key account customers during 2018 and by IAOP. In the UK, we were rated the to further strengthen our successfully renewed major contracts most customer-focused brand in the (annual revenue of more than DKK 200 FM market. service capabilities and truly million) with no losses. Our accomplish- capitalise on the growth ments in 2018 demonstrate that our key OUR PEOPLE opportunities afforded account focus is already delivering. At the heart of our value proposition by a vast, global market. are our own highly engaged people. We secured and converted one of This year we went paperless with our We are very pleased that we ended our largest banking customers, UBS, people engagement survey across all the year delivering on our promises into a global key account and entered levels in 44 countries and 47 languages, for organic growth, operating margin into a new seven-year agreement. We reaching 301,957 employees digitally. and cash conversion. This was achieved extended our relationship with Nordea 86% of the respondents have scored despite the challenges from currency for another five years and also expand- favourably towards Engagement and headwinds for the third consecutive ed the PostNord contract across the 90% towards being Enabled. These are year, large contracts being phased in Nordics. ISS and Vattenfall entered into strong results and we will continue our and out and underperformance in cer- one of Sweden’s and the Nordic coun- efforts to improve on these parameters. tain countries. tries’ largest agreements for integrated facility services with a seven-year Vested We received recognition from various Thanks to many large contract wins partnership. Swisscom and ISS renewed industry forums during the year for and extensions, combined with strong their partnership for five years from 1 our focus on people development, demand for non-portfolio work, we January 2019 until the end of March including awards in Ireland, Austria delivered organic growth of 3.9% 2024 under a new contract model that and Switzerland. (continuing business), which was at the emphasises transparency, efficiency and top end of our guidance. The operating innovation. At ISS, diversity is in our DNA; this margin of 5.7% (continuing business) includes diversity of age, gender, per- ended at the low end of our guidance. We also won and started up sever- spectives and cultural backgrounds. Finally, cash conversion remained strong al large hospital contracts in Turkey, We consistently nurture that diversity, at 101%. Net profit for the year ended Australia and the UK, while the full because different opinions, views, back- lower than in 2017, mainly due to sig- scope of our contract with Shire grounds and perspectives lead to better nificant impairment losses on the back (acquired by Takeda earlier this year) is solutions and better business results. of our intention to divest activities. We now up and running. Furthermore, we therefore propose to keep the ordinary are transitioning the largest contract In 2018, one of our key focus areas dividend stable at DKK 7.70 per share. ever in ISS history – Deutsche Telekom. within diversity was to improve gender diversity. Looking across our entire Both organic growth and operating mar- Customers have expressed their confi- global business, we see gender parity gins improved towards the end of 2018. dence in us. Our customer Net Promoter with 50% women and 50% men. Combined with the launch of many Score increased to 50 in 2018. It meas- Furthermore, we endeavour to promote new contracts in 2019 as well as the ures the willingness of customers to a stronger representation of women OVERVIEW 3 in various ISS leadership development We are encouraged by our success with drive industry-leading medium-term and graduate programmes across the key accounts, be it global, regional or organic growth of 4%-6%. Group and at the global head office. local, and are ready to make strategic As a result, we had 25% female investments in order to unleash our full Our market place is evolving, and we are representation at our 2018 annual potential. Principal areas of investment moving ahead rapidly to capitalise on Global Leadership Conference (22% will include: catering services, technical the opportunities that lie ahead of us. in 2017), 20% female participation services, workplace management, The steps we have taken to come this in our Leadership Mastery develop- technology and data, fully funded far and the bold strides we are taking ment programme and 46% female by proceeds from the divestment of were made possible by the incredible recruits to the Global Management non-core activities. We will also allocate talent within our global organisation Trainee programme. We also increased net proceeds after reinvestment towards and our strong partnerships with our female diversity at the level below the either share buy-backs or extraordinary customers. We thank our colleagues, Executive Group Management team by dividends during 2019. customers and shareholders for their 5 percentage points from 12% to 17%. support to date on this journey. We are We will further strengthen ISS’s delivery excited to embark on our ambitious We continued our focus on making capabilities to key accounts, aiming to growth plan in 2019. ISS a safe and healthy workplace. We are happy to report that our Lost Time Injury Frequency (LTIF) decreased to 2.9 in 2018 from 3.5 in 2017, the lowest incident rate we have ever had. This is a 78% decline from our 2010 base- line of 13. Regrettably, we had one work-related fatality in 2018. We are deeply affected by this incident, and Yours faithfully, our sympathy goes out to family, friends and colleagues. Any fatality at work is simply unacceptable and we will work ceaselessly to bring this number to zero. INVESTING FOR GROWTH The ISS Way strategy has guided our direction and our choices since 2008. In December, we announced that we will intensify our focus on and our investment in key account customers and our resulting intention to divest activities in 13 countries. This was not an easy decision to make, and it means we will be saying goodbye to many good friends and colleagues as new owners of these businesses are found. We would like to thank every one of them for their tremendous support and loyalty to ISS, which in some cases has spanned many years. The resulting platform will be simple, Lord Allen aligned and nimble.
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