Efter aflæggelse af Q2 regnskabet afholdte ISS’ ledelse med analytikerne, deres investorpræsentation som kan ses via dette link. Her har man mulighed for at høre Q&A med analytikerne efter ledelsens indledende præsentation.
Organic growth of -2.9% in H1 2020 (Q1: +4.1% / Q2: -9.9%) – sequential monthly improvement from April to June
Key Account organic growth of +2.2% in H1 2020 (Q1: +9.1% / Q2: -4.5%)
Negative impact from lock-downs partly offset by the demand for deep-cleaning and disinfection, resulting in low double digit organic growth in projects and
above-base work (c. 15% of Group revenue in 2019)
Reported operating margin of -2.2% in H1 2020 (around 0% excl. restructuring and one-offs), impacted by:
1. Operating profit drop-through (around 25%) from lost revenue as a result of COVID-19
2. Operating performance and delays to key priorities driven by a significant redirection of resources as a result of COVID-19 and the IT malware attack.
3. Restructuring and one-offs of around DKK 0.8 billion
FCF improved DKK 916 million year-over-year (H1 2019: DKK -2,646 million / H1 2020: DKK -1,730 million)
FCF of DKK -1,730 million in H1 2020:
1. Working capital seasonality
2. Weak operating performance as a result of COVID-19 and the IT malware attack
3. Cash impact from reduced factoring utilisation of DKK 664 million
4. Partly offset by DKK 1.6 bn. in short-term benefits from postponed payment of VAT and social contributions offered under government support schemes