Quarterly Report • May 16, 2018
Quarterly Report
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1 | BTS INTERIM REPORT JANUARY 1–MARCH 31, 2018 BTSI NTERIM REPORT JANUARY 1–MARCH 31, 2018 | 1 We partner with nearly 450 organizations, including over 30 of the world's 100 largest global corporations. Our major clients are e.g.: AT&T, Chevron, Coca-Cola, Ericsson, Google, GSK, HP, HSBC, Salesforce.com, and Unilever. BTS is a public company listed on the Nasdaq Stockholm exchange and trades under the symbol BTS B. For more information, please visit www.bts.com.
Q1
The market for BTS's services is trending positively. Profound changes in the market and technology are creating a great need for our customers to invest, and the positive economic climate and profit trends are creating the means to complete these investments.
BTS has a strong competitive position for winning business in this healthy market owing to the investments we made over several years – in a global organization, in digital solutions, in product development and in strategic acquisitions – which means we win a lot of business in this favorable market.
During the first quarter, BTS North America – our largest unit – continued its positive trend with favorable growth and margin improvements. BTS Europe is growing rapidly due to acquisitions in Germany and of BTS Coach. BTS Other markets, which has doubled its operations over the last three years, is continuing to grow but has experienced a temporary downswing in its operating margin.
Currency effects during the first quarter impacted earnings negatively by approximately MSEK 1.4.
Our acquisitions at the end of last year reported a positive performance and solid synergies. Both units have been integrated well. Revenue and earnings are growing in both units. BTS Coach has a research-based approach that is virtual, affordable and scalable. Our combined services make us a stronger partner for our customers and provide many opportunities for growth. The acquisition in Cologne provides BTS with a base in German-speaking countries, which easily constitutes the largest market in
Europe. It also allows us to serve our global clients better, and it creates significant growth potential.
In 2018, we expect continued healthy growth and profit before tax that is better than in previous years.
Stockholm, May 16, 2018
Henrik Ekelund President and CEO of BTS Group AB (publ)
BTS's net sales for the first quarter totaled MSEK 299.4 (274.0). Adjusted for changes in foreign exchange rates, growth was 15 percent.
Growth varied between the units: BTS Europe 48 percent, BTS Other markets 16 percent, BTS North America 14 percent and APG negative 18 percent (growth measured in local currency).
Operating profit (EBITA) increased by 25 percent in the first quarter to MSEK 20.4 (16.4). Operating profit for the first quarter was charged with MSEK 4.7 (1.7) for amortization of intangible assets attributable to acquisitions. Operating profit (EBIT) increased by 7 percent in the first quarter to MSEK 15.7 (14.7).
Operating margin (EBITA margin) was 7 percent (6). Operating margin (EBIT margin) was 5 percent (5).
The Group's profit before tax for the quarter increased by 3 percent to MSEK 14.9 (14.5).
Earnings were positively affected by improved profit in BTS North America and BTS Europe, while weaker earnings in BTS Other markets and APG had a negative effect.
The market for BTS services continued to trend positively during the first quarter.
PROFIT BEFORE TAX BY QUARTER
PROFIT BEFORE TAX AND OPERATING MARGIN
NET SALES BY SOURCE OF REVENUE JANUARY 1–MARCH 31, 2018 (2017)
BTS North America consists of BTS's operations in North America excluding APG.
BTS Europe consists of operations in Belgium, Finland, France, Germany, the Netherlands, Sweden and the UK.
BTS Other markets consists of operations in Argentina, Australia, Brazil, China, Costa Rica, India, Italy, Japan, Mexico, Singapore, South Africa, South Korea, Spain, Taiwan, Thailand and the UAE.
APG consists of operations in Advantage Performance Group in North America.
| MSEK | Jan–March 2018 |
Jan–March 2017 |
Apr–March 2017/18 |
Jan–Dec 2017 |
|---|---|---|---|---|
| BTS North America | 140.2 | 135.6 | 578.2 | 573.7 |
| BTS Europe | 55.6 | 36.6 | 222.9 | 204.0 |
| BTS Other markets | 80.0 | 70.1 | 360.7 | 350.9 |
| APG | 23.7 | 31.6 | 106.1 | 114.1 |
| Total | 299.4 | 274.0 | 1,268.0 | 1,242.6 |
| MSEK | Jan–March 2018 |
Jan–March 2017 |
Apr–March 2017/18 |
Jan–Dec 2017 |
|---|---|---|---|---|
| BTS North America | 18.3 | 13.6 | 78.4 | 73.7 |
| BTS Europe | 1.9 | –2.2 | 22.0 | 17.9 |
| BTS Other markets | 1.1 | 4.3 | 44.4 | 47.6 |
| APG | –0.9 | 0.7 | 0.1 | 1.7 |
| Total | 20.4 | 16.4 | 144.9 | 140.9 |
Net sales for BTS's operations in North America amounted to MSEK 140.2 (135.6) in the first quarter. Adjusted for changes in foreign exchange rates, revenue grew by 14 percent. Operating profit (EBITA) amounted to MSEK 18.3 (13.6) in the first quarter. Operating margin (EBITA margin) was 13 percent (10).
BTS North America reported a positive performance for the first quarter, with positive growth and improved operating margin.
Net sales for BTS Europe amounted to MSEK 55.6 (36.6) in the first quarter. Adjusted for changes in foreign exchange rates, revenue grew by 48 percent. Operating profit (EBITA) amounted to MSEK 1.9 (neg: 2.2) in the first quarter. Operating margin (EBITA margin) was 3 percent (neg: 6).
BTS Europe developed positively during the first quarter, with rapid growth and improved margins. The acquisitions of BTS Coach and MTAC were significant contributions in this regard.
Net sales for BTS Other markets amounted to MSEK 80.0 (70.1) in the first quarter. Adjusted for changes in foreign exchange rates, revenue grew by 16 percent. Operating profit (EBITA) amounted to MSEK 1.1 (4.3) in the first quarter. Operating margin (EBITA margin) was 1 percent (6).
BTS Other markets showed growth during the first quarter. Due to investments in the market and in organization, the margin is lower than during the strong first quarter of the preceding year.
Net sales for APG amounted to MSEK 23.7 (31.6) in the first quarter. Adjusted for changes in foreign exchange rates, revenue decreased by 18 percent. Operating profit (EBITA) amounted to MSEK –0.9 (0.7) in the first quarter. Operating margin (EBITA margin) was –4 percent (2).
Revenues in APG fell during the first quarter owning to postponed project deliveries. We expect to return to growth in the second half-year.
All revenue and expenses in the MTAC acquired operation in Germany are recognized in BTS Europe. Revenue and expenses in the BTS Coach acquired operation have been allocated among the BTS North America, BTS Europe and BTS Other markets regions based on the customers' domiciles and the costs of delivering to each customer.
BTS's cash flow from operating activities for the first quarter amounted to MSEK –28.2 (–2.9). The weak cash flow in the first quarter is highly consistent with the seasonal variations of BTS's cash flow, with a weaker first half of the year and a stronger second half. The weak cash flow in the first quarter compared to the previous year was attributable in its entirety to a reduction in current liabilities.
Available cash and cash equivalents amounted to MSEK 172.9 (119.5) at the end of the period. The company's interestbearing loans attributable to implemented acquisitions amounted to MSEK 127.3 (25.0) at the end of the period.
BTS's equity ratio was 52 percent (63) at the end of the period.
The company had no outstanding conversion loans at the balance sheet date.
At March 31, the number of employees at BTS was 620 (543). The average number of employees in the first quarter was 609 (533).
The total increase in personnel was primarily the result of completed acquisitions.
The Parent Company's net sales amounted to MSEK 1.1 (0.9) and profit after net financial items amounted to MSEK 1.6 (–0.1). Cash and cash equivalents amounted to MSEK 5.3 (0.2).
Profit before tax is expected to be better than last year.
No significant events occurred after the close of the period.
The Group's material risks and uncertainties include market and business risks, operational risks and financial risks. Business and market risks may relate to greater customer exposure for specific sectors and companies as well as sensitivity to market conditions. Operational risks include dependence on individuals, skills supply and intellectual property as well as BTS meeting the high quality demands of its clients. Financial risks mainly relate to foreign exchange and credit risks.
The management of risks and uncertainties is described in the 2017 Annual Report. BTS is considered to have a good spread of risks across companies and sectors, and operational risks are handled in a structured manner through well-established processes. Day-to-day exposure to currency fluctuations is limited since revenue and costs are mainly in the same currency in each market, and credit risk is limited since BTS only accepts creditworthy counterparties. No new material risks or uncertainties are deemed to have arisen during 2018.
In order to prepare the financial statements in conformity with IFRS, Corporate Management is required to make estimates and assumptions that affect the application of accounting principles and the recognized amounts of assets, liabilities, revenue and costs. Estimates and assumptions are based on historical experience and a number of other factors that are regarded as reasonable under prevailing conditions. Actual outcomes can deviate from these estimates and assumptions. Estimates and assumptions are reviewed regularly.
This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting. The consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) as endorsed by the EU, RFR 1 Supplementary Accounting Rules for Groups, and the Swedish Annual Accounts Act. The parent company's statements have been prepared in accordance with RFR 2 Accounting for Legal Entities and the Annual Accounts Act.
No new or revised IFRSs that took effect in 2018 impacted the Group. The accounting policies and basis of calculation were unchanged compared with the 2017 Annual Report. Significant accounting policies and valuation principles are found on pages 19–22 of the 2017 Annual Report in Swedish, which has been published on the BTS website.
IFRS 9 Financial Instruments applies from January 1, 2018, and the Group's application is indicated by Note 2 in the 2017 Annual Report. BTS has applied IFRS 9 as of January 1, 2018, but it has had no effect on earning or financial position.
IFRS 15 Revenue from Contracts with Customers applies from January 1, 2018, and the Group's application is indicated by Note 2 in the 2017 Annual Report. BTS has applied IFRS 15 as of January 1, 2018, but it has had no effect on earning or financial position.
IFRS 16, published in January 2016 and approved by the EU in October 2017, replaces IAS 17 Leases. The standard means that assets and liabilities pertaining to all leases – with a very few exceptions – will be recognized in the balance sheet, as operating and finance leases are no longer differentiated. Only contracts with short terms and contracts of lesser value are excepted. Recognition for the lessor will remain essentially unchanged.
IFRS 16 will primarily impact recognition of the Group's operating leases. Evaluation of the effects on the Group's financial reporting will be done during the year.
The standard will take effect as of January 1, 2019. BTS does not intend to apply IFRS 16 in advance.
| Interim report Jan–June 2018 | August 21, 2018 |
|---|---|
| Interim report Jan–Sept 2018 | November 14, 2018 |
Stockholm, May 16, 2018
Henrik Ekelund CEO
This report has not been reviewed by BTS's auditor.
| Henrik Ekelund CEO | Tel: +46 8 587 070 00 | |
|---|---|---|
| Stefan Brown | CFO | Tel: +46 8 587 070 62 |
| Michael Wallin Head of Investor | Tel: +46 8 587 070 02 | |
| Relations | Mobile: +46 70 878 80 19 |
For further information, visit our website www.bts.com
BTS Group AB (publ) Grevgatan 34 SE-114 53 Stockholm SWEDEN
Tel. +46 8 587 070 00 Fax. +46 8 587 070 01 Company registration number: 556566-7119
| KSEK | Jan–March 2018 |
Jan–March 2017 |
Apr–March 2017/18 |
Jan–Dec 2017 |
|---|---|---|---|---|
| Net sales | 299,398 | 273,959 | 1,268,030 | 1,242,591 |
| Operating expenses | –276,171 | –255,037 | –1,112,971 | –1,091,837 |
| Depreciation of property, plant, and equipment |
–2,819 | –2,530 | –10,176 | –9,887 |
| Amortization of intangible assets | –4,735 | –1,723 | –11,586 | –8,574 |
| Operating profit | 15,674 | 14,669 | 133,297 | 132,292 |
| Net financial items | –727 | –189 | –1,537 | –999 |
| Associated company, profit after tax | –68 | – | 67 | 135 |
| Profit before tax | 14,879 | 14,481 | 131,827 | 131,429 |
| Taxes | –4,409 | –5,172 | –32,532 | –33,295 |
| Profit for the period | 10,470 | 9,309 | 99,295 | 98,134 |
| attributable to the shareholders of the parent company |
10,470 | 9,309 | 99,295 | 98,134 |
| Earnings per share, before dilution of shares, SEK |
0.55 | 0.50 | 5.25 | 5.20 |
| Number of shares at end of the period | 18,887,051 | 18,646,370 | 18,887,051 | 18,887,051 |
| Average number of shares before dilution | 18,887,051 | 18,646,370 | 18,887,051 | 18,887,051 |
| Earnings per share, after dilution of shares, SEK |
0.54 | 0.50 | 5.14 | 5.09 |
| Average number of shares after dilution | 19,284,748 | 18,646,370 | 19,284,748 | 19,284,748 |
| Dividend per share, SEK | 2.801 |
Proposed dividend
| KSEK | Jan–March 2018 |
Jan–March 2017 |
Apr–March 2017/18 |
Jan–Dec 2017 |
|---|---|---|---|---|
| Profit for the period | 10,470 | 9,309 | 99,295 | 98,134 |
| Items that will not be reclassified to profit or loss |
– | – | – | – |
| – | – | – | – | |
| Items that may be reclassified to profit or loss |
||||
| Translation differences in equity | 17,355 | –6,359 | –14,440 | –38,154 |
| Other comprehensive income for the period, net of tax |
17,355 | –6,359 | –14,440 | –38,154 |
| Total comprehensive income for the period | 27,825 | 2,950 | 84,855 | 59,980 |
| attributable to the shareholders of the parent company |
27,825 | 2,950 | 84,855 | 59,980 |
| KSEK | 31 March 2018 |
31 March 2017 |
31 Dec 2017 |
|---|---|---|---|
| Assets | |||
| Goodwill | 435,257 | 268,286 | 421,374 |
| Other intangible assets | 85,802 | 39,311 | 86,899 |
| Financial assets | 30,872 | 32,417 | 29,638 |
| Financial assets | 12,302 | 10,334 | 11,206 |
| Total non-current assets | 564,234 | 350,347 | 549,117 |
| Trade receivables | 275,243 | 277,393 | 335,132 |
| Other current assets | 154,675 | 115,119 | 141,441 |
| Cash and cash equivalents | 172,945 | 119,499 | 199,876 |
| Total current assets | 602,863 | 512,012 | 676,449 |
| TOTAL ASSETS | 1,167,097 | 862,359 | 1,225,566 |
| Equity and liabilities | |||
| Equity | 608,512 | 546,254 | 580,555 |
| Provisions | 230,024 | 80,070 | 219,719 |
| Non-current liabilities | 84,898 | 9,444 | 84,839 |
| Current liabilities | 243,663 | 226,591 | 340,453 |
| Total liabilities | 558,585 | 316,105 | 645,012 |
| TOTAL EQUITY AND LIABILITIES | 1,167,097 | 862,359 | 1,225,566 |
| KSEK | Jan–March 2018 |
Jan–March 2017 |
Jan–Dec 2017 |
|---|---|---|---|
| Cash flow before changes in working capital | 13,536 | 6,886 | 99,380 |
| Cash flow from changes in working capital | –41,747 | –9,736 | –1,182 |
| Cash flow from operating activities | –28,211 | –2,850 | 98,198 |
| Cash flow from investing activities | –3,9171 | –13,0321 | –80,2172 |
| Cash flow from financing activities | – | – | 54,6613 |
| Cash flow for the period | –32,128 | –15,883 | 72,642 |
| Cash and cash equivalents, opening balance | 199,876 | 135,433 | 135,433 |
| Translation differences in cash and cash equivalents | 5,197 | –51 | –8,200 |
| Cash and cash equivalents, closing balance | 172,945 | 119,499 | 199,876 |
Refers to aquisition of non-current assets.
2 The consideration paid in acquisitions is MSEK 64.7, the remainder relates to acquisitions of non-current assets.
3 The dividend to shareholders was MSEK 46.6, the remainder relates to changes in loans.
| KSEK | Total equity 31 March 2018 |
Total equity 31 March 2017 |
Total equity 31 Dec 2017 |
|---|---|---|---|
| Opening balance | 580,555 | 543,094 | 543,094 |
| Dividend to shareholders | – | – | –46,616 |
| New issue | – | – | 21,245 |
| Other | 132 | 210 | 2,852 |
| Total comprehensive income for the period | 27,825 | 2,950 | 59,980 |
| Closing balance | 608,512 | 546,254 | 580,555 |
| KSEK | Jan–March 2018 |
Jan–March 2017 |
Apr–March 2017/18 |
Jan–Dec 2017 |
|---|---|---|---|---|
| Net sales | 1,125 | 930 | 2,510 | 2,315 |
| Operating expenses | 1,045 | –793 | 79 | –1,759 |
| Operating profit | 2,170 | 137 | 2,589 | 556 |
| Net financial items | –554 | –195 | 46,996 | 47,355 |
| Profit before tax | 1,616 | –58 | 49,585 | 47,911 |
| Taxes | 0 | 0 | –822 | –822 |
| Profit for the period | 1,616 | –58 | 48,763 | 47,089 |
| KSEK | 31 March 2018 | 31 March 2017 | 31 Dec 2017 |
|---|---|---|---|
| Assets | |||
| Financial assets | 302,023 | 113,432 | 301,048 |
| Other current assets | 51,122 | 20,822 | 53,243 |
| Cash and cash equivalents | 5,275 | 179 | 246 |
| Total assets | 358,419 | 134,434 | 354,537 |
| Equity and liabilities | |||
| Equity | 132,452 | 109,060 | 130,836 |
| Non-current liabilities | 173,016 | 8,933 | 172,952 |
| Current liabilities | 52,952 | 16,440 | 50,749 |
| Total equity and liabilities | 358,419 | 134,434 | 354,537 |
| KSEK | Jan–March 2018 |
Jan–March 2017 |
Apr–March 2017/18 |
Jan–Dec 2017 |
|---|---|---|---|---|
| Net sales | 299,398 | 273,959 | 1,268,030 | 1,242,591 |
| Operating profit (EBITA) | 20,409 | 16,393 | 144,883 | 140,866 |
| Operating profit (EBIT) | 15,674 | 14,669 | 133,297 | 132,292 |
| Operating margin (EBITA margin), % | 7 | 6 | 11 | 11 |
| Operating margin (EBIT margin), % | 5 | 5 | 11 | 11 |
| Profit margin, % | 3 | 3 | 8 | 8 |
| Operating capital1 | 562,833 | 506,238 | ||
| Return on equity, % | 17 | 17 | ||
| Return on operating capital, % | 25 | 28 | ||
| Equity ratio, at end of the period, % | 52 | 63 | 52 | 47 |
| Cash flow | –32,128 | –15,883 | 56,397 | 72,642 |
| Cash and cash equivalents, at end of the period |
172,945 | 119,499 | 172,945 | 199,876 |
| Average number of employees | 609 | 533 | 563 | 548 |
| Number of employees at end of the period | 620 | 543 | 620 | 596 |
| Revenues for the year per employee | 2,251 | 2,268 |
1) The calculation included the item of non-interest-bearing liabilities amounting to KSEK 431,984 (291,089).
Operating profit before interest, tax and amortization as a percentage of net sales.
Operating profit after depreciation as a percentage of net sales.
Profit for the period as a percentage of net sales.
Total balance sheet reduced by liquid funds and other interest-bearing assets and reduced by non-interest bearing liabilities.
Profit after tax as a percentage of average equity.
Operating profit (EBIT) as a percentage of average operating capital.
Equity as a percentage of total balance sheet.
BTS focuses on the people side of strategy, working with leaders at all levels to help them make better decisions, convert those decisions to actions and deliver results. At our core, we believe people learn best by doing. For more than 30 years, we've been designing fun, powerful experiences™ that have a profound and lasting impact on people and their careers. We inspire new ways of thinking, build critical capabilities and unleash business success. It's strategy made personal.
The global leader in turning strategy into action.
We inspire and equip people to do the best work of their lives, creating better businesses and a better planet.
We make strategy personal and drive great execution. Our unforgettable experiences create levels of alignment, mindset, and capability that deliver better results, faster.
BTS's financial goals over time are to reach:
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