Annual Report • Feb 20, 2018
Annual Report
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The global leader in turning
strategy into action.
Vision
• The proposed dividend is SEK 2.80 (2.50) per share to be paid on two occasions in the amount of SEK 1.40 per payment.
BTS is a global professional services firm headquartered in Stockholm, Sweden, with close to 600 professionals in 37 offices located on six continents. We focus 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 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.
We serve a wide range of client needs, including: Assessment centers for talent selection and development, Strategy alignment and execution, Business acumen, Leadership and sales training programs, and On-the-job business simulations and application tools. For more information, please visit www.bts.com. Q4
We partner with nearly 450 organizations, including over 30 of the world's 100 largest global corporations. Our major clients are some of the most respected names in business: AT&T, Chevron, Coca-Cola, Ericsson, Google, GSK, HP, HSBC, Salesforce.com, and Unilever.
1 | BTS YEAR-END REPORT JANUARY 1–DECEMBER 31, 2017 BTS YEAR-END REPORT JANUARY 1–DECEMBER 31, 2017 | 1 BTS is a public company listed on the Nasdaq Stockholm exchange and trades under the symbol BTS B.
We can report our best ever year. Revenue increased by 12 percent and profit by 19 percent in 2017.
This positive development was created by our investments in organic growth – in digital solutions, product development, marketing and organization – and in acquisitions, as well as by our efforts to increase margins.
BTS North America – our largest unit – broke the trend in 2017 by returning to growth and increasing profit by 25 percent. BTS Other Markets reported yet another strong year of growth and has now doubled revenue over three years. BTS Europe experienced a weaker year but acquisitions at the end of the year provide many favorable opportunities for 2018. APG is growing and increased fullyear earnings.
Our fourth quarter was our best quarter ever and we surpassed last year's very strong fourth quarter. Revenue increased by 16 percent, while profit was up 5 percent. The profit doesn't increase at the same pace primarily due to acquisition costs (7%), foreign exchange rates (5%) and increased amortization for acquisitions (3%). Excluding these factors, profit increased faster than revenue.
Our acquisitions at the end of the year reported a positive performance to date and solid synergies. Coach in a Box has an approach that is virtual, affordable, scalable, and research-based. Our combined services make us a stronger partner for our customers and provide many opportunities for growth. The acquisition of MTAC in Cologne provides BTS with a base in German-speaking countries, which is the largest market in Europe. It also allows us to serve our global clients better, and creates significant growth potential.
In 2018, we expect continued healthy growth and a profit before tax that is expected to be better than the previous year.
The tax reform in the US is also expected to have a positive effect in the next fiscal years. For example, if the 2018 tax rates had applied in 2016 that year's profit after tax would have been 7 percent higher.
Stockholm, February 20, 2018
Henrik Ekelund President and CEO of BTS Group AB (publ)
BTS's net sales for the year amounted to MSEK 1,242.6 (1,107.6). Adjusted for changes in foreign exchange rates growth was 12 percent.
Growth varied between the units: BTS Other markets 27 percent, BTS Europe 9 percent, BTS North America 7 percent and APG 3 percent (growth measured in local currency).
Operating profit (EBITA) increased by 20 percent during the year to MSEK 140.9 (117.5). Operating profit for the year was charged with MSEK 8.6 (5.8) for amortization of intangible assets attributable to acquisitions. Operating profit (EBIT) increased by 18 percent during the year to MSEK 132.3 (111.7).
Operating margin (EBITA margin) was 11 percent (11). Operating margin (EBIT margin) was 11 percent (10).
Consolidated profit before tax for the year increased by 19 percent to MSEK 131.4 (110.9).
Earnings were positively affected by improved profit in BTS North America, BTS Other Markets and APG, while weaker earnings in BTS Europe had a negative effect.
BTS's net sales in the fourth quarter totaled MSEK 368.2 (336.4). Adjusted for changes in foreign exchange rates growth was 16 percent.
Operating profit (EBITA) increased by 8 percent in the fourth quarter to MSEK 48.8 (45.1). Operating profit for the fourth quarter was charged with MSEK 3.5 (2.2) for amortization of intangible assets attributable to acquisitions. Operating profit (EBIT) increased by 5 percent to MSEK 45.3 (42.9).
The gap between revenue (16 percent) and increased operating profit (5 percent) in the fourth quarter was due to acquisition costs (7 percent), foreign exchange rates (5 percent) and increased amortization for acquisitions (3 percent). Excluding these factors, profit increased quicker than revenue.
Operating margin (EBITA margin) was 13 percent (13). Operating margin (EBIT margin) was 12 percent (13).
Profit before tax for the fourth quarter increased by 5 percent to MSEK 44.8 (42.7).
Earnings were positively affected by improved profit in BTS Other Markets and BTS Europe, while weaker earnings in BTS North America and APG had a negative effect.
The market for BTS's services was stable and unchanged during the year. By the end of the year, the market climate developed positively.
The recognition of net sales by type of income was further developed as of the first quarter of 2017.
A new term, "program", has replaced the former term "seminars" to better reflect the terms used in the market.
Until 2016, the revenue type "licenses" comprised licensing revenue that is included in the delivery of "software." As of the start of 2017 and in future, "licenses" only includes such licensing revenue that is not included in the delivery of "software." The aim is to streamline revenue types for enhanced transparency.
PROFIT BEFORE TAX BY QUARTER
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, Dubai, India, Italy, Japan, Mexico, Singapore, South Africa, South Korea, Spain, Taiwan and Thailand.
APG consists of operations in Advantage Performance Group in North America.
| MSEK | Oct–Dec 2017 |
Oct–Dec 2016 |
Jan–Dec 2017 |
Jan–Dec 2016 |
|---|---|---|---|---|
| BTS North America | 147.1 | 153.8 | 573.7 | 534.7 |
| BTS Europe | 86.0 | 71.7 | 204.0 | 191.6 |
| BTS Other Markets | 107.6 | 80.8 | 350.9 | 270.7 |
| APG | 27.6 | 30.1 | 114.1 | 110.7 |
| Total | 368.2 | 336.4 | 1,242.6 | 1,107.6 |
| MSEK | Oct–Dec 2017 |
Oct–Dec 2016 |
Jan–Dec 2017 |
Jan–Dec 2016 |
|---|---|---|---|---|
| BTS North America | 15.6 | 17.4 | 73.7 | 58.9 |
| BTS Europe | 17.0 | 16.5 | 17.9 | 25.0 |
| BTS Other Markets | 16.5 | 10.4 | 47.6 | 32.9 |
| APG | –0.4 | 0.8 | 1.7 | 0.7 |
| Total | 48.8 | 45.1 | 140.9 | 117.5 |
Net sales for BTS's operations in North America amounted to MSEK 573.7 (534.7) for the full year. Adjusted for changes in foreign exchange rates, revenue grew by 7 percent. Operating profit (EBITA) totaled MSEK 73.7 (58.9) for the year. Operating margin (EBITA margin) was 13 percent (11).
Net sales amounted to MSEK 147.1 (153.8) in the fourth quarter. Adjusted for changes in foreign exchange rates, revenue grew by 4 percent. Operating profit (EBITA) amounted to MSEK 15.6 (17.4) in the fourth quarter. Operating margin (EBITA margin) was 11 percent (11).
BTS North America reported a positive performance for the year with profit increasing 25 percent. Profit declined in the fourth quarter due to changes in foreign exchange rates and allocated acquisition costs.
Net sales for BTS Europe amounted to MSEK 204.0 (191.6) during the year. Adjusted for changes in foreign exchange rates, revenue grew by 9 percent. Operating profit (EBITA) totaled MSEK 17.9 (25.0) for the year. Operating margin (EBITA margin) was 9 percent (13).
Net sales amounted to MSEK 86.0 (71.7) in the fourth quarter. Adjusted for changes in foreign exchange rates, revenue grew by 21 percent. Operating profit (EBITA) amounted to MSEK 17.0 (16.5) in the fourth quarter. Operating margin (EBITA margin) was 20 percent (23).
Overall, BTS Europe did not experience a strong year in 2017 and profit declined. The acquisitions carried out at the end of the year create opportunities for a positive performance in 2018.
Net sales for BTS Other markets amounted to MSEK 350.9 (270.7) for the year. Adjusted for changes in foreign exchange rates, revenue grew by 27 percent. Operating profit (EBITA) totaled MSEK 47.6 (32.9) for the year. Operating margin (EBITA margin) was 14 percent (12).
Net sales amounted to MSEK 107.6 (80.8) in the fourth quarter. Adjusted for changes in foreign exchange rates, revenue grew by 39 percent. Operating profit (EBITA) amounted to MSEK 16.5 (10.4) in the fourth quarter. Operating margin (EBITA margin) was 15 percent (13).
BTS Other markets posted a highly positive performance in 2017 featuring rapid growth and improved margin. Profit increased a total of 45 percent.
Net sales totaled MSEK 114.1 (110.7) for the year. Adjusted for changes in foreign exchange rates, revenue grew by 3 percent. Operating profit (EBITA) totaled MSEK 1.7 (0.7) for the year. Operating margin (EBITA margin) was 1 percent (1).
Net sales amounted to MSEK 27.6 (30.1) in the fourth quarter. Adjusted for changes in foreign exchange rates, revenue remained unchanged. Operating profit (EBITA) amounted to MSEK –0.4 (0.8) in the fourth quarter. Operating margin (EBITA margin) was –1 percent (3).
Overall, APS reported a more positive performance in 2017 than in prior years, with both growth and an increase in profit.
BTS's cash flow from operating activities during the year amounted to MSEK 98.2 (47.5).
At December 31, 2017, goodwill and other intangible assets increased by MSEK 194,3 compared with the preceding year, attributable in its entirety to acquisitions for the year reduced by amortization according to plan for the year and changes in foreign exchange rates.
Available cash and cash equivalents amounted to MSEK 199.9 (135.4) at the end of the period. The company's interest-bearing loans attributable to previously implemented acquisitions amounted to MSEK 125.6 (25.3) at the end of the period.
BTS's equity ratio was 47 percent (58) at the end of the period.
The company had no outstanding conversion loans at the balance sheet date.
At December 31, the number of employees at BTS was 596 (523).
The average number of employees for the year was 548 (498).
The total increase in personnel was entirely the result of completed acquisitions and the number of employees was otherwise unchanged. BTS Other Markets recruited a net number of employees and other units reported a reduction.
The Parent Company's net sales amounted to MSEK 2.3 (2.1) and profit after net financial items amounted to MSEK 47.9 (42.6). Cash and cash equivalents amounted to MSEK 0.2 (0.2).
A limited number of transactions with related parties, with the exception of transactions between Group companies, has taken place at prevailing market conditions.
The profit before tax is expected to be better than the previous year.
The Annual General Meeting will be held on May 16, 2018 at 1:30 p.m. in BTS's offices at Grevgatan 34, Stockholm, Sweden.
The Board proposed a dividend of SEK 2.80 per share, to be paid in the amount of SEK 1.40 on two occasions.
On October 23, 2017, BTS acquired the shares of Coach in a Box Holdings Ltd. and its subsidiaries, as previously communicated in a press release on the same date, whereby 100 percent of the voting rights have now been acquired. The acquisition encompasses all operations including talent, technology, intellectual property, brands and equipment.
Of the initial purchase price, approximately 25 percent was paid in new BTS shares. An additional payment, which can partly be paid in new BTS shares, will be paid out in 2020 provided the business meets specific targets 2017–2020 based on the entire measurement period.
Coach in a Box was established to help leaders, at all levels, improve and change using an approach that is virtual, affordable, scalable and fast. This approach successfully disrupted the market by changing coaching from being a service for senior leaders into a practical tool to turn strategy into action across the organization. Coach in a Box's pioneering research and data driven approach allows for mindset shifts at scale in clients. BTS and Coach in a Box's combined services strengthen the customer offering and make the companies a stronger partner on the market, thus creating synergies and significant growth opportunities.
On November 6, 2017, BTS acquired the shares of MTAC GmbH and its subsidiaries, as previously communicated in a press release on the same date, whereby 100 percent of the voting rights have now been acquired. The acquisition encompasses all operations including talent, technology, intellectual property, brands and equipment. Of the initial purchase price, approximately 8 percent was paid in new BTS shares. An additional payment, which can partly be paid in new BTS shares, will be paid out in 2021 provided the business meets specific targets 2017–2020 based on the entire measurement period.
The acquisition provides BTS with a base in Germanspeaking countries, which easily makes it the largest market in Europe. It also allows us to serve our existing global BTS clients better, and it creates significant growth potential. In addition, MTAC adds top knowledge in the area of marketing expertise, which is a potentially new practice area for BTS. Furthermore, the acquisition also provides favorable opportunities to help many of the major German companies globally.
Preliminary acquisition calculations at the date of acquisition translated at the exchange rate prevailing on the balance sheet date of December 31, 2017:
| CIAB | MTAC | Total | |
|---|---|---|---|
| Tangible assets | 0.8 | 0.4 | 1.1 |
| Intangible assets | 35.3 | 20.9 | 56.2 |
| Financial assets | 0.5 | 0.9 | 1.4 |
| Receivables | 41.2 | 13.4 | 54.7 |
| Cash and cash equivalents | 33.4 | 5.1 | 38.4 |
| Current liabilities | –37.6 | –6.3 | –43.8 |
| Identifiable assets | 73.5 | 34.5 | 108.0 |
| Goodwill | 105.7 | 64.0 | 169.7 |
| Total purchase prices | 179.2 | 98.5 | 277.7 |
| Fair value of issued shares | –19.4 | –2.5 | –21.9 |
| Estimated additional purchase price |
–8.9 | – | –8.9 |
| Provision for conditional purchase prices |
–88.8 | –64.5 | –153.4 |
| Cash paid purchase prices for 2017 acquisitions |
62.1 | 31.5 | 93.6 |
Goodwill consists of expected future synergy effects in the form of an expanded product range and services. Alongside synergy effects, the addition of qualified employees and future profitability components are included in the goodwill item.
The provisions for conditional additional purchase prices is included in the balance sheet item of provisions in the amount of MSEK 153.4. These additional purchase prices can amount to between MSEK 0 and a maximum of MSEK 202.6.
The estimated additional purchase price of MSEK 8.9 is included in the balance sheet item of current liabilities.
No acquisition costs were capitalized, but were instead expensed in their entirety. Expenses for carrying out the acquisitions including issue cost are included in the Group's operating expenses for 2017 in the amount of MSEK 5.1.
Acquisitions in 2017 contributed MSEK 38.8 to the Group's net sales and MSEK 5.3 to the Group's profit after tax. If the acquisitions had taken place on January 1, 2017, they would have contributed approximately MSEK 151.1 to net sales and approximately MSEK 12.0 to profit after tax.
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 2016 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 2017.
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 2017 impacted the Group. The accounting policies and basis of calculation were unchanged compared with the 2016 Annual Report. Significant accounting policies and valuation principles are found on pages 64–67 of the 2016 Annual Report.
IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers take effect on January 1, 2018 and the Group applies them from this date.
BTS has completed a review of the effect of the transition to IFRS 15 on the financial reporting and can conclude that the current recognition of revenue is essentially consistent with IFRS 15. Accordingly, the new standard does
not entail any change to BTS's current revenue recognition principles and thus will not have any effect on the Group's earnings or financial position.
IFRS 9 addresses the recognition of financial instruments and replaces IAS 39 from 2018. The standard includes regulations on the classification and measurement of financial assets and liabilities, impairment of financial instruments and hedge accounting. BTS has analyzed IFRS 9 and has concluded that it will not have any material effect on the Group's earnings or financial position.
Annual report 2017 April 2018 Interim report Jan–Mar 2018 May 16, 2018 Interim report Apr–June 2018 August 21, 2018 Interim report July–Sep 2018 November 14, 2018
Stockholm, February 20, 2018
Henrik Ekelund CEO
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
We have reviewed the condensed interim financial information (interim report) of BTS Group AB (publ) as of December 31, 2017, and the twelve-month period then ended. The Board of Directors and the CEO are responsible for the preparation and presentation of this interim financial information in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.
We conducted our review in accordance with the International Standard on Review Engagements ISRE 2410, Review of Interim Report Performed by the Independent Auditor of the Company. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope and extent than an audit conducted in accordance with International Standards on Auditing, ISA and the generally accepted auditing standards. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Therefore, the opinion we express does not have the assurance as an opinion based on an audit would have.
Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act, regarding the Group, and with the Swedish Annual Accounts Act, regarding the Parent Company.
Stockholm, February 20, 2018
Öhrlings PricewaterhouseCoopers AB
Magnus Thorling Authorized Public Accountant
| KSEK | Oct–Dec 2017 |
Oct–Dec 2016 |
Jan–Dec 2017 |
Jan–Dec 2016 |
|---|---|---|---|---|
| Net sales | 368,226 | 336,355 | 1,242,591 | 1,107,644 |
| Operating expenses | –317,033 | –288,957 –1,091,837 | –982,121 | |
| Depreciation of property, plant, and equipment |
–2,434 | –2,269 | –9,887 | –8,016 |
| Amortization of intangible assets | –3,509 | –2,181 | –8,574 | –5,808 |
| Operating profit | 45,251 | 42,948 | 132,292 | 111,699 |
| Net financial items | –396 | –249 | –999 | –792 |
| Associated company, profit after tax | –56 | – | 135 | – |
| Profit before tax | 44,799 | 42,699 | 131,429 | 110,907 |
| Taxes | –4,364 | –14,696 | –33,295 | –37,088 |
| Profit for the period | 40,436 | 28,004 | 98,134 | 73,818 |
| attributable to the shareholders of the parent company |
40,436 | 28,004 | 98,134 | 73,818 |
| Earnings per share, before dilution of shares, SEK |
2.14 | 1.50 | 5.20 | 3.96 |
| Number of shares at end of the period | 18,887,051 | 18,646,370 18,887,051 | 18,646,370 | |
| Average number of shares before dilution | 18,887,051 | 18,646,370 18,887,051 | 18,646,370 | |
| Earnings per share, after dilution of shares, SEK |
2.10 | 1.50 | 5.09 | 3.96 |
| Average number of shares after dilution | 19,284,748 | 18,646,370 19,284,748 | 18,646,370 | |
| Dividend per share, SEK | 2.801 | 2.50 |
1) Proposed dividend
| KSEK | Oct–Dec 2017 |
Oct–Dec 2016 |
Jan–Dec 2017 |
Jan–Dec 2016 |
|---|---|---|---|---|
| Profit for the period | 40,436 | 28,004 | 98,134 | 73,818 |
| Items that will not be reclassified to profit or loss |
– | – | – | – |
| – | – | – | – | |
| Items that may be reclassified to profit or loss |
||||
| Translation differences in equity | 12,452 | 15,892 | –38,154 | 28,531 |
| Other comprehensive income for the period, net of tax |
12,452 | 15,892 | –38,154 | 28,531 |
| Total comprehensive income for the period | 52,888 | 43,896 | 59,980 | 102,349 |
| attributable to the shareholders of the parent company |
52,888 | 43,896 | 59,980 | 102,349 |
| KSEK | 31 Dec 2017 |
31 Dec 2016 |
|---|---|---|
| Assets | ||
| Goodwill | 421,374 | 272,488 |
| Other intangible assets | 86,899 | 41,448 |
| Financial assets | 29,638 | 22,009 |
| Financial assets | 11,206 | 10,168 |
| Total non-current assets | 549,117 | 346,112 |
| Trade receivables | 335,132 | 361,021 |
| Other current assets | 141,441 | 101,092 |
| Cash and cash equivalents | 199,876 | 135,433 |
| Total current assets | 676,449 | 597,547 |
| TOTAL ASSETS | 1,225,566 | 943,659 |
| Equity and liabilities | ||
| Equity | 580,555 | 543,094 |
| Provisions | 219,719 | 80,996 |
| Non-current liabilities | 84,839 | 26,813 |
| Current liabilities | 340,453 | 292,756 |
| Total liabilities | 645,012 | 400,565 |
| TOTAL EQUITY AND LIABILITIES | 1,225,566 | 943,659 |
| KSEK | 31 Dec 2017 |
31 Dec 2016 |
|---|---|---|
| Cash flow before changes in working capital | 99,380 | 99,888 |
| Cash flow from changes in working capital | –1,182 | –52,404 |
| Cash flow from operating activities | 98,198 | 47,485 |
| Cash flow from investing activities 1 | –80,217 | –26,470 |
| Cash flow from financing activities 2 | 54,661 | –36,498 |
| Cash flow for the period | 72,642 | –15,482 |
| Cash and cash equivalents, opening balance | 135,433 | 139,547 |
| Translation differences in cash and cash equivalents | –8,200 | 11,369 |
| Cash and cash equivalents, closing balance | 199,876 | 135,433 |
The consideration paid in acquisitions is MSEK 64.7 (13.2); the remainder relates to acquisitions of non-current assets. The dividend to shareholders was MSEK 46.6 (43.8); the remainder relates to changes in loans.
| KSEK | Total equity 31 Dec 2017 |
Total equity 31 Dec 2016 |
|---|---|---|
| Opening balance | 543,094 | 483,255 |
| Dividend to shareholders | –46,616 | –43,819 |
| New issue | 21,245 | – |
| Other | 2,852 | 1,309 |
| Total comprehensive income for the period | 59,980 | 102,349 |
| Closing balance | 580,555 | 543,094 |
| KSEK | Oct–Dec 2017 |
Oct–Dec 2016 |
Jan–Dec 2017 |
Jan–Dec 2016 |
|---|---|---|---|---|
| Net sales, KSEK | 368,226 | 336,355 | 1,242,591 | 1,107,644 |
| EBITA (Profit before interest, tax and amortization), KSEK |
48,760 | 45,129 | 140,866 | 117,507 |
| EBIT (Operating profit), KSEK | 45,251 | 42,948 | 132,292 | 111,699 |
| EBITA margin (Profit before interest, tax and amortization margin), % |
13 | 13 | 11 | 11 |
| EBIT margin (Operating margin ), % | 12 | 13 | 11 | 10 |
| Profit margin, % | 11 | 8 | 8 | 7 |
| Operating capital, KSEK1 | 506,238 | 432,937 | ||
| Return on equity, % | 17 | 14 | ||
| Return on operating capital, % | 28 | 28 | ||
| Equity ratio, at end of the period, % | 47 | 58 | ||
| Cash flow, KSEK | 79,765 | 3,750 | 72,642 | –15,482 |
| Cash and cash equivalents, at end of the period, KSEK |
199,876 | 135,433 | ||
| Average number of employees | 581 | 527 | 548 | 498 |
| Number of employees at end of the period | 596 | 523 | ||
| Revenues for the year per employee, KSEK | 2,268 | 2,224 |
1) The calculation included the item of non-interest-bearing liabilities amounting to KSEK 519,453 (375,289).
| KSEK | Oct–Dec 2017 |
Oct–Dec 2016 |
Jan–Dec 2017 |
Jan–Dec 2016 |
|---|---|---|---|---|
| Net sales | 420 | 335 | 2 315 | 2 075 |
| Operating expenses | 176 | –470 | –1,759 | –1,909 |
| Operating profit | 596 | –135 | 556 | 166 |
| Net financial items | 5,252 | 3,747 | 47,355 | 42,384 |
| Profit before tax | 5,848 | 3,612 | 47,911 | 42,550 |
| Taxes | –822 | –747 | –822 | –747 |
| Profit for the period | 5,025 | 2,865 | 47,089 | 41,803 |
| KSEK | 31 Dec 2017 | 31 Dec 2016 |
|---|---|---|
| Assets | ||
| Financial assets | 301,048 | 113,457 |
| Other current assets | 53,243 | 21,245 |
| Cash and cash equivalents | 246 | 182 |
| Total assets | 354,537 | 134,884 |
| Equity and liabilities | ||
| Equity | 130,836 | 109,118 |
| Non-current liabilities | 172,952 | 4,552 |
| Current liabilities | 50,749 | 21,214 |
| Total equity and liabilities | 354,537 | 134 884 |
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 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:
Earnings attributable to the parent company's shareholders divided by number of shares.
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 as a percentage of average operating capital.
Equity as a percentage of total balance sheet.
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Vatika Business Center Divyashree Chambers, 2nd Floor, Wing A O'Shaugnessy Road, Langford Town Bangalore 560025 Tel. +91 80 4291 1111 Ext 116
1404 and 1405A, 14th Floor, DLH Park, Opposite MTNL Staff quarters, S.V. Road, Goregaon (West), Mumbai - 400062 Maharashtra, Tel. +91 22 6196 6800
Viale Fulvio Testi 223 20162 Milan Tel. +39 02 6611 6364
Viale Abruzzi, 13 20131 Milan Tel. +39 02 6901 5719
Kojimachi Brighton Bldg 2F 6-4-17 Kojimachi Chiyoda-ku Tokyo 102-0083 Tel. +81 03 6272 9973
Edificio Torre Moliere Calle Moliere 13 – PH Col Chapultepec Polanco C.P. 11560 México, D.F. Tel. +52 (55) 52 81 69 72
Rieker business park John M. Keynesplein 13 1066 EP Amsterdam Tel. + 31 (0)20 615 15 14
1 Finlayson Green #07-02 Singapore 049246 Tel. +65 6221 2870
29A Cuppage Road, #02-00 Cuppage Terrace Singapore 229456 Tel: +65 8127 0444
c/o Simon Bolivar 27-1, Office No. 4 Bilbao 48013 Tel. +34 94 423 5594
Calle José Abascal 55, piso 3ºDcha 28003 Madrid Tel. +34 91 417 5327
267 West Avenue, 1st Floor Centurion 0046, Gauteng Tel. +27 12 663 6909
1st Floor Wonseo Building 13, Changdeokgung 1-gil Jongo-gu Seoul 03058 Tel. +82 2 539 7676
7 F., No. 307, Dun-Hua, North Road Taipei 105 Tel. +886 2 8712 3665
128/27 Phyathai Plaza Building (4th Floor) Phyathai Rd. Kwaeng Thung Phyathai Khet Ratchathewi Bangkok 10400 Tel. +66 2 216 5974
10th Floor, Swiss Tower Jumeirah Lakes Towers Dubai Tel. +971 4 279 8341
Frost Bank Building 401 Congress Avenue Suite 2740 Austin, Texas 78701 Tel. +1 512 474 1416
200 South Wacker Drive Suite 925 Chicago, IL 60606 Tel. +1 312 509 4750
1817 Church Street Suite 2N, Evanston Chicago, IL 60201
101 West Elm St Suite 310 Conshohocken, PA 19428 Tel. (toll free) +1 800 445 7089 Tel. +1 484 391 2900
60 E. 42nd Street, Suite 2434 New York, NY, 10165 Tel. +1 646 378 3730
222 Kearny Street, Ste 1000 San Francisco, CA 94108 Tel. +1 415 362 4200
9455 E. Ironwood Square Drive, Ste. 100 Scottsdale, AZ 85258 Tel. +1 480 948 2777
100 Smith Ranch Road, Suite 306 San Rafael, CA 94903 USA Tel. +1 800 494 6646
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