Quarterly Report • Nov 18, 2016
Quarterly Report
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Vision The global leader in turning strategy into action.
BTS is a global professional services firm headquartered in Stockholm, Sweden, with more than 500 professionals in 35 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. Q3
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 INTERIM REPORT JANUARY 1–SEPTEMBER 30, 2016 BTS INTERIM REPORT JANUARY 1–SEPTEMBER 30, 2016 | 1 BTS is a public company listed on the Nasdaq Stockholm exchange and trades under the symbol BTS B.
In the third quarter, revenue increased by 8 percent and profit after tax by 9 percent compared with the year-earlier period.
All units made progress. Revenue and profit increased in Europe, Other Markets and APG. In North America, we are experiencing a temporary decline in revenue, although we have also been successful in our efforts to reduce costs and increase activity in the market.
Our new management team in North America is making important changes in terms of marketing strategy, sales, governance and cost efficiency. As of the third quarter, we have managed to reduce our costs and are aiming to increase revenue beginning in 2017.
Italy is a relatively large market where we have not previously had any significant presence. The operation we acquired at the beginning of the third quarter has developed positively in terms of revenue and earnings. Our aim is to develop this operation substantially by introducing more of our solutions in the Italian market.
Earnings in the first nine months decreased by MSEK 5.6. Contributory factors included exchange rate effects corresponding to MSEK 4.4 and an increase in digital investments. Our investments in digital solutions are continuing at a high level and we are seeing a significant increase in customers using our digital offering.
Our assessment is that full-year earnings will be in line with the preceding year.
Stockholm, November 18, 2016
Henrik Ekelund President and CEO of BTS Group AB (publ)
BTS's net sales for the nine-month period totaled MSEK 771.3 (751.5). Adjusted for changes in foreign exchange rates, growth was 5 percent.
Growth varied between the units: BTS Other Markets 28 percent, BTS Europe 10 percent, BTS North America –2 percent and APG -8 percent (growth measured in local currency).
Operating profit before amortization of intangible assets (EBITA) decreased by 6 percent during the nine-month period to MSEK 72.4 (77.0). Operating profit for the ninemonth period was charged with MSEK 3.6 (3.2) for amortization of intangible assets attributable to acquisitions. Operating profit (EBIT) decreased by 7 percent for the nine-month period to MSEK 68.8 (73.8).
Operating margin before amortization of intangible assets (EBITA margin) was 9 percent (10). Operating margin (EBIT margin) was 9 percent (10).
The Group's profit before tax for the nine-month period decreased by 8 percent to MSEK 68.2 (73.8).
Changes in foreign exchange rates had a negative impact on earnings of MSEK 4.4, which can be compared with an overall decrease in operating profit of MSEK 5.0. Earnings were positively affected by an improved result in BTS Other Markets, while a poorer result in BTS North America and APG had a negative effect.
BTS's third-quarter net sales amounted to MSEK 265.3 (248.6). Adjusted for changes in foreign exchange rates, growth was 8 percent.
Operating profit before amortization of intangible assets (EBITA) increased by 8 percent in the third quarter to MSEK 28.6 (26.4). Operating profit for the third quarter was charged with MSEK 1.5 (1.0) for amortization of intangible assets attributable to acquisitions. Operating profit (EBIT) increased by 6 percent to MSEK 27.1 (25.4).
Operating margin before amortization of intangible assets (EBITA margin) was 11 percent (11). Operating margin (EBIT margin) was 10 percent (10).
Profit before tax for the third quarter increased by 6 percent to MSEK 26.9 (25.3).
Earnings were positively affected by an improved result in BTS Other Markets, BTS Europe and APG. Earnings were negatively affected by a decreased result in BTS North America and by changes in foreign exchange rates, which negatively impacted earnings by MSEK 1.9.
The market for BTS's services was stable and unchanged during the period.
PROFIT BEFORE TAX BY QUARTER
PROFIT BEFORE TAX AND OPERATING MARGIN (EBITA) 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 Australia, Brazil, China, Dubai, India, Italy, Japan, Mexico, Singapore, South Africa, South Korea, Spain, Taiwan and Thailand.
APG consists of operations in Advantage Performance Group.
| MSEK | July–Sep 2016 |
July–Sep 2015 |
Jan–Sep 2016 |
Jan–Sep 2015 |
Oct–Sep 2015/16 |
Jan–Dec 2015 |
|---|---|---|---|---|---|---|
| BTS North America | 121.6 | 135.9 | 380.9 | 390.2 | 519.3 | 528.6 |
| BTS Europe | 40.7 | 32.4 | 120.0 | 115.3 | 183.6 | 178.9 |
| BTS Other markets | 75.3 | 56.3 | 189.9 | 158.2 | 254.4 | 222.7 |
| APG | 27.7 | 24.0 | 80.6 | 87.8 | 106.5 | 113.7 |
| Total | 265.3 | 248.6 | 771.3 | 751.5 | 1,063.7 | 1,043.9 |
| MSEK | July–Sep 2016 |
July–Sep 2015 |
Jan–Sep 2016 |
Jan–Sep 2015 |
Oct–Sep 2015/16 |
Jan–Dec 2015 |
|---|---|---|---|---|---|---|
| BTS North America | 15.1 | 18.1 | 41.5 | 45.5 | 56.6 | 60.6 |
| BTS Europe | 1.8 | 0.7 | 8.5 | 10.5 | 21.3 | 23.3 |
| BTS Other markets | 11.4 | 7.5 | 22.4 | 19.1 | 30.6 | 27.3 |
| APG | 0.3 | 0.1 | 0.0 | 1.9 | 0.7 | 2.6 |
| Total | 28.6 | 26.4 | 72.4 | 77.0 | 109.2 | 113.8 |
Net sales for BTS's operations in North America amounted to MSEK 380.9 (390.2) for the nine-month period. Adjusted for changes in foreign exchange rates, revenue declined by 2 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 41.5 (45.5) for the nine-month period. Operating margin before amortization of intangible assets (EBITA margin) was 11 percent (12).
Net sales amounted to MSEK 121.6 (135.9) in the third quarter. Adjusted for changes in foreign exchange rates, revenue declined by 11 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 15.1 (18.1) in the third quarter. Operating margin before amortization of intangible assets (EBITA margin) was 12 percent (13).
The significant decline in revenue in the third quarter is deemed to be of a temporary nature. BTS North America's new management is continuing efforts to enhance cost efficiency and intensify activity in the market.
Net sales for BTS Europe amounted to MSEK 120.0 (115.3) for the nine-month period. Adjusted for changes in foreign exchange rates, revenue grew by 10 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 8.5 (10.5) for the nine-month period. Operating margin before amortization of intangible assets (EBITA margin) was 7 percent (9).
Net sales amounted to MSEK 40.7 (32.4) in the third quarter. Adjusted for changes in foreign exchange rates, revenue grew by 39 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 1.8 (0.7) in the third quarter. Operating margin before amortization of intangible assets (EBITA margin) was 5 percent (2).
BTS Europa continued to perform positively in the third quarter.
Net sales for BTS Other Markets amounted to MSEK 189.9 (158.2) for the nine-month period. Adjusted for changes in foreign exchange rates, revenue grew by 28 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 22.4 (19.1) for the nine-month period. Operating margin before amortization of intangible assets (EBITA margin) was 12 percent (12).
Net sales amounted to MSEK 75.3 (56.3) in the third quarter. Adjusted for changes in foreign exchange rates, revenue grew by 36 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 11.4 (7.5) in the third quarter. Operating margin before amortization of intangible assets (EBITA margin) was 15 percent (13).
BTS Other Markets continued to display a highly positive performance with favorable growth in revenues and earnings.
Net sales for the nine-month period totaled MSEK 80.6 (87.8). Adjusted for changes in foreign exchange rates, revenue declined by 8 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 0.0 (1.9) for the nine-month period. Operating margin before amortization of intangible assets (EBITA margin) was 0 percent (2).
Net sales amounted to MSEK 27.7 (24.0) in the third quarter. Adjusted for changes in foreign exchange rates, revenue grew by 14 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 0.3 (0.1) in the third quarter. Operating margin before amortization of intangible assets (EBITA margin) was 1 percent (1).
We are continuing to implement our strategy to restore a positive earnings trend for APG – to launch new products and recruit additional partners.
BTS's cash flow from operating activities for the ninemonth period amounted to MSEK 44.5 (17.3). Available cash and cash equivalents amounted to MSEK 126.5 (116.2) at the end of the period. The company's interest-bearing loans attributable to previously implemented acquisitions amounted to MSEK 24.4 (16.8) at the end of the period.
BTS's equity ratio was 63 percent (66) at the end of the period.
The company has no outstanding conversion loans at the balance sheet date.
At September 30, the number of employees at BTS was 527 (449). The increase in the number of employees was predominantly the result of acquisitions in Australia and Italy.
The average number of employees for the nine-month period was 490 (429).
The Parent Company's net sales amounted to MSEK 1.7 (1.5) and profit after net financial items amounted to MSEK 38.9 (37.0). Cash and cash equivalents amounted to MSEK 0.4 (0.6).
Profit before tax is expected to be in line with the previous year.
BTS has as earlier communicated in a pressrelease of the 6th of July 2016 acquired all business operations in the Italian companies Cesim Italia and Design Innovation, including personnel, technology, intellectual property rights, customer relations, trademark rights and all equipment. The acquisitions were completed via BTS's Spanish subsidiary Business Training Solutions S.L.
The acquisitions significantly strengthen BTS's position in southern Europe, through the addition of more than 40 major Italian customers, and also reinforce BTS's Italian operation by supplementing it with further expertise and innovative solutions. Furthermore, the acquisitions also provide a good opportunity to help many of the major Italian companies globally.
The agreed purchase consideration comprises:
Acquisition calculation at the date of acquisition translated at the exchange rate prevailing on the balance sheet date of September 30, 2016:
| Cash payment | 16.5 |
|---|---|
| Estimated contingent consideration | 33.7 |
| Total purchase price | 50.2 |
| Net assets measured at fair value | 17.0 |
| Goodwill | 33.2 |
Goodwill consists of expected future synergy effects in the form of an expanded product range and services. In addition to synergy effects, personnel and future profitability components are included in the goodwill item. No acquisition costs were capitalized, but were instead expensed in their entirety.
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 2015 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 revenues 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 2016.
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, revenues 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 are prepared in accordance with RFR 2, Accounting for Legal Entities and the Annual Accounts Act. New or revised IFRS and interpretations from IFRIC have not had any effect on the Group's or the parent company's results or financial position.
As previously announced, a Nomination Committee has been appointed. In consultation with Chairman of the Board Reinhold Geijer, BTS's three largest shareholders have appointed the following individuals to serve on the Nomination Committee:
Anders Dahl has been appointed Chairman of the Nomination Committee.
The Nomination Committee's mandate is to propose candidates to the Board and to make proposals on the remuneration of directors and auditors.
Shareholders in BTS Group AB are welcome to submit proposals to the Chairman of the Nomination Committee at the following address: BTS Group AB, Grevgatan 34, SE-114 53 Stockholm.
The proposed composition of the Board of the Directors will be announced in the notice convening the next Annual General Meeting.
Year-end report 2016 February 21, 2017 Interim report January–March 2017 May 12, 2017
Stockholm, November 18, 2016
Henrik Ekelund CEO
This report has not been reviewed by BTS' auditor.
| Henrik Ekelund CEO | Tel: +46 8 587 070 00 | |
|---|---|---|
| Stefan Brown | CFO | Tel: +46 8 587 070 62 |
| Michael Wallin | SVP Investor and Tel: +46 8 587 070 02 | |
| Corporate Communications | 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 | July–Sep 2016 |
July–Sep 2015 |
Jan–Sep 2016 |
Jan–Sep 2015 |
Oct–Sep 2015/16 |
Jan–Dec 2015 |
|---|---|---|---|---|---|---|
| Net sales | 265,251 | 248,649 | 771,290 | 751,505 | 1,063,684 | 1,043,900 |
| Operating expenses | –234,682 | –220,292 | –693,165 | –669,015 | –946,623 | –922,473 |
| Depreciation of property, plant, and equipment |
–1,981 | –1,949 | –5,747 | –5,498 | –7,937 | –7,688 |
| Amortization of intangible assets | –1,500 | –1,048 | –3,628 | –3,235 | –4,679 | –4,286 |
| Operating profit | 27,089 | 25,359 | 68,751 | 73,757 | 104,446 | 109,452 |
| Net financial items | –188 | –62 | –543 | –5 | –800 | –263 |
| Profit before tax | 26,901 | 25,297 | 68,207 | 73,751 | 103,646 | 109,190 |
| Taxes | –8,669 | –8,616 | –22,393 | –24,630 | –34,397 | –36,635 |
| Profit for the period | 18,232 | 16,681 | 45,815 | 49,121 | 69,248 | 72,554 |
| attributable to the shareholders | ||||||
| of the parent company | 18,232 | 16,681 | 45,815 | 49,121 | 69,248 | 72,554 |
| Earnings per share, before dilution | ||||||
| of shares, SEK | 0.98 | 0.89 | 2.46 | 2.63 | 3.71 | 3.89 |
| Number of shares at end of the period | 18,646,370 18,646,370 | 18,646,370 | 18,646,370 | 18,646,370 | 18,646,370 | |
| Average number of shares before dilution | 18,646,370 18,646,370 | 18,646,370 | 18,646,370 | 18,646,370 | 18,646,370 | |
| Earnings per share, after dilution of shares, SEK |
0.98 | 0.89 | 2.46 | 2.63 | 3.71 | 3.89 |
| Average number of shares after dilution | 18,646,370 18,646,370 | 18,646,370 | 18,646,370 | 18,646,370 | 18,646,370 | |
| Dividend per share, SEK | 2.35 |
| KSEK | July–Sep 2016 |
July–Sep 2015 |
Jan–Sep 2016 |
Jan–Sep 2015 |
Oct–Sep 2015/16 |
Jan–Dec 2015 |
|---|---|---|---|---|---|---|
| Profit for the period | 18,232 | 16,681 | 45,815 | 49,121 | 69,248 | 72,554 |
| Items that will not be reclassified to profit or loss |
– | – | – | – | – | – |
| – | – | – | – | – | – | |
| Items that may be reclassified to profit or loss |
||||||
| Translation differences in equity | 7,182 | 5 | 12,639 | 14,010 | 6,611 | 7,982 |
| Other comprehensive income for the period, net of tax |
7,182 | 5 | 12,639 | 14,010 | 6,611 | 7,982 |
| Total comprehensive income for the period | 25,414 | 16,686 | 58,453 | 63,131 | 75,859 | 80,536 |
| attributable to the shareholders of the parent company |
25,414 | 16,686 | 58,453 | 63,131 | 75,859 | 80,536 |
| KSEK | 30 Sep 2016 |
30 Sep 2015 |
31 Dec 2015 |
|---|---|---|---|
| Assets | |||
| Goodwill | 263,340 | 221,593 | 220,690 |
| Other intangible assets | 39,729 | 30,815 | 32,894 |
| Tangible assets | 20,768 | 15,853 | 15,232 |
| Property, plant, and equipment | 12,291 | 9,213 | 10,064 |
| Trade receivables | 210,174 | 204,222 | 276,812 |
| Other current assets | 121,513 | 107,498 | 115,737 |
| Cash and cash equivalents | 126,548 | 116,201 | 139,547 |
| Total assets | 794,364 | 705,394 | 810,976 |
| Equity and liabilities | |||
| Equity | 498,714 | 465,413 | 483,255 |
| Interest bearing – non-current liabilities | 24,376 | 16,776 | 16,705 |
| Non-interest bearing – current liabilities | 271,274 | 223,205 | 311,016 |
| Total equity and liabilities | 794,364 | 705,394 | 810,976 |
| KSEK | Jan–Sep 2016 |
Jan–Sep 2015 |
Jan–Dec 2015 |
|---|---|---|---|
| Cash flow from operating activities | 44,451 | 17,262 | 57,864 |
| Cash flow from investing activities | –27,004 | –7,186 | –19,020 |
| Cash flow from financing activities | –36,680 | –15,770 | –16,293 |
| Cash flow for the period | –19,232 | –5,693 | 22,552 |
| Cash and cash equivalents, opening balance | 139,547 | 114,293 | 114,293 |
| Translation differences in cash and cash equivalents |
6,234 | 7,601 | 2,702 |
| Cash and cash equivalents, closing balance | 126,548 | 116,201 | 139,547 |
| KSEK | Total equity 30 sept 2016 |
Total equity 30 sept 2015 |
Total equity 31 dec 2015 |
|---|---|---|---|
| Opening balance | 483,255 | 434,505 | 434,505 |
| Dividend to shareholders | –43,819 | –32,631 | –32,631 |
| Other | 825 | 408 | 845 |
| Total comprehensive income for the period | 58,453 | 63,131 | 80,536 |
| Closing balance | 498,714 | 465,413 | 483,255 |
| KSEK | July–Sep 2016 |
July–Sep 2015 |
Jan–Sep 2016 |
Jan–Sep 2015 |
Oct–Sep 2015/16 |
Jan–Dec 2015 |
|---|---|---|---|---|---|---|
| Net sales, KSEK | 265,251 | 248,649 | 771,290 | 751,505 | 1,063,684 | 1,043,900 |
| EBITA (Profit before interest, tax and amortization), KSEK |
28,589 | 26,408 | 72,378 | 76,992 | 109,125 | 113,739 |
| EBIT (Operating profit), KSEK | 27,089 | 25,359 | 68,751 | 73,757 | 104,446 | 109,452 |
| EBITA margin (Profit before interest, tax and amortization margin), % |
11 | 11 | 9 | 10 | 10 | 11 |
| EBIT margin (Operating margin ), % | 10 | 10 | 9 | 10 | 10 | 10 |
| Profit margin, % | 7 | 7 | 6 | 7 | 7 | 7 |
| Operating capital, KSEK | 396,542 | 360,413 | ||||
| Return on equity, % | 14 | 16 | ||||
| Return on operating capital, % | 28 | 32 | ||||
| Equity ratio, at end of the period, % | 63 | 66 | 63 | 66 | 63 | 60 |
| Cash flow, KSEK | 54,564 | 24,160 | –19,232 | –5,693 | 9,013 | 22,552 |
| Cash and cash equivalents, at end of the period, KSEK |
126,548 | 116,201 | 126,548 | 116,201 | 126,548 | 139,547 |
| Average number of employees | 525 | 438 | 490 | 429 | 458 | 436 |
| Number of employees at end of the period | 527 | 449 | 527 | 449 | 527 | 463 |
| Revenues for the year per employee, KSEK | 2,321 | 2,394 |
| KSEK | July–Sep 2016 |
July–Sep 2015 |
Jan–Sep 2016 |
Jan–Sep 2015 |
Oct–Sep 2015/16 |
Jan–Dec 2015 |
|---|---|---|---|---|---|---|
| Net sales | 326 | 375 | 1,740 | 1,495 | 2,100 | 1,855 |
| Operating expenses | –150 | –401 | –1,438 | –1,420 | –2,235 | –2,217 |
| Operating profit | 176 | –26 | 302 | 75 | –135 | –362 |
| Net financial items | 15,052 | 16,374 | 38,637 | 36,959 | 42,091 | 40,413 |
| Profit before tax | 15,228 | 16,348 | 38,938 | 37,034 | 41,956 | 40,051 |
| Taxes | 0 | 0 | 0 | –4 | –747 | –746 |
| Profit for the period | 15,228 | 16,348 | 38,938 | 37,030 | 41,208 | 39,305 |
| KSEK | 30 Sep 2016 | 30 Sep 2015 | 31 Dec 2015 |
|---|---|---|---|
| Assets | |||
| Financial assets | 101,976 | 101,976 | 101,976 |
| Other current assets | 28,702 | 23,664 | 26,258 |
| Cash and cash equivalents | 383 | 587 | 124 |
| Total assets | 131,061 | 126,227 | 128,359 |
| Equity and liabilities | |||
| Equity | 106,253 | 108,863 | 111,134 |
| Liabilities | 24,807 | 17,364 | 17,225 |
| Total equity and liabilities | 131,061 | 126,227 | 128,359 |
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.
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 shall over time be:
BTS AMSTERDAM Rieker business park John M. Keynesplein 13 1066 EP Amsterdam The Netherlands Tel. + 31 (0)20 615 15 14 Fax. +31 (0)20 388 00 65
BTS BRUSSELS Rue d'Arenberg 44 1000 Brussels Belgium Tel. +32 (0) 2 27 415 10
Pohjoinen Makasiinikatu 6 A 00130 Helsinki Finland Tel. +358 50 524 5874
BTS LONDON 37 Kensington High Street London W8 5ED UK Tel. +44 207 348 18 00 Fax. +44 207 348 18 01
BTS MUNICH Theresienhoehe 28 80339 Munich Germany Tel. +49 89 244 40 7036
BTS PARIS 57, rue de Seine 75006 Paris France Tel. +33 1 40 15 07 43
Head office Grevgatan 34 114 53 Stockholm Sweden Tel. +46 8 58 70 70 00 Fax. +46 8 58 70 70 01
PERFORMANCE GROUP 100 Smith Ranch Road, Suite 306 San Rafael, CA 94903 USA Tel. +1 800 494 6646 Fax. +1 415 925 9512
BTS AUSTIN Frost Bank Building 401 Congress Avenue Suite 2740 Austin, Texas 78701 USA Tel. +1 512 474 1416
Fax. +1 512 474 1433
BTS BROOKLYN 280 1st Street Brooklyn, NY 11215 USA Tel. +1 718 832 2118 Fax . +1 718 832 2899
BTS CHICAGO 200 South Wacker Drive Suite 925 Chicago, IL 60606 USA Tel. +1 312 509 4750 Fax. +1 312 509 4781
BTS LOS ANGELES P.O. Box 10366 Marina del Rey, CA 90295 USA Tel. +1 424 202 6952
BTS NEW YORK 60 E. 42nd Street, Suite 2434 New York, NY, 10165 USA Tel. +1 646 378 3730 Fax. +1 646 378 3731
BTS PHILADELPHIA 101 West Elm St Suite 310 Conshohocken, PA 19428 USA Tel. (toll free) +1 800 445 7089 Tel. +1 484 391 2900 Fax. +1 415 362 4270
BTS SAN FRANCISCO 222 Kearny Street, Ste 1000 San Francisco, CA 94108 USA Tel. +1 415 362 4200 Fax. +1 415 449 6119
BTS SCOTTSDALE 9455 E. Ironwood Square Drive, Ste. 100 Scottsdale, AZ 85258 USA Tel. +1 480 948 2777 Fax. +1 480 948 2928
BTS STAMFORD 300 First Stamford Place Stamford, CT 06902 USA Tel. +1 203 316 2740
Fax. +1 203 316 2750
BTS BANGALORE Vatika Business Center Divyashree Chambers, 2nd Floor, Wing A O'Shaugnessy Road, Langford Town Bangalore 560025 India Tel. +91 80 4291 1111 Ext 116 Fax. +91 40 4291 1222
128/27 Phyathai Plaza Building (4th Floor) Phyathai Rd. Kwaeng Thung Phyathai Khet Ratchathewi Bangkok 10400 Thailand Tel. +66 2 216 5974
BTS BILBAO c/o Simon Bolivar 27-1, Office No. 4 Bilbao 48013 Spain Tel. +34 94 423 5594 Fax. +34 94 423 689
10th Floor, Swiss Tower Jumeirah Lakes Towers Dubai, United Arab Emirates Tel. +971 4 279 8341 Fax. +971 4 279 8399
267 West Avenue, 1st Floor Centurion 0046, Gauteng South Africa Tel. +27 12 663 6909 Fax. +27 12 663 6887
BTS MADRID
Calle José Abascal 55, piso 3ºDcha 28003 Madrid Spain Tel. +34 91 417 5327 Fax. +34 91 555 2433
198 Harbour Esplanade, Suite 404 Docklands VIC 3008 Australia Tel. +61 3 9670 9850 Fax. +61 3 9670 9569
Edificio Torre Moliere Calle Moliere 13 – PH Col Chapultepec Polanco C.P. 11560 México, D.F. Tel. +52 (55) 52 81 69 72 Fax. +52 (55) 52 81 69 72
Viale Fulvio Testi 223 20162 Milan, Italy Tel. +39 02 6611 6364 Fax +39 02 642 6058
Viale Abruzzi, 13 20131 Milan, Italy Tel. 02 6901 5719 Fax. 02 6078 1483
1404 and 1405A, 14th Floor, DLH Park, Opposite MTNL Staff quarters, S.V. Road, Goregaon (West), Mumbai - 400062 Maharashtra, India Tel. +91 22 6196 6800
Rua Geraldo Flausino Gomes, 85, 4o andar Brooklin Novo 04575-060 Sao Paulo-SP Brazil Tel. +55 11 5505 2070 Fax. +55 11 5505 2016
7th Floor Hanvit Building 107 Sajik-ro Jongo-gu, Seoul South Korea 03041 Tel. +82 2 539 7676 Fax. +82 2 2233 4451
1376 West Nanjing Road Suite 531, East Office Tower Shanghai Centre Shanghai 200040 China Tel. +86 21 6289 8688
1 Finlayson Green #07-02 Singapore 049246 Tel. +65 6221 2870 Fax. +65 6224 2427
Level 6 10 Barrack St Sydney NSW 2000 Australien Tel. +61 02 8243 0900 Fax. +61 02 9299 6629
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