Interim / Quarterly Report • Aug 18, 2016
Interim / Quarterly Report
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BTS GROUP AB (PUBL) Interim report January 1–June 30, 2016
The global leader in turning strategy into action.
Profit before tax is expected to be in line with the previous year. The outlook deviates from the previous report when the outlook was anticipated to be better than last year.
Rolling 12 months
BTS is a global professional services firm headquartered in Stockholm, Sweden, with some 500 professionals in 34 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. Q2
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–JUNE 30, 2016 BTS INTERIM REPORT JANUARY 1–JUNE 30, 2016 | 1 BTS is a public company listed on the Nasdaq Stockholm exchange and trades under the symbol BTS B.
Our second quarter was a disappointment with soft growth. The main reason was a weak quarter in North America, with revenue decreasing 3 percent and profit decreasing 25 percent.
Other parts of BTS are doing better. BTS Other Markets continued to grow rapidly and increased the rate of growth in the second quarter to 31 percent. Profit is increasing in local currency, but not in SEK, due to changes in currency exchange rates. BTS Europe returned to growth and significantly boosted its margins, and profit increased by 30 percent.
Our investments in digital solutions are continuing at a high level. During the first half of the year, we invested a total of MSEK 15.9 (12.7). By using these investments, we have built a new digital platform for our assessment practice, improved our offering in Digital Meetings, and launched our new digital solution ChangR, which gener-ated sales of MSEK 4 (1.8) during the first half of the year.
A new President and CEO of BTS North America took up office straight after the end of the second quarter, Jessica Parisi, who previously headed our largest and fastest growing operation in North America. The new management team headed by Jessica Parisi will make important changes in terms of market strategy, sales, management and cost efficiency. The aim is to return to growth and healthy margins, and management believes that these changes will lead to lower costs from the third quarter and have a significant effect on revenue from 2017.
We accomplished an acquisition in Italy in the beginning of the third quarter, a relatively strong market where we have not previously had any significant presence. The operation that we acquired generates revenue of approximately MEUR 4, and has many highly skilled employees and large Italian companies on its customer list. Our aim
is to develop this operation substantially by introducing several of our solutions to the Italian market.
Earnings for the first half of the year decreases by MSEK 7.2. Contributing factors have been the exchange rate effects equivalent to MSEK 2.5 and MSEK 3.2 in increased digital investments.
Our assessment is that BTS will show improved results in the second half compared with the previous year, and that earnings for the full year will be in line with the previous year.
Stockholm, August 18, 2016
Henrik Ekelund President and CEO of BTS Group AB (publ)
BTS's net sales for the first half of the year totaled MSEK 506.0 (502.9). Adjusted for changes in foreign exchange rates, growth was 4 percent.
Growth varied between the units: BTS Other Markets 23 percent, BTS North America 2 percent, BTS Europe –1 percent and APG –17 percent (growth measured in local currency).
Operating profit before amortization of intangible assets (EBITA) decreased by 13 percent in the first half of the year to MSEK 43.8 (50.6). Operating profit for the first half of the year was charged with MSEK 2.1 (2.2) for amortization of intangible assets attributable to acquisitions. Operating profit (EBIT) decreased by 14 percent in the first half of the year to MSEK 41.7 (48.4).
Operating margin before amortization of intangible assets (EBITA margin) was 9 percent (10). Operating margin (EBIT margin) was 8 percent (10).
Consolidated profit before tax for the first half of the year decreased by 15 percent to MSEK 41.3 (48.5).
Earnings were negatively affected by changes in foreign exchange rates.
BTS's second-quarter net sales amounted to MSEK 282.0 (284.6). Adjusted for changes in foreign exchange rates, growth was 4 percent.
Operating profit before amortization of intangible assets (EBITA) decreased by 12 percent in the second quarter to MSEK 33.6 (38.0). Operating profit for the second quarter was charged with MSEK 1.0 (1.1) for amortization of intangible assets attributable to acquisitions. Operating profit (EBIT) decreased by 12 percent to MSEK 32.5 (36.9).
Operating margin before amortization of intangible assets (EBITA margin) was 12 percent (13). Operating margin (EBIT margin) was 12 percent (13).
Profit before tax for the second quarter fell by 12 percent to MSEK 32.5 (36.8).
Earnings were positively affected by an improved result in BTS Europe and BTS Other Markets. Earnings were negatively affected by decreased result in BTS North America and APG and by changes in foreign exchange rates.
The market for BTS's services was stable during the period and unchanged compared with the previous year, with the exception of customers in the oil and gas sector where demand decreased significantly.
PROFIT BEFORE TAX BY QUARTER
PROFIT BEFORE TAX AND OPERATING MARGIN (EBITA) BY QUARTER
NET SALES PER OPERATING UNIT JANUARY 1–JUNE 30, 2016 (2015)
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 | April–June 2016 |
April–June 2015 |
Jan–June 2016 |
Jan–June 2015 |
July–June 2015/16 |
Jan–Dec 2015 |
|---|---|---|---|---|---|---|
| BTS North America | 140.0 | 148.2 | 259.3 | 254.3 | 533.5 | 528.6 |
| BTS Europe | 48.7 | 48.4 | 79.3 | 82.9 | 175.3 | 178.9 |
| BTS Other Markets | 69.2 | 58.0 | 114.5 | 101.9 | 235.4 | 222.7 |
| APG | 24.1 | 30.0 | 52.9 | 63.8 | 102.8 | 113.7 |
| Total | 282.0 | 284.6 | 506.0 | 502.9 | 1,047.0 | 1,043.9 |
| MSEK | April–June 2016 |
April–June 2015 |
Jan–June 2016 |
Jan–June 2015 |
July–June 2015/16 |
Jan–Dec 2015 |
|---|---|---|---|---|---|---|
| BTS North America | 15.7 | 21.2 | 26.5 | 27.4 | 59.6 | 60.6 |
| BTS Europe | 7.7 | 5.9 | 6.7 | 9.8 | 20.2 | 23.3 |
| BTS Other Markets | 10.0 | 9.9 | 11.0 | 11.6 | 26.8 | 27.3 |
| APG | 0.1 | 1.0 | –0.4 | 1.8 | 0.4 | 2.6 |
| Total | 33.6 | 38.0 | 43.8 | 50.6 | 107.0 | 113.8 |
Net sales for BTS's operations in North America amounted to MSEK 259.3 (254.3) in the first half of the year. Adjusted for changes in foreign exchange rates, revenue grew by 2 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 26.5 (27.4) in the first half of the year. Operating margin before amortization of intangible assets (EBITA margin) was 10 percent (11).
Net sales amounted to MSEK 140.0 (148.2) in the second quarter. Adjusted for changes in foreign exchange rates, revenue declined by 3 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 15.7 (21.2) in the second quarter. Operating margin before amortization of intangible assets (EBITA margin) was 11 percent (14).
In the beginning of the third quarter, Jessica Parisi took over as President and CEO of BTS North America, to create necessary improvements of the results.
Net sales for BTS Europe amounted to MSEK 79.3 (82.9) in the first half of the year. Adjusted for changes in foreign exchange rates, revenue declined by 1 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 6.7 (9.8) in the first half of the year. Operating margin before amortization of intangible assets (EBITA margin) was 8 percent (12).
Net sales amounted to MSEK 48.7 (48.4) in the second quarter. Adjusted for changes in foreign exchange rates, revenue grew by 5 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 7.7 (5.9) in the second quarter. Operating margin before amortization of intangible assets (EBITA margin) was 16 percent (12).
BTS Europe returned to a positive performance in the second quarter with an earnings increase of 30 percent.
Net sales for BTS Other Markets amounted to MSEK 114.5 (101.9) in the first half of the year. Adjusted for changes in foreign exchange rates, revenue grew by 23 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 11.0 (11.6) in the first half of the year. Operating margin before amortization of intangible assets (EBITA margin) was 10 percent (11).
Net sales amounted to MSEK 69.2 (58.0) in the second quarter. Adjusted for changes in foreign exchange rates, revenue grew by 31 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 10.0 (9.9) in the second quarter. Operating margin before amortization of intangible assets (EBITA margin) was 14 percent (17).
BTS Other Markets continued to grow rapidly. Earnings increased in local currency but changes in foreign exchange rates lead to earnings not increasing in SEK.
Net sales for the first half of the year totaled MSEK 52.9 (63.8). Adjusted for changes in foreign exchange rates, revenue decreased by 17 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK –0.4 (1.8) in the first half of the year. Operating margin before amortization of intangible assets (EBITA margin) was –1 percent (3).
Net sales amounted to MSEK 24.1 (30.0) in the second quarter. Adjusted for changes in foreign exchange rates, revenue decreased by 18 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 0.1 (1.0) in the second quarter. Operating margin before amortization of intangible assets (EBITA margin) was 1 percent (3).
We continue 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 first half of the year amounted to MSEK –23.9 (–9.6). The deterioration compared with the previous year is attributable exclusively to a decrease in current liabilities. Available cash and cash equivalents amounted to MSEK 65.4 (88.7) at the end of the period. The company's interest-bearing loans attributable to previously implemented acquisitions amounted to MSEK 17.0 (16,5) at the end of the period.
BTS's equity ratio was 65 percent (65) at the end of the period.
The company has no outstanding conversion loans at the balance sheet date.
The number of employees within BTS at June 30 was 481 (430).
The average number of employees in the first half of the year was 474 (425).
The Parent Company's net sales amounted to MSEK 1.4 (1.1) MSEK and profit after net financial items amounted to MSEK 23.7 (20.7). Cash and cash equivalents amounted to MSEK 0.4 (0.8).
Profit before tax is expected to be in line with the previous year. The outlook deviates from the previous report when the outlook was anticipated to be better than last year.
BTS has completed the acquisitions of all business operations in the Italian companies Cesim Italia and Design Innovation.
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.
Interim report July–September November 18, 2016 Year-end report 2016 February 21, 2017 Interim report January–March 2017 May 10, 2017
The Board of Directors and the CEO declare that the undersigned interim report provides a true and fair overview of the Company's and the Group's operations, their financial position and performance as well as describing material risks and uncertainties facing the Company and other companies in the Group.
Stockholm, August 18, 2016
Reinhold Geijer Chairman
Mariana Burenstam Linder Board member
Stefan Gardefjord Board member
Dag Sehlin Board member
Henrik Ekelund CEO Board member
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 | April–June 2016 |
April–June 2015 |
Jan–June 2016 |
Jan–June 2015 |
July–June 2015/16 |
Jan–Dec 2015 |
|---|---|---|---|---|---|---|
| Net sales | 281,972 | 284,569 | 506,038 | 502,855 | 1,047,083 | 1,043,900 |
| Operating expenses | –246,315 | –244,731 | –458,483 | –448,722 | –932,233 | –922,473 |
| Depreciation of property, plant, and equipment |
–2,105 | –1,876 | –3,766 | –3,550 | –7,905 | –7,688 |
| Amortization of intangible assets | –1,033 | –1,042 | –2,128 | –2,187 | –4,227 | –4,286 |
| Operating profit | 32,518 | 36,920 | 41,662 | 48,396 | 102,717 | 109,452 |
| Net financial items | –50 | –114 | –355 | 57 | –674 | –263 |
| Profit before tax | 32,469 | 36,806 | 41,307 | 48,453 | 102,043 | 109,190 |
| Taxes | –10,575 | –12,216 | –13,724 | –16,014 | –34,345 | –36,635 |
| Profit for the period | 21,894 | 24,590 | 27,583 | 32,439 | 67,698 | 72,554 |
| attributable to the shareholders | ||||||
| of the parent company | 21,894 | 24,590 | 27,583 | 32,439 | 67,698 | 72,554 |
| Earnings per share, before dilution | ||||||
| of shares, SEK | 1.17 | 1.32 | 1.48 | 1.74 | 3.63 | 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 |
1.17 | 1.32 | 1.48 | 1.74 | 3.63 | 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 | April–June 2016 |
April–June 2015 |
Jan–June 2016 |
Jan–June 2015 |
July–June 2015/16 |
Jan–Dec 2015 |
|---|---|---|---|---|---|---|
| Profit for the period | 21,894 | 24,590 | 27,583 | 32,439 | 67,698 | 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 | 16,469 | –18,858 | 5,456 | 14,005 | –567 | 7,982 |
| Other comprehensive income for the period, net of tax |
16,469 | –18,858 | 5,456 | 14,005 | –567 | 7,982 |
| Total comprehensive income for the period | 38,363 | 5,732 | 33,039 | 46,444 | 67,131 | 80,536 |
| attributable to the shareholders of the parent company |
38,363 | 5,732 | 33,039 | 46,444 | 67,131 | 80,536 |
| KSEK | 30 June 2016 |
30 June 2015 |
31 Dec 2015 |
|---|---|---|---|
| Assets | |||
| Goodwill | 226,531 | 217,826 | 220,690 |
| Other intangible assets | 28,917 | 30,832 | 32,894 |
| Tangible assets | 17,434 | 14,951 | 15,232 |
| Property, plant, and equipment | 11,767 | 10,866 | 10,064 |
| Trade receivables | 260,073 | 220,716 | 276,812 |
| Other current assets | 116,263 | 106,116 | 115,737 |
| Cash and cash equivalents | 65,449 | 88,745 | 139,547 |
| Total assets | 726,434 | 690,052 | 810,976 |
| Equity and liabilities | |||
| Equity | 473,071 | 448,318 | 483,255 |
| Interest bearing – non-current liabilities | 16,963 | 16,490 | 16,705 |
| Non-interest bearing – non-current liabilities | – | 157 | – |
| Non-interest bearing – current liabilities | 236,401 | 225,087 | 311,016 |
| Total equity and liabilities | 726,434 | 690,052 | 810,976 |
| KSEK | Jan–June 2016 |
Jan–June 2015 |
Jan–Dec 2015 |
|---|---|---|---|
| Cash flow from operating activities | –23,875 | –9,595 | 57,864 |
| Cash flow from investing activities | –6,102 | –4,120 | –19,020 |
| Cash flow from financing activities | –43,819 | –16,138 | –16,293 |
| Cash flow for the period | –73,796 | –29,853 | 22,552 |
| Cash and cash equivalents, opening balance | 139,547 | 114,293 | 114,293 |
| Translation differences in cash and cash equivalents |
–302 | 4,305 | 2,702 |
| Cash and cash equivalents, closing balance | 65,449 | 88,745 | 139,547 |
| KSEK | Total equity 30 June 2016 |
Total equity 30 June 2015 |
Total equity 31 Dec 2015 |
|---|---|---|---|
| Opening balance | 483,255 | 434,505 | 434,505 |
| Dividend to shareholders | –43,819 | –32,631 | –32,631 |
| Other | 595 | – | 845 |
| Total comprehensive income for the period | 33,039 | 46,444 | 80,536 |
| Closing balance | 473,071 | 448,318 | 483,255 |
| KSEK | April–June 2016 |
April–June 2015 |
Jan–June 2016 |
Jan–June 2015 |
July–June 2015/16 |
Jan–Dec 2015 |
|---|---|---|---|---|---|---|
| Net sales, KSEK | 281,972 | 284,569 | 506,038 | 502,855 | 1,047,083 | 1,043,900 |
| EBITA (Profit before interest, tax and amortization), KSEK |
33,552 | 37,962 | 43,789 | 50,583 | 106,944 | 113,739 |
| EBIT (Operating profit), KSEK | 32,518 | 36,920 | 41,662 | 48,396 | 102,717 | 109,452 |
| EBITA margin (Profit before interest, tax and amortization margin), % |
12 | 13 | 9 | 10 | 10 | 11 |
| EBIT margin (Operating margin ), % | 12 | 13 | 8 | 10 | 10 | 10 |
| Profit margin, % | 8 | 9 | 5 | 6 | 6 | 7 |
| Operating capital, KSEK | 424,584 | 360,413 | ||||
| Return on equity, % | 14 | 16 | ||||
| Return on operating capital, % | 26 | 32 | ||||
| Equity ratio, at end of the period, % | 65 | 65 | 65 | 65 | 65 | 60 |
| Cash flow, KSEK | –63,735 | –21,054 | –73,796 | –29,853 | –22,391 | 22,552 |
| Cash and cash equivalents, at end of the period, KSEK |
65,449 | 88,745 | 65,449 | 88,745 | 65,449 | 139,547 |
| Average number of employees | 482 | 433 | 474 | 425 | 448 | 436 |
| Number of employees at end of the period | 481 | 430 | 481 | 430 | 481 | 463 |
| Revenues for the year per employee, KSEK | 2,340 | 2,394 |
| KSEK | April–June 2016 |
April–June 2015 |
Jan–June 2016 |
Jan–June 2015 |
July–June 2015/16 |
Jan–Dec 2015 |
|---|---|---|---|---|---|---|
| Net sales | 649 | 712 | 1,414 | 1,120 | 2,149 | 1,855 |
| Operating expenses | –738 | –767 | –1,289 | –1,019 | –2,486 | –2,217 |
| Operating profit | –89 | –55 | 125 | 101 | –337 | –362 |
| Net financial items | 23,708 | 20,585 | 23,585 | 20,585 | 43,413 | 40,413 |
| Profit before tax | 23,619 | 20,530 | 23,710 | 20,686 | 43,076 | 40,051 |
| Taxes | 0 | –4 | 0 | –4 | –746 | –746 |
| Profit for the period | 23,619 | 20,526 | 23,710 | 20,682 | 42,330 | 39,305 |
| KSEK | 30 June 2016 | 30 June 2015 | 31 Dec 2015 |
|---|---|---|---|
| Assets | |||
| Financial assets | 101,976 | 101,976 | 101,976 |
| Other current assets | 17,684 | 6,779 | 26,258 |
| Cash and cash equivalents | 376 | 793 | 124 |
| Total assets | 120,036 | 109,548 | 128,359 |
| Equity and liabilities | |||
| Equity | 91,025 | 92,510 | 111,134 |
| Liabilities | 29,011 | 17,038 | 17,225 |
| Total equity and liabilities | 120,036 | 109,548 | 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:
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
BTS HELSINKI Iso Roobertinkatu 4-6 00120 Helsinki Finland Tel. +358 9 4245 0330
BTS LONDON 37 Kensington High Street London W8 5ED UK Tel. +44 207 348 18 00 Fax. +44 207 348 18 01
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
BTS STOCKHOLM Head office Grevgatan 34 114 53 Stockholm Sweden Tel. +46 8 58 70 70 00 Fax. +46 8 58 70 70 01
ADVANTAGE PERFORMANCE GROUP
100 Smith Ranch Road, Suite 306 San Rafael, CA 94903 USA Tel. +1 800 494 6646 Fax. +1 415 925 9512
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
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
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
300 First Stamford Place Stamford, CT 06902 USA Tel. +1 203 316 2740 Fax. +1 203 316 2750
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
BTS DUBAI 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
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
Via Giuseppe Revere 16 20123 Milan Italy Tel. + 39 06 4227 23 08
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
One 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
7 F., No. 307, Dun-Hua, North Road Taipei 105 Taiwan Tel. +886 2 8712 3665
Kojimachi Brighton Bldg 2F 6-4-17 Kojimachi Chiyoda-ku, Tokyo 102-0083, Japan Tel. +81 03 6272 9973 Fax. +81 03 6672 9974
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