Annual Report • Feb 13, 2014
Annual Report
Open in ViewerOpens in native device viewer
• The proposed dividend is SEK 1.75 (1.75) per share.
New clients secured during the year included Airbus, Apple China, Axa Japan, Banco Santander, Bankia, Belk Inc, Cepsa, DBS Bank, Genworth, Hempel, Hoerbiger, ITM Brazil, Nitto Denko, Swisscom, TE Connectivity and Telefonica Mexico.
NET TURNOVER AND PROFIT BEFORE TAX
"The global leader in accelerating strategic alignment and execution – innovating how organizations learn, change and improve."
BTS is a world leading strategy implementation firm. The company accelerates execution by ensuring the workforce is aligned to the strategy, has the right mindset, and has mastered the capabilities needed to deliver business results. BTS leverages customized business simulations and experiential learning initiatives to develop the business acumen, leadership and sales capabilities necessary for superior strategy execution. Partnering with today's leading corporations, BTS consultants bring passion and deep industry expertise to deliver high-impact solutions that help clients achieve better results, faster.
Headquartered in Stockholm, Sweden, BTS has more than 350 professionals in 29 offices located on six continents. Partnering with nearly 400 organizations, including more than 30 of the world's largest corporations, BTS's major clients are some of the most respected names in business: Anglo American, AT&T, Chevron, Coca-Cola, Ericsson, HP, Rio Tinto, Telefonica, and Unilever.
BTS is a public company listed on the NASDAQ-OMX Stockholm exchange and trades under the symbol BTS b.
Several units displayed a good performance during 2013 – BTS Europe as well as Asia and Latin America.
However, the very weak earnings in North America and conversions in South Africa and Australia meant that 2013 was a weak year with 7 percent lower revenues and a 25 percent decrease in profit after tax.
Approaching 2014, we are looking forward to the strong units continuing their positive performance, completion of the restructuring program in Australia with better earnings already shown during the second half of 2013 to our investments in South Africa and in the Middle East generating a positive development.
It has taken longer to reverse the trend in North America than we assumed, we believe, however, that intensified sales efforts in 2013 as well as cost reduction and efficiency improvements will result in a more positive performance during 2014.
We view the results in 2013 as a temporary decline in BTS' growth of many years.
Stockholm, February 13, 2014
Henrik Ekelund President and CEO of BTS Group AB (publ)
BTS' net turnover during the year amounted to MSEK 688.2 (770.5). Adjusted for changes in foreign exchange rates, growth was –7 percent.
Growth varied among the units: BTS Europe 10 percent, BTS Other markets 2 percent, APG –7 percent and BTS North America –16 percent (growth figure measured in local currencies).
Operating profit before amortization of intangible assets (EBITA) decreased by 28 percent during the year and amounted to MSEK 71.5 (98.8). Operating profit (EBIT) decreased by 28 percent during the year and amounted to MSEK 69.8 (97.4). Operating profit during the year was affected by MSEK 1.7 (1.4) for amortization of intangible assets attributable to acquisitions.
The operating margin before amortization of intangible assets (EBITA margin) was 10 (13) percent. The operating margin (EBIT margin) was 10 (13) percent.
The group's profit before tax for the year decreased by 28 percent to MSEK 69.7 (96.7).
Earnings were positively impacted by improved earnings in BTS Europe. Changes in foreign exchange rates impacted earnings negatively during the year by MSEK 2.8.
BTS' net turnover during the fourth quarter amounted to MSEK 171.5 (213.8). Adjusted for changes in foreign exchange rates, growth was –17 percent.
Operating profit before amortization of intangible assets (EBITA) decreased by 48 percent during the fourth quarter and amounted to MSEK 17.9 (34.3). Operating profit during the fourth quarter was affected by MSEK 0.7 (0.3) for amortization of intangible assets attributable to acquisitions. Operating profit (EBIT) decreased by 49 percent to MSEK 17.3 (34.0). The operating margin before amortization of intangible assets (EBITA margin) was 10 (16) percent. The operating margin (EBIT margin) was 10 (16) percent.
The group's profit before tax for the fourth quarter decreased by 50 percent to MSEK 17.0 (34.0).
The market during 2013 was characterized by continued caution among companies regarding investments.
New clients secured during the year included Airbus, Apple China, Axa Japan, Banco Santander, Bankia, Belk Inc, Cepsa, DBS Bank, Genworth, Hempel, Hoerbiger, ITM Brazil, Nitto Denko, Swisscom, TE Connectivity and Telefonica Mexico.
PROFIT BEFORE TAX AND OPERATING MARGIN (EBITA) BY QUARTER
BTS North America includes BTS' operations in North America excluding APG.
BTS Europe includes the operations in Sweden, Finland, France, the Netherlands, the UK, Belgium, Germany and Spain.
BTS Other markets consists of the operations in Australia, Singapore, Thailand, Taiwan, South Korea, China, Japan, India, Mexico, Brazil and South Africa.
APG consists of the operations in the subsidiary Advantage Performance Group (APG).
| MSEK | Oct–Dec 2013 |
Oct–Dec 2012 |
Jan–Dec 2013 |
Jan–Dec 2012 |
|---|---|---|---|---|
| BTS North America | 81.7 | 98.0 | 311.5 | 385.8 |
| BTS Europe | 44.9 | 51.7 | 162.8 | 150.2 |
| BTS Other markets | 27.2 | 35.1 | 122.4 | 131.9 |
| APG | 17.7 | 29.0 | 91.5 | 102.6 |
| Total | 171.5 | 213.8 | 688.2 | 770.5 |
OPERATING PROFIT BEFORE AMORTIZATION OF INTANGIBLE ASSETS (EBITA) PER OPERATIVE UNIT
| MSEK | Oct–Dec 2013 |
Oct–Dec 2012 |
Jan–Dec 2013 |
Jan–Dec 2012 |
|---|---|---|---|---|
| BTS North America | 6.5 | 14.6 | 35.6 | 63.2 |
| BTS Europe | 9.8 | 14.7 | 26.7 | 21.3 |
| BTS Other markets | 2.1 | 4.4 | 9.8 | 14.9 |
| APG | –0.5 | 0.6 | –0.6 | –0.6 |
| Total | 17.9 | 34.3 | 71.5 | 98.8 |
Net turnover for BTS' North American operations amounted to MSEK 311.5 (385.8) during the year. Adjusted for changes in foreign exchange rates, revenue decreased by 16 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 35.6 (63.2) during the year. The operating margin before amortization of intangible assets (EBITA margin) was 11 (16) percent.
Net turnover during the fourth quarter amounted to MSEK 81.7 (98.0). Adjusted for changes in foreign exchange rates, revenue decreased by 15 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 6.5 (14.6) during the fourth quarter. The operating margin before amortization of intangible assets (EBITA margin) was 8 (15) percent.
BTS North America displayed a negative performance during the full year compared to the previous year. Several large clients reduced their purchasing during the year, of which some deferred projects until 2014. The sales efforts were strengthened during the year, which generated several new clients and new projects were contracted towards the end of the year. It has taken longer to reverse the trend in North America than we assumed, but we expect that the intensified sales efforts in 2013 will lead to growth during 2014.
Net turnover for BTS Europe amounted to MSEK 162.8 (150.2) during the year. Adjusted for changes in foreign exchange rates, revenue increased by 10 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 26.7 (21.3) during the year. The operating margin before amortization of intangible assets (EBITA margin) was 16 (14) percent.
Net turnover during the fourth quarter amounted to MSEK 44.9 (51.7). Adjusted for changes in foreign exchange rates, revenue decreased by 13 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 9.8 (14.7) during the fourth quarter. The operating margin before amortization of intangible assets (EBITA margin) was 22 (28) percent.
BTS Europe displayed a positive performance during 2013 with a 25 percent increase in earnings. The decline during the fourth quarter compared to the previous year should be viewed in light of an extremely strong fourth quarter in 2012, and is expected to be temporary.
Net turnover for BTS Other markets amounted to MSEK 122.4 (131.9) during the year. Adjusted for changes in foreign exchange rates, revenue increased by 2 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 9.8 (14.9) during the year. The operating margin before amortization of intangible assets (EBITA margin) was 8 (11) percent.
Net turnover during the fourth quarter amounted to MSEK 27.2 (35.1). Adjusted for changes in foreign exchange rates, revenue decreased by 14 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 2.1 (4.4) during the fourth quarter. The operating margin before amortization of intangible assets (EBITA margin) was 8 (12) percent.
During the year, Asia and Latin America performed well with good growth in revenue and earnings. Investments to establish BTS in the attractive Arabian Peninsula market have affected earnings.
The annual results in Australia weakened significantly compared to the previous year, but the restructuring, which has been carried out has generated growth and an improvement in earnings during the second half of the year. The decline in Other markets during the fourth quarter is expected to be temporary, and there is good potential for a positive development during 2014.
Net turnover amounted to MSEK 91.5 (102.6) during the year. Adjusted for changes in foreign exchange rates, revenue decreased by 7 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK –0.6 (–0.6) during the year. The operating margin before amortization of intangible assets (EBITA margin) was –1 (1) percent.
Net turnover amounted to MSEK 17.7 (29.0) during the fourth quarter.
Adjusted for changes in foreign exchange rates, revenue decreased by 37 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK –0.5 (0.6) during the fourth quarter. The operating margin before amortization of intangible assets (EBITA margin) was –2 (2) percent.
AGP's negative performance during the full year was a result of the weak fourth quarter, when very extensive rebookings and deferrals of customer projects occurred.
BTS' cash flow from operating activities amounted to MSEK 47.7 (59.7) during the year. During the fourth quarter, cash flow from operating activities amounted to SEK 43.9 M (27.1).
Available cash and cash equivalents amounted to MSEK 108.8 (94.9) at the end of the period. The company's interest-bearing loans amounted to MSEK 0 (0) at the end of the period.
BTS' solidity was 69 (63) percent at the end of the period.
The company had no outstanding conversion loans at the balance sheet date.
The number of employees in BTS Group AB as of December 31 was 370 (385).
The average number of employees during the year was 376 (365).
The company's net turnover amounted to MSEK 1.8 (2.0) and the profit after net financial items amounted to MSEK 9.2 (27.1). Cash and cash equivalents amounted to MSEK 5.0 (1.0).
No transactions with related parties, apart from group companies, have taken place during the current period.
The profit before tax is expected to be significantly better than last year.
The Annual General Meeting will be held on May 13, 2014 at 9.30 a.m. in BTS' premises at Grevgatan 34, Stockholm.
In view of the positive outlook for 2014 and the company's strong financial position, the Board proposed an unchanged dividend of SEK 1.75 per share, exceeding the company's dividend policy.
During the year, BTS acquired all the business operations in the Danish company Wizerize A/S including personnel, technology, intellectual property rights, customer relationships, rights to trademarks and all equipment. The acquisition creates new opportunities to offer digital-enabled solutions that are built on current and future social and mobile IT platforms. These solutions supplement and strengthen BTS' existing offer very well. The acquisition was carried via BTS' subsidiary BTS USA Inc. The agreed purchase price consists of:
Acquisition calculation on the acquisition date translated at the closing day rate on December 31, 2013 in MSEK:
| MSEK | |
|---|---|
| Cash payment | 5.9 |
| True value of issued stock | 0.7 |
| Estimated value of earn-out payment | 5,2 |
| Total purchase price | 11.8 |
| Net assets at fair value | 3.3 |
| Goodwill | 8.5 |
Goodwill consists of expected future synergies through an expanded product range. Apart from synergies, components of the goodwill item include personnel and future profitability. No acquisition costs have been capitalized but have been expensed in full.
No significant events have occurred after the end of the period.
The group's material risks and uncertainties include market and business risks, operational risks as well as financial risks. Business and market risks may relate to larger customer exposures to particular sectors and companies as well as sensitivity to market conditions. Operational risks relate to dependence on people, supply of competence and intellectual property and that BTS meets the high demands imposed by clients in respect of quality. Financial risks mainly relate to foreign exchange and credit risks.
The management of risks and uncertainties is described in the Annual Report for 2012. BTS is considered to have a good diversification of risks as regards companies and sectors and the operational risks are deemed to be managed in a structured manner through well-established processes. The day-to-day exposure to changes in exchange rates is limited since revenues and costs mainly relate to the same currency in each market and the credit risk is limited as BTS only accepts creditworthy counterparties. No new material risks or uncertainties are deemed to have arisen during 2013.
In order to prepare the financial statements in conformity with IFRS the Corporate Management is required make estimates and assumptions that affect the application of the accounting policies and the recognized amounts of assets, liabilities, revenue and costs. The estimates and assumptions are based on historical experience and a number of other factors that are regarded as reasonable under the existing circumstances. The actual outcome can deviate from these estimates and judgements. Actual outcomes can deviate from these estimates and assessments. 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 adopted by the EU, RFR 1 Supplementary Accounting Rules for Groups and the Swedish Annual Accounts Act. The parent company's financial statements are prepared in accordance with RFR 2.2, 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 of operations or financial position.
Annual Report 2013 Will be published in April 2014 Interim report January–March May 13, 2014 Interim report April–June August 19, 2014 Interim report July–September November 6, 2014
Stockholm, February 13, 2014
Henrik Ekelund Chief Executive Officer
We have reviewed this interim report for the period January 1-December 31, 2013 for BTS Group AB (publ). The board of directors and the president 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 an opinion on this interim financial information, based on our review.
We conducted our review in accordance with the Standard on Review Engagements, (SÖG) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of the interim report consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review has a different focus and is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (ISA) and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain a level of assurance that would make us aware of all significant matters that might be identified in an audit. Accordingly, the conclusion expressed based on a review does not constitute the same level of assurance as a conclusion based on an audit.
Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim financial information is not, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act for the group, and with the Swedish Annual Accounts Act, for the parent company.
Stockholm, February 13, 2014
Öhrlings PricewaterhouseCoopers AB Magnus Thorling Authorized Public Accountant
Henrik Ekelund President and CEO Phone: +46 8 587 070 00 Stefan Brown CFO Phone: +46 8 587 070 62 Thomas Ahlerup Senior Vice President, Phone: +46 8 587 070 02 Investor and Corporate Communications Mobile: +46 768 966 300
For additional information visit our website www.bts.com
BTS Group AB (publ) Grevgatan 34 114 53 Stockholm SWEDEN Phone +46 8 587 070 00 Fax +46 8 587 070 01 Corporate registration number: 556566-7119
| KSEK | Oct–Dec 2013 |
Oct–Dec 2012 |
Jan–Dec 2013 |
Jan–Dec 2012 |
|---|---|---|---|---|
| Net turnover | 171,526 | 213,834 | 688,234 | 770,548 |
| Operating expenses | –151,767 | –177,941 | –610,439 | –665,972 |
| Depreciation tangible assets | –1,813 | –1,543 | –6,267 | –5,761 |
| Amortization intangible assets | –659 | –347 | –1,685 | –1,418 |
| Operating profit | 17,287 | 34,002 | 69,842 | 97,396 |
| Financial income and expenses | –296 | 6 | –159 | –674 |
| Profit before tax | 16,991 | 34,008 | 69,683 | 96,722 |
| Taxes | –4 528 | –11,094 | –21,848 | –32,981 |
| Profit for the period | 12,463 | 22,914 | 47,835 | 63,741 |
| attributable to equity holders of the parent | 12,463 | 22,914 | 47,835 | 63,741 |
| Earnings per share, before dilution of shares, SEK | 0,67 | 1,27 | 2,57 | 3,53 |
| Number of shares at end of the period | 18,589,870 | 18,066,065 | 18,589,870 | 18,066,065 |
| Average number of shares before dilution of shares |
18,589,870 | 18,066,065 | 18,589,870 | 18,057,183 |
| Earnings per share, after dilution of shares, SEK | 0,67 | 1,22 | 2,57 | 3,41 |
| Average number of shares after dilution of shares | 18,589,870 | 18,716,850 | 18,589,870 | 18,706,850 |
| Dividend per share, SEK | 1,75* | 1.75 |
* Proposed dividend
| KSEK | Oct–Dec 2013 |
Oct–Dec 2012 |
Jan–Dec 2013 |
Jan–Dec 2012 |
|---|---|---|---|---|
| Profit for the period | 12,463 | 22,914 | 47,835 | 63,741 |
| Items that will not be reclassified to Income Statement |
– | – | – | – |
| – | – | – | – | |
| Items that might be reclassified to Income Statement |
||||
| Income/expenses in shareholders' equity | 4,578 | –176 | –6,409 | –19,220 |
| Other comprehensive income for the period, net of tax |
4,578 | –176 | –6,409 | –19,220 |
| Total comprehensive income for the period | 17,041 | 22,738 | 41,426 | 44,521 |
| attributable to equity holders of the parent | 17,041 | 22,738 | 41,426 | 44,521 |
| KSEK | 31 Dec 2013 | 31 Dec 2012 |
|---|---|---|
| Assets | ||
| Goodwill | 143,033 | 134,684 |
| Other intangible assets | 16,603 | 15,141 |
| Tangible assets | 13,716 | 16,296 |
| Other fixed assets | 9,444 | 7,898 |
| Accounts receivable | 155,980 | 158,479 |
| Other current assets | 71,259 | 91,114 |
| Cash and cash equivalents | 108,833 | 94,910 |
| Total assets | 518,868 | 518,521 |
| Equity and liabilities | ||
| Equity | 355,783 | 326,563 |
| Non interest bearing – non current liabilities | 213 | 703 |
| Interest bearing – current liabilities | 0 | – |
| Non interest bearing – current liabilities | 162,873 | 191,255 |
| Total equity and liabilities | 518,868 | 518,521 |
| KSEK | Jan–Dec 2013 |
Jan–Dec 2012 |
|---|---|---|
| Cash flow from current operations | 47,675 | 59,709 |
| Cash flow from investment activities | –15,674 | –14 431 |
| Cash flow from financing operations | –12,638 | –27,927 |
| Change in liquid funds | 19,363 | 17,351 |
| Liquid funds, opening balance | 94,910 | 84,419 |
| Effect of exchange rate changes on cash | –5,439 | –6 860 |
| Liquid funds, closing balance | 108,833 | 94,910 |
| KSEK | Total equity 31 Dec 2013 |
Total equity 31 Dec 2012 |
|---|---|---|
| Opening balance | 326,563 | 310,247 |
| Dividend to shareholders | –32,184 | –28,877 |
| New share issue | 19,977 | 670 |
| Other | 2 | 2 |
| Total comprehensive income for the period | 41,426 | 44,521 |
| Closing balance | 355,783 | 326,563 |
| Oct–Dec 2013 |
Oct–Dec 2012 |
Jan–Dec 2013 |
Jan–Dec 2012 |
|
|---|---|---|---|---|
| Net turnover, KSEK | 171,526 | 213,834 | 688,234 | 770,548 |
| EBITA (Profit before interest, tax and amortization), KSEK |
17,946 | 34,349 | 71,528 | 98,814 |
| EBIT (Operating profit), KSEK | 17,287 | 34,002 | 69,842 | 97,396 |
| EBITA margin (Profit before interest, tax and amortization margin), % |
10 | 16 | 10 | 13 |
| EBIT margin (Operating margin ), % | 10 | 16 | 10 | 13 |
| Profit margin, % | 7 | 11 | 7 | 8 |
| Operational capital, KSEK | 246,949 | 229,818 | ||
| Return on equity, % | 14 | 20 | ||
| Return on operational capital, % | 29 | 42 | ||
| Solidity at end of the period, % | 69 | 63 | ||
| Cash flow, KSEK | 43,158 | 25 026 | 19,363 | 17,351 |
| Liquid funds at end of the period, KSEK | 108,833 | 94,910 | ||
| Average number of employees | 373 | 384 | 376 | 365 |
| Number of employees at end of the period | 370 | 385 | ||
| Revenues for the year per employee, KSEK | 1,830 | 2,111 |
| KSEK | Oct–Dec 2013 |
Oct–Dec 2012 |
Jan–Dec 2013 |
Jan–Dec 2012 |
|---|---|---|---|---|
| Net turnover | 409 | 440 | 1,825 | 1,980 |
| Operating expenses | –486 | –472 | –1,812 | –2,094 |
| Operating profit | –77 | –32 | 13 | –114 |
| Financial income and expenses | 1 | 4,658 | 9,165 | 27,213 |
| Profit before tax | –76 | 4,626 | 9,178 | 27,099 |
| Taxes | 0 | –555 | 0 | –555 |
| Profit for the period | –76 | 4,071 | 9,178 | 26,544 |
| KSEK | 31 Dec 2013 | 31 Dec 2012 |
|---|---|---|
| Assets | ||
| Financial assets | 101,976 | 101,976 |
| Other current assets | 53 | 1,070 |
| Cash and cash equivalents | 5,013 | 1,040 |
| Total assets | 107,042 | 104,086 |
| Equity and liabilities | ||
| Equity | 104,998 | 103,608 |
| Liabilities | 2,044 | 478 |
| Total equity and liabilities | 107,042 | 104,086 |
Earnings attributable to the parent company´s shareholders divided by number of shares.
EBITA margin (Profit before interest, tax and amortization margin) Operating profit before interest, tax and amortization as a percentage of revenues.
EBIT margin (Operating margin) Operating profit after depreciation as a percentage of revenues.
Profit margin Profit for the period as a percentage of revenues.
Total balance sheet reduced by liquid funds and other interest bearing assets and reduced by non-interest bearing liabilities.
Return on equity Profit after tax as a percentage of average equity.
Solidity Equity as a percentage of total balance sheet.
Every care has been taken in the translation of this report. In the event of discrepancies, however, the Swedish original will supersede the English translation.
BTS is the world leader in customized business simulations and other discovery learning solutions that enable leading organizations to learn, change and improve. The unique BTS process offers fast strategic alignment and rapid capability building to accelerate execution and to improve business results.
"The global leader in accelerating strategic alignment and execution – innovating how organizations learn, change and improve."
"We build commitment and capability to accelerate strategy execution and improve business results."
"We deliver better results, faster. The unique BTS process offers fast strategic alignment and rapid capability building.
BTS' financial goals shall over time be:
Grevgatan 34 114 53 Stockholm Sweden Tel. +46 8 58 70 70 00 Fax. +46 8 58 70 70 01
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
401 Congress Avenue, Suite 1510 Austin, Texas 78701 USA Tel. +1 512 751 9333 Fax. +1 512 692 1840
128/27 Phyathai Plaza Building (4th Floor) Phyathai Rd. Kwaeng Thung Phyathai Khet Ratchathewi Bangkok 10400 Thailand Tel. +66 2 216 5974
c/o Simon Bolivar 27-1º, oficina nº 4 48013 Bilbao Spain Tel. +34 94 423 5594 Fax. +34 94 423 6897
Rue d'Arenberg 44 1000 Brussels Belgium Tel. +32 (0) 2 27 415 10 Fax. +32 (0) 2 27 415 11
200 South Wacker Drive Suite 925 Chicago, IL 60606 USA Tel. +1 312 509 4750 Fax.+1 312 509 4781
Korkeavuorenkatu 47 B 00130 Helsinki Finland Tel. +358 9 8622 3600 Fax. +358 9 8622 3611
267 West Avenue, 1st Floor 0046 Centurion, Gauteng South Africa Tel. +27 12 663 6909 Fax. +27 12 663 6887
37 Kensington High Street London W8 5ED UK Tel. +44 207 348 18 00 Fax. +44 207 348 18 01
2029 Century Park East Suite 1400 Los Angeles, CA 90067 USA Tel. +1 424 202 6952
Calle José Abascal 42, 2º dcha 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
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
901, Techniplex - II, 9th Floor Goregaon Flyover, Off S.V Road Goregaon (West), Mumbai 400 062, Maharashtra India Tel. +91 22 6196 6800
Theresienhoehe 28 80339 Munich Germany Tel. +49 89 244 40 7036
60 E. 42nd Street, Suite 2434 New York, NY, 10165 USA Tel. +1 646 378 3730 Fax. +1 646 378 3731
12 Rue Vivienne 75002 Paris France Tel. +33 1 40 15 07 43
6 Tower Bridge, Suite 540 181 Washington Street Conshohocken, PA 19428 USA Tel. (toll free) +1 800 445 7089 Tel. +1 484 391 2900 Fax. +1 484 391 2901
456 Montgomery Street, Suite 900 San Francisco, CA 94104 USA Tel. +1 415 362 42 00 Fax. +1 415 362 42 70
Rua Geraldo Flausino Gomes, 85, cj 42 Brooklin Novo 04575-060 Sao Paulo-SP Brazil Tel. +55 11 5505 2070 Fax. +55 11 5505 2016
9455 E. Ironwood Square Drive, Ste. 100 Scottsdale, AZ 85258 USA Tel. +1 480 948 2777 Fax. +1 480 948 2928
Suite 506B,WestOffice Tower Shanghai Centre 1376 Nanjing Road West Shanghai 200040 China Tel. +86 21 6289 8688 Fax. +86 21 6289 8311
110 Amoy Street #02-00 Singapore 069930 Tel. +65 6221 2870 Fax. +65 6224 2427
300 First Stamford Place Stamford, CT 06902 USA Tel. +1 203 316 2740 Fax. +1 203 316 2750
Suite 2, Level 9, 39 Martin Place Sydney, NSW, 2000, Australia Tel. +61 02 8243 0900 Fax. +61 02 9299 6629
7F, No. 307, Tun-Hua, North Road Taipei 105 , Taiwan Tel. +886 2 8712 3665
Kojimachi Brighton Bldg 2F 6-4-17 Kojimachi Chiyoda-ku, Tokyo 102-0082, Japan Tel. +81 3 6272 9973 Fax. +81 3 6672 9974
Group 700 Larkspur Landing Circle, Suite 125 Larkspur, CA 94939 USA Tel. +1 800 494 6646 Fax. +1 415 925 9512
Building tools?
Free accounts include 100 API calls/year for testing.
Have a question? We'll get back to you promptly.