Annual Report • Feb 21, 2012
Annual Report
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• The proposed dividend is SEK 1.60 (1.50) per share.
1 | BTS Year-end Report January–december 2011 BTS Year-end Report January–december 2011 | 1 BTS Group AB is an international consultancy and training company active in the field of business acumen. BTS uses tailormade simulation models to support company managers in implementing change and improving profitability. BTS solutions and services train the entire organization to analyze and to take decisions centered on the factors that promote growth and profitability. This generates increased emphasis on profitability and market focus, and supports day-to-day decision-making, which in turn leads to tangible, sustainable improvements in profits. BTS customers are often leading major companies.
Adjusted for changes in foreign exchange rates,
Adjusted for changes in foreign exchange rates,
2011 – was a year of investments in recruitment, product development and in new markets. Growth was 9 percent (currencyadjusted), significantly under our target of 20 percent.
Continued rapid growth in Asia and in Latin America. Larger and more global projects. Good revenue trend for new products.
Earnings – strong earnings during Q4. Profit before tax for the full year was in line with the preceding year. Full year earnings increased by 8 percent, currency-adjusted.
Stockholm, February 21, 2012
Henrik Ekelund President and CEO of BTS Group AB (publ)
BTS' net turnover amounted to MSEK 697.7 (694.6) during the year. Adjusted for changes in foreign exchange rates, growth was 9 percent.
Growth varied among the units: BTS Other markets 24 percent, BTS USA 11 percent, BTS Europe 9 percent and APG –6 percent (growth figure measured in local currencies).
The group's profit before tax for the year decreased by 2 percent and to MSEK 88.3 (90.4). Adjusted for changes in foreign exchange rates, earnings increased by 8 percent.
Operating profit before amortization of intangible assets (EBITA) decreased by 7 percent during the year and amounted to MSEK 91.6 (99.0). Operating profit (EBIT) decreased by 3 percent during the year and amounted to MSEK 89.2 (92.0). Operating profit during the year was affected by MSEK 2.4 (7.0) for amortization of intangible assets attributable to acquisitions.
The operating margin before amortization of intangible assets (EBITA margin) was 13 (14) percent. The operating margin (EBIT margin) was 13 (13) percent.
Earnings were positively impacted by improved earnings in BTS Europe and BTS Other markets. Earnings were negatively impacted by weaker earnings in BTS USA and changes in foreign exchange rates (negative effect MSEK 9.1).
BTS' net turnover amounted to MSEK 203.2 (200.2) during the fourth quarter. Adjusted for changes in foreign exchange rates, growth was 3 percent.
Profit before tax for the fourth quarter increased by 27 percent and amounted to MSEK 34.2 (26.9). Earnings were impacted positively by improved earnings in BTS USA, BTS Other markets and APG, and by lower amortization of intangible assets and lower interest expenses. Earnings were negatively impacted by weaker earnings in BTS Europe and changes in foreign exchange rates (negative effect MSEK 0.8).
Operating profit before amortization of intangible assets (EBITA) increased by 17 percent during the fourth quarter and amounted to MSEK 34.6 (29.5). Operating profit (EBIT) increased by 26 percent to MSEK 34.3 (27.3). Operating profit during the fourth quarter was affected by MSEK 0.3 (2.1) for amortization of intangible assets attributable to acquisitions.
The operating margin before amortization of intangible assets (EBITA margin) was 17 (15) percent. The operating margin (EBIT margin) was 17 (14) percent.
The improved trend in the US economy is having a positive impact on demand in the US and in emerging markets. The negative trend in the European economy has resulted in greater caution among local companies when it comes to investments. Large global enterprises tend to adopt a more long-term perspective, and are continuing to invest in the type of services BTS offers.
New clients secured during the year included Arizona Public Service, Bangkok Bank, Foskor, ING Insurance Asia, Johnson Controls, Joy Global, London Underground, National Semiconductor, Oracle Asia & Australia, Orange, Prudential, Schindler Elevator, SSE Scottish Power, Trelleborg, Taishin Bank and UPC.
Net turnover by source of revenue januarY 1–december 31, 2011 (2010)
Profit development by quarter Profit before tax
PROFIT BEFORE TAX BY QUARTER AND OPERATING MARGIN before amortization of intangible assets (ebita)
From 2011, BTS is reporting revenues in a partially new manner, which provides better clarity and essentially reflects the operating structure.
BTS North America includes BTS' operations in North America as well as APG.
BTS Europe includes the operations in Sweden, Belgium, Finland, France, the Netherlands, the UK and Spain.
BTS Other markets consists of the operations in Australia, Singapore, India, Thailand, Taiwan, South Korea, China, Japan, Mexico, Brazil and South Africa.
| Oct–Dec | Oct–Dec | Full year | Full year | |
|---|---|---|---|---|
| MSEK | 2011 | 2010 | 2011 | 2010 |
| North America* | 132.2 | 129.4 | 465.9 | 487.5 |
| Europe | 37.5 | 43.7 | 123.9 | 119.1 |
| Other markets | 33.5 | 27.1 | 107.9 | 88.0 |
| Total | 203.2 | 200.2 | 697.7 | 694.6 |
| *North America | ||||
| BTS | 104.5 | 91.7 | 345.8 | 345.8 |
| APG | 27.7 | 37.7 | 120.1 | 141.7 |
| Total | 132.2 | 129.4 | 465.9 | 487.5 |
| Oct–Dec | Oct–Dec | Full year | Full year | |
|---|---|---|---|---|
| MSEK | 2011 | 2010 | 2011 | 2010 |
| North America* | 21.7 | 14.3 | 63.4 | 73.7 |
| Europe | 6.6 | 11.0 | 11.7 | 10.6 |
| Other markets | 6.3 | 4.2 | 16.5 | 14.7 |
| Total | 34.6 | 29.5 | 91.6 | 99.0 |
| *North America | ||||
| BTS | 20.1 | 14.4 | 58.7 | 69.4 |
| APG | 1.6 | –0.1 | 4.7 | 4.3 |
| Total | 21.7 | 14.3 | 63.4 | 73.7 |
Net turnover for BTS' North American operations amounted to MSEK 345.8 (345.8) during the year. Adjusted for changes in foreign exchange rates, revenue increased by 11 percent.
Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 58.7 (69.4) during the year.
The operating margin before amortization of intangible assets (EBITA margin) was 17 (20) percent.
Net turnover amounted to MSEK 104.5 (91.7) during the fourth quarter. Adjusted for changes in foreign exchange rates, revenue increased by 14 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 20.1 (14.4) during the fourth quarter. The operating margin before amortization of intangible assets (EBITA margin) was 19 (16) percent.
The market situation in North America has, during the end of the year, improved. The improvement in operating margin during the fourth quarter was due to better cost efficiency than during the corresponding quarter of 2010, when the operating margin was lower than normal.
Net turnover for APG amounted to MSEK 120.1 (141.7) during the year. Adjusted for changes in foreign exchange rates, revenue decreased by 6 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 4.7 (4.3) during the year. The operating margin before amortization of intangible assets (EBITA margin) was 4 (3) percent.
Net turnover amounted to MSEK 27.7 (37.7) during the fourth quarter. Adjusted for changes in foreign exchange rates, revenue decreased by 26 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 1.6 (–0.1) during the fourth quarter. The operating margin before amortization of intangible assets (EBITA margin) was 6 (0) percent.
During 2011, APG was significantly affected by the weakened economy.
Net turnover for Europe amounted to MSEK 123.9 (119.1) during the year. Adjusted for changes in foreign exchange rates, revenue increased by 9 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 11.7 (10.6) during the year. The operating margin before amortization of intangible assets (EBITA margin) was 9 (9) percent.
Net turnover amounted to MSEK 37.5 (43.7) during the fourth quarter. Adjusted for changes in foreign exchange rates, revenue decreased by 13 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 6.6 (11.0) during the fourth quarter. The operating margin before amortization of intangible assets (EBITA) was 18 (25) percent.
During the first half year, the trend in BTS Europe was positive with growth (currency-adjusted) of 29 percent. During the second half year, growth was negative, –6 percent. BTS Europe is expected to return to satisfactory growth during 2012.
Net turnover for Other markets amounted to MSEK 107.9 (88.0) during the year. Adjusted for changes in foreign exchange rates, revenue increased by 24 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 16.5 (14.7) during the year. The operating margin before amortization of intangible assets (EBITA margin) was 15 (17) percent.
Net turnover amounted to MSEK 33.5 (27.1) during the fourth quarter. Adjusted for changes in foreign exchange rates, revenue increased by 27 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 6.3 (4.2) during the fourth quarter. The operating margin before amortization of intangible assets (EBITA margin) was 19 (15) percent.
BTS' operations in Asia and Latin America displayed strong growth and improvement in earnings. BTS Australia reversed the previous negative trend; revenue and earnings developed positively during the fourth quarter.
BTS' cash flow from operating activities amounted to MSEK 49.3 (65.1) during the year. Cash flow from operating activities amounted to MSEK 26.3 (17.0) during the fourth quarter.
Cash and cash equivalents amounted to MSEK 84.4 (88.4) at the end of the period. The company's interest-bearing loans, which relate to previously completed acquisitions, amounted to MSEK 9.3 (27.8) at the end of the period.
BTS' solidity was 60 (58) 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 335 (299).
The average number of employees during the year was 325 (276).
The company's net turnover amounted to MSEK 2.6 (2.6) and the profit after net financial items amounted to MSEK 22.1 (34.4). Cash and cash equivalents amounted to MSEK 0.0 (0.1).
Profit before tax is expected to be better than previous year.
The Annual General Meeting will be held on April 27, 2012 at 09.30 in BTS' premises at Grevgatan 34, Stockholm.
The Board has proposed a dividend of SEK 1.60 per share.
No significant events 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 2010. 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 2011.
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. 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 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 2011 Will be published in April 2012 Interim report January–March April 27, 2012 Interim report April–June August 22, 2012 Interim report July–September November 8, 2012
Stockholm, February 21, 2012 Henrik Ekelund Chief Executive Officer
Henrik Ekelund President & CEO Phone: +46 8 587 070 00 Stefan Brown CFO Phone: +46 8 587 070 62 Thomas Ahlerup Senior Vice Phone: +46 8 587 070 02 President, Investor and Mobile: +46 768 966 300 Corporate Communications
For additional information visit our home page www.bts.com
BTS Group AB (publ) Grevgatan 34 114 53 Stockholm
Phone +46 8 587 070 00 Fax. +46 8 587 070 01 Corporate registration number: 556566-7119
Auditor's Report on Review of Condensed Interim Financial Information (interim report) prepared in accordance with IAS 34 and Chapter 9 of the Swedish Annual Accounts Act.
We have conducted a review of the accompanying interim report for BTS Group AB for the period January 1 to December 31, 2011. 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 Swedish Standard on Review Engagements SÖG 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review 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 regarding the group, and with the Swedish Annual Accounts Act, regarding the parent company.
Stockholm, February 21, 2012 Öhrlings Pricewaterhousecoopers AB
Magnus Thorling Chief Auditor
| KSEK | Okt–Dec 2011 |
Okt–Dec 2010 |
Jan–Dec 2011 |
Jan–Dec 2010 |
|---|---|---|---|---|
| Net turnover | 203,231 | 200,272 | 697,730 | 694,650 |
| Operating expenses | –167,420 | –170,000 | –602,116 | –592,285 |
| Depreciation tangible assets | –1,224 | –821 | –4,036 | –3,364 |
| Amortization intangible assets | –294 | –2,097 | –2,409 | –6,959 |
| Operating profit | 34,293 | 27,354 | 89,169 | 92,042 |
| Financial income and expenses | –91 | –390 | –904 | –1,625 |
| Profit before tax | 34,202 | 26,964 | 88,265 | 90,417 |
| Taxes | –12,105 | –8,890 | –30,576 | –31,180 |
| Profit for the period | 22,097 | 18,074 | 57,689 | 59,237 |
| attributable to equity holders of the parent | 22,097 | 18,074 | 57,689 | 59,237 |
| Earnings per share, before dilution of shares, SEK | 1.22 | 1.00 | 3.20 | 3.28 |
| Number of shares at end of the period | 18,048,300 | 18,048,300 | 18,048,300 | 18,048,300 |
| Average number of shares before dilution of shares | 18,048,300 | 18,048,300 | 18,048,300 | 18,048,300 |
| Earnings per share, after dilution of shares, SEK | 1.21 | 1.00 | 3.16 | 3.27 |
| Average number of shares after dilution of shares | 18,278,660 | 18,110,822 | 18,278,660 | 18,110,822 |
| Dividend per share , SEK | 1.60* | 1.50 |
* Proposed dividend
| KSEK | Okt–Dec 2011 |
Okt–Dec 2010 |
Jan–Dec 2011 |
Jan–Dec 2010 |
|---|---|---|---|---|
| Profit for the period | 22,097 | 18,074 | 57,689 | 59,237 |
| Other comprehensive income: | ||||
| Income/expenses in shareholders' equity | 273 | 3,348 | –867 | –17,298 |
| Other comprehensive income for the period, | ||||
| net of tax | 273 | 3,348 | –867 | –17,298 |
| Total comprehensive income for the period | 22,370 | 21,422 | 56,822 | 41,939 |
| attributable to equity holders of the parent | 22,370 | 21,422 | 56,822 | 41,939 |
| KSEK | 31 Dec 2011 | 31 Dec 2010 |
|---|---|---|
| Assets | ||
| Goodwill | 142,478 | 140,167 |
| Other intangible assets | 12,555 | 14,196 |
| Tangible assets | 15,553 | 9,742 |
| Other fixed assets | 3,843 | 5,769 |
| Accounts receivable | 196,855 | 167,122 |
| Other current assets | 61,928 | 57,556 |
| Cash and cash equivalents | 84,419 | 88,441 |
| Total assets | 517,631 | 482,993 |
| Equity and liabilities | ||
| Equity | 310,247 | 280,146 |
| Interest bearing – non current liabilities | 0 | 135 |
| Non interest bearing – non current liabilities | 485 | 297 |
| Interest bearing – current liabilities | 9,311 | 27,815 |
| Non interest bearing – current liabilities | 197,588 | 174,600 |
| Total equity and liabilities | 517,631 | 482,993 |
| KSEK | Jan–Dec 2011 |
Jan–Dec 2010 |
|---|---|---|
| Cash flow from current operations | 49,291 | 65,107 |
| Cash flow from investment activities | –7,934 | –4,576 |
| Cash flow from financing operations | –45,281 | –44,377 |
| Change in liquid funds | –3,924 | 16,154 |
| Liquid funds, opening balance | 88,441 | 75,412 |
| Effect of exchange rate changes on cash | –98 | –3,125 |
| Liquid funds, closing balance | 84,419 | 88,441 |
| KSEK | Total equity Dec 31, 2011 |
Total equity Dec 31, 2010 |
|---|---|---|
| Opening balance | 280,146 | 259,623 |
| Dividend to shareholders | –27,072 | –21,658 |
| Miscellaneous | 351 | 242 |
| Total comprehensive income for the period | 56,822 | 41,939 |
| Closing balance | 310,247 | 280,146 |
| Okt–Dec 2011 |
Okt–Dec 2010 |
Jan–Dec 2011 |
Jan–Dec 2010 |
|
|---|---|---|---|---|
| Net turnover, KSEK | 203,231 | 200,272 | 697,730 | 694,650 |
| EBITA (Profit before interest, tax and amortization), KSEK |
34,587 | 29,501 | 91,578 | 99,001 |
| EBIT (Operating profit), KSEK | 34,293 | 27,354 | 89,169 | 92,042 |
| EBITA margin (Profit before interest, tax and amortization margin), % |
17 | 15 | 13 | 14 |
| EBIT margin (Operating margin ), % | 17 | 14 | 13 | 13 |
| Profit margin, % | 11 | 9 | 8 | 9 |
| Operational capital, KSEK | 222,574 | 219,653 | ||
| Return on equity, % | 20 | 22 | ||
| Return on operational capital, % | 26 | 40 | ||
| Solidity at end of the period, % | 60 | 58 | 60 | 58 |
| Cash flow, KSEK | 8,184 | 8,478 | –3,924 | 16,154 |
| Liquid funds at end of the period, KSEK | 84,419 | 88,441 | 84,419 | 88,441 |
| Average number of employees | 335 | 297 | 325 | 276 |
| Number of employees at end of the period | 335 | 299 | 335 | 299 |
| Revenues for the year per employee, KSEK | 2,147 | 2,517 |
| KSEK | Okt–Dec 2011 |
Okt–Dec 2010 |
Jan–Dec 2011 |
Jan–Dec 2010 |
|---|---|---|---|---|
| Net turnover | 0 | 300 | 2,625 | 2,630 |
| Operating expenses | –567 | 104 | –2,437 | –1,961 |
| Operating profit | –567 | 404 | 188 | 669 |
| Financial income and expenses | 5,818 | 7,170 | 21,925 | 33,708 |
| Profit before tax | 5,251 | 7,574 | 22,113 | 34,377 |
| Taxes | 161 | 88 | 161 | 88 |
| Profit for the period | 5,412 | 7,662 | 22,274 | 34,465 |
| KSEK | 31 Dec 2011 | 31 Dec 2010 |
|---|---|---|
| Assets | ||
| Financial assets | 121,081 | 130,815 |
| Other current assets | 59 | 5,658 |
| Cash and cash equivalents | 0 | 118 |
| Total assets | 121,140 | 136,591 |
| Equity and liabilities | ||
| Equity | 105,272 | 108,283 |
| Liabilities | 15,868 | 28,308 |
| Total equity and liabilities | 121,140 | 136,591 |
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.
"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."
BTS' financial goals shall over time be:
"We deliver betterresults, faster.The unique BTS process offers fast strategic alignment and rapid capability building. Our key differentiators:
BTS STOCKHOLM Grevgatan 34 114 53 Stockholm Sweden Tel. +46 8 58 70 70 00 Fax. +46 8 58 70 70 01
Thomas R. Malthusstraat 1-3 1066JR Amsterdam The Netherlands Tel. +31 6 250958 72
BTS AUSTIN 401 Congress Avenue Suite 1510 Austin, Texas 78701 USA
BTS Business Consulting (Thailand) Co., Ltd. Thai CC Tower, 889 South Sathorn Road, Suite 181 Yannawa, Sathorn Bangkok 10120, Thailand Tel. +66 2 672 3780 Fax. +66 2 672 3665
c/o Simon Bolivar 27-10, dpt. 19 Bilbao 48013 Spain Tel. +34 94 423 5594 Fax. +34 94 423 6897
BTS Brussels NV Rue d'Arenberg 44 1000 Brussels Belgium Tel. +32 (0) 2 27 415 10 Fax. +32 (0) 2 27 415 11
33 N. LaSalle Street Suite 1210 Chicago, IL 60602 USA Tel. +1 312 263 6250 Fax. +1 312 263 6110
Kalevankatu 3A 45 00100 Helsinki Finland Tel. +358 9 8622 3600 Fax. +358 9 8622 3611
272 West Avenue Lakefield Office Park, Building C Centurion, Gauteng South Africa Tel. +27 12 663 6909 Fax. +27 12 663 6887
346 Kensington High Street London W14 8NS 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
Paseo General Martínez Campos, 53 Bajo Derecha 28010 Madrid Spain Tel. +34 91 417 5327 Fax. +34 91 555 2433
Suite 404, 198 Harbour Esplanade Docklands VIC 3008 Australia Tel. +61 3 9670 9850 Fax. +61 3 9670 9569
Luis G.Urbina No. 4-Desp. 201 Col. Polanco Chapultepec C.P.11560. México, D.F., Mexico Tel. +52 (55) 5281 6972 Fax. +52 (55) 5281 6972
901, Techniplex - II, 9th Floor Goregaon Flyover, Off S.V Road Goregaon (West), Mumbai 400 062, Maharashtra India
60 E. 42nd Street Suite 2434 New York, NY, 10165 USA Tel. +1 646 378 3730 Fax. +1 646 378 3731 BTS PARIS 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
BTS Consultoria E Serviços Ltda. Rua Oscar Freire, 379, 12º floor, cj. 121, CEP 01426-001, São Paulo, Brazil Tel: +55 11 3443 6295 Fax: +55 11 3443 6201
9455 E. Ironwood Square Drive, Ste. 100 Scottsdale, AZ 85258 USA Tel. +1 480 948 2777 Fax. +1 480 948 2928
949-8, 3F Sewon Building, Daechi-dong Gangnam-gu, Seoul South Corea 135-280 Tel. +82 2 539 7676 Fax. +82 2 553 3700
BTS Consulting (Shanghai) Co., Ltd. Suite 506B, West Office Tower Shanghai Centre 1376 Nanjing Road West Shanghai 200040 China Tel. +86 21 6289 8688 Fax. +86 21 6289 8311
BTS Asia Pacific Pte Ltd 37B Kreta Ayer Road Singapore 089001 Tel. +65 9750 3598 Tel/Fax. +65 6221 2870
300 First Stamford Place Stamford, CT 06902 USA Tel. +1 203 316 2740 Fax. +1 203 316 2750
Level 4, 61 York St, Sydney NSW 2000 Australia Tel. +61 2 9299 6435 Fax. +61 2 9299 6629
BTS Asia-Pacific Pte. Ltd., Taiwan Branch 12F Building A No. 25, Ren Ai Road, Section 4, Taipei, Taiwan Tel. +886 987 80 29 30
Embassy of Sweden Compound 1-10-3-901 Roppongi Minato-ku Tokyo 106-0032, Japan Tel. 03-3560-3692 Fax. 03-3560-3693
Group 700 Larkspur Landing Circle, Suite 125 Larkspur, CA 94939 USA Tel. 1-800-494-6646 Fax. 1-415-925-9512
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