Quarterly Report • Nov 9, 2011
Quarterly Report
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Changes in foreign exchange rates and investments weighed on earnings
Profit before tax for the full-year 2011 is expected to be in line with the preceding year which differsfrom the previousreport as profit before tax is expected to be better than the preceding year. NETTOOMSÄTTTNING OCH RESULTAT FÖRE SKATT Rullande 12-månader
BTS Group AB (publ) är ett internationellt ledande konsultföretag som samarbetar med ledande företag för att accelerera förändring och förbättra aff ärsresultat. BTS är världsledande inom skräddarsydda aff ärssimuleringar och upplevelsebaserad inlärning, lösningar som stöder ledande företag för att växa och bli framgångsrika genom förändrings- och förbättringsprocesser. BTS adderar värde främst inom tre områden: Strategisk utveckling & Aff ärsmannaskap, Ledarskap & Chefskap samt Försäljning. 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.
BTS interim report january–september 2011 | 1 BTS DELÅRSRAPPORT JANUARIMARS 2011 | 1
BTS continues to invest in recruitment, product development and in new markets and this weighed on earnings which decreased by 15 percent overall during the first nine months of the year. Adjusted for changes in foreign exchange rates, earnings decreased by 2 percent.
Earnings in the fourth quarter of 2011 are expected to increase compared with the preceding year.
During the third quarter, growth at 4 percent was significantly lower than normal, with low growth both in North America and in Europe.
The trend in Asia and Latin America continued to be very positive with rapid growth and a sharp improvement in earnings. During the quarter, we opened a new office in Mumbai, India.
Full-year earnings are expected to be in line with the previous year.
Stockholm, November 9, 2011
Henrik Ekelund President and CEO of BTS Group AB (publ)
BTS' net turnover amounted to MSEK 494.5 (494.4) during the nine-month period. Adjusted for changes in foreign exchange rates, growth was 11 percent.
Growth varied among the units: BTS Other markets 26 percent, BTS Europe 21 percent, BTS USA 9 percent and APG 2 percent (growth figure calculated in local currencies).
Operating profit before amortization of intangible assets (EBITA) decreased by 18 percent during the nine-month period and amounted to MSEK 57.0 (69.5). Operating profit (EBIT) decreased by 15 percent during the nine-month period and amounted to MSEK 54.9 (64.7). Operating profit during the nine-month period was affected by MSEK 2.1 (4.8) for amortization of intangible assets attributable to acquisitions.
The operating margin before amortization of intangible assets (EBITA margin) was 12 (14) percent. The operating margin (EBIT margin) was 11 (13) percent.
The Group's profit before tax for the nine-month period decreased by 15 percent and amounted to MSEK 54.1 (63.5).
Earnings were positively impacted by improved earnings in BTS Europe. Earnings were negatively impacted by changes in foreign exchange rates (negative effect MSEK 8.3) and a decrease in earnings in BTS USA.
BTS' net turnover amounted to MSEK 164.3 (173.3) during the third quarter. Adjusted for changes in foreign exchange rates, growth was 4 percent.
Operating profit before amortization of intangible assets (EBITA) decreased by 22 percent during the third quarter and amounted to MSEK 18.2 (23.4). Operating profit during the third quarter was affected by MSEK 0.7 (2.0) for amortization of intangible assets attributable to acquisitions. Operating profit (EBIT) decreased by 18 percent to MSEK 17.5 (21.4).
The operating margin before amortization of intangible assets (EBITA margin) was 11 (13) percent. The operating margin (EBIT margin) was 11 (12) percent.
Profit before tax for the third quarter decreased by 18 percent and amounted to MSEK 17.3 (21.1).
Earnings were negatively impacted by changes in foreign exchange rates (negative effect MSEK 2.8) and a decrease in earnings in BTS USA.
Since September, the market has been affected by the global financial turbulence. The decision time among clients is increasing generally. Meanwhile, many large companies are adopting a long-term view and are continuing to invest in the type of services offered by BTS.
New clients secured during the first nine months of the year included Bangkok Bank, Foskor, ING Insurance Asia, Johnson Controls, Joy Global, London Underground, National Semiconductor, Oracle Asia & Australia Orange, Prudential, SSE Scottish Power, Sweco and Taishin Bank.
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 reflects the operating structure in all essentials.
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, Thailand, Taiwan, South Korea, China, Japan, Mexico, Brazil and South Africa.
| Jul–Sep | Jul–Sep | Jan–Sep | Jan–Sep | Oct–Sep | Jan–Dec | |
|---|---|---|---|---|---|---|
| MSEK | 2011 | 2010 | 2011 | 2010 | 2010/11 | 2010 |
| North America* | 106.9 | 121.9 | 333.7 | 358.1 | 463.1 | 487.5 |
| Europe | 26.7 | 26.6 | 86.4 | 75.4 | 130.1 | 119.1 |
| Other markets | 30.7 | 24.8 | 74.4 | 60.9 | 101.5 | 88.0 |
| Total | 164.3 | 173.3 | 494.5 | 494.4 | 694.7 | 694.6 |
| *North America | ||||||
| BTS | 82.2 | 89.9 | 241.3 | 254.1 | 333.0 | 345.8 |
| APG | 24.7 | 32.0 | 92.4 | 104.0 | 130.1 | 141.7 |
| Total | 106.9 | 121.9 | 333.7 | 358.1 | 463.1 | 487.5 |
| MSEK | Jul–Sep 2011 |
Jul–Sep 2010 |
Jan–Sep 2011 |
Jan–Sep 2010 |
Oct–Sep 2010/11 |
Jan–Dec 2010 |
|---|---|---|---|---|---|---|
| North America* | 12.9 | 17.7 | 41.7 | 59.4 | 56.0 | 73.7 |
| Europe | –0.1 | 0.4 | 5.1 | –0.4 | 17.9 | 12.4 |
| Other markets | 5.4 | 5.3 | 10.2 | 10.5 | 12.6 | 12.9 |
| Total | 18.2 | 23.4 | 57.0 | 69.5 | 86.5 | 99.0 |
| *North America | ||||||
| BTS | 12.4 | 17.7 | 38.6 | 55.0 | 53.0 | 69.4 |
| APG | 0.5 | 0.0 | 3.1 | 4.4 | 3.0 | 4.3 |
| Total | 12.9 | 17.7 | 41.7 | 59.4 | 56.0 | 73.7 |
Net turnover for BTS' North American operations amounted to MSEK 241.3 (254.1) during the nine-month period. Adjusted for changes in foreign exchange rates, revenue increased by 9 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 38.6 (55.0) during the ninemonth period. The operating margin before amortization of intangible assets (EBITA margin) was 16 (22) percent.
Net turnover amounted to MSEK 82.2 (89.9) during the third quarter. Adjusted for changes in foreign exchange rates, revenue increased by 3 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 12.4 (17.7) during the third quarter. The operating margin before amortization of intangible assets (EBITA margin) was 15 (20) percent.
The weaker margin was due to investments in recruitment and product development, and to a higher proportion, development and a lower proportion, seminars. The lower growth in the third quarter was due to a higher proportion of deferred projects than normal during the latter part of the quarter.
Net turnover amounted to MSEK 92.4 (104.0) during the ninemonth period. Adjusted for changes in foreign exchange rates, revenue increased by 2 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 3.1 (4.4) during the nine-month period. The operating margin before amortization of intangible assets (EBITA margin) was 3 (4) percent.
Net turnover amounted to MSEK 24.7 (32.0) during the third quarter. Adjusted for changes in foreign exchange rates, revenue decreased by 13 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 0.5 (0.0) during the third quarter. The operating margin before amortization of intangible assets (EBITA margin) was 2 (0) percent.
The revenue decline in the third quarter was due to increasing caution among clients regarding investments in training during the latter part of the quarter.
Net turnover for Europe amounted to MSEK 86.4 (75.4) during the nine-month period. Adjusted for changes in foreign exchange rates, revenue increased by 21 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 5.1 (–0.4) during the nine-month period. The operating margin before amortization of intangible assets (EBITA margin) was 6 (0) percent.
Net turnover amounted to MSEK 26.7 (26.6) during the third quarter. Adjusted for changes in foreign exchange rates, revenue increased by 5 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK –0.1 (0.4) during the third quarter. The operating margin before amortization of intangible assets (EBITA margin) was 0 (2) percent.
The growth and improvement in earnings during the ninemonth period were due to a better performance in Northern Europe and Spain.
Net turnover for Other markets amounted to MSEK 74.4 (60.9) during the nine-month period. Adjusted for changes in foreign exchange rates, revenue increased by 26 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 10.2 (10.5) during the nine-month period. The operating margin before amortization of intangible assets (EBITA) was 14 (17) percent.
Net turnover amounted to MSEK 30.7 (24.8) during the third quarter. Adjusted for changes in foreign exchange rates, revenue increased by 27 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 5.4 (5.3) during the third quarter. The operating margin before amortization of intangible assets (EBITA margin) was 18 (21) percent.
BTS' operations in Asia and Latin America are displaying strong growth and improvement in earnings, while revenue and earnings in BTS Australia have declined significantly.
BTS' cash flow from operating activities amounted to MSEK 23.0 (48.1) during the nine-month period.
The deterioration compared with the previous year relates in all essentials to a decrease in current liabilities.
Cash flow from operating activities is expected to improve considerably during the remaining part of the year.
Cash and cash equivalents amounted to MSEK 73.5 (78.9) at the end of the period. The company's interest-bearing loans, which relate to previously completed acquisitions, amounted to MSEK 25.4 (36.6) at the end of the period.
BTS' solidity was 65 (60) 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 as of September 30 was 335 (288). The average number of employees during the ninemonth period was 321 (268).
The company's net turnover amounted to MSEK 2.6 (2.3) and the profit after net financial items amounted to MSEK 16.9 (26.8). Cash and cash equivalents amounted to SEK 0.0 M (0.1).
Profit before tax for the full-year 2011 is expected to be in line with the preceding year which differs from the previous report in which profit before tax was expected to be better than the preceding year.
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 the first nine months of 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 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 of operations or financial position.
As announced previously, a nominating committee has been appointed. BTS' two largest shareholders, in consultation with the Chairman of the Board, Michael Grindfors have appointed the following persons to serve on the Nominating Committee:
Anders Dahl has been appointed Chairman of the Nominating Committee.
The duties of the Nominating Committee include making recommendations on candidates for the board of directors as well as submitting proposals concerning remuneration for board members and auditors.
Shareholders in BTS Group AB are welcome to submit proposals to the Chairman of the Nominating Committee at the following address: BTS Group AB, Grevgatan 34, 114 53 Stockholm.
It is intended to announce the nomination of board members in the notice convening the next Annual General Meeting.
Year-end report 2011 February 2012 Annual report 2011 April 2012
Stockholm, November 9, 2011
Henrik Ekelund Chief Executive Officer
This report has not been the subject of separate examination by BTS' auditor.
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
Tel. + 46 8 587 070 00 Fax. + 46 8 587 070 01 Corporate registration number: 556566-7119
| KSEK | Jul–Sep 2011 |
Jul–Sep 2010 |
Jan–Sep 2011 |
Jan–Sep 2010 |
Oct–Sep 2010/11 |
Jan–Dec 2010 |
|---|---|---|---|---|---|---|
| Net turnover | 164,342 | 173,318 | 494,499 | 494,378 | 694,771 | 694,650 |
| Operating expenses | –145,147 | –148,996 | –434,695 | –422,285 | –604,695 | –592,285 |
| Depreciation tangible assets | –968 | –925 | –2,813 | –2,543 | –3,634 | –3,364 |
| Amortization intangible assets | –712 | –2,001 | –2,115 | –4,862 | –4,212 | –6,959 |
| Operating profit | 17,515 | 21,396 | 54,876 | 64,688 | 82,230 | 92,042 |
| Financial income and expenses | –200 | –267 | –813 | –1,235 | –1,203 | –1,625 |
| Profit before tax | 17,315 | 21,129 | 54,063 | 63,453 | 81,027 | 90,417 |
| Taxes | –5,690 | –7,403 | –18,470 | –22,290 | –27,360 | –31,180 |
| Profit for the period | 11,625 | 13,726 | 35,593 | 41,163 | 53,667 | 59,237 |
| attributable to equity holders of the parent | 11,625 | 13,726 | 35,593 | 41,163 | 53,667 | 59,237 |
| Earnings per share, before dilution of shares, SEK | 0.64 | 0.76 | 1.97 | 2.28 | 2.97 | 3.28 |
| Number of shares at end of the period | 18,048,300 | 18,048,300 | 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 | 18,048,300 | 18,048,300 |
| Earnings per share, after dilution of shares, SEK | 0.63 | 0.76 | 1.94 | 2.26 | 2.95 | 3.25 |
| Average number of shares after dilution of shares | 18,308,604 | 18,176,301 | 18,308,604 | 18,176,301 | 18,165,746 | 18,219,317 |
| Dividend per share , SEK | 1.50 |
| KSEK | Jul–Sep 2011 |
Jul–Sep 2010 |
Jan–Sep 2011 |
Jan–Sep 2010 |
Oct–Sep 2010/11 |
Jan–Dec 2010 |
|---|---|---|---|---|---|---|
| Profit for the period | 11,625 | 13,726 | 35,593 | 41,163 | 53,667 | 59,237 |
| Other comprehensive income: | ||||||
| Income/expenses in shareholders' equity | 17,329 | –38,571 | –1,140 | –20,646 | 2,208 | –17,298 |
| Other comprehensive income for the period, net of tax |
17,329 | –38,571 | –1,140 | –20,646 | 2,208 | –17,298 |
| Total comprehensive income for the period | 28,954 | –24,845 | 34,453 | 20,517 | 55,875 | 41,939 |
| attributable to equity holders of the parent | 28,954 | –24,845 | 34,453 | 20,517 | 55,875 | 41,939 |
| KSEK | 30 sep 2011 | 30 sep 2010 | 31 dec 2010 |
|---|---|---|---|
| Assets | |||
| Goodwill | 141,218 | 140,148 | 140,167 |
| Other intangible assets | 12,076 | 15,347 | 14,196 |
| Tangible assets | 15,049 | 9,049 | 9,742 |
| Other fixed assets | 3,903 | 4,884 | 5,769 |
| Accounts receivable | 127,531 | 121,533 | 167,122 |
| Other current assets | 72,899 | 59,218 | 57,556 |
| Cash and cash equivalents | 73,498 | 78,910 | 88,441 |
| Total assets | 446,174 | 429,089 | 482,993 |
| Equity and liabilities | |||
| Equity | 287,828 | 259,126 | 280,146 |
| Interest bearing – non current liabilities | 135 | 137 | 135 |
| Non interest bearing – non current liabilities | 363 | 435 | 297 |
| Interest bearing – current liabilities | 25,409 | 36,603 | 27,815 |
| Non interest bearing – current liabilities | 132,439 | 132,788 | 174,600 |
| Total equity and liabilities | 446,174 | 429,089 | 482,993 |
| KSEK | Jan–sep 2011 |
Jan–sep 2010 |
Jan–dec 2010 |
|---|---|---|---|
| Cash flow from current operations | 23,003 | 48,083 | 65,107 |
| Cash flow from investment activities | –7,938 | –2,642 | –4,576 |
| Cash flow from financing operations | –27,173 | –37,765 | –44,377 |
| Change in liquid funds | –12,108 | 7,676 | 16,154 |
| Liquid funds, opening balance | 88,441 | 75,412 | 75,412 |
| Effect of exchange rate changes on cash | –2,835 | –4,178 | –3,125 |
| Liquid funds, closing balance | 73,498 | 78,910 | 88,441 |
| KSEK | Total equity Sep 30, 2011 |
Total equity Sep 30, 2010 |
Total equity Dec 31, 2010 |
|---|---|---|---|
| Opening balance | 280,146 | 259,623 | 259,623 |
| Dividend to shareholders | –27,072 | –21,658 | –21,658 |
| Miscellaneous | 301 | 644 | 242 |
| Total comprehensive income for the period | 34,453 | 20,517 | 41,939 |
| Closing balance | 287,828 | 259,126 | 280,146 |
| Jul–Sep 2011 |
Jul–Sep 2010 |
Jan–Sep 2011 |
Jan–Sep 2010 |
Oct–Sep 2010/11 |
Jan–Dec 2010 |
|
|---|---|---|---|---|---|---|
| Net turnover, KSEK | 164,342 | 173,318 | 494,499 | 494,378 | 694,771 | 694,650 |
| EBITA (Profit before interest, tax and amortization), KSEK |
18,226 | 23,397 | 56,991 | 69,551 | 86,443 | 99,001 |
| EBIT (Operating profit), KSEK | 17,515 | 21,396 | 54,876 | 64,688 | 82,231 | 92,042 |
| EBITA margin (Profit before interest, tax and amortization margin), % |
11 | 13 | 12 | 14 | 12 | 14 |
| EBIT margin (Operating margin ), % | 11 | 12 | 11 | 13 | 12 | 13 |
| Profit margin, % | 7 | 8 | 7 | 8 | 8 | 9 |
| Operational capital, KSEK | 228,633 | 219,653 | ||||
| Return on equity, % | 20 | 22 | ||||
| Return on operational capital, % | 36 | 40 | ||||
| Solidity at end of the period, % | 65 | 60 | 65 | 60 | 65 | 58 |
| Cash flow, KSEK | 10,759 | 15,280 | –12,108 | 7,676 | –3,630 | 16,154 |
| Liquid funds at end of the period, KSEK | 73,498 | 78,910 | 73,498 | 78,910 | 73,498 | 88,441 |
| Average number of employees | 328 | 281 | 321 | 268 | 329 | 276 |
| Number of employees at end of the period | 335 | 288 | 335 | 288 | 335 | 299 |
| Revenues for the year per employee, KSEK | 2,112 | 2,517 |
| KSEK | Jul–Sep 2011 |
Jul–Sep 2010 |
Jan–Sep 2011 |
Jan–Sep 2010 |
Oct–Sep 2010/11 |
Jan–Dec 2010 |
|---|---|---|---|---|---|---|
| Net turnover | 0 | 0 | 2,625 | 2,330 | 2,925 | 2,630 |
| Operating expenses | –823 | –635 | –1,870 | –2,065 | –1,766 | –1,961 |
| Operating profit | –823 | –635 | 755 | 265 | 1,159 | 669 |
| Financial income and expenses | –230 | 24,590 | 16,107 | 26,538 | 23,277 | 33,708 |
| Profit before tax | –1,053 | 23,955 | 16,862 | 26,803 | 24,436 | 34,377 |
| Taxes | 0 | 0 | 0 | 0 | 88 | 88 |
| Profit for the period | –1,053 | 23,955 | 16,862 | 26,803 | 24,524 | 34,465 |
| KSEK | 30 sep 2011 | 30 sep 2010 | 31 dec 2010 |
|---|---|---|---|
| Assets | |||
| Financial assets | 124,483 | 139,906 | 130,815 |
| Other current assets | 470 | 62 | 5,658 |
| Cash and cash equivalents | 0 | 120 | 118 |
| Total assets | 124,953 | 140,088 | 136,591 |
| Equity and liabilities | |||
| Equity | 98,073 | 100,644 | 108,283 |
| Liabilities | 26,880 | 39,444 | 28,308 |
| Total equity and liabilities | 124,953 | 140,088 | 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.
Operating profit as a percentage of average operational capital.
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 leaderin accelerating strategic alignment and execution – innovating how organizationslearn, change and improve."
"We build commitment and capability to accelerate strategy execution and improve business results."
BTS'financial goalsshall over time be:
"We deliver betterresults, faster.The unique BTS process offersfaststrategic 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
BTS AMSTERDAM 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
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
272West Avenue Lakefield Office Park, Building C Centurion, Gauteng South Africa Tel. +27 12 663 6909 Fax. +27 12 663 6887
346 Kensington High Street LondonW14 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 DocklandsVIC 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
60 E. 42nd Street Suite 2434 New York, NY, 10165 USA Tel. +1 646 378 3730 Fax. +1 646 378 3731
12 RueVivienne 75002 Paris France Tel. +33 1 40 15 07 43
6 Tower Bridge, Suite 540 181Washington 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 RoadWest 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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