Annual Report • Feb 18, 2011
Annual Report
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• The proposed dividend is SEK 1.50 (1.20) pershare.
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.
2010 was a record year for BTS, with growth of 21 percent and an improvement in earnings of 34 percent. BTS is in a solid growth phase. The market is developing positively and we are capturing market shares.
Our business in the emerging markets is taking off. Growth was 43 percent during 2010 and 86 percent during the fourth quarter. Earnings have almost increased fourfold during the year.
BTS Europe returned to satisfactory growth and profitability during the fourth quarter and the market is developing positively.
Our largest unit, BTS USA, has had a strong year.
During 2010, BTS has made significant investments for continued growth. We have increased the sales force. We opened new offices in Amsterdam, Sao Paulo and Los Angeles. We have substantially increased the resources for product development, marketing and training. In addition, we have invested in BTS Interactive – our unit for "connected learning" – where the revenues grew by approximately 60 percent during 2010.
Stockholm, February 18, 2011
Henrik Ekelund President and CEO of BTS Group AB (publ)
BTS' net turnover amounted to MSEK 694.6 (595.1) during the year. Adjusted for changes in foreign exchange rates, growth was 21 percent.
Growth varied among the units: BTS Other markets 43 percent, BTS USA 19 percent, BTS Europe 14 percent and APG 29 percent (growth figure measured in local currencies).
Operating profit before amortization of intangible assets (EBITA) increased by 27 percent during the year and amounted to MSEK 99.0 (78.1). Operating profit (EBIT) increased by 32 percent during the year and amounted to MSEK 92.0 (69.8). Operating profit during the year was affected by MSEK 7.0 (8.3) for amortization of intangible assets attributable to acquisitions.
The operating margin before amortization of intangible assets (EBITA margin) was 14 (13) percent. The operating margin (EBIT margin) was 13 (12) percent.
The Group's profit before tax for the year increased by 32 percent to MSEK 90.4 (68.3).
All units showed an improvement in earnings during the year. REVENUE DEVELOPMENT BY QUARTER Earnings were negatively impacted by changes in foreign exchange rates (negative effect MSEK 5.9).
BTS' net turnover amounted to MSEK 200.2 (162.4) during the fourth quarter. Adjusted for changes in foreign exchange rates, growth was 27 percent.
Operating profit before amortization of intangible assets (EBITA) increased by 21 percent during the fourth quarter and amounted to MSEK 29.5 (24.4). Operating profit (EBIT) increased by 15 percent to MSEK 27.3 (23.9). Operating profit during the fourth quarter was affected by MSEK 2.1 (0.5) for amortization of intangible assets attributable to acquisitions.
The operating margin before amortization of intangible assets (EBITA margin) was 15 (15) percent. The operating margin (EBIT margin) was 14 (15) percent.
Profit before tax for the fourth quarter increased by 16 percent and amounted to MSEK 26.9 (23.3).
Earnings during the fourth quarter were impacted positively by improvements in BTS Other markets and BTS Europe, and were negatively impacted by lower earnings in BTS USA and APG.
BTS has grown more rapidly than the competitors for many years and the latest recession has further illustrated BTS' competitive advantages.
Many of BTS' competitors displayed revenue declines during 2009 of between 20 and 40 percent, whereas BTS' revenues only fell by 3 percent (currency adjusted). The improvement during 2009 relative to the competitors has placed BTS in a stronger market position during 2010.
BTS offers the most comprehensive range of tailored simulation solutions on the market today, a well developed sales organisation and at the same time, is the only company in the world that can serve large international companies on a global basis within this area.
The market has developed positively during the year and the outlook for 2011 is positive.
New clients secured during the year included Walmart, Lenovo, Chevron, Logica, Anglo American, Standard Chartered Bank, Ahlstrom, Femsa, Rio Tinto, Mondi Group, Thule AB, Hershey's, HSBC Brazil, Salesforce.com, LG Electronics and Thai Air.
PROFIT DEVELOPMENT BY QUARTER
| MSEK | Oct–Dec 2010 |
Oct–Dec 2009 |
Full-year 2010 |
Full-year 2009 |
|---|---|---|---|---|
| North America* | 129.4 | 112.4 | 487.5 | 423.6 |
| Europe | 48.4 | 38.4 | 133.7 | 123.3 |
| Other markets | 22.4 | 11.6 | 73.4 | 48.2 |
| Total | 200.2 | 162.4 | 694.6 | 595.1 |
| *North America | ||||
| BTS | 91.7 | 82.7 | 345.8 | 307.6 |
| APG | 37.7 | 29.7 | 141.7 | 116.0 |
| Total | 129.4 | 112.4 | 487.5 | 423.6 |
| Oct–Dec | Oct–Dec | Full-year | Full-year | |
|---|---|---|---|---|
| MSEK | 2010 | 2009 | 2010 | 2009 |
| North America* | 14.3 | 16.6 | 73.7 | 68.4 |
| Europe | 12.4 | 8.3 | 14.0 | 6.7 |
| Other markets | 2.8 | –0.5 | 11.3 | 3.0 |
| Total | 29.5 | 24.4 | 99.0 | 78.1 |
| *North America | ||||
| BTS | 14.4 | 15.5 | 69.4 | 63.8 |
| APG | –0.1 | 1.1 | 4.3 | 4.6 |
| Total | 14.3 | 16.6 | 73.7 | 68.4 |
Net turnover for BTS' North American operations amounted to MSEK 345.8 (307.6) during the year. Adjusted for changes in foreign exchange rates, revenue increased by 19 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 69.4 (63.8) during the year. The operating margin before amortization of intangible assets (EBITA margin) was 20 (21) percent.
Net turnover amounted to MSEK 91.7 (82.7) during the fourth quarter. Adjusted for changes in foreign exchange rates, revenue increased by 15 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 14.4 (15.5) during the fourth quarter. The operating margin before amortization of intangible assets (EBITA margin) was 16 (19) percent.
The lower operating margin during the fourth quarter was due to new recruitment ahead of 2011 and to additional costs related to some large, now completed, projects.
The US' market continued to strengthen during the year and BTS is capturing market shares.
Net turnover for APG amounted to MSEK 141.7 (116.0) during the year. Adjusted for changes in foreign exchange rates, revenue increased by 29 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 4.3 (4.6) during the year. The operating margin before amortization of intangible assets (EBITA margin) was 3 (4) percent.
Net turnover amounted to MSEK 37.7 (29.7) during the fourth quarter. Adjusted for changes in foreign exchange rates, revenue increased by 31 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK -0.1 (1.1) during the fourth quarter. The operating margin before amortization of intangible assets (EBITA margin) was 0 (4) percent.
The weaker earnings during the quarter were due to write-off of a doubtful debt, which was initiated during the third quarter of the year. The entire receivable has now been written-off.
Net turnover for Europe amounted to MSEK 133.7 (123.3) during the year. Adjusted for changes in foreign exchange rates, revenue increased by 14 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 14.0 (6.7) during the year. The operating margin before amortization of intangible assets (EBITA margin) was 10 (5) percent.
Net turnover amounted to MSEK 48.4 (38.4) during the fourth quarter. Adjusted for changes in foreign exchange rates, revenue increased by 31 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 12.4 (8.3) during the fourth quarter. The operating margin before amortization of intangible assets (EBITA margin) was 26 (22) percent.
The improvement in earnings during the fourth quarter was mainly due to a better performance in BTS Northern Europe. The improvement was due to lower costs and increased sales.
Net turnover for Other Markets amounted to MSEK 73.4 (48.2) during the year. Adjusted for changes in foreign exchange rates, revenue increased by 43 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 11.3 (3.0) during the year. The operating margin before amortization of intangible assets (EBITA margin) was 15 (6) percent.
Net turnover amounted to MSEK 22.4 (11.6) during the fourth quarter. Adjusted for changes in foreign exchange rates, revenue increased by 86 percent. Operating profit before amortization of intangible assets (EBITA) amounted to MSEK 2.8 (–0.5) during the fourth quarter. The operating margin before amortization of intangible assets (EBITA margin) was 12 (–4) percent.
BTS development in all markets (Australia, South East Asia and South Africa) was positive during the year. Operating profit has improved significantly in all units where previously completed recruitments and marketing investments are now delivering results. Demand continued to be strong in these markets.
BTS' cash flow from operating activities amounted to MSEK 65.1 (61.3) during the year.
Cash and cash equivalents amounted to MSEK 88.4 (75.4) at the end of the period. The company's interest-bearing loans, which relate to previously completed acquisitions, amounted to MSEK 27.8 (52.3) at the end of the period.
BTS' solidity was 59 (59) 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, 2010 was 299 (252).
The average number of employees during the year was 276 (260).
The company's net turnover amounted to MSEK 2.6 (2.5) and the profit after net financial items amounted to MSEK 34.4 (16.8). Cash and cash equivalents amounted to MSEK 0.1 (0.1).
Profit before tax is expected to be better than previous year.
The Annual General Meeting will be held on Thursday, May 5, 2011 at 9:30 a.m. at BTS' premises, Grevgatan 34, Stockholm. The Board has proposed a dividend of SEK 1.50 per share.
No significant events occurred after the end of the period.
BTS is exposed to a number of risks and uncertainties in it operations, which are mentioned and commented on in the Annual Report 2009. As of December 31, 2010, it is assessed that no new significant risks or uncertainties have arisen.
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 is prepared in accordance with IAS 34, Interim Financial Reporting and the Swedish Annual Accounts Act. The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) and IFRIC interpretations as adopted by the EU and the relevant references to Chapter 9 of the Swedish Annual Accounts Act. Furthermore, the consolidated financial statements follow the Swedish Financial Reporting Board's recommendation RFR 1. The parent company's statements are prepared in accordance with RFR 2, Accounting for Legal Entities and the Annual Accounts Act. The accounting policies and calculation methods applied are in line with the accounting policies used in the preparation of the most recent financial statements.
IAS 1 (revised) – Presentation of financial statements. The group has applied the revised standard from July 1, 2009. The revised standard requires that changes in equity which do not relate to transactions with owners are to be reported in a statement of comprehensive income. As a result the group presents all owner changes in equity in the Statement of changes in equity, whereas all non-owner changes in equity are presented in the Consolidated statement of comprehensive income. The revised standard has no impact apart from the presentation.
IFRS 2 (amendment) – Share-based payment. The group has applied the amendment from July 1, 2009. The amended standard deals with vesting conditions and cancellations. The amendment of the standard has no material impact on the consolidated financial statements at present.
IFRS 7 (amendment) – Financial instruments: Disclosures. The group has applied the amendment from January 1, 2009. The amendment requires enhanced disclosures about fair value measurement and liquidity risk. The amended standard has no impact apart from the presentation.
Annual report 2010 Published in April 2011 Interim report January–March May 5, 2011 Interim report April–June August 17, 2011 Interim report July–September November 9, 2011
Stockholm, February 18, 2011 Henrik Ekelund CEO
We have conducted a review of the accompanying interim report for BTS Group AB for the period January 1, 2010 to December 31, 2010. 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 Standards on Auditing in Sweden RS 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. Therefore, the opinion expressed based on a review does not give the same level of assurance as an opinion expressed 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 18, 2011
Öhrlings PricewaterhouseCoopers AB
Magnus Thorling Auditor in charge
| Henrik Ekelund, 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 | Mobile: +46 768 966 300 |
| Communications |
For additional information visit our home page 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 2010 |
Oct–Dec 2009 |
Jan–Dec 2010 |
Jan–Dec 2009 |
|---|---|---|---|---|
| Net turnover | 200,272 | 162,361 | 694,650 | 595,062 |
| Operating expenses | –170,000 | –137,112 | –592,285 | –513,755 |
| Depreciation tangible assets | –821 | –822 | –3,364 | –3,176 |
| Amortization intangible assets | –2,097 | –527 | –6,959 | –8,268 |
| Operating profit | 27,354 | 23,900 | 92,042 | 69,863 |
| Financial income and expenses | –390 | –576 | –1,625 | –1,564 |
| Profit before tax | 26,964 | 23,324 | 90,417 | 68,299 |
| Taxes | –8,890 | –8,381 | –31,180 | –24,009 |
| Profit for the period | 18,074 | 14,943 | 59,237 | 44,290 |
| attributable to equity holders of the parent | 18,074 | 14,943 | 59,237 | 44,290 |
| Earnings per share, before dilution of shares, SEK | 1.00 | 0.83 | 3.28 | 2.45 |
| 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 | 1.00 | 0.83 | 3.27 | 2.45 |
| Average number of shares after dilution of shares | 18,110,822 | 18,110,822 | 18,110,822 | 18,110,822 |
| Dividend per share , SEK | 1.50* | 1.20 |
* Proposed dividend
| KSEK | Oct–Dec 2010 |
Oct–Dec 2009 |
Jan–Dec 2010 |
Jan–Dec 2009 |
|---|---|---|---|---|
| Profit for the period | 18,074 | 14,943 | 59,237 | 44,290 |
| Other comprehensive income: | ||||
| Income/expenses in shareholders' equity | 3,348 | 8,872 | –17,298 | –14,433 |
| Other comprehensive income for the period, net of tax | 3,348 | 8,872 | –17,298 | –14,433 |
| Total comprehensive income for the period | 21,422 | 23,815 | 41,939 | 29,857 |
| attributable to equity holders of the parent | 21,422 | 23,815 | 41,939 | 29,857 |
| KSEK | 31 Dec 2010 | 31 Dec 2009 |
|---|---|---|
| Assets | ||
| Goodwill | 140,167 | 151,787 |
| Other intangible assets | 14,196 | 18,830 |
| Tangible assets | 9,742 | 9,174 |
| Other fixed assets | 5,769 | 5,310 |
| Accounts receivable | 167,122 | 150,552 |
| Other current assets | 57,556 | 32,031 |
| Cash and cash equivalents | 88,441 | 75,412 |
| Total assets | 482,993 | 443 096 |
| Equity and liabilities | ||
| Equity | 280,146 | 259,623 |
| Interest bearing – non current liabilities | 135 | 164 |
| Non interest bearing – non current liabilities | 297 | 317 |
| Interest bearing – current liabilities | 27,815 | 52,334 |
| Non interest bearing – current liabilities | 174,600 | 130,658 |
| Total equity and liabilities | 482,993 | 443,096 |
| KSEK | Jan–Dec 2010 |
Jan–Dec 2009 |
|---|---|---|
| Cash flow from current operations | 65,107 | 61,320 |
| Cash flow from investment activities | –4,576 | –4,431 |
| Cash flow from financing operations | –44,377 | –46,054 |
| Change in liquid funds | 16,154 | 10,835 |
| Liquid funds, opening balance | 75,412 | 65,887 |
| Effect of exchange rate changes on cash | –3,125 | –1,310 |
| Liquid funds, closing balance | 88,441 | 75,412 |
| KSEK | Total equity Dec 31, 2010 |
Total equity Dec 31, 2009 |
|---|---|---|
| Opening balance | 259,623 | 250,908 |
| Dividend to shareholders | –21,658 | –21,658 |
| Miscellaneous | 242 | 516 |
| Total comprehensive income for the period | 41,939 | 29,857 |
| Closing balance | 280,146 | 259,623 |
| Oct–Dec 2010 |
Oct–Dec 2009 |
Jan–Dec 2010 |
Jan–Dec 2009 |
|
|---|---|---|---|---|
| Net turnover, KSEK | 200,272 | 162,361 | 694,650 | 595,062 |
| EBITA (Profit before interest, tax and amortization), KSEK |
29,501 | 24,427 | 99,001 | 78,131 |
| EBIT (Operating profit), KSEK | 27,354 | 23,900 | 92,042 | 69,863 |
| EBITA margin (Profit before interest, tax and amortization margin), % |
15 | 15 | 14 | 13 |
| EBIT margin (Operating margin ), % | 14 | 15 | 13 | 12 |
| Profit margin, % | 9 | 9 | 9 | 7 |
| Operational capital, KSEK | 219,653 | 236,709 | ||
| Return on equity, % | 22 | 17 | ||
| Return on operational capital, % | 40 | 28 | ||
| Solidity at end of the period, % | 59 | 56 | 59 | 56 |
| Cash flow, KSEK | 8,478 | –12,752 | 16,154 | 10,835 |
| Liquid funds at end of the period, KSEK | 88,441 | 75,412 | 88,441 | 65,887 |
| Average number of employees | 297 | 253 | 276 | 260 |
| Number of employees at end of the period | 299 | 252 | 299 | 252 |
| Revenues for the year per employee, KSEK | 2,517 | 2,289 |
| KSEK | Oct–Dec 2010 |
Oct–Dec 2009 |
Jan–Dec 2010 |
Jan–Dec 2009 |
|---|---|---|---|---|
| Net turnover | 300 | 0 | 2,630 | 2,502 |
| Operating expenses | 104 | –653 | –1,961 | –2,002 |
| Operating profit | 404 | –653 | 669 | 500 |
| Financial income and expenses | 7,170 | 2,172 | 33,708 | 16,267 |
| Profit before tax | 7,574 | 1,519 | 34,377 | 16,767 |
| Taxes | –175 | – | –175 | –138 |
| Profit for the period | 7,399 | 1,519 | 34,202 | 16,629 |
| KSEK | 31 Dec 2010 | 31 Dec 2009 |
|---|---|---|
| Assets | ||
| Financial assets | 131,574 | 152,025 |
| Other current assets | 5,639 | 2,435 |
| Cash and cash equivalents | 118 | 129 |
| Total assets | 137,331 | 154,589 |
| Equity and liabilities | ||
| Equity | 109,042 | 95,499 |
| Liabilities | 28,289 | 59,090 |
| Total equity and liabilities | 137,331 | 154,589 |
Earnings per share 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.
Return on operational capital 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:
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 Business Consulting (Thailand) Co., Ltd. Thai CCTower, 889 South Sathorn Road, Suite 181 Yannawa, Sathorn Bangkok 10120, Thailand Tel. +66 2 672 3780 Fax. +66 2 672 3665
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
272West Avenue LakefieldOffice 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 NewYork, NY, 10165 USA Tel. +1 646 378 3730 Fax. +1 646 378 3731
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. RuaOscar 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
Tel. +82 2 539 7676 Fax. +82 2 553 3700
BTS Consulting (Shanghai) Co., Ltd Level 29 Shanghai Kerry Center 1515 Nan JingWest Road Shanghai 200040 China Tel. +86 21 61037417 Fax. +86 21 6103 7418
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, 61York 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
700 Larkspur Landing Circle, Suite 125 Larkspur, CA 94939 USA Tel. 1-800-494-6646 Fax. 1-415-925-9512
www.bts.com
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